Exhibit 99.2

United Parcel Service, Inc.

Selected Financial Data - First Quarter

(unaudited)

			Three Months Ended
			March 31
			2021			2020			Change			% Change
(amounts in millions, except per share data)
Statement of Income Data:
Revenue:
U.S. Domestic Package			$	14,010		$	11,456		$	2,554		22.3		%
International Package			4,607			3,383			1,224			36.2		%
Supply Chain & Freight			4,291			3,196			1,095			34.3		%
Total revenue			22,908			18,035			4,873			27.0		%
Operating expenses:
U.S. Domestic Package			12,651			11,092			1,559			14.1		%
International Package			3,522			2,832			690			24.4		%
Supply Chain & Freight			3,970			3,039			931			30.6		%
Total operating expenses			20,143			16,963			3,180			18.7		%
Operating profit:
U.S. Domestic Package			1,359			364			995			273.4		%
International Package			1,085			551			534			96.9		%
Supply Chain & Freight			321			157			164			104.5		%
Total operating profit			2,765			1,072			1,693			157.9		%
Other income (expense):
Other pension income (expense)			3,603			327			3,276			N/M
Investment income and other			13			18			(5)			(27.8)		%
Interest expense			(177)			(167)			(10)			6.0		%
Total other income (expense)			3,439			178			3,261			N/M
Income before income taxes			6,204			1,250			4,954			396.3		%
Income tax expense (benefit)			1,412			285			1,127			395.4		%
Net income			$	4,792		$	965		$	3,827		396.6		%
Net income as a percentage of revenue			20.9		%	5.4		%
Per share amounts:
Basic earnings per share			$	5.50		$	1.12		$	4.38		391.1		%
Diluted earnings per share			$	5.47		$	1.11		$	4.36		392.8		%
Weighted-average shares outstanding:
Basic			872			864			8			0.9		%
Diluted			876			869			7			0.8		%
As adjusted income data (1):
Operating profit:
U.S. Domestic Package			$	1,463		$	401		$	1,062		264.8		%
International Package			1,091			558			533			95.5		%
Supply Chain & Freight			395			158			237			150.0		%
Total operating profit			2,949			1,117			1,832			164.0		%
Total other income (expense)			$	149		$	178		$	(29)		(16.3)		%
Income before income taxes			$	3,098		$	1,295		$	1,803		139.2		%
Net income			$	2,430		$	1,000		$	1,430		143.0		%
Basic earnings per share			$	2.79		$	1.16		$	1.63		140.5		%
Diluted earnings per share			$	2.77		$	1.15		$	1.62		140.9		%

(1) See Non-GAAP schedules for reconciliation of adjustments.

Certain prior year amounts have been reclassified to conform to the current year presentation.

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United Parcel Service, Inc.

Selected Operating Data - First Quarter

(unaudited)

			Three Months Ended
			March 31
			2021			2020			Change			% Change
Revenue (in millions):
U.S. Domestic Package:
Next Day Air			$	2,331		$	2,055		$	276		13.4		%
Deferred			1,260			1,197			63			5.3		%
Ground			10,419			8,204			2,215			27.0		%
Total U.S. Domestic Package			14,010			11,456			2,554			22.3		%
International Package:
Domestic			928			688			240			34.9		%
Export			3,493			2,561			932			36.4		%
Cargo and Other			186			134			52			38.8		%
Total International Package			4,607			3,383			1,224			36.2		%
Supply Chain & Freight:
Forwarding			2,072			1,373			699			50.9		%
Logistics			1,104			845			259			30.7		%
Freight			767			766			1			0.1		%
Other			348			212			136			64.2		%
Total Supply Chain & Freight			4,291			3,196			1,095			34.3		%
Consolidated			$	22,908		$	18,035		$	4,873		27.0		%
Consolidated volume (in millions)			1,521			1,352			169			12.5		%
Operating weekdays			63			64			(1)			(1.6)		%
Average Daily Package Volume (in thousands):
U.S. Domestic Package:
Next Day Air			2,012			1,883			129			6.9		%
Deferred			1,513			1,492			21			1.4		%
Ground			16,827			14,669			2,158			14.7		%
Total U.S. Domestic Package			20,352			18,044			2,308			12.8		%
International Package:
Domestic			2,010			1,668			342			20.5		%
Export			1,783			1,413			370			26.2		%
Total International Package			3,793			3,081			712			23.1		%
Consolidated			24,145			21,125			3,020			14.3		%
Average Revenue Per Piece:
U.S. Domestic Package:
Next Day Air			$	18.39		$	17.05		$	1.34		7.9		%
Deferred			13.22			12.54			0.68			5.4		%
Ground			9.83			8.74			1.09			12.5		%
Total U.S. Domestic Package			10.93			9.92			1.01			10.2		%
International Package:
Domestic			7.33			6.44			0.89			13.8		%
Export			31.10			28.32			2.78			9.8		%
Total International Package			18.50			16.48			2.02			12.3		%
Consolidated			$	12.12		$	10.88		$	1.24		11.4		%

Certain prior year amounts have been reclassified to conform to the current year presentation.

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United Parcel Service, Inc.

Detail of Operating Expenses - First Quarter

(unaudited)

			Three Months Ended
			March 31
			2021						2020						Change						% Change
(in millions)
Compensation and benefits			$	11,483					$	10,086					$	1,397					13.9		%
Repairs and maintenance			619						563						56						9.9		%
Depreciation and amortization			722						648						74						11.4		%
Purchased transportation			4,243						2,931						1,312						44.8		%
Fuel			807						761						46						6.0		%
Other occupancy			466						383						83						21.7		%
Other expenses			1,803						1,591						212						13.3		%
Total other operating expenses			$	20,143					$	16,963					$	3,180					18.7		%

Certain prior year amounts have been reclassified to conform to the current year presentation.

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United Parcel Service, Inc.

Consolidated Balance Sheets

March 31, 2021 (unaudited) and December 31, 2020

			March 31, 2021						December 31, 2020
(amounts in millions)
ASSETS
Current Assets:
Cash and cash equivalents			$	7,731					$	5,910
Marketable securities			351						406
Accounts receivables			10,258						10,888
Less: Allowance for credit losses			(131)						(138)
Accounts receivable, net			10,127						10,750
Assets held for sale			1,135						1,197
Other current assets			1,641						1,953
Total Current Assets			20,985						20,216
Property, Plant and Equipment, Net			32,455						32,254
Operating Lease Right-Of-Use Assets			3,044						3,073
Goodwill			3,346						3,367
Intangible Assets, Net			2,268						2,274
Investments and Restricted Cash			25						25
Deferred Income Tax Assets			243						527
Other Non-Current Assets			946						672
Total Assets			$	63,312					$	62,408
LIABILITIES AND SHAREOWNERS' EQUITY
Current Liabilities:
Current maturities of long-term debt, commercial paper and finance leases			$	1,811					$	2,623
Current maturities of operating leases			548						560
Accounts payable			6,305						6,455
Accrued wage and withholdings			3,701						3,569
Self-insurance reserves			1,103						1,085
Accrued group welfare and retirement plan contributions			934						927
Liabilities to be disposed of			296						347
Other current liabilities			1,608						1,450
Total Current Liabilities			16,306						17,016
Long-Term Debt and Finance Leases			21,916						22,031
Non-Current Operating Leases			2,524						2,540
Pension and Postretirement Benefit Obligations			9,594						15,817
Deferred Income Tax Liabilities			1,997						488
Other Non-Current Liabilities			3,816						3,847
Shareowners' Equity:
Class A common stock			2						2
Class B common stock			7						7
Additional paid-in capital			1,049						865
Retained earnings			10,748						6,896
Accumulated other comprehensive loss			(4,659)						(7,113)
Deferred compensation obligations			15						20
Less: Treasury stock			(15)						(20)
Total Equity for Controlling Interest			7,147						657
Noncontrolling interests			12						12
Total Shareowners' Equity			7,159						669
Total Liabilities and Sharewoners' Equity			$	63,312					$	62,408

Certain prior year amounts have been reclassified to conform to the current year presentation.

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United Parcel Service, Inc.

Statements of Consolidated Cash Flows

(unaudited)

(amounts in millions)									Three Months Ended
									March 31,
									2021						2020
Cash Flows From Operating Activities:
			Net income						$	4,792					$	965
			Adjustments to reconcile net income to net cash from operating activities:
			Depreciation and amortization						722						648
			Pension and postretirement benefit expense						(3,024)						160
			Pension and postretirement benefit contributions						(215)						(222)
			Self-insurance reserves						4						124
			Deferred tax (benefit) expense						942						86
			Stock compensation expense						315						231
			Other (gains) losses						57						33
			Changes in assets and liabilities, net of effects of business acquisitions:
			Accounts receivable						435						1,223
			Other assets						363						209
			Accounts payable						(261)						(1,101)
			Accrued wages and withholdings						199						83
			Other liabilities						180						102
			Other operating activities						22						9
			Net cash from operating activities						4,531						2,550
Cash Flows From Investing Activities:
			Capital expenditures						(834)						(933)
			Proceeds from disposals of property, plant and equipment						10						1
			Purchases of marketable securities						(78)						(80)
			Sales and maturities of marketable securities						134						80
			Net change in finance receivables						11						3
			Cash paid for business acquisitions, net of cash and cash equivalents acquired						(3)						—
			Other investing activities						(6)						(5)
			Net cash used in investing activities						(766)						(934)
Cash Flows From Financing Activities:
			Net change in short-term debt						697						(91)
			Proceeds from long-term borrowings						—						4,253
			Repayments of long-term borrowings						(1,528)						(687)
			Purchases of common stock						—						(220)
			Issuances of common stock						78						70
			Dividends						(858)						(840)
			Other financing activities						(334)						(318)
			Net cash (used in) / from financing activities						(1,945)						2,167
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash									1						(65)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash									1,821						3,718
Cash, Cash Equivalents and Restricted Cash:
			Beginning of period						5,910						5,238
			End of period						$	7,731					$	8,956

Certain prior year amounts have been reclassified to conform to the current year presentation.

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United Parcel Service, Inc.

Reconciliation of Free Cash Flow (Non-GAAP measure)

(unaudited)

(amounts in millions):																								Three Months Ended
																								March 31,
																								2021						2020
Cash flows from operating activities																								$	4,531					$	2,550
Capital expenditures																								(834)						(933)
Proceeds from disposals of PP&E																								10						1
Net change in finance receivables																								11						3
Other investing activities																								(6)						(5)
Free Cash Flow (Non-GAAP measure)																								$	3,712					$	1,616

Certain prior year amounts have been reclassified to conform to the current year presentation.

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United Parcel Service, Inc.

Supplemental Analysis of Currency - First Quarter

Currency Neutral Revenue Per Piece, Revenue and Operating Profit
(unaudited)
			Three Months Ended																								Currency
			March 31																								Neutral
			2021						2020						% Change						Currency						2021 (1)						% Change
Average Revenue Per Piece:
International Package:
Domestic			$	7.33					$	6.44					13.8		%				$	(0.46)					$	6.87					6.7		%
Export			31.10						28.32						9.8		%				(1.04)						30.06						6.1		%
Total International Package			$	18.50					$	16.48					12.3		%				$	(0.73)					$	17.77					7.8		%
Consolidated			$	12.12					$	10.88					11.4		%				$	(0.12)					$	12.00					10.3		%
			Three Months Ended																								Currency
			March 31																								Neutral
			2021						2020						% Change						Currency						2021(1)						% Change
Revenue (in millions):
U.S. Domestic Package			$	14,010					$	11,456					22.3		%				$	—					$	14,010					22.3		%
International Package			4,607						3,383						36.2		%				(176)						4,431						31.0		%
Supply Chain & Freight			4,291						3,196						34.3		%				(45)						4,246						32.9		%
Total revenue			$	22,908					$	18,035					27.0		%				$	(221)					$	22,687					25.8		%
			Three Months Ended																								Currency
			March 31																								Neutral
			2021						2020						% Change						Currency						2021(1)						% Change
As-Adjusted Operating Profit (in millions)(2):
U.S. Domestic Package			$	1,463					$	401					264.8		%				$	—					$	1,463					264.8		%
International Package			1,091						558						95.5		%				(39)						1,052						88.5		%
Supply Chain & Freight			395						158						150.0		%				2						397						151.3		%
Total operating profit			$	2,949					$	1,117					164.0		%				$	(37)					$	2,912					160.7		%
(1) Amounts adjusted for period over period foreign currency exchange rate and hedging differences
(2) Amounts adjusted for transformation & other

Certain prior year amounts have been reclassified to conform to the current year presentation.

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United Parcel Service, Inc.

Reconciliation of GAAP and As Adjusted Income Statement Data

(in millions, except per share amounts):

Three Months Ended March 31,
			2021																								2020
			As-Reported (GAAP)						Pension MTM Adj(1).						Transformation & Other Adj.(2)						As-Adjusted (Non-GAAP)						As-Reported (GAAP)						Transformation & Other Adj.(3)						As-Adjusted (Non-GAAP)
U.S. Domestic Package			$	1,359					$	—					$	104					1,463						$	364					$	37					$	401
International Package			1,085						—						6						1,091						551						7						558
Supply Chain & Freight			321						—						74						395						157						1						158
Operating profit			2,765						—						184						2,949						1,072						45						1,117
Other Income and (Expense):
Other pension income (expense)			3,603						(3,290)						—						313						327						—						327
Investment income and other			13						—						—						13						18						—						18
Interest expense			(177)						—						—						(177)						(167)						—						(167)
Total Other Income (Expense)			$	3,439					$	(3,290)					$	—					$	149					$	178					$	—					$	178
Income before income taxes			6,204						(3,290)						184						3,098						1,250						45						1,295
Income tax expense			1,412						(788)						44						668						285						10						295
Net income			$	4,792					$	(2,502)					$	140					$	2,430					$	965					$	35					$	1,000
Basic Earnings Per Share			$	5.50					$	(2.87)					$	0.16					$	2.79					$	1.12					$	0.04					$	1.16
Diluted Earnings Per Share			$	5.47					$	(2.86)					$	0.16					$	2.77					$	1.11					$	0.04					$	1.15
Weighted-average shares outstanding:
Basic			872																								864
Diluted			876																								869

(1) Represents a mark-to-market gain recognized outside of a 10% corridor for the UPS IBT Pension Plan

(2) Transformation & Other Adj. of $184 million reflects a valuation allowance of $66 million related to the planned divestiture of UPS Freight, other employee benefits costs of $76 million and other costs of $42 million.

(3) Transformation & Other Adj. of $45 million reflect other employee benefits costs of $12 million and other costs of $33 million.

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United Parcel Service, Inc.

Aircraft Fleet - as of March 31, 2021

(unaudited)

Description			Owned and Finance Leases			Operating Leases & Charters from Others			On Order			Under Option
Operating:
Boeing 757-200			75			—			—			—
Boeing 767-300			70			—			2			—
Boeing 767-300BCF			4			—			—			—
Boeing 767-300BDSF			4			—			—			—
Airbus A300-600			52			—			—			—
Boeing MD-11			42			—			—			—
Boeing 747-400F			11			—			—			—
Boeing 747-400BCF			2			—			—			—
Boeing 747-8F			21			—			7			—
Other			—			290			—			—
Total			281			290			9			—