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United Parcel Service, Inc., taken apart.

Four panels built from the reported annual accounts, then the rest of the engine. Every figure below is United Parcel Service, Inc.’s own filing, not an estimate of ours.

Income statement, four years

Read across, not down. Each line is shown for four fiscal years, so the direction matters more than any single column.

United Parcel Service, Inc. annual income statement, as reported. Columns are fiscal years, most recent first.
LineFY2025FY2024FY2023FY2022
Revenue$88.66B$91.07B$90.96B$100.34B
Cost of revenue$72.63B$74.71B$73.72B$79.32B
Gross profit$16.03B$16.36B$17.24B$21.01B
Operating expenses$8.16B$7.89B$8.10B$7.92B
Operating income$7.87B$8.47B$9.14B$13.09B
Net income$5.57B$5.78B$6.71B$11.55B
Diluted EPS6.566.757.8013.20

Net income moved -51.7% across these years while earnings per share moved -50.3% — more than the profit itself, because the share count changed. Profit split fewer ways is not the same as more profit.

The rest of the engine

The panels above are built from filings. These run against the live engine.