UNITED PARCEL SERVICE INC
For the period ended Dec 31, 2025. Filed Feb 17, 2026.
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FY2025 · Filed Feb 17, 2026
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Other Income and (Expense)
The following table sets forth investment income (expense) and other and interest expense for 2025 and 2024 (in millions):
| 2025 | 2024 | $ Change | % Change | |
|---|---|---|---|---|
| Investment Income (Expense) and Other | $314 | $(160) | $474 | N/A |
| Goodwill and Asset Impairment Charges | 19 | — | 19 | N/A |
| Defined Benefit Pension and Postretirement Medical Plan Loss | — | 665 | (665) | (100.0)% |
| Non-GAAP Adjusted Investment Income and Other | $333 | $505 | $(172) | (34.1)% |
| Interest Expense | $(1,017) | $(866) | $(151) | 17.4% |
| Interest Expense Associated with One-Time Payment for International Regulatory Matter | — | 6 | (6) | (100.0)% |
| Non-GAAP Adjusted Interest Expense | $(1,017) | $(860) | $(157) | 18.3% |
| Total Other Income (Expense) | $(703) | $(1,026) | $323 | (31.5)% |
| Total Non-GAAP Adjusted Other Income and (Expense) | $(684) | $(355) | $(329) | 92.7% |
Investment Income (Expense) and Other
Investment Income (Expense) and Other increased $474 million. Remeasurements of our defined benefit plans did not result in a mark-to-market gain or loss in 2025, compared to a $665 million loss in 2024. In 2025, Investment Income (Expense) and Other includes a $19 million impairment charge related to an equity method investment. Excluding the impact of these remeasurements and the investment impairment, non-GAAP adjusted investment income and other decreased $172 million, driven by lower average invested balances, year-over-year changes in certain non-current investments and lower pension income. The decline in pension income was driven by an increase in interest cost from overall plan growth and higher discount rates, slightly offset by higher expected returns on pension assets. These factors were partially offset by a reduction in foreign currency exchange losses.
Interest Expense
Interest Expense increased due to higher average outstanding debt balances and lower capitalized interest.
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