UNITED PARCEL SERVICE INC
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
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Other Income (Expense)
The following table sets forth investment income and other and interest expense for the three and nine months ended September 30, 2025 and 2024 (in millions):
| Three Months Ended September 30, · Change · Nine Months Ended September 30, · Change | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | $ | % | 2025 | 2024 | $ | % | |
| Investment Income and Other | $94 | $155 | $(61) | (39.4)% | $251 | $410 | $(159) | (38.8)% |
| Goodwill and Asset Impairment Charges | — | — | — | N/A | 19 | — | 19 | N/A |
| Non-GAAP Adjusted Investment Income and Other | 94 | 155 | (61) | (39.4)% | 270 | 410 | (140) | (34.1)% |
| Interest Expense | (291) | (230) | (61) | 26.5% | (751) | (637) | (114) | 17.9% |
| Interest Expense Associated with One-Time Payment for International Regulatory Matter | — | — | — | N/A | — | 6 | (6) | (100.0)% |
| Non-GAAP Adjusted Interest Expense | $(291) | $(230) | $(61) | 26.5% | $(751) | $(631) | $(120) | 19.0% |
| Total Other Income (Expense) | $(197) | $(75) | $(122) | 162.7% | $(500) | $(227) | $(273) | 120.3% |
| Non-GAAP Adjusted Total Other Income (Expense) | $(197) | $(75) | $(122) | 162.7% | $(481) | $(221) | $(260) | 117.6% |
Investment Income and Other
Investment income and other decreased by $61 million in the third quarter, primarily due to lower rates on lower average invested balances and a decline in pension income.
Year to date, investment income and other decreased by $159 million, driven by lower rates on lower average invested balances, changes in the fair value of certain non-current investments, and a decline in pension income. The decline in pension income was driven by an increase in interest costs from overall plan growth and higher discount rates, slightly offset by higher expected returns on pension assets.
For the 2025 year-to-date period, investment income includes a $19 million impairment charge related to an equity method investment. Excluding the impact of this impairment, non-GAAP adjusted investment income and other decreased by $140 million year to date.
Interest Expense
Interest expense increased for both the third quarter and year-to-date periods, due to higher average outstanding debt balances and lower capitalized interest.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.