United Parcel Service management check
UPS · Industrials · Air Freight & Logistics
Filings as of
5 good · 0 to watch · 1 flagged, across the seven questions below.
- Flag
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $75, against $137 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.84 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.4% of net income$22.9m of reported pay in fiscal 2025, against $5.6bn of net income.
- n/a
Do they own the stock?
No recent CEO filingNo open-market insider buying or selling in the last six months.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -0.6% a year over the last three fiscal years. Stock-based pay was 0.1% of revenue in the latest year.
- Good
Is leadership stable?
9 leadership filings in 3 years9 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Industrials.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 0 | 55 | |
| Pay for performance | 92 | 86 | |
| CEO cost | 82 | 48 | |
| Skin in the game | — | — | 55 |
| Dilution | 57 | 62 | |
| Stable leadership | 80 | 75 | |
| Clean books | 100 | 100 |
Closest peers
Others in Air Freight & Logistics, by management score. United Parcel Service is 39th of 81 in its sector.
- 197IRIngersoll Rand69
- 198EMREmerson Electric69
- 200UPSUnited Parcel Service69
- 280FDXFedEx63
- 345EXPDExpeditors International59
- 377CHRWC.H. Robinson56
Pay versus performance
From the proxy statement filed March 19, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | — | $22.9m | $10.3m | $7.5m | $75 | $137 | $5.6bn |
| 2024 | — | $24.1m | $9.2m | $6.1m | $88 | $121 | $5.8bn |
| 2023 | — | $23.4m | $15.2m | $7.6m | $105 | $121 | $6.7bn |
| 2022 | — | $19.0m | $13.1m | $6.7m | $112 | $108 | $11.5bn |
| 2021 | — | $27.6m | $43.3m | $10.5m | $134 | $129 | $12.9bn |
The board says pay is tied most to Adjusted Operating Profit. Its other key measures: Non-GAAP adjusted operating profit, Revenue, Non-GAAP adjusted earnings per share, Non-GAAP adjusted free cash flow, Non-GAAP adjusted operating return on invested capital.
Insiders and the CEO's stake
No open-market insider buying or selling in the last six months.
Leadership and governance on file
- Aug 31, 2026Leadership change8-K 5.02
- Jun 15, 2026Leadership change8-K 5.02
- May 13, 2026Leadership change8-K 5.02
- May 11, 2026Leadership change8-K 5.02
- Feb 6, 2026Leadership change8-K 5.02
- Jun 2, 2025Leadership change8-K 5.02
- Mar 3, 2025Leadership change8-K 5.02
- Jul 9, 2024Leadership change8-K 5.02
- May 6, 2024Leadership change8-K 5.02
- May 10, 2022Leadership change8-K 5.02
- Mar 1, 2022Leadership change8-K 5.02
Latest shareholder vote results: May 11, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $32.5bn returned to owners in buybacks and dividends, 76% of net income, and $2.8bn of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $97.3bn | $100.3bn | $91.0bn | $91.1bn | $88.7bn |
| Net income | $12.9bn | $11.5bn | $6.7bn | $5.8bn | $5.6bn |
| Stock-based pay | $878.0m | $1.6bn | $220.0m | $24.0m | $73.0m |
| Buybacks | $500.0m | $3.5bn | $2.3bn | $500.0m | $1.0bn |
| Dividends | $3.4bn | $5.1bn | $5.4bn | $5.4bn | $5.4bn |
| Diluted shares | 878m | 875m | 860m | 856m | 850m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.