United Parcel Service, Inc. Annual report [Section 13 and 15(d), not S-K Item 405]

Annual report [Section 13 and 15(d), not S-K Item 405]

EARNINGS PER SHARE

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2025

NOTE 16. EARNINGS PER SHARE

The earnings per share amounts are the same for class A and class B common shares as the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation.

The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share amounts):


	2025		2024		2023
Numerator:
Net income attributable to common shareowners	$	5,572	$	5,782	$	6,708
Denominator:
Weighted-average shares	848		854		855
Vested portion of restricted shares	1		1		4
Denominator for basic earnings per share	849		855		859
Effect of Dilutive Securities:
Restricted performance units and contingent shares(1)	1		1		1
Denominator for diluted earnings per share	850		856		860
Basic Earnings Per Share	$	6.56	$	6.76	$	7.81
Diluted Earnings Per Share	$	6.56	$	6.75	$	7.80

(1) Contingent shares relate to MIP awards that may be settled in cash or class A common stock at the employees' election - see note 13.

Diluted earnings per share for 2025, 2024 and 2023 exclude the effect of 1.4, 0.5 and 0.3 million shares, respectively, of common stock that may be issued upon the exercise of employee stock options because such effect would be antidilutive.