Exhibit 99.2
United Parcel Service, Inc.
Selected Financial Data - First Quarter
(unaudited)
Three Months Ended
March 31
20222021Change% Change
(amounts in millions, except per share data)
Statement of Income Data:
Revenue:
  U.S. Domestic Package$15,124 $14,010 $1,114 8.0 %
  International Package4,876 4,607 269 5.8 %
  Supply Chain Solutions(1)
4,378 4,291 87 2.0 %
  Total revenue24,378 22,908 1,470 6.4 %
Operating expenses:
  U.S. Domestic Package13,462 12,651 811 6.4 %
  International Package3,760 3,522 238 6.8 %
  Supply Chain Solutions(1)
3,905 3,970 (65)(1.6)%
  Total operating expenses21,127 20,143 984 4.9 %
Operating profit:
  U.S. Domestic Package1,662 1,359 303 22.3 %
  International Package1,116 1,085 31 2.9 %
  Supply Chain Solutions(1)
473 321 152 47.4 %
  Total operating profit3,251 2,765 486 17.6 %
Other income (expense):
 Other pension income (expense)331 3,603 (3,272)(90.8)%
  Investment income (expense) and other(16)13 (29)N/M
  Interest expense(174)(177)3 (1.7)%
  Total other income (expense)141 3,439 (3,298)(95.9)%
Income before income taxes3,392 6,204 (2,812)(45.3)%
Income tax expense730 1,412 (682)(48.3)%
Net income$2,662 $4,792 $(2,130)(44.4)%
Net income as a percentage of revenue10.9 %20.9 %
Per share amounts:
  Basic earnings per share$3.05 $5.50 $(2.45)(44.5)%
  Diluted earnings per share$3.03 $5.47 $(2.44)(44.6)%
Weighted-average shares outstanding:
  Basic874 872 2 0.2 %
  Diluted879 876 3 0.3 %
As Adjusted Income Data (2):
Operating profit:
  U.S. Domestic Package $1,705 $1,463 $242 16.5 %
  International Package 1,120 1,091 29 2.7 %
  Supply Chain Solutions(1)
481 395 86 21.8 %
  Total operating profit 3,306 2,949 357 12.1 %
Total other income (expense)$108 $149 $(41)(27.5)%
Income before income taxes $3,414 $3,098 $316 10.2 %
Net income $2,681 $2,430 $251 10.3 %
Basic earnings per share $3.07 $2.79 $0.28 10.0 %
Diluted earnings per share$3.05 $2.77 $0.28 10.1 %
(1) The divestiture of UPS Freight was completed on April 30, 2021.
(2) See Non-GAAP schedules for reconciliation of adjustments.

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


United Parcel Service, Inc.
Selected Operating Data - First Quarter
(unaudited)
Three Months Ended
March 31
20222021Change% Change
Revenue (in millions):
U.S. Domestic Package:
   Next Day Air$2,594 $2,331 $263 11.3 %
   Deferred1,420 1,260 160 12.7 %
   Ground11,110 10,419 691 6.6 %
      Total U.S. Domestic Package15,124 14,010 1,114 8.0 %
International Package:
   Domestic851 928 (77)(8.3)%
   Export3,778 3,493 285 8.2 %
   Cargo and Other247 186 61 32.8 %
      Total International Package4,876 4,607 269 5.8 %
Supply Chain Solutions(1):
   Forwarding2,589 2,072 517 25.0 %
Logistics1,251 1,104 147 13.3 %
   Freight— 767 (767)(100.0)%
   Other538 348 190 54.6 %
      Total Supply Chain Solutions4,378 4,291 87 2.0 %
Consolidated$24,378 $22,908 $1,470 6.4 %
Consolidated volume (in millions)1,490 1,521 (31)(2.0)%
Operating weekdays64 63 1 1.6 %
Average Daily Package Volume (in thousands):
U.S. Domestic Package:
   Next Day Air1,945 2,012 (67)(3.3)%
   Deferred1,509 1,513 (4)(0.3)%
   Ground16,287 16,827 (540)(3.2)%
      Total U.S. Domestic Package19,741 20,352 (611)(3.0)%
International Package:
   Domestic1,806 2,010 (204)(10.1)%
   Export1,731 1,783 (52)(2.9)%
      Total International Package3,537 3,793 (256)(6.7)%
Consolidated23,278 24,145 (867)(3.6)%
Average Revenue Per Piece:
U.S. Domestic Package:
   Next Day Air$20.84 $18.39 $2.45 13.3 %
   Deferred14.70 13.221.48 11.2 %
   Ground10.669.83 0.83 8.4 %
      Total U.S. Domestic Package11.9710.93 1.04 9.5 %
International Package:
   Domestic7.36 7.33 0.03 0.4 %
   Export34.1031.103.00 9.6 %
      Total International Package20.45 18.50 1.95 10.5 %
Consolidated$13.26 $12.12 $1.14 9.4 %
(1) The divestiture of UPS Freight was completed on April 30, 2021.





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


United Parcel Service, Inc.
Detail of Operating Expenses - First Quarter
(unaudited)
Three Months Ended
March 31
20222021Change% Change
(in millions)
Compensation and benefits$11,616 $11,483 $133 1.2 %
Repairs and maintenance626 619 7 1.1 %
Depreciation and amortization764 722 42 5.8 %
Purchased transportation4,600 4,243 357 8.4 %
Fuel1,220 807 413 51.2 %
Other occupancy491 466 25 5.4 %
Other expenses1,810 1,803 7 0.4 %
Total operating expenses$21,127 $20,143 $984 4.9 %


























































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


United Parcel Service, Inc.
Consolidated Balance Sheets
March 31, 2022 (unaudited) and December 31, 2021

March 31, 2022December 31, 2021
(amounts in millions)
ASSETS
Current Assets:
Cash and cash equivalents$12,208 $10,255 
Marketable securities337 338 
Accounts receivables11,335 12,669 
Less: Allowance for credit losses(136)(128)
Accounts receivable, net11,199 12,541 
Other current assets1,857 1,800 
 Total Current Assets25,601 24,934 
Property, Plant and Equipment, Net33,595 33,475 
Operating Lease Right-Of-Use Assets3,481 3,562 
Goodwill3,668 3,692 
Intangible Assets, Net2,465 2,486 
Investments and Restricted Cash22 26 
Deferred Income Tax Assets173 176 
Other Non-Current Assets1,108 1,054 
Total Assets $70,113 $69,405 
LIABILITIES AND SHAREOWNERS' EQUITY
Current Liabilities:
Current maturities of long-term debt, commercial paper and finance leases$2,141 $2,131 
Current maturities of operating leases579 580 
Accounts payable7,036 7,523 
Accrued wage and withholdings3,418 3,819 
Self-insurance reserves1,025 1,048 
Accrued group welfare and retirement plan contributions922 1,038 
Other current liabilities 1,721 1,430 
Total Current Liabilities16,842 17,569 
Long-Term Debt and Finance Leases19,740 19,784 
Non-Current Operating Leases2,970 3,033 
Pension and Postretirement Benefit Obligations8,203 8,047 
Deferred Income Tax Liabilities3,356 3,125 
Other Non-Current Liabilities3,568 3,578 
Shareowners' Equity:
Class A common stock2 2 
Class B common stock7 7 
Additional paid-in capital1,231 1,343 
Retained earnings17,433 16,179 
Accumulated other comprehensive loss(3,257)(3,278)
Deferred compensation obligations12 16 
Less: Treasury stock(12)(16)
Total Equity for Controlling Interests15,416 14,253 
Noncontrolling interests18 16 
Total Shareowners' Equity15,434 14,269 
Total Liabilities and Sharewoners' Equity$70,113 $69,405 






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


United Parcel Service, Inc.
Statements of Consolidated Cash Flows
(unaudited)
(amounts in millions)Three Months Ended
March 31
20222021
Cash Flows From Operating Activities:
Net income$2,662 $4,792 
Adjustments to reconcile net income to net cash from operating activities:
 Depreciation and amortization 764 722 
 Pension and postretirement benefit (income) expense 201 (3,024)
 Pension and postretirement benefit contributions (45)(215)
 Self-insurance reserves (45)4 
 Deferred tax (benefit) expense 209 942 
 Stock compensation expense 386 315 
 Other (gains) losses 44 57 
Changes in assets and liabilities, net of effects of business acquisitions:
 Accounts receivable 1,227 435 
 Other assets 7 363 
 Accounts payable (743)(261)
 Accrued wages and withholdings (343)199 
 Other liabilities 173 180 
Other operating activities(17)22 
 Net cash from operating activities 4,480 4,531 
Cash Flow From Investing Activities:
Capital expenditures(548)(834)
Proceeds from disposal of businesses, property, plant and equipment— 10 
Purchases of marketable securities(68)(78)
Sales and maturities of marketable securities60 134 
Net change in finance receivables5 11 
Cash paid for business acquisitions, net of cash and cash equivalents acquired1 (3)
Other investing activities(22)(6)
Net cash used in investing activities(572)(766)
Cash Flow From Financing Activities:
Net change in short-term debt— 697 
Proceeds from long-term borrowings— — 
Repayments of long-term borrowings(18)(1,528)
Purchases of common stock(254)— 
Issuances of common stock67 78 
Dividends(1,284)(858)
Other financing activities(481)(334)
Net cash used in financing activities(1,970)(1,945)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash15 1 
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash1,953 1,821 
Cash, Cash Equivalents and Restricted Cash:
Beginning of period10,255 5,910 
End of period$12,208 $7,731 







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


United Parcel Service, Inc.
Reconciliation of Free Cash Flow (Non-GAAP measure)
(unaudited)
(amounts in millions)Three Months Ended
March 31
20222021
Cash flows from operating activities$4,480 $4,531 
Capital expenditures(548)(834)
Proceeds from disposals of property, plant and equipment— 10 
Net change in finance receivables5 11 
Other investing activities(22)(6)
   Free Cash Flow (Non-GAAP measure)$3,915 $3,712 














































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


United Parcel Service, Inc.
Reconciliation of Adjusted Debt to Adjusted EBITDA (Non-GAAP measure)
(unaudited)
(amounts in millions)
TTM(1)
TTM(1)
March 31, 2022March 31, 2021
Net Income$10,760 $5,170 
Add back:
Income tax expense3,023 1,628 
Interest expense691 711 
Depreciation and amortization2,995 2,772 
EBITDA17,469 10,281 
Add back (deduct):
Transformation and other205 1,173 
Defined benefit plan (gains) and losses(15)3,194 
Investment income and other(1,163)(1,326)
Adjusted EBITDA$16,496 $13,322 
Debt and finance leases, including current maturities$21,881 $23,727 
Add back:
Non-current pension and postretirement benefit obligations8,203 9,594 
Adjusted total debt$30,084 $33,321 
Adjusted total adjusted debt/adjusted EBITDA1.82 2.50 


(1) Trailing twelve months









































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


United Parcel Service, Inc.
Reconciliation of Return of Invested Capital (Non-GAAP measure)
(unaudited)
(amounts in millions)
TTM(1)
TTM(1)
March 31, 2022March 31, 2021
Net Income$10,760 $5,170 
Add back (deduct):
Income tax expense3,023 1,628 
Interest expense691 711 
Other pension (income) expense(1,185)1,900 
Investment (income) expenses and other7 (32)
Operating profit13,296 9,377 
Transformation and other$205$1,173
Adjusted operating profit$13,501 $10,550 
Average debt and finance leases, including current maturities$22,804 $26,164 
Average pension and postretirement benefit obligations8,899 10,036 
Average shareowners' equity11,297 5,236 
Average Invested Capital$42,999 $41,436 
Net income to average invested capital25.0 %12.5 %
Adjusted Return on Invested Capital31.4 %25.5 %


(1) Trailing twelve months































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


United Parcel Service, Inc.
Reconciliation of GAAP and As Adjusted Income Statement Data
(unaudited)
Three Months Ended March 31,
(in millions, except per share amounts)20222021
As Reported (GAAP)
Pension Adj.(1)
Transformation & Other Adj.(2)
As Adjusted
(Non-GAAP)		As Reported (GAAP)
Pension Adj.(3)
Transformation & Other Adj.(4)
As Adjusted
(Non-GAAP)		% Change As Rep. (GAAP)% Change As Adj. (Non-GAAP)
U.S. Domestic Package$13,462 $— 43 $13,419 $12,651 $— $104 $12,547 6.4 %6.9 %
International Package3,760 — 4 3,756 3,522 — 6 3,516 6.8 %6.8 %
Supply Chain Solutions(5)
3,905 — 8 3,897 3,970 — 74 3,896 (1.6)%— %
Operating expense21,127 — 55 21,072 20,143 — 184 19,959 4.9 %5.6 %
U.S. Domestic Package$1,662 $— 43 $1,705 $1,359 $— $104 $1,463 22.3 %16.5 %
International Package1,116 — 4 1,120 1,085 — 6 1,091 2.9 %2.7 %
Supply Chain Solutions(5)
473 — 8 481 321 — 74 395 47.4 %21.8 %
Operating Profit3,251 — 55 3,306 2,765 — 184 2,949 17.6 %12.1 %
Other Income and (Expense):
Other pension income (expense)331 (33)— 298 3,603 (3,290)— 313 (90.8)%(4.8)%
Investment income (expense) and other(16)— — (16)13 — — 13 N/MN/M
Interest expense(174)— — (174)(177)— — (177)(1.7)%(1.7)%
Total Other Income (Expense)$141 $(33)$— $108 $3,439 $(3,290)$— $149 (95.9)%(27.5)%
Income Before Income Taxes3,392 (33)55 3,414 6,204 (3,290)184 3,098 (45.3)%10.2 %
Income Tax Expense730 (9)12733 1,412 (788)44668 (48.3)%9.7 %
Net Income$2,662 $(24)$43 $2,681 $4,792 $(2,502)$140 $2,430 (44.4)%10.3 %
Basic Earnings Per Share$3.05 $(0.03)$0.05 $3.07 $5.50 $(2.87)$0.16 $2.79 (44.5)%10.0 %
Diluted Earnings Per Share$3.03 $(0.03)$0.05 $3.05 $5.47 $(2.86)$0.16 $2.77 (44.6)%10.1 %
Weighted-average shares outstanding:
Basic874 872 
Diluted879 876 

(1) Represents the impact of curtailment of benefits effective December 31, 2023, for the Canada Ltd Retirement Plan.
(2) Transformation & Other of $55 million reflects other employee benefits costs of $33 million and other costs of $22 million.
(3) Represents a mark-to-market gain recognized outside of a 10% corridor for the UPS IBT Pension Plan.
(4) Transformation & Other Adj. of $184 million reflects a valuation allowance of $66 million related to the divestiture of UPS Freight, other employee benefits costs of $76 million and other costs of $42 million.
(5) The divestiture of UPS Freight was completed on April 30, 2021
















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


United Parcel Service, Inc.
Supplemental Analysis of Currency - First Quarter
(unaudited)

Currency Neutral Revenue Per Piece, Revenue and As Adjusted Operating Profit
Three Months EndedCurrency
March 31Neutral
20222021% ChangeCurrency
2022 (1)
% Change
Average Revenue Per Piece:
International Package:
   Domestic$7.36 $7.33 0.4 %$0.47 $7.83 6.8 %
   Export34.10 31.10 9.6 %0.78 34.88 12.2 %
      Total International Package$20.45 $18.50 10.5 %$0.62 $21.07 13.9 %
Consolidated$13.26 $12.12 9.4 %$0.09 $13.35 10.1 %
Three Months EndedCurrency
March 31Neutral
20222021% ChangeCurrency
2022 (1)
% Change
Revenue (in millions):
  U.S. Domestic Package$15,124 $14,010 8.0 %$— $15,124 8.0 %
  International Package4,876 4,607 5.8 %143 5,019 8.9 %
  Supply Chain Solutions(2)
4,378 4,291 2.0 %37 4,415 2.9 %
  Total revenue$24,378 $22,908 6.4 %$180 $24,558 7.2 %
Three Months EndedCurrency
March 31Neutral
20222021% ChangeCurrency
2022 (1)
% Change
As-Adjusted Operating Profit (in millions)(3):
  U.S. Domestic Package$1,705 $1,463 16.5 %$— $1,705 16.5 %
  International Package1,120 1,091 2.7 %28 1,148 5.2 %
  Supply Chain Solutions(2)
481 395 21.8 %(3)478 21.0 %
  Total operating profit$3,306 $2,949 12.1 %$25 $3,331 13.0 %

(1) Amounts adjusted for period over period foreign currency exchange rate and hedging differences.
(2) The divestiture of UPS Freight was completed on April 30, 2021.
(3) Amounts adjusted for transformation & other.






















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


United Parcel Service, Inc.
Aircraft Fleet - As of March 31, 2022
(unaudited)
DescriptionOwned and Finance LeasesOperating Leases & Charters from OthersOn OrderUnder Option
Operating:
Boeing 757-20075 — — — 
Boeing 767-30072 — 19 8 
Boeing 767-300BCF4 — — — 
Boeing 767-300BDSF4 — — — 
Airbus A300-60052 — — — 
Boeing MD-1142 — — — 
Boeing 747-400F11 — — — 
Boeing 747-400BCF2 — — — 
Boeing 747-8F27 — 1 — 
Other— 296 — — 
          Total289 296 20 8 

















































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