UPS · 10-Q · 2026Q2 · Full report

Interest Rate and Refinancing Exposure

UNITED PARCEL SERVICE INC · 2026-08-05 · Importance 74 · Surprise 58 · Matches filing data

UPS had $24.484 billion of total debt outstanding as of June 30, 2026 and no outstanding balances under its U.S. or European commercial paper programs. Average commercial-paper interest rates declined to 3.48% in the first six months of 2026 from 4.01% in the comparable 2025 period, while average balances declined to $54 million from $95 million. UPS had $500 million of fixed-rate senior notes maturing in 2026 and intends to repay or refinance them, while considering its fixed-floating rate mix and overall borrowing costs.

Key facts

• Issuances of debt during the six months ended June 30, 2025 consisted of fixed-rate and floating-rate senior notes of varying maturities totaling $4.2 billion; repayments during the six months ended June 30, 2025 consisted of $1.1 billion of senior notes and finance lease obligations. source
• As of June 30, 2026, we had $500 million of fixed-rate senior notes currently outstanding that mature in 2026 and we intend to repay or refinance these amounts when due. source
• We regularly evaluate opportunities to optimize our capital structure, including through issuances of debt to refinance existing debt and to fund operations. source
• There were no issuances of debt during the six months ended June 30, 2026; repayments of debt during the six months ended June 30, 2026 consisted of $85 million of senior notes and finance lease obligations. source
• We consider the overall fixed and floating interest rate mix of our portfolio and the related overall cost of borrowing when planning for future issuances and non-scheduled repayments of debt. source

Impact estimates