United Parcel Service annual operating margin
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2025
United Parcel Service Operating Margin Growth & History (UPS)
United Parcel Service's operating margin was 8.87% for fiscal 2025.
View full United Parcel Service company overviewUnited Parcel Service annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 8.87% | −0.43 pp |
| 2024 | 2024-12-31 | 9.30% | −0.75 pp |
| 2023 | 2023-12-31 | 10.05% | −3.00 pp |
| 2022 | 2022-12-31 | 13.05% | −0.12 pp |
| 2021 | 2021-12-31 | 13.17% | +4.09 pp |
| 2020 | 2020-12-31 | 9.08% | −1.44 pp |
| 2019 | 2019-12-31 | 10.52% | +0.75 pp |
| 2018 | 2018-12-31 | 9.77% | −1.53 pp |
| 2017 | 2017-12-31 | 11.31% | −1.17 pp |
| 2016 | 2016-12-31 | 12.48% | −0.66 pp |
| 2015 | 2015-12-31 | 13.14% | +4.61 pp |
| 2014 | 2014-12-31 | 8.53% | −4.16 pp |
| 2013 | 2013-12-31 | 12.69% | +10.21 pp |
| 2012 | 2012-12-31 | 2.48% | −8.97 pp |
| 2011 | 2011-12-31 | 11.45% | +0.06 pp |
| 2010 | 2010-12-31 | 11.39% | +3.64 pp |
| 2009 | 2009-12-31 | 7.74% | −2.71 pp |
| 2008 | 2008-12-31 | 10.45% | +9.29 pp |
| 2007 | 2007-12-31 | 1.16% | — |
United Parcel Service quarterly operating margin
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Q1.26
Q2.26
| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 4.07% | −4.51 pp |
| Q1 2026 | 2026-03-31 | 5.98% | −1.76 pp |
| Q4 2025 | 2025-12-31 | 10.52% | −1.05 pp |
| Q3 2025 | 2025-09-30 | 8.42% | −0.50 pp |
| Q2 2025 | 2025-06-30 | 8.59% | −0.32 pp |
| Q1 2025 | 2025-03-31 | 7.73% | +0.30 pp |
| Q4 2024 | 2024-12-31 | 11.56% | +1.62 pp |
| Q3 2024 | 2024-09-30 | 8.92% | +2.55 pp |
| Q2 2024 | 2024-06-30 | 8.91% | −3.69 pp |
| Q1 2024 | 2024-03-31 | 7.43% | −3.65 pp |
| Q4 2023 | 2023-12-31 | 9.94% | −1.88 pp |
| Q3 2023 | 2023-09-30 | 6.38% | −6.51 pp |
| Q2 2023 | 2023-06-30 | 12.60% | −1.67 pp |
| Q1 2023 | 2023-03-31 | 11.08% | −2.25 pp |
| Q4 2022 | 2022-12-31 | 11.82% | −2.19 pp |
| Q3 2022 | 2022-09-30 | 12.88% | +0.39 pp |
| Q2 2022 | 2022-06-30 | 14.27% | +0.36 pp |
| Q1 2022 | 2022-03-31 | 13.34% | +1.27 pp |
| Q4 2021 | 2021-12-31 | 14.01% | +5.83 pp |
| Q3 2021 | 2021-09-30 | 12.49% | +1.37 pp |
| Q2 2021 | 2021-06-30 | 13.91% | +3.10 pp |
| Q1 2021 | 2021-03-31 | 12.07% | +6.13 pp |
| Q4 2020 | 2020-12-31 | 8.18% | −2.19 pp |
| Q3 2020 | 2020-09-30 | 11.13% | −0.49 pp |
| Q2 2020 | 2020-06-30 | 10.81% | −1.06 pp |
| Q1 2020 | 2020-03-31 | 5.94% | −2.18 pp |
| Q4 2019 | 2019-12-31 | 10.37% | +0.27 pp |
| Q3 2019 | 2019-09-30 | 11.62% | +1.72 pp |
| Q2 2019 | 2019-06-30 | 11.87% | +1.72 pp |
| Q1 2019 | 2019-03-31 | 8.12% | −0.76 pp |
| Q4 2018 | 2018-12-31 | 10.10% | −0.78 pp |
| Q3 2018 | 2018-09-30 | 9.90% | −1.30 pp |
| Q2 2018 | 2018-06-30 | 10.16% | −2.63 pp |
| Q1 2018 | 2018-03-31 | 8.88% | −1.54 pp |
| Q4 2017 | 2017-12-31 | 10.87% | +0.70 pp |
| Q3 2017 | 2017-09-30 | 11.20% | −2.42 pp |
| Q2 2017 | 2017-06-30 | 12.79% | −1.14 pp |
| Q1 2017 | 2017-03-31 | 10.43% | −2.22 pp |
| Q4 2016 | 2016-12-31 | 10.17% | −2.61 pp |
| Q3 2016 | 2016-09-30 | 13.63% | −0.31 pp |
| Q2 2016 | 2016-06-30 | 13.93% | +0.03 pp |
| Q1 2016 | 2016-03-31 | 12.64% | +0.67 pp |
| Q4 2015 | 2015-12-31 | 12.78% | +8.03 pp |
| Q3 2015 | 2015-09-30 | 13.94% | +0.26 pp |
| Q2 2015 | 2015-06-30 | 13.91% | +8.67 pp |
| Q1 2015 | 2015-03-31 | 11.97% | +0.99 pp |
| Q4 2014 | 2014-12-31 | 4.74% | −8.00 pp |
| Q3 2014 | 2014-09-30 | 13.67% | +0.33 pp |
| Q2 2014 | 2014-06-30 | 5.24% | −7.66 pp |
| Q1 2014 | 2014-03-31 | 10.98% | −0.78 pp |
| Q4 2013 | 2013-12-31 | 12.74% | +31.83 pp |
| Q3 2013 | 2013-09-30 | 13.34% | +7.48 pp |
| Q2 2013 | 2013-06-30 | 12.90% | −0.51 pp |
| Q1 2013 | 2013-03-31 | 11.76% | −0.18 pp |
| Q4 2012 | 2012-12-31 | −19.09% | −27.54 pp |
| Q3 2012 | 2012-09-30 | 5.86% | −6.79 pp |
| Q2 2012 | 2012-06-30 | 13.41% | +0.18 pp |
| Q1 2012 | 2012-03-31 | 11.94% | +0.25 pp |
| Q4 2011 | 2011-12-31 | 8.45% | −3.33 pp |
| Q3 2011 | 2011-09-30 | 12.65% | −0.60 pp |
| Q2 2011 | 2011-06-30 | 13.23% | +1.74 pp |
| Q1 2011 | 2011-03-31 | 11.70% | +2.81 pp |
| Q4 2010 | 2010-12-31 | 11.78% | +3.98 pp |
| Q3 2010 | 2010-09-30 | 13.25% | +4.92 pp |
| Q2 2010 | 2010-06-30 | 11.49% | +3.22 pp |
| Q1 2010 | 2010-03-31 | 8.88% | +2.32 pp |
| Q4 2009 | 2009-12-31 | 7.80% | −4.64 pp |
| Q3 2009 | 2009-09-30 | 8.33% | −2.85 pp |
| Q2 2009 | 2009-06-30 | 8.26% | — |
| Q1 2009 | 2009-03-31 | 6.56% | — |
| Q3 2008 | 2008-09-30 | 12.45% | — |
| Q2 2008 | 2008-06-30 | 11.18% | — |
United Parcel Service operating margin trends
Over the last five reported fiscal years, United Parcel Service's operating margin decreased from 9.08% to 8.87%, a change of −0.21 percentage points. The latest reported quarter, Q2 2026, shows 4.07%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review United Parcel Service filings at SEC.gov ↗