Exhibit 99.2

United Parcel Service, Inc.

Selected Financial Data - Fourth Quarter

(unaudited)

	Three Months Ended
	December 31
	2019			2018			Change			% Change
(amounts in millions, except per share data)
Statement of Income Data:
Revenue:
U.S. Domestic Package	$	13,408		$	12,575		$	833		6.6	%
International Package	3,762			3,829			(67		)	(1.7	)%
Supply Chain & Freight	3,398			3,444			(46		)	(1.3	)%
Total revenue	20,568			19,848			720			3.6	%
Operating expenses:
Compensation and benefits	10,702			10,151			551			5.4	%
Other	7,733			7,693			40			0.5	%
Total operating expenses	18,435			17,844			591			3.3	%
Operating profit:
U.S. Domestic Package	1,074			999			75			7.5	%
International Package	799			781			18			2.3	%
Supply Chain & Freight	260			224			36			16.1	%
Total operating profit	2,133			2,004			129			6.4	%
Other income (expense):
Other pension income (expense)	(2,196		)	(1,343		)	(853		)	63.5	%
Investment income and other	31			30			1			3.3	%
Interest expense	(166		)	(148		)	(18		)	12.2	%
Total other income (expense)	(2,331		)	(1,461		)	(870		)	59.5	%
Income (loss) before income taxes	(198		)	543			(741		)	(136.5	)%
Income tax expense (benefit)	(92		)	90			(182		)	N/A
Net income (loss)	$	(106	)	$	453		$	(559	)	(123.4	)%
Net income (loss) as a percentage of revenue	(0.5		)%	2.3		%
Per share amounts:
Basic earnings (loss) per share	$	(0.12	)	$	0.52		$	(0.64	)	(123.1	)%
Diluted earnings (loss) per share	$	(0.12	)	$	0.52		$	(0.64	)	(123.1	)%
Weighted-average shares outstanding:
Basic	863			865			(2		)	(0.2	)%
Diluted	863			869			(6		)	(0.7	)%
As adjusted income data:
Operating profit:
U.S. Domestic Package (1)	$	1,207		$	999		$	208		20.8	%
International Package (1)	809			781			28			3.6	%
Supply Chain & Freight (1)	262			224			38			17.0	%
Total operating profit (1)	2,278			2,004			274			13.7	%
Total other income (expense) (2)	$	56		$	166		$	(110	)	(66.3	)%
Income before income taxes (1) (2)	$	2,334		$	2,170		$	164		7.6	%
Net income (3)	$	1,840		$	1,690		$	150		8.9	%
Basic earnings per share (3)	$	2.13		$	1.95		$	0.18		9.2	%
Diluted earnings per share (3)	$	2.11		$	1.94		$	0.17		8.8	%

(1) 2019 operating profit and consolidated income (loss) before income taxes exclude the impact of $48 million of transformation strategy costs that reflect other employee benefits costs of $17 million and other costs of $31 million. These costs are allocated between the U.S. Domestic Package segment ($36 million), International Package segment ($10 million) and Supply Chain & Freight segment ($2 million).

2019 operating profit and consolidated income (loss) before income taxes exclude the impact of an increase in reserves for legal contingencies and legal expenses of $97 million. This cost is allocated to the U.S. Domestic Package segment.

(2) Fourth quarter 2019 total other income (expense) and consolidated income (loss) before income taxes exclude the impact of an increase in pension expense due to a mark-to-market loss recognized outside of a 10% corridor of $2.387 billion.

Fourth quarter 2018 total other income (expense) and consolidated income before income taxes exclude the impact of an increase in pension expense due to a mark-to-market loss recognized outside of a 10% corridor of $1.627 billion.

(3) 2019 net income (loss) and earnings (loss) per share amounts exclude the after-tax impact of the adjustments described in (1) and (2), which decreased net income by $1.946 billion. Fourth quarter 2019 diluted earnings per share is based on weighted-average shares outstanding of 870 million, which includes the effect of 7 million dilutive shares and shares equivalent.

2018 net income and earnings per share amounts exclude the after-tax impact of the adjustments described in (2), which decreased net income by $1.237 billion.

Certain prior year amounts have been reclassified to conform to the current year presentation.

United Parcel Service, Inc.

Selected Operating Data - Fourth Quarter

(unaudited)

	Three Months Ended
	December 31
	2019		2018		Change			% Change
Revenue (in millions):
U.S. Domestic Package:
Next Day Air	$	2,319	$	2,108	$	211		10.0	%
Deferred	1,686		1,537		149			9.7	%
Ground	9,403		8,930		473			5.3	%
Total U.S. Domestic Package	13,408		12,575		833			6.6	%
International Package:
Domestic	767		780		(13		)	(1.7	)%
Export	2,865		2,900		(35		)	(1.2	)%
Cargo and Other	130		149		(19		)	(12.8	)%
Total International Package	3,762		3,829		(67		)	(1.7	)%
Supply Chain & Freight:
Forwarding	1,483		1,644		(161		)	(9.8	)%
Logistics	924		878		46			5.2	%
Freight	779		721		58			8.0	%
Other	212		201		11			5.5	%
Total Supply Chain & Freight	3,398		3,444		(46		)	(1.3	)%
Consolidated	$	20,568	$	19,848	$	720		3.6	%
Consolidated volume (in millions)	1,651		1,535		116			7.6	%
Operating weekdays	62		62		—			—	%
Average Daily Package Volume (in thousands):
U.S. Domestic Package:
Next Day Air	2,252		1,789		463			25.9	%
Deferred	2,268		1,962		306			15.6	%
Ground	18,589		17,482		1,107			6.3	%
Total U.S. Domestic Package	23,109		21,233		1,876			8.8	%
International Package:
Domestic	1,905		1,912		(7		)	(0.4	)%
Export	1,618		1,623		(5		)	(0.3	)%
Total International Package	3,523		3,535		(12		)	(0.3	)%
Consolidated	26,632		24,768		1,864			7.5	%
Average Revenue Per Piece:
U.S. Domestic Package:
Next Day Air	$	16.61	$	19.01	$	(2.40	)	(12.6	)%
Deferred	11.99		12.64		(0.65		)	(5.1	)%
Ground	8.16		8.24		(0.08		)	(1.0	)%
Total U.S. Domestic Package	9.36		9.55		(0.19		)	(2.0	)%
International Package:
Domestic	6.49		6.58		(0.09		)	(1.4	)%
Export	28.56		28.82		(0.26		)	(0.9	)%
Total International Package	16.63		16.79		(0.16		)	(1.0	)%
Consolidated	$	10.32	$	10.59	$	(0.27	)	(2.5	)%

Certain prior year amounts have been reclassified to conform to the current year presentation.

United Parcel Service, Inc.

Supplemental Analysis of Currency and UPS Freight

Currency Neutral Revenue Per Piece
(unaudited)
	Three Months Ended									Currency
	December 31						Neutral
	2019		2018		% Change		Currency			2019*		% Change
Average Revenue Per Piece:
International Package:
Domestic	$	6.49	$	6.58	(1.4	)%	$	0.05		$	6.54	(0.6	)%
Export	28.56		28.82		(0.9	)%	0.04			28.60		(0.8	)%
Total International Package	$	16.63	$	16.79	(1.0	)%	$	0.04		$	16.67	(0.7	)%
Consolidated	$	10.32	$	10.59	(2.5	)%	$	0.01		$	10.33	(2.5	)%
*Amounts adjusted for period over period foreign currency exchange rate and hedging differences
Currency Neutral Revenue
(unaudited)
	Three Months Ended									Currency
	December 31						Neutral
	2019		2018		% Change		Currency			2019*		% Change
Revenue (in millions):
U.S. Domestic Package	$	13,408	$	12,575	6.6	%	$	—		$	13,408	6.6	%
International Package	3,762		3,829		(1.7	)%	10			3,772		(1.5	)%
Supply Chain & Freight	3,398		3,444		(1.3	)%	5			3,403		(1.2	)%
Total revenue	$	20,568	$	19,848	3.6	%	$	15		$	20,583	3.7	%
*Amounts adjusted for period over period foreign currency exchange rate and hedging differences
Currency Neutral Operating Profit
(unaudited)
	Three Months Ended									Currency
	Decembe 31									Neutral
	2019*		2018		% Change		Currency			2019**		% Change
As-Adjusted Operating Profit (in millions):
U.S. Domestic Package	$	1,207	$	999	20.8	%	$	—		$	1,207	20.8	%
International Package	809		781		3.6	%	(24		)	785		0.5	%
Supply Chain & Freight	262		224		17.0	%	(1		)	261		16.5	%
Total operating profit	$	2,278	$	2,004	13.7	%	$	(25	)	$	2,253	12.4	%
* Amounts adjusted for Transformation strategy costs, legal contingencies and legal expenses
** Amounts adjusted for Transformation strategy costs, legal contingencies, legal expenses and period over period foreign currency exchange rate and hedging differences

UPS Freight Selected Operating Data -Fourth Quarter

(unaudited)

	Three Months Ended
	December 31
	2019		2018		Change			% Change
LTL revenue (in millions)	$	639	$	584	$	55		9.4	%
LTL revenue per LTL hundredweight	$	27.01	$	26.36	$	0.65		2.5	%
LTL shipments (in thousands)	2,217		2,010		207			10.3	%
LTL shipments per day (in thousands)	35.8		32.4		3.4			10.3	%
LTL gross weight hauled (in millions of pounds)	2,366		2,214		152			6.9	%
LTL weight per shipment (in pounds)	1,067		1,102		(35		)	(3.2	)%
Operating weekdays	62		62		—			—	%

Certain prior year have been reclassified to conform to the current year presentation.

United Parcel Service, Inc.

Detail of Other Operating Expenses - Fourth Quarter

(unaudited)

	Three Months Ended
	December 31
	2019		2018		Change			% Change
(in millions)
Repairs and maintenance	$	446	$	438	$	8		1.8	%
Depreciation and amortization	630		545		85			15.6	%
Purchased transportation	3,640		3,839		(199		)	(5.2	)%
Fuel	838		958		(120		)	(12.5	)%
Other occupancy	353		359		(6		)	(1.7	)%
Other expenses	1,826		1,554		272			17.5	%
Total other operating expenses	$	7,733	$	7,693	$	40		0.5	%

Earnings Per Share and Share Data - Fourth Quarter

(unaudited)

	Three Months Ended
	December 31
	2019			2018
(amounts in millions, except per share data)
Numerator:
Net income (loss)	$	(106	)	$	453
Denominator:
Weighted-average shares	857			859
Deferred compensation obligations	—			1
Vested portion of restricted units	6			5
Denominator for basic earnings (loss) per share	863			865
Effect of dilutive securities:
Restricted units	—			4
Stock options	—			—
Denominator for diluted earnings (loss) per share	863			869
Basic earnings (loss) per share	$	(0.12	)	$	0.52
Diluted earnings (loss) per share	$	(0.12	)	$	0.52
Detail of shares outstanding as of December 31, 2019:
Class A shares	156
Class B shares	701
Total shares outstanding	857

Certain prior year amounts have been reclassified to conform to the current year presentation.

United Parcel Service, Inc.

Selected Financial Data - Year to Date

(unaudited)

	Twelve Months Ended
	December 31
	2019			2018			Change			% Change
(amounts in millions, except per share data)
Statement of Income Data:
Revenue:
U.S. Domestic Package	$	46,493		$	43,593		$	2,900		6.7	%
International Package	14,220			14,442			(222		)	(1.5	)%
Supply Chain & Freight	13,381			13,826			(445		)	(3.2	)%
Total revenue	74,094			71,861			2,233			3.1	%
Operating expenses:
Compensation and benefits	38,908			37,235			1,673			4.5	%
Other	27,388			27,602			(214		)	(0.8	)%
Total operating expenses	66,296			64,837			1,459			2.3	%
Operating profit:
U.S. Domestic Package	4,164			3,643			521			14.3	%
International Package	2,657			2,529			128			5.1	%
Supply Chain & Freight	977			852			125			14.7	%
Total operating profit	7,798			7,024			774			11.0	%
Other income (expense):
Other pension income (expense)	(1,622		)	(490		)	(1,132		)	N/A
Investment income and other	129			90			39			43.3	%
Interest expense	(653		)	(605		)	(48		)	7.9	%
Total other income (expense)	(2,146		)	(1,005		)	(1,141		)	113.5	%
Income before income taxes	5,652			6,019			(367		)	(6.1	)%
Income tax expense (benefit)	1,212			1,228			(16		)	(1.3	)%
Net income	$	4,440		$	4,791		$	(351	)	(7.3	)%
Net income as a percentage of revenue	6.0		%	6.7		%
Per share amounts:
Basic earnings per share	$	5.14		$	5.53		$	(0.39	)	(7.1	)%
Diluted earnings per share	$	5.11		$	5.51		$	(0.40	)	(7.3	)%
Weighted-average shares outstanding:
Basic	864			866			(2		)	(0.2	)%
Diluted	869			870			(1		)	(0.1	)%
As adjusted income data:
Operating profit:
U.S. Domestic Package (1)	$	4,369		$	3,878		$	491		12.7	%
International Package (1)	2,779			2,605			174			6.7	%
Supply Chain & Freight (1)	1,002			901			101			11.2	%
Total operating profit (1)	8,150			7,384			766			10.4	%
Total other income (expense) (2)	$	241		$	622		$	(381	)	(61.3	)%
Income before income taxes (1) (2)	$	8,391		$	8,006		$	385		4.8	%
Net income (3)	$	6,543		$	6,301		$	242		3.8	%
Basic earnings per share (3)	$	7.57		$	7.28		$	0.29		4.0	%
Diluted earnings per share (3)	$	7.53		$	7.24		$	0.29		4.0	%

(1) 2019 operating profit and consolidated income before income taxes exclude the impact of $255 million of transformation strategy costs, that reflect other employee benefits costs of $166 million and other costs of $89 million. These costs are allocated between the U.S. Domestic Package segment ($108 million), International Package segment ($122 million) and Supply Chain & Freight segment ($25 million).

2019 operating profit and consolidated income before income taxes exclude the impact of an increase in reserves for legal contingencies and legal expenses of $97 million. This cost is allocated to the U.S. Domestic Package segment.

2018 operating profit and consolidated income before income taxes exclude the impact of $360 million of transformation costs, which includes voluntary retirement plan severance costs of $262 million, and other costs of $98 million. These costs are allocated between the U.S. Domestic Package segment ($235 million), International Package segment ($76 million) and Supply Chain & Freight segment ($49 million).

(2) 2019 total other income (expense) and consolidated income before income taxes exclude the impact of an increase in pension expense due to a mark-to-market loss recognized outside of a 10% corridor of $2.387 billion

2018 total other income (expense) and consolidated income before income taxes exclude the impact of an increase in pension expense due to a mark-to-market loss recognized outside of a 10% corridor of $1.627 billion

(3) 2019 net income and earnings per share amounts exclude the after-tax impact of the adjustments described in (1) and (2), which decreased net income by $2.103 billion.

2018 net income and earnings per share amounts exclude the after-tax impact of the adjustments described in (1) and (2), which decreased net income by $1.510 billion.

Certain prior year amounts have been reclassified to conform to the current year presentation.

United Parcel Service, Inc.

Selected Operating Data - Year to Date

(unaudited)

	Twelve Months Ended
	December 31
	2019		2018		Change			% Change
Revenue (in millions):
U.S. Domestic Package:
Next Day Air	$	8,479	$	7,618	$	861		11.3	%
Deferred	5,180		4,752		428			9.0	%
Ground	32,834		31,223		1,611			5.2	%
Total U.S. Domestic Package	46,493		43,593		2,900			6.7	%
International Package:
Domestic	2,836		2,874		(38		)	(1.3	)%
Export	10,837		10,973		(136		)	(1.2	)%
Cargo and Other	547		595		(48		)	(8.1	)%
Total International Package	14,220		14,442		(222		)	(1.5	)%
Supply Chain & Freight:
Forwarding	5,867		6,580		(713		)	(10.8	)%
Logistics	3,435		3,234		201			6.2	%
Freight	3,265		3,218		47			1.5	%
Other	814		794		20			2.5	%
Total Supply Chain & Freight	13,381		13,826		(445		)	(3.2	)%
Consolidated	$	74,094	$	71,861	$	2,233		3.1	%
Consolidated volume (in millions)	5,536		5,231		305			5.8	%
Operating weekdays	253		253		—			0.0	%
Average Daily Package Volume (in thousands):
U.S. Domestic Package:
Next Day Air	1,889		1,542		347			22.5	%
Deferred	1,622		1,432		190			13.3	%
Ground	15,176		14,498		678			4.7	%
Total U.S. Domestic Package	18,687		17,472		1,215			7.0	%
International Package:
Domestic	1,721		1,723		(2		)	(0.1	)%
Export	1,472		1,482		(10		)	(0.7	)%
Total International Package	3,193		3,205		(12		)	(0.4	)%
Consolidated	21,880		20,677		1,203			5.8	%
Average Revenue Per Piece:
U.S. Domestic Package:
Next Day Air	$	17.74	$	19.53	$	(1.79	)	(9.2	)%
Deferred	12.62		13.12		(0.50		)	(3.8	)%
Ground	8.55		8.51		0.04			0.5	%
Total U.S. Domestic Package	9.83		9.86		(0.03		)	(0.3	)%
International Package:
Domestic	6.51		6.59		(0.08		)	(1.2	)%
Export	29.10		29.27		(0.17		)	(0.6	)%
Total International Package	16.93		17.08		(0.15		)	(0.9	)%
Consolidated	$	10.87	$	10.98	$	(0.11	)	(1.0	)%

Certain prior year amounts have been reclassified to conform to the current year presentation.

United Parcel Service, Inc.

Supplemental Analysis of Currency and UPS Freight

Currency Neutral Revenue Per Piece
(unaudited)
	Twelve Months Ended									Currency
	December 31						Neutral
	2019		2018		% Change		Currency			2019*		% Change
Average Revenue Per Piece:
International Package:
Domestic	$	6.51	$	6.59	(1.2	)%	$	0.26		$	6.77	2.7	%
Export	29.10		29.27		(0.6	)%	0.32			29.42		0.5	%
Total International Package	$	16.93	$	17.08	(0.9	)%	$	0.28		$	17.21	0.8	%
Consolidated	$	10.87	$	10.98	(1.0	)%	$	0.04		$	10.91	(0.6	)%
*Amounts adjusted for period over period foreign currency exchange rate and hedging differences
Currency Neutral Revenue
(unaudited)
	Twelve Months Ended									Currency
	December 31						Neutral
	2019		2018		% Change		Currency			2019*		% Change
Revenue (in millions):
U.S. Domestic Package	$	46,493	$	43,593	6.7	%	$	—		$	46,493	6.7	%
International Package	14,220		14,442		(1.5	)%	232			14,452		0.1	%
Supply Chain & Freight	13,381		13,826		(3.2	)%	75			13,456		(2.7	)%
Total revenue	$	74,094	$	71,861	3.1	%	$	307		$	74,401	3.5	%
*Amounts adjusted for period over period foreign currency exchange rate and hedging differences
Currency Neutral Operating Profit
(unaudited)
	Twelve Months Ended									Currency
	December 31									Neutral
	2019*		2018*		% Change		Currency			2019**		% Change
As-Adjusted Operating Profit (in millions):
U.S. Domestic Package	$	4,369	$	3,878	12.7	%	$	—		$	4,369	12.7	%
International Package	2,779		2,605		6.7	%	(70		)	2,709		4.0	%
Supply Chain & Freight	1,002		901		11.2	%	8			1,010		12.1	%
Total operating profit	$	8,150	$	7,384	10.4	%	$	(62	)	$	8,088	9.5	%
* Amounts adjusted for Transformation strategy costs, legal contingencies and legal expenses
** Amounts adjusted for Transformation strategy costs, legal contingencies, legal expenses and period over period foreign currency exchange rate and hedging differences

UPS Freight Selected Operating Data - Year to Date

(unaudited)

	Twelve Months Ended
	December 31
	2019		2018		Change			% Change
LTL revenue (in millions)	$	2,679	$	2,706	$	(27	)	(1.0	)%
LTL revenue per LTL hundredweight	$	26.54	$	25.52	$	1.02		4.0	%
LTL shipments (in thousands)	9,281		9,720		(439		)	(4.5	)%
LTL shipments per day (in thousands)	36.7		38.4		(1.7		)	(4.5	)%
LTL gross weight hauled (in millions of pounds)	10,096		10,605		(509		)	(4.8	)%
LTL weight per shipment (in pounds)	1,088		1,091		(3		)	(0.3	)%
Operating weekdays	253		253		—			0.0	%

Certain prior year have been reclassified to conform to the current year presentation.

United Parcel Service, Inc.

Detail of Other Operating Expenses - Year to Date

(unaudited)

	Twelve Months Ended
	December 31
	2019		2018		Change			% Change
(in millions)
Repairs and maintenance	$	1,838	$	1,732	$	106		6.1	%
Depreciation and amortization	2,360		2,207		153			6.9	%
Purchased transportation	12,590		13,409		(819		)	(6.1	)%
Fuel	3,289		3,427		(138		)	(4.0	)%
Other occupancy	1,392		1,362		30			2.2	%
Other expenses	5,919		5,465		454			8.3	%
Total other operating expenses	$	27,388	$	27,602	$	(214	)	(0.8	)%

Earnings Per Share and Share Data - Year to Date

(unaudited)

	Twelve Months Ended
	December 31
	2019		2018
(amounts in millions, except per share data)
Numerator:
Net income	$	4,440	$	4,791
Denominator:
Weighted-average shares outstanding	859		860
Deferred compensation arrangements	—		1
Vested portion of restricted shares	5		5
Denominator for basic earnings per share	864		866
Effect of dilutive securities:
Restricted shares	5		4
Stock options	—		—
Denominator for diluted earnings per share	869		870
Basic earnings per share	$	5.14	$	5.53
Diluted earnings per share	$	5.11	$	5.51

Certain prior year amounts have been reclassified to conform to the current year presentation.

United Parcel Service, Inc.

Consolidated Balance Sheets - December 31, 2019 and December 31, 2018

(unaudited)

	December 31, 2019		December 31, 2018
(amounts in millions)
ASSETS
Current Assets:
Cash and marketable securities	$	5,741	$	5,035
Other current assets	11,362		11,175
Total Current Assets	17,103		16,210
Property, Plant and Equipment	59,727		54,488
Less accumulated depreciation and amortization	29,245		27,912
	30,482		26,576
Other Assets	10,272		7,230
	$	57,857	$	50,016
LIABILITIES AND SHAREOWNERS' EQUITY
Current Liabilities	$	15,413	$	14,087
Long-Term Debt	21,818		19,931
Pension and Postretirement Benefit Obligations	10,601		8,347
Deferred Taxes, Credits and Other Liabilities	6,742		4,614
Shareowners' Equity	3,283		3,037
	$	57,857	$	50,016

Amounts are subject to reclassification.

United Parcel Service, Inc.

Selected Cash Flow Data

(unaudited)

Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash
	Preliminary
	Year-to-Date
(amounts in millions)	December 31
Cash flows from operating activities	$	8,639
Cash flows used in investing activities	(6,061		)
Cash flows used in financing activities	(1,727		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	20
Net increase/(decrease) in cash and cash equivalents and restricted cash	$	871
Reconciliation of Adjusted Capital Expenditures and Free Cash Flow (non-GAAP measures)
	Preliminary
	Year-to-Date
(amounts in millions)	December 31
Cash flows from operating activities	$	8,639
Capital expenditures	(6,380		)
Principal repayments of capital lease obligations	(140		)
Adjusted Capital Expenditures (non-GAAP measure)	$	(6,520	)
Proceed from disposal of PP&E	65
Net change in finance receivables	13
Other investing activities	(75		)
Adjusted free cash flow (non-GAAP measure)	$	2,122
Discretionary pension contributions	2,000
Adjusted free cash flow (non-GAAP measure) excluding discretionary pension contributions	$	4,122

Amounts are subject to reclassification.

United Parcel Service, Inc.

Aircraft Fleet - as of December 31, 2019

(unaudited)

Description	Owned and Finance Leases	Operating Leases & Charters from Others	On Order	Under Option
Operating:
Boeing 757-200	75	—	—	—
Boeing 767-300	64	2	8	—
Boeing 767-300BCF	3	—	1	—
Boeing 767-300BDSF	2	—	2	—
Airbus A300-600	52	—	—	—
Boeing MD-11	37	—	5	—
Boeing 747-400F	11	—	—	—
Boeing 747-400BCF	2	—	—	—
Boeing 747-8F	15	—	13	—
Other	—	309	—	—
Total	261	311	29	—