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Side-by-side financial comparison of AT&T (T) and United Parcel Service (UPS). Click either name above to swap in a different company.
AT&T is the larger business by last-quarter revenue ($31.5B vs $21.2B, roughly 1.5× United Parcel Service). AT&T runs the higher net margin — 13.3% vs 4.1%, a 9.2% gap on every dollar of revenue. On growth, AT&T posted the faster year-over-year revenue change (2.9% vs -1.6%). AT&T produced more free cash flow last quarter ($2.5B vs $1.3B). Over the past eight quarters, AT&T's revenue compounded faster (2.8% CAGR vs -1.4%).
AT&T Inc., an abbreviation of its predecessor's original name, the American Telephone and Telegraph Company, is an American multinational telecommunications conglomerate headquartered at the Whitacre Tower in Downtown Dallas, Texas. AT&T is the world’s third-largest telecommunications company by revenue, the third largest wireless carrier in the United States behind T-Mobile and Verizon, and the nation's biggest fiber internet provider.
United Parcel Service, Inc. (UPS) is an American multinational shipping & receiving and supply chain management company founded in 1907. Originally known as the American Messenger Company specializing in telegraphs, UPS has expanded to become a Fortune 500 company and one of the world's largest shipping couriers. UPS today is primarily known for its ground shipping services as well as the UPS Store, a retail chain which assists UPS shipments and provides tools for small businesses.
T vs UPS — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $31.5B | $21.2B |
| Net Profit | $4.2B | $864.0M |
| Gross Margin | — | — |
| Operating Margin | 21.1% | 6.0% |
| Net Margin | 13.3% | 4.1% |
| Revenue YoY | 2.9% | -1.6% |
| Net Profit YoY | -10.9% | — |
| EPS (diluted) | $0.54 | $1.02 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $31.5B | $21.2B | ||
| Q4 25 | $33.5B | $24.5B | ||
| Q3 25 | $30.7B | $21.4B | ||
| Q2 25 | $30.8B | $21.2B | ||
| Q1 25 | $30.6B | $21.5B | ||
| Q4 24 | $32.3B | $25.3B | ||
| Q3 24 | $30.2B | $22.2B | ||
| Q2 24 | $29.8B | $21.8B |
| Q1 26 | $4.2B | $864.0M | ||
| Q4 25 | $3.8B | $1.8B | ||
| Q3 25 | $9.3B | $1.3B | ||
| Q2 25 | $4.5B | $1.3B | ||
| Q1 25 | $4.4B | $1.2B | ||
| Q4 24 | $4.1B | $1.7B | ||
| Q3 24 | $-174.0M | $1.5B | ||
| Q2 24 | $3.6B | $1.4B |
| Q1 26 | 21.1% | 6.0% | ||
| Q4 25 | 17.3% | 10.5% | ||
| Q3 25 | 19.9% | 8.4% | ||
| Q2 25 | 21.1% | 8.6% | ||
| Q1 25 | 18.8% | 7.7% | ||
| Q4 24 | 16.5% | 11.6% | ||
| Q3 24 | 7.0% | 8.9% | ||
| Q2 24 | 19.3% | 8.9% |
| Q1 26 | 13.3% | 4.1% | ||
| Q4 25 | 11.3% | 7.3% | ||
| Q3 25 | 30.3% | 6.1% | ||
| Q2 25 | 14.6% | 6.0% | ||
| Q1 25 | 14.2% | 5.5% | ||
| Q4 24 | 12.6% | 6.8% | ||
| Q3 24 | -0.6% | 6.9% | ||
| Q2 24 | 12.1% | 6.5% |
| Q1 26 | $0.54 | $1.02 | ||
| Q4 25 | $0.52 | $2.10 | ||
| Q3 25 | $1.29 | $1.55 | ||
| Q2 25 | $0.62 | $1.51 | ||
| Q1 25 | $0.61 | $1.40 | ||
| Q4 24 | $0.56 | $2.00 | ||
| Q3 24 | $-0.03 | $1.80 | ||
| Q2 24 | $0.49 | $1.65 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $12.0B | $5.8B |
| Total DebtLower is stronger | $131.6B | $23.7B |
| Stockholders' EquityBook value | $125.6B | — |
| Total Assets | $421.2B | $71.8B |
| Debt / EquityLower = less leverage | 1.05× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $12.0B | $5.8B | ||
| Q4 25 | $18.2B | $5.9B | ||
| Q3 25 | $20.3B | $6.8B | ||
| Q2 25 | $10.5B | $6.3B | ||
| Q1 25 | $6.9B | $5.1B | ||
| Q4 24 | $3.3B | $6.3B | ||
| Q3 24 | $2.6B | $6.1B | ||
| Q2 24 | $3.1B | $6.5B |
| Q1 26 | $131.6B | $23.7B | ||
| Q4 25 | $127.1B | $23.5B | ||
| Q3 25 | $128.1B | $23.9B | ||
| Q2 25 | $123.1B | $23.8B | ||
| Q1 25 | $117.3B | $19.5B | ||
| Q4 24 | $118.4B | $19.4B | ||
| Q3 24 | $126.4B | $20.3B | ||
| Q2 24 | $125.4B | $20.2B |
| Q1 26 | $125.6B | — | ||
| Q4 25 | $126.5B | $16.2B | ||
| Q3 25 | $126.8B | $15.8B | ||
| Q2 25 | $121.4B | $15.8B | ||
| Q1 25 | $119.9B | $15.7B | ||
| Q4 24 | $118.2B | $16.7B | ||
| Q3 24 | $116.3B | $16.9B | ||
| Q2 24 | $119.3B | $17.0B |
| Q1 26 | $421.2B | $71.8B | ||
| Q4 25 | $420.2B | $73.1B | ||
| Q3 25 | $423.2B | $71.4B | ||
| Q2 25 | $405.5B | $70.9B | ||
| Q1 25 | $397.5B | $68.5B | ||
| Q4 24 | $394.8B | $70.1B | ||
| Q3 24 | $393.7B | $68.3B | ||
| Q2 24 | $398.0B | $69.4B |
| Q1 26 | 1.05× | — | ||
| Q4 25 | 1.00× | 1.45× | ||
| Q3 25 | 1.01× | 1.51× | ||
| Q2 25 | 1.01× | 1.51× | ||
| Q1 25 | 0.98× | 1.25× | ||
| Q4 24 | 1.00× | 1.16× | ||
| Q3 24 | 1.09× | 1.21× | ||
| Q2 24 | 1.05× | 1.19× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $7.6B | — |
| Free Cash FlowOCF − Capex | $2.5B | $1.3B |
| FCF MarginFCF / Revenue | 8.0% | 6.0% |
| Capex IntensityCapex / Revenue | 15.5% | 4.9% |
| Cash ConversionOCF / Net Profit | 1.82× | — |
| TTM Free Cash FlowTrailing 4 quarters | $17.2B | $4.6B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $7.6B | — | ||
| Q4 25 | $11.3B | $3.3B | ||
| Q3 25 | $10.2B | $2.5B | ||
| Q2 25 | $9.8B | $348.0M | ||
| Q1 25 | $9.0B | $2.3B | ||
| Q4 24 | $11.9B | $3.3B | ||
| Q3 24 | $10.2B | $1.5B | ||
| Q2 24 | $9.1B | $2.0B |
| Q1 26 | $2.5B | $1.3B | ||
| Q4 25 | $4.5B | $2.6B | ||
| Q3 25 | $5.3B | $1.5B | ||
| Q2 25 | $4.9B | $-775.0M | ||
| Q1 25 | $4.8B | $1.4B | ||
| Q4 24 | $5.1B | $2.2B | ||
| Q3 24 | $4.9B | $655.0M | ||
| Q2 24 | $4.7B | $1.1B |
| Q1 26 | 8.0% | 6.0% | ||
| Q4 25 | 13.6% | 10.6% | ||
| Q3 25 | 17.1% | 7.1% | ||
| Q2 25 | 15.8% | -3.7% | ||
| Q1 25 | 15.6% | 6.7% | ||
| Q4 24 | 15.6% | 8.8% | ||
| Q3 24 | 16.3% | 2.9% | ||
| Q2 24 | 15.9% | 4.9% |
| Q1 26 | 15.5% | 4.9% | ||
| Q4 25 | 20.3% | 2.9% | ||
| Q3 25 | 15.9% | 4.5% | ||
| Q2 25 | 15.9% | 5.3% | ||
| Q1 25 | 14.0% | 4.1% | ||
| Q4 24 | 21.2% | 4.3% | ||
| Q3 24 | 17.5% | 3.8% | ||
| Q2 24 | 14.6% | 4.3% |
| Q1 26 | 1.82× | — | ||
| Q4 25 | 2.99× | 1.84× | ||
| Q3 25 | 1.09× | 1.89× | ||
| Q2 25 | 2.17× | 0.27× | ||
| Q1 25 | 2.08× | 1.95× | ||
| Q4 24 | 2.92× | 1.93× | ||
| Q3 24 | — | 0.97× | ||
| Q2 24 | 2.53× | 1.41× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
T
| Service | $25.5B | 81% |
| Equipment | $6.0B | 19% |
UPS
| U.S. Domestic Package | $14.1B | 67% |
| International Package | $4.5B | 21% |
| Supply Chain Solutions | $2.5B | 12% |
