UPS美股招股说明书(2026-08-11版)

UNITED PARCEL SERVICE,INC. $1,000,000,000 4.850% Senior Notes due 2031 We are offering $1,000,000,000 of 4.850% Senior Notes due 2031 (the “notes”). We will pay interest on the notes onFebruary 15 and August 15 of each year, beginning February 15, 2027. The notes will bear interest at the rate of 4.850% per annumand will mature on August 15, 2031. We may redeem some or all of the notes at the times and at the applicable redemption pricesdescribed in this prospectus supplement. The notes will be unsecured obligations and rank equally with our other unsecured and unsubordinated indebtedness fromtime to time outstanding. The notes will be issued only in U.S. dollars in denominations of $2,000 and integral multiples of $1,000 inexcess thereof. The notes will not be listed on any securities exchange. There is currently no public market for the notes. In addition to the notes offered to the public, we will contribute $200,000,000 principal amount of the notes (representing notmore than 20% of the total principal amount of the notes) to the UPS Retirement Plan Trust (the “Independent Trust”), a pension trustwhich funds only the UPS Retirement Plan maintained by us for our employees and former employees, and $250,000,000 principalamount of the notes (representing not more than 25% of the total principal amount of the notes) to the Master Trust (the “Master Trust”and, together with the Independent Trust, the “Trusts”), a pension trust which funds three defined benefit pension plans, including theUPS Pension Plan, maintained by us for our employees and former employees. The interest in the contribution to the Master Trustshall be solely allocated to the UPS Pension Plan. The notes contributed by us will have identical terms to and form a single serieswith the notes offered to the public. The notes contributed to each of the Trusts will initially be delivered to the underwriters, forallocation to us, and redelivered by us to each Trust under this prospectus supplement. Investing in the notes involves risk. See “Risk Factors” on pageS-3 of this prospectus supplement for a discussion of certainrisks that should be considered in connection with an investment in the notes as well as the “Risk Factors” in ourAnnual Report onForm10-K for the year ended December31, 2025, which is incorporated by reference into this prospectus supplement. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of thesesecurities or determined if this prospectus supplement or the accompanying prospectus to which it relates is truthful or complete. Anyrepresentation to the contrary is a criminal offense. We expect the notes to be delivered in book-entry form only through The Depository Trust Company on or about August 12,2026, which is the second business day following the date of pricing of the notes (this settlement cycle being referred to as “T+2”).Under Rule15c6-1 of the SEC under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), trades in the secondarymarket generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly,the purchasers who wish to trade the notes on the date of pricing or the next succeeding business day will be required, by virtue of the fact that the notes initially will settle in T+2, to specify an alternate settlement cycle at the time of any such trade to prevent a failedsettlement. Purchasers of the notes who wish to trade the notes on the date of pricing should consult their own advisor. You should rely only on the information contained or incorporated by reference in this prospectus supplement, theaccompanying prospectus or any free writing prospectus filed by us with the Securities and Exchange Commission (the“SEC”). We have not, and the underwriters have not, authorized anyone else to provide you with different or additionalinformation. If anyone provides you with different or additional information, you should not rely on it. We are not, and theunderwriters are not, making an offer to sell these securities in any jurisdiction where the offer and sale is not permitted. Youshould not assume that the information in this prospectus supplement, the accompanying prospectus, any free writingprospectus or any document incorporated by reference is accurate as of any date other than the date of such document. Ourbusiness, financial condition, results of operations and prospects may have changed since those dates. TABLE OF CONTENTS Prospectus Supplement PageAbout This Prospectus SupplementS-1Description of UPSS-1Cautionary Note Regarding Forward-looking StatementsS-2Risk FactorsS-3Use of ProceedsS-4CapitalizationS-5Description of the NotesS-6Material U.S. Federal Income Tax ConsequencesS-9UnderwritingS-14Validity of the NotesS-20Incorporation of Certain Documents by ReferenceS-20 Prospectus PageAbout this Prospectus1Description of UPS2Where You Can Find More Information