UPS 2025年年度报告

FORM 11-K___________________________ (Mark One)ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGEACT OF 1934 A.Full title of the plan and the address of the plan, if different from that of the issuer named below: UPS 401(k) Savings Plan B.Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: United Parcel Service, Inc.55 Glenlake Parkway, NEAtlanta, Georgia 30328 Explanatory Note: The UPS 401(k) Savings Plan (the "Plan") is an employee voluntary and plan sponsor contributory defined contribution planestablished for employees of United Parcel Service of America, Inc. and certain of its subsidiaries who are not members of a collectivebargaining unit and who satisfy the participation requirements of the Plan. UPS 401(k) Savings Plan Report of Independent Registered Public Accounting FirmFinancial Statements as of and for the REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024: Statements of Net Assets Available for Benefits2 Statements of Changes in Net Assets Available for Benefits3 ScheduleH, PartIV, Line4i— Schedule of Assets (Held at End of Year) NOTE:All other schedules required by Section2520.103-10 of the Department of Labor’s Rules and Regulations for Reportingand Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are notapplicable. Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Plan Participants and Plan Administrator of theUPS 401(k) Savings Plan Opinion on the Financial Statements We have audited the accompanying statements of net assets available for benefits of the UPS 401(k) Savings Plan (the “Plan”) as ofDecember 31, 2025 and 2024, the related statements of changes in net assets available for benefits for the years then ended, and therelated notes (collectively referred to as the financial statements.) In our opinion, the financial statements present fairly, in all materialrespects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for Basis for Opinion These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan'sfinancial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting OversightBoard (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the auditto obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due toerror or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidenceregarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used Report on Supplemental Schedule The supplemental schedule of assets (held at end of year) as of December 31, 2025 has been subjected to audit procedures performedin conjunction with the audit of the Plan's financial statements. The supplemental schedule is the responsibility of the Plan'smanagement. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements orthe underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the /s/ Deloitte & Touche LLP Atlanta, GeorgiaJune 18, 2026We have served as the auditor of the Plan since at least 1992; however, an earlier year could not be reliably determined STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITSFOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024(In thousands) Table of Contents UPS 401(k) Savings PlanNOTES TO FINANCIAL STATEMENTSAS OF AND FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024 DESCRIPTION OF THE PLAN 1 General- The UPS 401(k) Savings Plan (the “Plan”) is an employee voluntary and plan sponsor contributory definedcontribution plan established for employees of United Parcel Service of America,Inc. and certain of its subsidiaries ("UPS") whoare not members of a collective bargaining unit and who satisfy the participation requirements of the Plan, which are describedbelow. The Plan is subject to the provisions of the Employee Retirement Income Security Act ("ERISA") of 1974, as amended. The Plan became effective July1, 1988 and has been amended periodically. The Plan allows participants to defer a portion oftheir compensa