Exhibit 99.2

United Parcel Service, Inc.

Selected Financial Data - Third Quarter

(unaudited)

			Three Months Ended
			September 30
			2024						2023						Change						% Change
(amounts in millions, except per share data)
Statement of Income Data:
Revenue:
U.S. Domestic Package			$	14,450					$	13,660					$	790					5.8		%
International Package			4,411						4,267						144						3.4		%
Supply Chain Solutions			3,384						3,134						250						8.0		%
Total revenue			22,245						21,061						1,184						5.6		%
Operating expenses:
U.S. Domestic Package			13,552						13,089						463						3.5		%
International Package			3,613						3,637						(24)						(0.7)		%
Supply Chain Solutions			3,095						2,992						103						3.4		%
Total operating expenses			20,260						19,718						542						2.7		%
Operating profit:
U.S. Domestic Package			898						571						327						57.3		%
International Package			798						630						168						26.7		%
Supply Chain Solutions			289						142						147						103.5		%
Total operating profit			1,985						1,343						642						47.8		%
Other income (expense):
Other pension income (expense)			68						66						2						3.0		%
Investment income (expense) and other			87						58						29						50.0		%
Interest expense			(230)						(199)						(31)						15.6		%
Total other income (expense)			(75)						(75)						—						0.0		%
Income before income taxes			1,910						1,268						642						50.6		%
Income tax expense			371						141						230						163.1		%
Net income			$	1,539					$	1,127					$	412					36.6		%
Net income as a percentage of revenue			6.9		%				5.4		%
Per share amounts:
Basic earnings per share			$	1.80					$	1.31					$	0.49					37.4		%
Diluted earnings per share			$	1.80					$	1.31					$	0.49					37.4		%
Weighted-average shares outstanding:
Basic			855						857						(2)						(0.2)		%
Diluted			855						858						(3)						(0.3)		%
Non-GAAP Adjusted Income Data (1):
Operating profit:
U.S. Domestic Package			$	974					$	665					$	309					46.5		%
International Package			792						675						117						17.3		%
Supply Chain Solutions			217						275						(58)						(21.1)		%
Total operating profit			1,983						1,615						368						22.8		%
Total other income (expense)			$	(75)					$	(75)					$	—					0.0		%
Income before income taxes			$	1,908					$	1,540					$	368					23.9		%
Net income			$	1,503					$	1,346					$	157					11.7		%
Basic earnings per share			$	1.76					$	1.57					$	0.19					12.1		%
Diluted earnings per share			$	1.76					$	1.57					$	0.19					12.1		%

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

Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.

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United Parcel Service, Inc.

Selected Operating Data - Third Quarter

(unaudited)

			Three Months Ended
			September 30
			2024						2023						Change						% Change
Revenue (in millions):
U.S. Domestic Package:
Next Day Air			$	2,396					$	2,372					$	24					1.0		%
Deferred			1,109						1,128						(19)						(1.7)		%
Ground			10,945						10,160						785						7.7		%
Total U.S. Domestic Package			14,450						13,660						790						5.8		%
International Package:
Domestic			771						742						29						3.9		%
Export			3,482						3,367						115						3.4		%
Cargo and Other			158						158						—						0.0		%
Total International Package			4,411						4,267						144						3.4		%
Supply Chain Solutions:
Forwarding			1,307						1,327						(20)						(1.5)		%
Logistics			1,550						1,430						120						8.4		%
Other			527						377						150						39.8		%
Total Supply Chain Solutions			3,384						3,134						250						8.0		%
Consolidated			$	22,245					$	21,061					$	1,184					5.6		%
Consolidated volume (in millions)			1,378						1,287						91						7.1		%
Operating weekdays			64						63						1						1.6		%
Average Daily Package Volume (in thousands):
U.S. Domestic Package:
Next Day Air			1,596						1,679						(83)						(4.9)		%
Deferred			988						1,078						(90)						(8.3)		%
Ground			15,823						14,529						1,294						8.9		%
Total U.S. Domestic Package			18,407						17,286						1,121						6.5		%
International Package:
Domestic			1,483						1,524						(41)						(2.7)		%
Export			1,637						1,615						22						1.4		%
Total International Package			3,120						3,139						(19)						(0.6)		%
Consolidated			21,527						20,425						1,102						5.4		%
Average Revenue Per Piece:
U.S. Domestic Package:
Next Day Air			$	23.46					$	22.42					$	1.04					4.6		%
Deferred			17.54						16.61						0.93						5.6		%
Ground			10.81						11.10						(0.29)						(2.6)		%
Total U.S. Domestic Package			12.27						12.54						(0.27)						(2.2)		%
International Package:
Domestic			8.12						7.73						0.39						5.0		%
Export			33.24						33.09						0.15						0.5		%
Total International Package			21.30						20.78						0.52						2.5		%
Consolidated			$	13.58					$	13.81					$	(0.23)					(1.7)		%

Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.

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United Parcel Service, Inc.

Detail of Operating Expenses - Third Quarter

(unaudited)

			Three Months Ended
			September 30
			2024						2023						Change						% Change
(in millions)
Compensation and benefits			$	11,955					$	11,528					$	427					3.7		%
Repairs and maintenance			713						719						(6)						(0.8)		%
Depreciation and amortization			905						837						68						8.1		%
Purchased transportation			3,375						3,114						261						8.4		%
Fuel			1,068						1,132						(64)						(5.7)		%
Other occupancy			517						481						36						7.5		%
Other expenses			1,727						1,907						(180)						(9.4)		%
Total operating expenses			$	20,260					$	19,718					$	542					2.7		%

Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.

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United Parcel Service, Inc.

Selected Financial Data - Year to Date

(unaudited)

			Nine Months Ended
			September 30
			2024						2023						Change						% Change
(amounts in millions, except per share data)
Statement of Income Data:
Revenue:
U.S. Domestic Package			$	42,803					$	43,043					$	(240)					(0.6)		%
International Package			13,037						13,225						(188)						(1.4)		%
Supply Chain Solutions			9,929						9,773						156						1.6		%
Total revenue			65,769						66,041						(272)						(0.4)		%
Operating expenses:
U.S. Domestic Package			40,091						39,404						687						1.7		%
International Package			10,865						10,884						(19)						(0.2)		%
Supply Chain Solutions			9,271						9,089						182						2.0		%
Total operating expenses			60,227						59,377						850						1.4		%
Operating profit:
U.S. Domestic Package			2,712						3,639						(927)						(25.5)		%
International Package			2,172						2,341						(169)						(7.2)		%
Supply Chain Solutions			658						684						(26)						(3.8)		%
Total operating profit			5,542						6,664						(1,122)						(16.8)		%
Other income (expense):
Other pension income (expense)			202						198						4						2.0		%
Investment income (expense) and other			208						226						(18)						(8.0)		%
Interest expense			(637)						(578)						(59)						10.2		%
Total other income (expense)			(227)						(154)						(73)						47.4		%
Income before income taxes			5,315						6,510						(1,195)						(18.4)		%
Income tax expense			1,254						1,407						(153)						(10.9)		%
Net income			$	4,061					$	5,103					$	(1,042)					(20.4)		%
Net income as a percentage of revenue			6.2		%				7.7		%
Per share amounts:
Basic earnings per share			$	4.74					$	5.93					$	(1.19)					(20.1)		%
Diluted earnings per share			$	4.74					$	5.92					$	(1.18)					(19.9)		%
Weighted-average shares outstanding:
Basic			856						860						(4)						(0.5)		%
Diluted			856						861						(5)						(0.6)		%
Non-GAAP Adjusted Income Data (1):
Operating profit:
U.S. Domestic Package			$	2,810					$	3,834					$	(1,024)					(26.7)		%
International Package			2,298						2,383						(85)						(3.6)		%
Supply Chain Solutions			686						869						(183)						(21.1)		%
Total operating profit			5,794						7,086						(1,292)						(18.2)		%
Total other income (expense)			$	(221)					$	(154)					$	(67)					43.5		%
Income before income taxes			$	5,573					$	6,932					$	(1,359)					(19.6)		%
Net income			$	4,255					$	5,437					$	(1,182)					(21.7)		%
Basic earnings per share			$	4.97					$	6.32					$	(1.35)					(21.4)		%
Diluted earnings per share			$	4.97					$	6.31					$	(1.34)					(21.2)		%

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

Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.

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United Parcel Service, Inc.

Selected Operating Data - Year to Date

(unaudited)

			Nine Months Ended
			September 30
			2024						2023						Change						% Change
Revenue (in millions):
U.S. Domestic Package:
Next Day Air			$	7,021					$	7,240					$	(219)					(3.0)		%
Deferred			3,372						3,491						(119)						(3.4)		%
Ground			32,410						32,312						98						0.3		%
Total U.S. Domestic Package			42,803						43,043						(240)						(0.6)		%
International Package:
Domestic			2,299						2,299						—						0.0		%
Export			10,269						10,387						(118)						(1.1)		%
Cargo and Other			469						539						(70)						(13.0)		%
Total International Package			13,037						13,225						(188)						(1.4)		%
Supply Chain Solutions:
Forwarding			3,902						4,217						(315)						(7.5)		%
Logistics			4,638						4,271						367						8.6		%
Other			1,389						1,285						104						8.1		%
Total Supply Chain Solutions			9,929						9,773						156						1.6		%
Consolidated			$	65,769					$	66,041					$	(272)					(0.4)		%
Consolidated volume (in millions)			4,053						4,032						21						0.5		%
Operating weekdays			191						191						—						0.0		%
Average Daily Package Volume (in thousands):
U.S. Domestic Package:
Next Day Air			1,582						1,699						(117)						(6.9)		%
Deferred			1,008						1,102						(94)						(8.5)		%
Ground			15,526						15,102						424						2.8		%
Total U.S. Domestic Package			18,116						17,903						213						1.2		%
International Package:
Domestic			1,491						1,571						(80)						(5.1)		%
Export			1,613						1,635						(22)						(1.3)		%
Total International Package			3,104						3,206						(102)						(3.2)		%
Consolidated			21,220						21,109						111						0.5		%
Average Revenue Per Piece:
U.S. Domestic Package:
Next Day Air			$	23.24					$	22.31					$	0.93					4.2		%
Deferred			17.51						16.59						0.92						5.5		%
Ground			10.93						11.20						(0.27)						(2.4)		%
Total U.S. Domestic Package			12.37						12.59						(0.22)						(1.7)		%
International Package:
Domestic			8.07						7.66						0.41						5.4		%
Export			33.33						33.26						0.07						0.2		%
Total International Package			21.20						20.72						0.48						2.3		%
Consolidated			$	13.66					$	13.82					$	(0.16)					(1.2)		%

Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.

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United Parcel Service, Inc.

Detail of Operating Expenses - Year to Date

(unaudited)

			Nine Months Ended
			September 30
			2024						2023						Change						% Change
(in millions)
Compensation and benefits			$	35,097					$	34,188					$	909					2.7		%
Repairs and maintenance			2,165						2,126						39						1.8		%
Depreciation and amortization			2,690						2,499						191						7.6		%
Purchased transportation			9,894						9,826						68						0.7		%
Fuel			3,254						3,493						(239)						(6.8)		%
Other occupancy			1,573						1,490						83						5.6		%
Other expenses			5,554						5,755						(201)						(3.5)		%
Total operating expenses			$	60,227					$	59,377					$	850					1.4		%

Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.

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United Parcel Service, Inc.

Consolidated Balance Sheets

September 30, 2024 (unaudited) and December 31, 2023

			September 30, 2024						December 31, 2023
(amounts in millions)
ASSETS
Current Assets:
Cash and cash equivalents			$	5,855					$	3,206
Marketable securities			205						2,866
Accounts receivable			9,323						11,342
Less: Allowance for credit losses			(128)						(126)
Accounts receivable, net			9,195						11,216
Other current assets			2,009						2,125
Total Current Assets			17,264						19,413
Property, Plant and Equipment, Net			37,389						36,945
Operating Lease Right-Of-Use Assets			4,129						4,308
Goodwill			4,411						4,872
Intangible Assets, Net			3,108						3,305
Deferred Income Tax Assets			125						126
Other Non-Current Assets			1,837						1,888
Total Assets			$	68,263					$	70,857
LIABILITIES AND SHAREOWNERS' EQUITY
Current Liabilities:
Current maturities of long-term debt, commercial paper and finance leases			$	1,606					$	3,348
Current maturities of operating leases			699						709
Accounts payable			5,410						6,340
Accrued wages and withholdings			3,527						3,224
Self-insurance reserves			1,307						1,320
Accrued group welfare and retirement plan contributions			1,239						1,479
Other current liabilities			1,293						1,256
Total Current Liabilities			15,081						17,676
Long-Term Debt and Finance Leases			20,324						18,916
Non-Current Operating Leases			3,613						3,756
Pension and Postretirement Benefit Obligations			5,384						6,159
Deferred Income Tax Liabilities			3,761						3,772
Other Non-Current Liabilities			3,216						3,264
Shareowners' Equity:
Class A common stock			2						2
Class B common stock			7						7
Additional paid-in capital			—						—
Retained earnings			20,552						21,055
Accumulated other comprehensive loss			(3,704)						(3,758)
Deferred compensation obligations			6						9
Less: Treasury stock			(6)						(9)
Total Equity for Controlling Interests			16,857						17,306
Noncontrolling interests			27						8
Total Shareowners' Equity			16,884						17,314
Total Liabilities and Shareowners' Equity			$	68,263					$	70,857

Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.

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United Parcel Service, Inc.

Statements of Consolidated Cash Flows

(unaudited)

(amounts in millions)									Nine Months Ended
									September 30
									2024						2023
Cash Flows From Operating Activities:
			Net income						$	4,061					$	5,103
			Adjustments to reconcile net income to net cash from operating activities:
			Depreciation and amortization						2,690						2,499
			Pension and postretirement benefit expense						774						729
			Pension and postretirement benefit contributions						(1,434)						(1,363)
			Self-insurance reserves						14						81
			Deferred tax (benefit) expense						24						327
			Stock compensation expense						(21)						186
			Other (gains) losses						61						89
			Changes in assets and liabilities, net of effects of business acquisitions:
			Accounts receivable						1,395						2,880
			Other assets						116						(252)
			Accounts payable						(829)						(2,058)
			Accrued wages and withholdings						348						(155)
			Other liabilities						(335)						(157)
			Other operating activities						(57)						(82)
			Net cash from operating activities						6,807						7,827
Cash Flows From Investing Activities:
			Capital expenditures						(2,811)						(3,109)
			Proceeds from disposal of businesses, property, plant and equipment						1,070						167
			Purchases of marketable securities						(52)						(3,347)
			Sales and maturities of marketable securities						2,725						2,397
			Acquisitions, net of cash acquired						(66)						(39)
			Other investing activities						(26)						2
			Net cash from (used in) investing activities						840						(3,929)
Cash Flows From Financing Activities:
			Net change in short-term debt						(1,272)						415
			Proceeds from long-term borrowings						2,785						2,546
			Repayments of long-term borrowings						(1,944)						(1,625)
			Purchases of common stock						(500)						(2,250)
			Issuances of common stock						184						190
			Dividends						(4,049)						(4,034)
			Other financing activities						(207)						(427)
			Net cash used in financing activities						(5,003)						(5,185)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash									5						(4)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash									2,649						(1,291)
Cash, Cash Equivalents and Restricted Cash:
			Beginning of period						3,206						5,602
			End of period						$	5,855					$	4,311

Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.

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United Parcel Service, Inc.

Reconciliation of Free Cash Flow (Non-GAAP measure)

(unaudited)

(amounts in millions)																								Nine Months Ended
																								September 30
																								2024						2023
Cash flows from operating activities																								$	6,807					$	7,827
Capital expenditures																								(2,811)						(3,109)
Proceeds from disposals of property, plant and equipment																								68						167
Other investing activities																								(26)						2
Free Cash Flow (Non-GAAP measure)																								$	4,038					$	4,887

Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.

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United Parcel Service, Inc.
Reconciliation of GAAP and Non-GAAP Adjusted Measures
(unaudited)
Three Months Ended
September 30
						2024			2023									2024			2023
Operating Profit (GAAP)						$	1,985		$	1,343					Operating Margin (GAAP)			8.9		%	6.4		%
Transformation Strategy Costs:															Transformation Strategy Costs:
Transformation 1.0						—			3						Transformation 1.0			—		%	—		%
Transformation 2.0															Transformation 2.0
Business portfolio review						34			2						Business portfolio review			0.1		%	—		%
Financial systems						12			12						Financial systems			0.1		%	0.1		%
Other initiatives						—			1						Other initiatives			—		%	—		%
Transformation 2.0 total						46			15						Transformation 2.0 total			0.2		%	0.1		%
Fit to Serve						108			76						Fit to Serve			0.5		%	0.3		%
Total Transformation Strategy Costs						154			94						Total Transformation Strategy Costs			0.7		%	0.4		%
Gain on Divestiture of Coyote(1)						(156)			—						Gain on Divestiture of Coyote(1)			(0.7)		%	—		%
Goodwill and Asset Impairment Charges(2)						—			117						Goodwill and Asset Impairment Charges(2)			—		%	0.6		%
One-Time Compensation(3)						—			61						One-Time Compensation(3)			—		%	0.3		%
Non-GAAP Adjusted Operating Profit						$	1,983		$	1,615					Non-GAAP Adjusted Operating Margin			8.9		%	7.7		%
																		2024			2023
															Income Before Income Taxes (GAAP)			$	1,910		$	1,268
															Transformation Strategy Costs:
															Transformation 1.0			—			3
															Transformation 2.0
															Business portfolio review			34			2
															Financial systems			12			12
															Other initiatives			—			1
															Transformation 2.0 total			46			15
(1) Represents a pre-tax gain of $156 million on the divestiture of our Coyote Logistics business within Supply Chain Solutions during 2024.															Fit to Serve			108			76
															Total Transformation Strategy Costs			154			94
(2) Reflects pre-tax goodwill impairment charges of $117 million within Supply Chain Solutions in 2023.															Gain on Divestiture of Coyote(1)			(156)			—
															Goodwill and Asset Impairment Charges(2)			—			117
(3) Represents a pre-tax one-time payment of $61 million to certain U.S.-based non-union part-time supervisors in 2023.															One-Time Compensation(3)			—			61
															Non-GAAP Adjusted Income Before Income Taxes			$	1,908		$	1,540

Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.

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United Parcel Service, Inc.
Reconciliation of GAAP and Non-GAAP Adjusted Measures
(unaudited)
Three Months Ended
September 30
						2024			2023									2024			2023
Income Tax Expense (GAAP)						$	371		$	141					Diluted Earnings Per Share (GAAP)			$	1.80		$	1.31
Transformation Strategy Costs:															Transformation Strategy Costs:
Transformation 1.0						—			1						Transformation 1.0			—			—
Transformation 2.0															Transformation 2.0
Business portfolio review						8			1						Business portfolio review			0.03			—
Financial systems						3			3						Financial systems			0.01			0.02
Other initiatives						—			—						Other initiatives			—			—
Transformation 2.0 total						11			4						Transformation 2.0 total			0.04			0.02
Fit to Serve						27			19						Fit to Serve			0.10			0.07
Total Transformation Strategy Costs						38			24						Total Transformation Strategy Costs			0.14			0.09
Gain on Divestiture of Coyote(1)						(4)			—						Gain on Divestiture of Coyote(1)			(0.18)			—
Goodwill and Asset Impairment Charges(2)						—			14						Goodwill and Asset Impairment Charges(2)			—			0.12
One-Time Compensation(3)						—			15						One-Time Compensation(3)			—			0.05
Non-GAAP Adjusted Income Tax Expense						$	405		$	194					Non-GAAP Adjusted Diluted Earnings Per Share			$	1.76		$	1.57
						2024			2023
Net Income (GAAP)						$	1,539		$	1,127
Transformation Strategy Costs:
Transformation 1.0						—			2
Transformation 2.0
Business portfolio review						26			1
Financial systems						9			9
Other initiatives						—			1
Transformation 2.0 total						35			11
Fit to Serve						81			57
Total Transformation Strategy Costs						116			70
Gain on Divestiture of Coyote(1)						(152)			—
Goodwill and Asset Impairment Charges(2)						—			103
One-Time Compensation(3)						—			46
Non-GAAP Adjusted Net Income						$	1,503		$	1,346
(1) Represents a pre-tax gain of $156 million on the divestiture of our Coyote Logistics business within Supply Chain Solutions during 2024.
(2) Reflects pre-tax goodwill impairment charges of $117 million within Supply Chain Solutions in 2023.
(3) Represents a pre-tax one-time payment of $61 million to certain U.S.-based non-union part-time supervisors in 2023.

Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.

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United Parcel Service, Inc.
Reconciliation of GAAP and Non-GAAP Adjusted Measures by Segment
(unaudited)
Three Months Ended
September 30
						2024			2023									2024			2023									2024			2023
U.S. Domestic Package						Operating Expenses						% Change						Operating Profit						% Change						Operating Margin
GAAP						$	13,552		$	13,089		3.5		%				$	898		$	571		57.3		%				6.2		%	4.2		%
Adjusted for:
Transformation Strategy Costs						(76)			(33)			130.3		%				76			33			130.3		%				0.5		%	0.2		%
One-Time Compensation						—			(61)			(100.0)		%				—			61			(100.0)		%				—		%	0.5		%
Non-GAAP Adjusted Measure						$	13,476		$	12,995		3.7		%				$	974		$	665		46.5		%				6.7		%	4.9		%
						2024			2023									2024			2023									2024			2023
International Package						Operating Expenses						% Change						Operating Profit						% Change						Operating Margin
GAAP						$	3,613		$	3,637		(0.7)		%				$	798		$	630		26.7		%				18.1		%	14.8		%
Adjusted for:
Transformation Strategy Costs						6			(45)			N/A						(6)			45			N/A						(0.1)		%	1.0		%
Non-GAAP Adjusted Measure						$	3,619		$	3,592		0.8		%				$	792		$	675		17.3		%				18.0		%	15.8		%
						2024			2023									2024			2023									2024			2023
Supply Chain Solutions						Operating Expenses						% Change						Operating Profit						% Change						Operating Margin
GAAP						$	3,095		$	2,992		3.4		%				$	289		$	142		103.5		%				8.5		%	4.5		%
Adjusted for:
Transformation Strategy Costs						(84)			(16)			425.0		%				84			16			425.0		%				2.5		%	0.5		%
Gain on Divestiture of Coyote						156			—			N/A						(156)			—			N/A						(4.6)		%	—		%
Goodwill and Asset Impairment Charges						—			(117)			(100.0)		%				—			117			(100.0)		%				—		%	3.8		%
Non-GAAP Adjusted Measure						$	3,167		$	2,859		10.8		%				$	217		$	275		(21.1)		%				6.4		%	8.8		%

Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.

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United Parcel Service, Inc.
Reconciliation of GAAP and Non-GAAP Adjusted Measures - U.S. Domestic Cost Per Piece
(unaudited)
						Three Months Ended
						September 30
						2024			2023			% Change
Operating Days						64			63
Average Daily U.S. Domestic Package Volume						18,407			17,286
U.S. Domestic Cost Per Piece (GAAP)						$	11.50		$	12.02		(4.3)		%
Transformation Strategy Costs						(0.06)			(0.03)			100.0		%
One-Time Compensation						—			(0.06)			(100.0)		%
U.S. Domestic Non-GAAP Adjusted Cost Per Piece						$	11.44		$	11.93		(4.1)		%

Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.

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United Parcel Service, Inc.
Reconciliation of GAAP and Non-GAAP Adjusted Measures
(unaudited)
Nine Months Ended
September 30
						2024			2023									2024			2023
Operating Profit (GAAP)						$	5,542		$	6,664					Operating Margin (GAAP)			8.4		%	10.1		%
Transformation Strategy Costs:															Transformation Strategy Costs:
Transformation 1.0						—			10						Transformation 1.0			—		%	—		%
Transformation 2.0															Transformation 2.0
Spans and layers						—			86						Spans and layers			—		%	0.2		%
Business portfolio review						29			31						Business portfolio review			—		%	—		%
Financial systems						41			30						Financial systems			0.1		%	—		%
Other initiatives						—			3						Other initiatives			—		%	—		%
Transformation 2.0 total						70			150						Transformation 2.0 total			0.1		%	0.2		%
Fit to Serve						157			76						Fit to Serve			0.2		%	0.1		%
Total Transformation Strategy Costs						227			236						Total Transformation Strategy Costs			0.3		%	0.3		%
Gain on Divestiture of Coyote(1)						(156)			—						Gain on Divestiture of Coyote(1)			(0.2)		%	—		%
One-Time Payment for Int'l Regulatory Matter(2)						88			—						One-Time Payment for Int'l Regulatory Matter(2)			0.1		%	—		%
Goodwill and Asset Impairment Charges(3)(4)						48			125						Goodwill and Asset Impairment Charges(3)(4)			0.1		%	0.2		%
One-Time Compensation(5)						—			61						One-Time Compensation(5)			—		%	0.1		%
Expense for Regulatory Matter(6)						45			—						Expense for Regulatory Matter(6)			0.1		%	—		%
Non-GAAP Adjusted Operating Profit						$	5,794		$	7,086					Non-GAAP Adjusted Operating Margin			8.8		%	10.7		%
						2024												2024			2023
Other Income (Expense) (GAAP)						$	(227)								Income Before Income Taxes (GAAP)			$	5,315		$	6,510
															Transformation Strategy Costs:
One-Time Payment for Int'l Regulatory Matter(2)						6									Transformation 1.0			—			10
Non-GAAP Adjusted Other Income (Expense)						$	(221)								Transformation 2.0
															Spans and layers			—			86
															Business portfolio review			29			31
(1) Represents a pre-tax gain of $156 million on the divestiture of our Coyote Logistics business within Supply Chain Solutions during 2024.															Financial systems			41			30
															Other initiatives			—			3
(2) Reflects a pre-tax one-time payment for an international regulatory matter and related interest of $94 million.															Transformation 2.0 total			70			150
(3) Reflects pre-tax impairment charges of $41 million for acquired trade names within Supply Chain Solutions and $7 million for software licenses in 2024.
															Fit to Serve			157			76
(4) Reflects goodwill impairment charges of $125 million within Supply Chain Solutions in 2023.															Total Transformation Strategy Costs			227			236
(5) Represents a one-time payment of $61 million to certain U.S.-based non-union part-time supervisors.															Gain on Divestiture of Coyote(1)			(156)			—
(6) Reflects an accrual for a regulatory matter of $45 million.															One-Time Payment for Int'l Regulatory Matter(2)			94			—
															Goodwill and Asset Impairment Charges(3)(4)			48			125
															One-Time Compensation(5)			—			61
															Expense for Regulatory Matter(6)			45			—
Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.
															Non-GAAP Adjusted Income Before Income Taxes			$	5,573		$	6,932

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United Parcel Service, Inc.
Reconciliation of GAAP and Non-GAAP Adjusted Measures
(unaudited)
Nine Months Ended
September 30
						2024			2023
Income Tax Expense (GAAP)						$	1,254		$	1,407
Transformation Strategy Costs:
Transformation 1.0						—			2
Transformation 2.0
Spans and layers						—			21
Business portfolio review						7			7
Financial systems						10			8
Other initiatives						—			—
Transformation 2.0 total						17			36
Fit to Serve						38			19
Total Transformation Strategy Costs						55			57
Gain on Divestiture of Coyote(1)						(4)			—
One-Time Payment for Int'l Regulatory Matter(2)						—			—
Goodwill and Asset Impairment Charges(3)(4)						13			16
One-Time Compensation(5)						—			15
Expense for Regulatory Matter(6)						—			—
Non-GAAP Adjusted Income Tax Expense						$	1,318		$	1,495
(1) Represents a pre-tax gain of $156 million on the divestiture of our Coyote Logistics business within Supply Chain Solutions during 2024.
(2) Reflects a pre-tax one-time payment for an international regulatory matter and related interest of $94 million.
(3) Reflects pre-tax impairment charges of $41 million for acquired trade names within Supply Chain Solutions and $7 million for software licenses in 2024.
(4) Reflects goodwill impairment charges of $125 million within Supply Chain Solutions in 2023.
(5) Represents a one-time payment of $61 million to certain U.S.-based non-union part-time supervisors.
(6) Reflects an accrual for a regulatory matter of $45 million.

Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.

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United Parcel Service, Inc.
Reconciliation of GAAP and Non-GAAP Adjusted Measures
(unaudited)
Nine Months Ended
September 30
						2024			2023									2024			2023
Net Income (GAAP)						$	4,061		$	5,103					Diluted Earnings Per Share (GAAP)			$	4.74		$	5.92
Transformation Strategy Costs:															Transformation Strategy Costs:
Transformation 1.0						—			8						Transformation 1.0			—			—
Transformation 2.0															Transformation 2.0
Spans and layers						—			65						Spans and layers			—			0.08
Business portfolio review						22			24						Business portfolio review			0.03			0.03
Financial systems						31			22						Financial systems			0.04			0.03
Other initiatives						—			3						Other initiatives			—			—
Transformation 2.0 total						53			114						Transformation 2.0 total			0.07			0.14
Fit to Serve						119			57						Fit to Serve			0.14			0.07
Total Transformation Strategy Costs						172			179						Total Transformation Strategy Costs			0.21			0.21
Gain on Divestiture of Coyote(1)						(152)			—						Gain on Divestiture of Coyote(1)			(0.18)			—
One-Time Payment for Int'l Regulatory Matter(2)						94			—						One-Time Payment for Int'l Regulatory Matter(2)			0.11			—
Goodwill and Asset Impairment Charges(3)(4)						35			109						Goodwill and Asset Impairment Charges(3)(4)			0.04			0.13
One-Time Compensation(5)						—			46						One-Time Compensation(5)			—			0.05
Expense for Regulatory Matter(6)						45			—						Expense for Regulatory Matter(6)			0.05			—
Non-GAAP Adjusted Net Income						$	4,255		$	5,437					Non-GAAP Adjusted Diluted Earnings Per Share			$	4.97		$	6.31
(1) Represents a pre-tax gain of $156 million on the divestiture of our Coyote Logistics business within Supply Chain Solutions during 2024.
(2) Reflects a pre-tax one-time payment for an international regulatory matter and related interest of $94 million.
(3) Reflects pre-tax impairment charges of $41 million for acquired trade names within Supply Chain Solutions and $7 million for software licenses in 2024.
(4) Reflects goodwill impairment charges of $125 million within Supply Chain Solutions in 2023.
(5) Represents a one-time payment of $61 million to certain U.S.-based non-union part-time supervisors.
(6) Reflects an accrual for a regulatory matter of $45 million.

Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.

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United Parcel Service, Inc.
Reconciliation of GAAP and Non-GAAP Adjusted Measures by Segment
(unaudited)
Nine Months Ended
September 30
						2024			2023									2024			2023									2024			2023
U.S. Domestic Package						Operating Expenses						% Change						Operating Profit						% Change						Operating Margin
GAAP						$	40,091		$	39,404		1.7		%				$	2,712		$	3,639		(25.5)		%				6.3		%	8.5		%
Adjusted for:
Goodwill and Asset Impairment Charges						(5)			—			N/A						5			—			N/A						—		%	—		%
Transformation Strategy Costs						(93)			(134)			(30.6)		%				93			134			(30.6)		%				0.3		%	0.3		%
One-Time Compensation						—			(61)			(100.0)		%				—			61			(100.0)		%				—		%	0.1		%
Non-GAAP Adjusted Measure						$	39,993		$	39,209		2.0		%				$	2,810		$	3,834		(26.7)		%				6.6		%	8.9		%
						2024			2023									2024			2023									2024			2023
International Package						Operating Expenses						% Change						Operating Profit						% Change						Operating Margin
GAAP						$	10,865		$	10,884		(0.2)		%				$	2,172		$	2,341		(7.2)		%				16.7		%	17.7		%
Adjusted for:
One-Time Payment for Int'l Regulatory Matter						(88)			—			N/A						88			—			N/A						0.7		%	—		%
Asset Impairment Charges						(2)			—			N/A						2			—			N/A						—		%	—		%
Transformation Strategy Costs						(36)			(42)			(14.3)		%				36			42			(14.3)		%				0.2		%	0.3		%
Non-GAAP Adjusted Measure						$	10,739		$	10,842		(1.0)		%				$	2,298		$	2,383		(3.6)		%				17.6		%	18.0		%
						2024			2023									2024			2023									2024			2023
Supply Chain Solutions						Operating Expenses						% Change						Operating Profit						% Change						Operating Margin
GAAP						$	9,271		$	9,089		2.0		%				$	658		$	684		(3.8)		%				6.6		%	7.0		%
Adjusted for:
Gain on Divestiture of Coyote						156			—			N/A						(156)			—			N/A						(1.6)		%	—		%
Goodwill and Asset Impairment Charges						(41)			(125)			(67.2)		%				41			125			(67.2)		%				0.4		%	1.3		%
Transformation Strategy Costs						(98)			(60)			63.3		%				98			60			63.3		%				1.0		%	0.6		%
Expense for Regulatory Matter						(45)			—			N/A						45			—			N/A						0.5		%	—		%
Non-GAAP Adjusted Measure						$	9,243		$	8,904		3.8		%				$	686		$	869		(21.1)		%				6.9		%	8.9		%

Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.

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United Parcel Service, Inc.
Reconciliation of GAAP and Non-GAAP Adjusted Measures - U.S. Domestic Cost Per Piece
(unaudited)
						Nine Months Ended
						September 30
						2024			2023			% Change
Operating Days						191			191
Average Daily U.S. Domestic Package Volume						18,116			17,903
U.S. Domestic Cost Per Piece (GAAP)						$	11.59		$	11.52		0.6		%
Transformation Strategy Costs						(0.03)			(0.03)			—		%
One-Time Compensation						—			(0.02)			(100.0)		%
U.S. Domestic Non-GAAP Adjusted Cost Per Piece						$	11.56		$	11.47		0.8		%

Prior year amounts may have been reclassified to conform to the current year presentation. Certain amounts are calculated based on unrounded numbers.

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United Parcel Service, Inc.

Aircraft Fleet - As of September 30, 2024

(unaudited)

Description			UPS Owned and/or Operated			Charters & Leases Operated by Others			On Order			Under Option
Operating:
Boeing 757-200			75			—			—			—
Boeing 767-300			82			—			17			—
Boeing 767-300BCF			6			—			—			—
Boeing 767-300BDSF			4			—			—			—
Airbus A300-600			52			—			—			—
Boeing MD-11(1)			31			—			—			—
Boeing 747-400F			11			—			—			—
Boeing 747-400BCF			2			—			—			—
Boeing 747-8F			30			—			—			—
Other			—			244			—			—
Total			293			244			17			—

(1) Two (2) of the MD-11 aircraft shown above have been retired from operational use as of September 30, 2024. We do not anticipate retiring any additional MD-11 aircraft in 2024.