United Parcel Service
United Parcel Service returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | 14.8% | 11.63% | -253.54% | 29.66% | 6.43% | 7.1 pp |
| FY 2026 Q1 | Mar 31, 2026 | 17.39% | 13.59% | -43.42% | 33.41% | 7.48% | 9.7 pp |
| FY 2025 Q4 | Dec 31, 2025 | 18.43% | 14.16% | -17.84% | 33.83% | 7.78% | 10.7 pp |
| FY 2025 Q3 | Sep 30, 2025 | 19.56% | 14.94% | 41.53% | 33.67% | 7.88% | 11.9 pp |
| FY 2025 Q2 | Jun 30, 2025 | 19.81% | 15.13% | 65.74% | 34.96% | 8.17% | 12.1 pp |
| FY 2025 Q1 | Mar 31, 2025 | 20.69% | 16.12% | — | 35.96% | 8.61% | 13 pp |
| FY 2024 Q4 | Dec 31, 2024 | 19.27% | 15.86% | — | 33.99% | 8.21% | 11.6 pp |
| FY 2024 Q3 | Sep 30, 2024 | 17.86% | 14.9% | — | 31.46% | 8.18% | 10.2 pp |
| FY 2024 Q2 | Jun 30, 2024 | 16.36% | 13.41% | — | 28.36% | 7.52% | 8.7 pp |
| FY 2024 Q1 | Mar 31, 2024 | 18.06% | 15.09% | — | 32.08% | 8.48% | 10.4 pp |
| FY 2023 Q4 | Dec 31, 2023 | 19.71% | 17.22% | -1,813.81% | 36.17% | 9.45% | 12 pp |
| FY 2023 Q3 | Sep 30, 2023 | 23.69% | 18.54% | -43.39% | 47.35% | 12.24% | 16 pp |
| FY 2023 Q2 | Jun 30, 2023 | 27.55% | 21.45% | -16.49% | 55.16% | 14.26% | 19.9 pp |
| FY 2023 Q1 | Mar 31, 2023 | 29.15% | 22.68% | -7.3% | 60.82% | 15.15% | 21.5 pp |
| FY 2022 Q4 | Dec 31, 2022 | 31.74% | 24.98% | 3.06% | 67.85% | 16.44% | 24 pp |
| FY 2022 Q3 | Sep 30, 2022 | 39.83% | 27% | 63.09% | 77.13% | 16.54% | 32.1 pp |
| FY 2022 Q2 | Jun 30, 2022 | 39.8% | 26.65% | 106.9% | 80.7% | 16.2% | 32.1 pp |
| FY 2022 Q1 | Mar 31, 2022 | 39.76% | 26.52% | 142.35% | 95.38% | 16.13% | 32.1 pp |
| FY 2021 Q4 | Dec 31, 2021 | 39.72% | 26.35% | 72.27% | 172.9% | 19.56% | 32 pp |
| FY 2021 Q3 | Sep 30, 2021 | 32.28% | 22.54% | — | 73.16% | 10.07% | 24.6 pp |
| FY 2021 Q2 | Jun 30, 2021 | 29.05% | 21.97% | — | 80.14% | 9.58% | 21.3 pp |
| FY 2021 Q1 | Mar 31, 2021 | 25.14% | 20.37% | — | 98.99% | 8.32% | 17.4 pp |
| FY 2020 Q4 | Dec 31, 2020 | 22.96% | 17.5% | — | 68.45% | 2.23% | 15.3 pp |
| FY 2020 Q3 | Sep 30, 2020 | 21.92% | 17.8% | — | 82.22% | 7.92% | 14.2 pp |
| FY 2020 Q2 | Jun 30, 2020 | 20.75% | 17.77% | 5.75% | 99.84% | 7.62% | 13 pp |
| FY 2020 Q1 | Mar 31, 2020 | 20.69% | 17.82% | 6.77% | 126.93% | 7.6% | 13 pp |
| FY 2019 Q4 | Dec 31, 2019 | 24% | 19.9% | 22.76% | 141.22% | 8.23% | 16.3 pp |
| FY 2019 Q3 | Sep 30, 2019 | 22.58% | 20.47% | 40.28% | 115.5% | 10% | 14.9 pp |
| FY 2019 Q2 | Jun 30, 2019 | 22.7% | 19.94% | 17.45% | 141.3% | 9.71% | 15 pp |
| FY 2019 Q1 | Mar 31, 2019 | 22.29% | 19.12% | 14.98% | 189.44% | 9.44% | 14.6 pp |
| FY 2018 Q4 | Dec 31, 2018 | 22.2% | 20.47% | — | 238.3% | 10.04% | 14.5 pp |
| FY 2018 Q3 | Sep 30, 2018 | 21.92% | 20.47% | 34.24% | 236.25% | 12.36% | 14.2 pp |
| FY 2018 Q2 | Jun 30, 2018 | 23.8% | 21.87% | 34.32% | 291.04% | 12.24% | 16.1 pp |
| FY 2018 Q1 | Mar 31, 2018 | 24.21% | 24.1% | 36.18% | 542.52% | 12.31% | 16.5 pp |
| FY 2017 Q4 | Dec 31, 2017 | 24.21% | 24.55% | 16.34% | 698.93% | 11.45% | 16.5 pp |
| FY 2017 Q3 | Sep 30, 2017 | 18.97% | 19.8% | -47.12% | 167.78% | 8.95% | 11.3 pp |
| FY 2017 Q2 | Jun 30, 2017 | 20.95% | 19.66% | -48.72% | 184.65% | 9.15% | 13.3 pp |
| FY 2017 Q1 | Mar 31, 2017 | 19.78% | 19.72% | -96.96% | 231.15% | 8.92% | 12.1 pp |
| FY 2016 Q4 | Dec 31, 2016 | 21.6% | 19.43% | — | 238.68% | 8.72% | 13.9 pp |
| FY 2016 Q3 | Sep 30, 2016 | 28.75% | 29.11% | 108.27% | 214.08% | 12.93% | 21 pp |
| FY 2016 Q2 | Jun 30, 2016 | 32.8% | 28.54% | 57.57% | 218.01% | 13.2% | 25.1 pp |
| FY 2016 Q1 | Mar 31, 2016 | 32.73% | 28.54% | 42.18% | 230.94% | 12.94% | 25 pp |
| FY 2015 Q4 | Dec 31, 2015 | 35.27% | 28.17% | 32.71% | 210.11% | 13.13% | 27.6 pp |
| FY 2015 Q3 | Sep 30, 2015 | 24.81% | 23.62% | 14.68% | 104.98% | 10.59% | 17.1 pp |
| FY 2015 Q2 | Jun 30, 2015 | 26.57% | 23.72% | — | 104.36% | 10.88% | 18.9 pp |
| FY 2015 Q1 | Mar 31, 2015 | 23.78% | 18.78% | — | 77.93% | 8.46% | 16.1 pp |
| FY 2014 Q4 | Dec 31, 2014 | 26.71% | 17.77% | — | 70.39% | 8.46% | 19 pp |
| FY 2014 Q3 | Sep 30, 2014 | 27.41% | 21.68% | 67.01% | 80.83% | 10.21% | 19.7 pp |
| FY 2014 Q2 | Jun 30, 2014 | 27.33% | 21.31% | 60.1% | 79.02% | 10.14% | 19.6 pp |
| FY 2014 Q1 | Mar 31, 2014 | 33.8% | 24.08% | 118.88% | 82.65% | 11.31% | 26.1 pp |
| FY 2013 Q4 | Dec 31, 2013 | 37.16% | 23.62% | 509.49% | 78.58% | 11.65% | 29.5 pp |
| FY 2013 Q3 | Sep 30, 2013 | 12.89% | 8.02% | — | 26.09% | 3.81% | 5.2 pp |
| FY 2013 Q2 | Jun 30, 2013 | 9.05% | 4.48% | — | 14.72% | 2.24% | 1.4 pp |
| FY 2013 Q1 | Mar 31, 2013 | 9.19% | 4.64% | — | 15.27% | 2.36% | 1.5 pp |
| FY 2012 Q4 | Dec 31, 2012 | 8.16% | 4.58% | — | 13.81% | 2.19% | 0.5 pp |
| FY 2012 Q3 | Sep 30, 2012 | 23.15% | 18.84% | — | 42.8% | 8.83% | 15.4 pp |
| FY 2012 Q2 | Jun 30, 2012 | 27.27% | 21.93% | — | 48.47% | 10.65% | 19.6 pp |
| FY 2012 Q1 | Mar 31, 2012 | 26.71% | 21.96% | — | 48.76% | 10.77% | 19 pp |
| FY 2011 Q4 | Dec 31, 2011 | 26.06% | 21.76% | — | 50.67% | 11.14% | 18.4 pp |
| FY 2011 Q3 | Sep 30, 2011 | 27.53% | 24.36% | 97.43% | 50.55% | 12.06% | 19.8 pp |
| FY 2011 Q2 | Jun 30, 2011 | 27.71% | 24.68% | 155.4% | 50.35% | 11.86% | 20 pp |
| FY 2011 Q1 | Mar 31, 2011 | 26.47% | 24.01% | 243.58% | 48.88% | 11.45% | 18.8 pp |
| FY 2010 Q4 | Dec 31, 2010 | 23.78% | 22.03% | — | 44.69% | 10.65% | 16.1 pp |
| FY 2010 Q3 | Sep 30, 2010 | 22.09% | 20.64% | — | 40.49% | 9.6% | 14.4 pp |
| FY 2010 Q2 | Jun 30, 2010 | 19.51% | 18.18% | — | 36.62% | 8.16% | 11.8 pp |
| FY 2010 Q1 | Mar 31, 2010 | — | — | — | — | — | — |
| FY 2009 Q4 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Sep 30, 2009 | — | — | — | — | — | — |
| FY 2009 Q2 | Jun 30, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · UPS, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.