United Parcel Service annual debt-to-equity ratio
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United Parcel Service Debt-to-Equity Ratio Growth & History (UPS)
United Parcel Service's debt-to-equity ratio was 1.76 for fiscal 2025.
View full United Parcel Service company overviewUnited Parcel Service annual debt-to-equity ratio history
| Fiscal year | Period ended | Debt-to-equity ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 1.76 | 0.23 | +14.83% |
| 2024 | 2024-12-31 | 1.53 | −0.01 | −0.65% |
| 2023 | 2023-12-31 | 1.54 | 0.36 | +29.92% |
| 2022 | 2022-12-31 | 1.19 | −0.63 | −34.67% |
| 2021 | 2021-12-31 | 1.82 | −40.94 | −95.74% |
| 2020 | 2020-12-31 | 42.76 | 33.99 | +387.39% |
| 2019 | 2019-12-31 | 8.77 | 1.07 | +13.91% |
| 2018 | 2018-12-31 | 7.70 | −17.24 | −69.11% |
| 2017 | 2017-12-31 | 24.94 | −15.86 | −38.87% |
| 2016 | 2016-12-31 | 40.80 | 34.80 | +580.42% |
| 2015 | 2015-12-31 | 6.00 | 0.73 | +13.76% |
| 2014 | 2014-12-31 | 5.27 | 3.52 | +200.76% |
| 2013 | 2013-12-31 | 1.75 | −1.11 | −38.74% |
| 2012 | 2012-12-31 | 2.86 | 1.21 | +73.53% |
| 2011 | 2011-12-31 | 1.65 | 0.27 | +19.62% |
| 2010 | 2010-12-31 | 1.38 | 0.13 | +10.44% |
| 2009 | 2009-12-31 | 1.25 | −0.21 | −14.29% |
| 2008 | 2008-12-31 | 1.46 | — | — |
United Parcel Service quarterly debt-to-equity ratio
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| Fiscal quarter | Period ended | Debt-to-equity ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | 1.90 | 0.07 | +3.68% |
| Q1 2026 | 2026-03-31 | 1.82 | 0.18 | +11.26% |
| Q4 2025 | 2025-12-31 | 1.76 | 0.23 | +14.83% |
| Q3 2025 | 2025-09-30 | 1.85 | 0.29 | +18.59% |
| Q2 2025 | 2025-06-30 | 1.84 | 0.28 | +18.18% |
| Q1 2025 | 2025-03-31 | 1.63 | 0.19 | +13.27% |
| Q4 2024 | 2024-12-31 | 1.53 | −0.01 | −0.65% |
| Q3 2024 | 2024-09-30 | 1.56 | 0.23 | +17.29% |
| Q2 2024 | 2024-06-30 | 1.55 | 0.28 | +21.77% |
| Q1 2024 | 2024-03-31 | 1.44 | 0.11 | +8.04% |
| Q4 2023 | 2023-12-31 | 1.54 | 0.36 | +29.92% |
| Q3 2023 | 2023-09-30 | 1.33 | −0.10 | −7.13% |
| Q2 2023 | 2023-06-30 | 1.28 | −0.23 | −15.11% |
| Q1 2023 | 2023-03-31 | 1.34 | −0.34 | −20.44% |
| Q4 2022 | 2022-12-31 | 1.19 | −0.63 | −34.67% |
| Q3 2022 | 2022-09-30 | 1.43 | −0.74 | −34.17% |
| Q2 2022 | 2022-06-30 | 1.50 | −0.96 | −38.98% |
| Q1 2022 | 2022-03-31 | 1.68 | −2.12 | −55.81% |
| Q4 2021 | 2021-12-31 | 1.82 | −40.94 | −95.74% |
| Q3 2021 | 2021-09-30 | 2.17 | −3.47 | −61.52% |
| Q2 2021 | 2021-06-30 | 2.46 | −5.38 | −68.60% |
| Q1 2021 | 2021-03-31 | 3.80 | −7.27 | −65.69% |
| Q4 2020 | 2020-12-31 | 42.76 | 33.99 | +387.39% |
| Q3 2020 | 2020-09-30 | 5.64 | 0.80 | +16.42% |
| Q2 2020 | 2020-06-30 | 7.84 | 1.86 | +31.14% |
| Q1 2020 | 2020-03-31 | 11.07 | 3.49 | +46.08% |
| Q4 2019 | 2019-12-31 | 8.77 | 1.07 | +13.91% |
| Q3 2019 | 2019-09-30 | 4.85 | −2.68 | −35.58% |
| Q2 2019 | 2019-06-30 | 5.98 | −3.78 | −38.71% |
| Q1 2019 | 2019-03-31 | 7.58 | −9.60 | −55.89% |
| Q4 2018 | 2018-12-31 | 7.70 | −17.24 | −69.11% |
| Q3 2018 | 2018-09-30 | 7.52 | −5.01 | −39.98% |
| Q2 2018 | 2018-06-30 | 9.76 | −4.77 | −32.85% |
| Q1 2018 | 2018-03-31 | 17.18 | −15.04 | −46.68% |
| Q4 2017 | 2017-12-31 | 24.94 | −15.86 | −38.87% |
| Q3 2017 | 2017-09-30 | 12.53 | 6.94 | +124.28% |
| Q2 2017 | 2017-06-30 | 14.53 | 9.06 | +165.58% |
| Q1 2017 | 2017-03-31 | 32.22 | 25.94 | +412.86% |
| Q4 2016 | 2016-12-31 | 40.80 | 34.80 | +580.42% |
| Q3 2016 | 2016-09-30 | 5.59 | −1.98 | −26.18% |
| Q2 2016 | 2016-06-30 | 5.47 | −1.27 | −18.89% |
| Q1 2016 | 2016-03-31 | 6.28 | −0.88 | −12.30% |
| Q4 2015 | 2015-12-31 | 6.00 | 0.73 | +13.76% |
| Q3 2015 | 2015-09-30 | 7.57 | 5.39 | +247.66% |
| Q2 2015 | 2015-06-30 | 6.74 | 4.62 | +217.13% |
| Q1 2015 | 2015-03-31 | 7.16 | 5.23 | +270.44% |
| Q4 2014 | 2014-12-31 | 5.27 | 3.52 | +200.76% |
| Q3 2014 | 2014-09-30 | 2.18 | −1.28 | −37.07% |
| Q2 2014 | 2014-06-30 | 2.13 | −1.17 | −35.48% |
| Q1 2014 | 2014-03-31 | 1.93 | −1.21 | −38.49% |
| Q4 2013 | 2013-12-31 | 1.75 | −1.11 | −38.74% |
| Q3 2013 | 2013-09-30 | 3.46 | 1.47 | +73.57% |
| Q2 2013 | 2013-06-30 | 3.30 | 1.59 | +93.51% |
| Q1 2013 | 2013-03-31 | 3.14 | 1.53 | +94.55% |
| Q4 2012 | 2012-12-31 | 2.86 | 1.21 | +73.53% |
| Q3 2012 | 2012-09-30 | 1.99 | 0.40 | +25.33% |
| Q2 2012 | 2012-06-30 | 1.70 | 0.23 | +15.62% |
| Q1 2012 | 2012-03-31 | 1.62 | 0.14 | +9.44% |
| Q4 2011 | 2011-12-31 | 1.65 | 0.27 | +19.62% |
| Q3 2011 | 2011-09-30 | 1.59 | 0.45 | +39.54% |
| Q2 2011 | 2011-06-30 | 1.47 | 0.17 | +13.04% |
| Q1 2011 | 2011-03-31 | 1.48 | 0.16 | +11.98% |
| Q4 2010 | 2010-12-31 | 1.38 | 0.13 | +10.44% |
| Q3 2010 | 2010-09-30 | 1.14 | −0.34 | −22.79% |
| Q2 2010 | 2010-06-30 | 1.30 | −0.30 | −18.65% |
| Q1 2010 | 2010-03-31 | 1.32 | — | — |
| Q4 2009 | 2009-12-31 | 1.25 | −0.21 | −14.29% |
| Q3 2009 | 2009-09-30 | 1.48 | — | — |
| Q2 2009 | 2009-06-30 | 1.60 | — | — |
| Q4 2008 | 2008-12-31 | 1.46 | — | — |
United Parcel Service debt-to-equity ratio trends
Over the last five fiscal years, United Parcel Service's debt-to-equity ratio decreased from 42.76 to 1.76, a change of −41.00. The latest reported quarter, Q2 2026, shows 1.90.
About the metric
What the debt-to-equity ratio means
The debt-to-equity ratio compares interest-bearing debt with shareholders’ equity. It helps show how much debt financing a company uses relative to its accounting equity, but useful comparison levels vary by industry.
Calculation and source
How debt-to-equity is calculated
TickerStat calculates debt-to-equity as total interest-bearing debt divided by SEC-reported shareholders’ equity for the same balance-sheet date. Total liabilities are not treated as debt, and periods with non-positive equity are omitted. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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