Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-09-03

United Parcel Service (UPS)

CEO Carol Tomé was paid $22,878,788 in fiscal year 2025, ↓ down 4.9% from fiscal year 2024, the 35th percentile of its disclosed peer group (SEC filing 0001628280-26-019856 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$22,878,788 ↓
Carol Tomé total, FY2025
35th
CEO pay percentile vs peers
345:1
CEO-to-median pay ratio
83.57%
Say-on-pay support, latest vote

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UPS's next annual pay disclosure, estimated March 21, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Carol Tomé$1,509,713$0$17,550,546$1,358,754$2,264,569$0$195,206$22,878,788
Chief Executive Officer
Kate Gutmann926,29605,440,640471,894814,004534,793163,0098,350,636
President International, Healthcare and Supply Chain Solutions
Nando Cesarone926,29605,440,640471,894814,0040125,4447,778,278
President U.S. Operations and Airline
Brian Dykes806,56704,806,424416,894719,115123,026143,6247,015,650
Chief Financial Officer
Bala Subramanian814,27404,728,469410,136707,463090,1346,750,476
Chief Digital and Technology Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Carol Tomé$22,878,788$24,063,977$23,390,051↓ −1,185,189
Kate Gutmann8,350,6366,256,49010,361,521↑ +2,094,146
Nando Cesarone7,778,2786,227,3326,521,241↑ +1,550,946
Brian Dykes7,015,6504,099,767—↑ +2,915,883
Bala Subramanian6,750,4765,895,9666,300,262↑ +854,510

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against UPS
30 companies name UPS as a compensation peer

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01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Angela HwangIndependent Director$320,000
Christiana Smith ShiIndependent Director$345,000
Eva BorattoIndependent Director$350,000
Franck MoisonIndependent Director$320,000
John MorikisIndependent Director$257,500
Kate JohnsonIndependent Director$320,000
Kevin ClarkIndependent Director$337,500
Kevin WarshIndependent Director$320,000
Michael BurnsFormer director (through FY2025)$62,500
Rodney AdkinsIndependent Director$340,000
Russell StokesIndependent Director$320,000
Wayne HewettIndependent Director$320,000
William JohnsonChair of the Board$570,000
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Brian DykesChief Financial Officer2026-05-06A12,504$0$0Derivative, Class A CommonForm 4 ↗
Nando CesaronePresident, US Operations2026-05-06A13,88900Derivative, Class A CommonForm 4 ↗
Darrell L. FordChief Human Resources Officer2026-05-06A7,65900Derivative, Class A CommonForm 4 ↗
Matthew W. GuffeyCHF Commercial & Strategy Off2026-05-06A11,42400Derivative, Class A CommonForm 4 ↗
Kate GutmannPres Intl, Healthcare and SCS2026-05-06A13,88900Derivative, Class A CommonForm 4 ↗
Carol B. TomeDirector2026-05-06A30,22800Derivative, Class A CommonForm 4 ↗
Norman M. Brothers JrChief Legal & Compliance Off2026-05-06A8,91100Derivative, Class A CommonForm 4 ↗
Bala SubramanianChief Digital & Tech Officer2026-05-06A10,57300Derivative, Class A CommonForm 4 ↗
Dividend-equivalent accruals2026-05-06—313——1 insider, 1 accrual row
Dividend-equivalent accruals2026-05-07—19,480——10 insiders, 10 accrual rows
William R. JohnsonDirector2026-05-07A2,64700Derivative, Class A CommonForm 4 ↗
Darrell L. FordChief Human Resources Officer2026-05-15D2,174.2200Derivative, Class A CommonForm 4 ↗
Norman M. Brothers JrChief Legal & Compliance Off2026-05-15A2,504.800CommonForm 4 ↗
Darrell L. FordChief Human Resources Officer2026-05-15D96910197,656CommonForm 4 ↗
Darrell L. FordChief Human Resources Officer2026-05-15A2,174.2200CommonForm 4 ↗
Nando CesaronePresident, US Operations2026-05-15D3,551.5800Derivative, Class A CommonForm 4 ↗
Nando CesaronePresident, US Operations2026-05-15D1,582101159,434CommonForm 4 ↗
Brian DykesChief Financial Officer2026-05-15D3,137.500Derivative, Class A CommonForm 4 ↗
Brian DykesChief Financial Officer2026-05-15D1,398101140,890CommonForm 4 ↗
Matthew W. GuffeyCHF Commercial & Strategy Off2026-05-15D2,667.8300Derivative, Class A CommonForm 4 ↗
Matthew W. GuffeyCHF Commercial & Strategy Off2026-05-15D1,189101119,827CommonForm 4 ↗
Kate GutmannPres Intl, Healthcare and SCS2026-05-15D3,551.5800Derivative, Class A CommonForm 4 ↗
Kate GutmannPres Intl, Healthcare and SCS2026-05-15D1,582101159,434CommonForm 4 ↗
Kate GutmannPres Intl, Healthcare and SCS2026-05-15A3,551.5800CommonForm 4 ↗
Bala SubramanianChief Digital & Tech Officer2026-05-15D3,086.300Derivative, Class A CommonForm 4 ↗
Bala SubramanianChief Digital & Tech Officer2026-05-15D1,027101103,501CommonForm 4 ↗
Norman M. Brothers JrChief Legal & Compliance Off2026-05-15D2,504.800Derivative, Class A CommonForm 4 ↗
Norman M. Brothers JrChief Legal & Compliance Off2026-05-15D1,116101112,470CommonForm 4 ↗
Nando CesaronePresident, US Operations2026-05-15A3,551.5800CommonForm 4 ↗
Brian DykesChief Financial Officer2026-05-15A3,137.500CommonForm 4 ↗
Matthew W. GuffeyCHF Commercial & Strategy Off2026-05-15A2,667.8300CommonForm 4 ↗
Bala SubramanianChief Digital & Tech Officer2026-05-15A3,086.300CommonForm 4 ↗
Nando CesaroneChief Global Operations Off2026-09-01A58,44600Derivative, Class A CommonForm 4 ↗
Bala SubramanianChief Digital & Tech Officer2026-09-01A29,22300Derivative, Class A CommonForm 4 ↗
Wilfredo RamosChief Intl, Healthcare and SCS2026-09-01A5,41300Derivative, Class A CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

View all 44 transactions
InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Brian DykesChief Financial Officer2026-05-06A12,504$0$0Derivative, Class A CommonForm 4 ↗
Nando CesaronePresident, US Operations2026-05-06A13,88900Derivative, Class A CommonForm 4 ↗
Darrell L. FordChief Human Resources Officer2026-05-06A7,65900Derivative, Class A CommonForm 4 ↗
Matthew W. GuffeyCHF Commercial & Strategy Off2026-05-06A11,42400Derivative, Class A CommonForm 4 ↗
Kate GutmannPres Intl, Healthcare and SCS2026-05-06A13,88900Derivative, Class A CommonForm 4 ↗
Carol B. TomeDirector2026-05-06A30,22800Derivative, Class A CommonForm 4 ↗
Norman M. Brothers JrChief Legal & Compliance Off2026-05-06A8,91100Derivative, Class A CommonForm 4 ↗
Bala SubramanianChief Digital & Tech Officer2026-05-06A10,57300Derivative, Class A CommonForm 4 ↗
Kevin WarshDirector2026-05-06A312.8400Derivative, Class A CommonForm 4 ↗
Rodney AdkinsDirector2026-05-07A1,94800Derivative, Class A CommonForm 4 ↗
Kevin ClarkDirector2026-05-07A1,94800Derivative, Class A CommonForm 4 ↗
Wayne HewettDirector2026-05-07A1,94800Derivative, Class A CommonForm 4 ↗
John MorikisDirector2026-05-07A1,94800Derivative, Class A CommonForm 4 ↗
Kevin WarshDirector2026-05-07A1,94800Derivative, Class A CommonForm 4 ↗
Franck MoisonDirector2026-05-07A1,94800Derivative, Class A CommonForm 4 ↗
Christiana Smith ShiDirector2026-05-07A1,94800Derivative, Class A CommonForm 4 ↗
Russell StokesDirector2026-05-07A1,94800Derivative, Class A CommonForm 4 ↗
William R. JohnsonDirector2026-05-07A2,64700Derivative, Class A CommonForm 4 ↗
Eva BorattoDirector2026-05-07A1,94800Derivative, Class A CommonForm 4 ↗
Angela HwangDirector2026-05-07A1,94800Derivative, Class A CommonForm 4 ↗
Darrell L. FordChief Human Resources Officer2026-05-15D2,174.2200Derivative, Class A CommonForm 4 ↗
Norman M. Brothers JrChief Legal & Compliance Off2026-05-15A2,504.800CommonForm 4 ↗
Darrell L. FordChief Human Resources Officer2026-05-15D96910197,656CommonForm 4 ↗
Darrell L. FordChief Human Resources Officer2026-05-15A2,174.2200CommonForm 4 ↗
Nando CesaronePresident, US Operations2026-05-15D3,551.5800Derivative, Class A CommonForm 4 ↗
Nando CesaronePresident, US Operations2026-05-15D1,582101159,434CommonForm 4 ↗
Brian DykesChief Financial Officer2026-05-15D3,137.500Derivative, Class A CommonForm 4 ↗
Brian DykesChief Financial Officer2026-05-15D1,398101140,890CommonForm 4 ↗
Matthew W. GuffeyCHF Commercial & Strategy Off2026-05-15D2,667.8300Derivative, Class A CommonForm 4 ↗
Matthew W. GuffeyCHF Commercial & Strategy Off2026-05-15D1,189101119,827CommonForm 4 ↗
Kate GutmannPres Intl, Healthcare and SCS2026-05-15D3,551.5800Derivative, Class A CommonForm 4 ↗
Kate GutmannPres Intl, Healthcare and SCS2026-05-15D1,582101159,434CommonForm 4 ↗
Kate GutmannPres Intl, Healthcare and SCS2026-05-15A3,551.5800CommonForm 4 ↗
Bala SubramanianChief Digital & Tech Officer2026-05-15D3,086.300Derivative, Class A CommonForm 4 ↗
Bala SubramanianChief Digital & Tech Officer2026-05-15D1,027101103,501CommonForm 4 ↗
Norman M. Brothers JrChief Legal & Compliance Off2026-05-15D2,504.800Derivative, Class A CommonForm 4 ↗
Norman M. Brothers JrChief Legal & Compliance Off2026-05-15D1,116101112,470CommonForm 4 ↗
Nando CesaronePresident, US Operations2026-05-15A3,551.5800CommonForm 4 ↗
Brian DykesChief Financial Officer2026-05-15A3,137.500CommonForm 4 ↗
Matthew W. GuffeyCHF Commercial & Strategy Off2026-05-15A2,667.8300CommonForm 4 ↗
Bala SubramanianChief Digital & Tech Officer2026-05-15A3,086.300CommonForm 4 ↗
Nando CesaroneChief Global Operations Off2026-09-01A58,44600Derivative, Class A CommonForm 4 ↗
Bala SubramanianChief Digital & Tech Officer2026-09-01A29,22300Derivative, Class A CommonForm 4 ↗
Wilfredo RamosChief Intl, Healthcare and SCS2026-09-01A5,41300Derivative, Class A CommonForm 4 ↗
03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Kate GutmannPSU2025-05-09—44,291—97,440$4,166,454
Bala SubramanianPSU2025-05-09—38,494—84,6873,621,131
Brian DykesPSU2025-05-09—39,128—86,0823,680,771
Brian DykesOPTION2025-05-09——22,270—416,894
Brian DykesRSU2025-05-09——11,739—1,125,653
Nando CesaroneOPTION2025-05-09——25,208—471,894
Kate GutmannRSU2025-05-09——13,288—1,274,186
Bala SubramanianOPTION2025-05-09——21,909—410,136
Kate GutmannEquity2025-05-09————471,894
Carol ToméEquity2025-05-09————1,358,754
Nando CesaroneRSU2025-05-09——13,288—1,274,186
Nando CesaronePSU2025-05-09—44,291—97,4404,166,454
Bala SubramanianRSU2025-05-09——11,548—1,107,338
Carol ToméEquity2025-05-09————17,550,546
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Kate Gutmann$1,274,186$4,166,454$076.6%
Bala Subramanian1,107,3383,621,131410,13670.5%
Brian Dykes1,125,6533,680,771416,89470.5%
Nando Cesarone1,274,1864,166,454471,89470.5%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Nando CesaronePSU74,111—$7,351,070
Kate GutmannPSU74,111—7,351,070
Nando CesaroneOption25,20895.89—
Nando CesaroneOption9,764154.76—
Bala SubramanianRSU12,166—1,206,720
Kate GutmannOption1,332163.25—
Carol ToméRSU325,145—32,251,133
Brian DykesPSU60,706—6,021,428
Nando CesaroneRSU13,999—1,388,543
Kate GutmannRSU13,999—1,388,543
Brian DykesRSU12,367—1,226,678
Brian DykesOption22,27095.89—
Kate GutmannOption9,764154.76—
Bala SubramanianOption5,456185.54—
Carol ToméOption72,58395.89—
Carol ToméOption10,143214.58—
Kate GutmannOption25,20895.89—
Bala SubramanianOption21,90995.89—
Carol ToméOption9,524165.66—
Carol ToméOption19,846185.54—
Carol ToméOption31,272154.76—
Brian DykesOption489165.66—
Brian DykesOption617214.58—
Brian DykesOption1,461185.54—
Brian DykesOption2,383154.76—
Nando CesaroneOption2,899214.58—
Nando CesaroneOption5,958185.54—
Kate GutmannOption5,958185.54—
Bala SubramanianOption8,898154.76—
Kate GutmannOption3,116214.58—
Kate GutmannOption1,826165.66—
Bala SubramanianPSU65,566—6,503,492
Nando CesaroneOption2,654165.66—
05

Incentive-plan design — the Compensation Discussion & Analysis

UPS's executive compensation programs are designed to drive organizational performance by linking a significant portion of executive pay to Company operational and financial performance; attract, retain and motivate our executive officer with competitive and fair compensation; encourage long-term stock ownership and careers with UPS; and align the interests of our executives to long-term value creation.

CEO STI target (% of salary)200%
CEO LTI target (% of salary)—
Independent consultantFW Cook
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-07870,170,397151,229,84719,844,18783.57%Passed
20252025-05-08928,214,832152,772,74319,676,64885.87%Passed
20242024-05-021,051,455,683119,179,03736,415,31789.82%Passed
20232023-05-041,158,204,61978,048,61830,229,47493.69%Passed
20222022-05-051,217,704,49187,312,19320,808,35993.31%Passed
20212021-05-131,236,014,58298,565,04332,925,24492.61%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-0783.57%a
20252025-05-0885.87%b
20242024-05-0289.82%c

a. Approved under the standard stated in the filing — “2. Advisory vote to approve NEO compensation Majority of the voting power of the shares represented at the meeting and entitled to vote on the proposal Same as a vote against No effect”.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)345 : 1
CEO total compensation$22,878,788
Median employee compensation$66,268
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
William JohnsonIndependent · Board Chair · Nominating and Corporate Governance (Chair) · Executive$305,000$265,000$0—$0$570,000
Eva BorattoIndependent · Audit (Chair)155,000195,0000—0350,000
Christiana Smith ShiIndependent · Compensation and Human Capital (Chair) · Risk150,000195,0000—0345,000
Rodney AdkinsIndependent · Compensation and Human Capital · Risk (Chair) · Executive145,000195,0000—0340,000
Kevin ClarkIndependent · Audit · Newly elected93,750243,7500—0337,500
Kevin WarshIndependent · Compensation and Human Capital · Nominating and Corporate Governance125,000195,0000—0320,000
Angela HwangIndependent · Audit125,000195,0000—0320,000
Kate JohnsonIndependent · Nominating and Corporate Governance · Risk · Not standing for re-election125,000195,0000—0320,000
Russell StokesIndependent · Compensation and Human Capital · Nominating and Corporate Governance125,000195,0000—0320,000
Franck MoisonIndependent · Nominating and Corporate Governance · Risk125,000195,0000—0320,000
Wayne HewettIndependent · Audit125,000195,0000—0320,000
John MorikisIndependent · Audit · Partial-year service · Newly elected62,500195,0000—0257,500
Michael BurnsIndependent · Audit · Not standing for re-election · Departed during FY62,50000—062,500
09

Board fee structure and ownership guideline

Annual cash retainer$125,000
Annual equity retainer$195,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)30,000 / 25,000 / 20,000
Stock ownership guideline$625,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,723,750
Equity awards (grant-date value)$2,458,750
All other compensation$0
Total cost of the board$4,182,500

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies United Parcel Service names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including United Parcel Service.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Intel Corporation2025Lip-Bu Tan$746,200$49,639,500$39,523,200$2,374,000$92,990,900
2Cisco Systems, Inc.2025Charles Robbins1,390,00045,870,69005,117,42452,838,751
3Comcast Corporation2025Brian Roberts2,600,96223,473,07608,583,17535,148,413
4Johnson & Johnson2025Joaquin Duato1,600,00015,028,9485,927,9954,298,70032,758,111
5AT&T, Inc.2025John Stankey2,400,00019,500,01206,272,00029,906,872
6Walmart, Inc.2026Doug McMillon1,500,00021,051,60504,032,00029,240,930
7Deere & Company2025John May1,694,50713,950,2394,255,1335,450,55127,925,424
8FedEx Corporation2026Rajesh Subramaniam1,550,0006,731,3643,715,06210,593,50027,554,018
9PepsiCo, Inc.2025Ramon Laguarta1,804,61511,550,00805,771,00023,903,545
10The Boeing Company2025Robert Ortberg1,500,0007,874,8189,624,9593,930,00023,581,389
11Lockheed Martin Corporation2025James Taiclet1,751,00013,667,64505,496,30023,453,308
12United Parcel Service2025Carol Tomé1,509,71317,550,5461,358,7542,264,56922,878,788
13Lowe's Companies, Inc.2025Marvin Ellison1,544,23112,480,4674,262,8953,232,69321,581,889
14McDonald's Corp.2025Christopher Kempczinski1,550,0008,000,2158,000,0662,367,16020,574,525
15The Procter & Gamble Company2026Shailesh Jejurikar1,387,50011,035,2093,500,010018,976,742
16Caterpillar Inc.2025Joseph Creed1,381,8929,538,4843,101,1172,476,80017,008,077
17The Home Depot, Inc.2025Edward Decker1,400,0009,612,2512,369,9172,657,63116,191,127
18Target Corp.2025Michael Fiddelke1,065,3857,853,2530300,8829,598,071

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
United Parcel Service75%PSU 93 · Options 7Yes — Relative Total Shareowner Return (RTSR)FW Cook
AT&T, Inc.112%PSU 75 · RSU 25Yes — Relative Total Stockholder Return (TSR) Payout ModifierFrederic W. Cook & Co., Inc. (FW Cook)
Caterpillar Inc.118%PSU 50 · RSU 25 · Options 25Yes — relative Total Shareholder Return (rTSR)Meridian Compensation Partners, LLC
Cisco Systems, Inc.142%PSU 60 · RSU 40Yes — Relative TSRExequity
Comcast Corporation110%PSU 100Yes — Relative TSR ModifierKorn Ferry
Deere & Company160.8%PSU 50 · RSU 25 · Options 25NoSemler Brossy Consulting Group, LLC (current); Pearl Meyer & Partners, LLC (prior year)
FedEx Corporation112.5%not disclosedYes — Relative TSR (FY24-FY26 LTI Cash Plan)Meridian Compensation Partners, LLC
Intel Corporationnot disclosedPSU 50 · RSU 50 · Option 40Yes — Relative TSRSemler Brossy
Johnson & Johnsonnot disclosednot disclosedYes — Relative TSRSemler Brossy Consulting Group
Lockheed Martin Corporation114%PSU 50 · RSU 30 · Cash LTI 20Yes — Relative TSRMeridian Compensation Partners
Lowe's Companies, Inc.104.67%PSU 39 · RSA 30 · Stock Options 20NoSemler Brossy Consulting Group, LLC
McDonald's Corp.not disclosedPRSU 50 · Option 50NoSemler Brossy Consulting Group LLC
PepsiCo, Inc.not disclosednot disclosedYes — Relative TSR PerformanceFW Cook
Target Corp.not disclosedPSU 60 · PBRSU 40NoSemler Brossy
The Boeing Company131%Options 55 · RSU 45NoFW Cook (Frederic W. Cook & Co., Inc.)
The Home Depot, Inc.95%PSU 50 · RSU 30 · Options 20NoPay Governance
The Procter & Gamble Companynot disclosedPSU 50 · Options 25 · RSU 25Yes — Relative TSR MultiplierMeridian Compensation Partners, LLC
Walmart, Inc.112%not disclosedNoFarient Advisors LLC

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at United Parcel Service in fiscal 2025?
As disclosed, Carol Tomé (Chief Executive Officer) was the highest-paid executive at United Parcel Service in fiscal 2025, with total compensation of $22,878,788.
How does United Parcel Service's chief executive pay compare to its disclosed peer group?
As disclosed, Carol Tomé's total compensation ranked at the 35th percentile of United Parcel Service's disclosed peer group.
What is United Parcel Service's CEO-to-median employee pay ratio?
As disclosed, United Parcel Service's CEO-to-median employee pay ratio was 345:1.
How did shareholders vote on United Parcel Service's executive compensation?
As disclosed, 83.57% of shareholders supported United Parcel Service's executive compensation in the latest say-on-pay vote.
How much does United Parcel Service spend in total on board compensation for fiscal 2025?
As disclosed, United Parcel Service reported total board compensation of $4,182,500 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Carol ToméDEF 14A2026-03-190001628280-26-019856Section “2025 Summary Compensation Table”. As printed: 22,878,788. Filing ↗machine: r2 · c27 · span 899122–899132
2Section 01, Kate GutmannDEF 14A2026-03-190001628280-26-019856Section “2025 Summary Compensation Table”. As printed: 8,350,636. Filing ↗machine: r10 · c27 · span 917482–917491
3Section 01, Nando CesaroneDEF 14A2026-03-190001628280-26-019856Section “2025 Summary Compensation Table”. As printed: 7,778,278. Filing ↗machine: r7 · c27 · span 910416–910425
4Section 01, Brian DykesDEF 14A2026-03-190001628280-26-019856Section “2025 Summary Compensation Table”. As printed: 7,015,650. Filing ↗machine: r5 · c27 · span 905736–905745
5Section 01, Bala SubramanianDEF 14A2026-03-190001628280-26-019856Section “2025 Summary Compensation Table”. As printed: 6,750,476. Filing ↗machine: r14 · c27 · span 924511–924520
6Section 03, Kate Gutmann PSUDEF 14A2026-03-190001628280-26-019856Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t139 · r15 · c6 · span 1000916–1000922
7Section 03, Bala Subramanian PSUDEF 14A2026-03-190001628280-26-019856Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t139 · r19 · c6 · span 1011037–1011043
8Section 03, Brian Dykes PSUDEF 14A2026-03-190001628280-26-019856Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t139 · r7 · c6 · span 980740–980746
9Section 03, Brian Dykes OPTIONDEF 14A2026-03-190001628280-26-019856Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t133 · r3 · c2 · span 875261–875267
10Section 03, Brian Dykes RSUDEF 14A2026-03-190001628280-26-019856Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t139 · r9 · c8 · span 985878–985884
11Section 03, Nando Cesarone OPTIONDEF 14A2026-03-190001628280-26-019856Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t133 · r4 · c2 · span 877477–877483
12Section 03, Kate Gutmann RSUDEF 14A2026-03-190001628280-26-019856Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t139 · r17 · c8 · span 1006054–1006060
13Section 03, Bala Subramanian OPTIONDEF 14A2026-03-190001628280-26-019856Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t133 · r6 · c2 · span 882005–882011
14Section 03, Kate Gutmann EquityDEF 14A2026-03-190001628280-26-019856Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t133 · r5 · c4 · span 880481–880488
15Section 03, Carol Tomé EquityDEF 14A2026-03-190001628280-26-019856Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t133 · r2 · c4 · span 873838–873847
16Section 03, Nando Cesarone RSUDEF 14A2026-03-190001628280-26-019856Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t139 · r13 · c8 · span 995967–995973
17Section 03, Nando Cesarone PSUDEF 14A2026-03-190001628280-26-019856Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t139 · r11 · c6 · span 990829–990835
18Section 03, Bala Subramanian RSUDEF 14A2026-03-190001628280-26-019856Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t139 · r21 · c8 · span 1016463–1016469
19Section 03, Carol Tomé EquityDEF 14A2026-03-190001628280-26-019856Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t139 · r4 · c11 · span 974079–974089
20Section 07, pay ratioDEF 14A2026-03-190001628280-26-019856Section “CEO Pay Ratio”. As printed: 345 : 1. Filing ↗machine: span 1268303–1268309
21Section 08, William JohnsonDEF 14A2026-03-190001628280-26-019856Section “Director Compensation”. As printed: 570,000. Filing ↗machine: t88 · r11 · c3 · span 672206–672328
22Section 08, Eva BorattoDEF 14A2026-03-190001628280-26-019856Section “Director Compensation”. As printed: 350,000. Filing ↗machine: t88 · r5 · c3 · span 661307–661429
23Section 08, Christiana Smith ShiDEF 14A2026-03-190001628280-26-019856Section “Director Compensation”. As printed: 345,000. Filing ↗machine: t88 · r14 · c3 · span 677747–677869
24Section 08, Rodney AdkinsDEF 14A2026-03-190001628280-26-019856Section “Director Compensation”. As printed: 340,000. Filing ↗machine: t88 · r4 · c3 · span 659410–659532
25Section 08, Kevin ClarkDEF 14A2026-03-190001628280-26-019856Section “Director Compensation”. As printed: 337,500. Filing ↗machine: t88 · r7 · c3 · span 665145–665267
26Section 08, Kevin WarshDEF 14A2026-03-190001628280-26-019856Section “Director Compensation”. As printed: 320,000. Filing ↗machine: t88 · r16 · c3 · span 681195–681317
27Section 08, Angela HwangDEF 14A2026-03-190001628280-26-019856Section “Director Compensation”. As printed: 320,000. Filing ↗machine: t88 · r9 · c3 · span 668580–668702
28Section 08, Kate JohnsonDEF 14A2026-03-190001628280-26-019856Section “Director Compensation”. As printed: 320,000. Filing ↗machine: t88 · r10 · c3 · span 670298–670420
29Section 08, Russell StokesDEF 14A2026-03-190001628280-26-019856Section “Director Compensation”. As printed: 320,000. Filing ↗machine: t88 · r15 · c3 · span 679476–679598
30Section 08, Franck MoisonDEF 14A2026-03-190001628280-26-019856Section “Director Compensation”. As printed: 320,000. Filing ↗machine: t88 · r12 · c3 · span 673929–674051
31Section 08, Wayne HewettDEF 14A2026-03-190001628280-26-019856Section “Director Compensation”. As printed: 320,000. Filing ↗machine: t88 · r8 · c3 · span 666862–666984
32Section 08, John MorikisDEF 14A2026-03-190001628280-26-019856Section “Director Compensation”. As printed: 257,500. Filing ↗machine: t88 · r13 · c3 · span 675832–675954
33Section 08, Michael BurnsDEF 14A2026-03-190001628280-26-019856Section “Director Compensation”. As printed: 62,500. Filing ↗machine: t88 · r6 · c1 · span 662733–662854
34Section 02, Brian Dykes 2026-05-06Form 42026-05-080001225208-26-005022Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Nando Cesarone 2026-05-06Form 42026-05-080001225208-26-005038Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Darrell L. Ford 2026-05-06Form 42026-05-080001225208-26-005039Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Matthew W. Guffey 2026-05-06Form 42026-05-080001225208-26-005034Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Kate Gutmann 2026-05-06Form 42026-05-080001225208-26-005035Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Carol B. Tome 2026-05-06Form 42026-05-080001225208-26-005036Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Norman M. Brothers Jr 2026-05-06Form 42026-05-080001225208-26-005037Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Bala Subramanian 2026-05-06Form 42026-05-080001225208-26-005040Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Kevin Warsh 2026-05-06Form 42026-05-080001225208-26-005033Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Rodney Adkins 2026-05-07Form 42026-05-080001225208-26-005023Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Kevin Clark 2026-05-07Form 42026-05-080001225208-26-005024Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Wayne Hewett 2026-05-07Form 42026-05-080001225208-26-005025Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, John Morikis 2026-05-07Form 42026-05-080001225208-26-005032Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Kevin Warsh 2026-05-07Form 42026-05-080001225208-26-005033Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Franck Moison 2026-05-07Form 42026-05-080001225208-26-005026Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Christiana Smith Shi 2026-05-07Form 42026-05-080001225208-26-005027Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Russell Stokes 2026-05-07Form 42026-05-080001225208-26-005028Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, William R. Johnson 2026-05-07Form 42026-05-080001225208-26-005029Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, Eva Boratto 2026-05-07Form 42026-05-080001225208-26-005030Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, Angela Hwang 2026-05-07Form 42026-05-080001225208-26-005031Insider equity transaction reported since the proxy statement. Filing ↗
54Section 02, Darrell L. Ford 2026-05-15Form 42026-05-150001225208-26-005388Insider equity transaction reported since the proxy statement. Filing ↗
55Section 02, Norman M. Brothers Jr 2026-05-15Form 42026-05-150001225208-26-005387Insider equity transaction reported since the proxy statement. Filing ↗
56Section 02, Darrell L. Ford 2026-05-15Form 42026-05-150001225208-26-005388Insider equity transaction reported since the proxy statement. Filing ↗
57Section 02, Darrell L. Ford 2026-05-15Form 42026-05-150001225208-26-005388Insider equity transaction reported since the proxy statement. Filing ↗
58Section 02, Nando Cesarone 2026-05-15Form 42026-05-150001225208-26-005389Insider equity transaction reported since the proxy statement. Filing ↗
59Section 02, Nando Cesarone 2026-05-15Form 42026-05-150001225208-26-005389Insider equity transaction reported since the proxy statement. Filing ↗
60Section 02, Brian Dykes 2026-05-15Form 42026-05-150001225208-26-005390Insider equity transaction reported since the proxy statement. Filing ↗
61Section 02, Brian Dykes 2026-05-15Form 42026-05-150001225208-26-005390Insider equity transaction reported since the proxy statement. Filing ↗
62Section 02, Matthew W. Guffey 2026-05-15Form 42026-05-150001225208-26-005391Insider equity transaction reported since the proxy statement. Filing ↗
63Section 02, Matthew W. Guffey 2026-05-15Form 42026-05-150001225208-26-005391Insider equity transaction reported since the proxy statement. Filing ↗
64Section 02, Kate Gutmann 2026-05-15Form 42026-05-150001225208-26-005392Insider equity transaction reported since the proxy statement. Filing ↗
65Section 02, Kate Gutmann 2026-05-15Form 42026-05-150001225208-26-005392Insider equity transaction reported since the proxy statement. Filing ↗
66Section 02, Kate Gutmann 2026-05-15Form 42026-05-150001225208-26-005392Insider equity transaction reported since the proxy statement. Filing ↗
67Section 02, Bala Subramanian 2026-05-15Form 42026-05-150001225208-26-005393Insider equity transaction reported since the proxy statement. Filing ↗
68Section 02, Bala Subramanian 2026-05-15Form 42026-05-150001225208-26-005393Insider equity transaction reported since the proxy statement. Filing ↗
69Section 02, Norman M. Brothers Jr 2026-05-15Form 42026-05-150001225208-26-005387Insider equity transaction reported since the proxy statement. Filing ↗
70Section 02, Norman M. Brothers Jr 2026-05-15Form 42026-05-150001225208-26-005387Insider equity transaction reported since the proxy statement. Filing ↗
71Section 02, Nando Cesarone 2026-05-15Form 42026-05-150001225208-26-005389Insider equity transaction reported since the proxy statement. Filing ↗
72Section 02, Brian Dykes 2026-05-15Form 42026-05-150001225208-26-005390Insider equity transaction reported since the proxy statement. Filing ↗
73Section 02, Matthew W. Guffey 2026-05-15Form 42026-05-150001225208-26-005391Insider equity transaction reported since the proxy statement. Filing ↗
74Section 02, Bala Subramanian 2026-05-15Form 42026-05-150001225208-26-005393Insider equity transaction reported since the proxy statement. Filing ↗
75Section 02, Nando Cesarone 2026-09-01Form 42026-09-030001225208-26-007660Insider equity transaction reported since the proxy statement. Filing ↗
76Section 02, Bala Subramanian 2026-09-01Form 42026-09-030001225208-26-007661Insider equity transaction reported since the proxy statement. Filing ↗
77Section 02, Wilfredo Ramos 2026-09-01Form 42026-09-030001225208-26-007662Insider equity transaction reported since the proxy statement. Filing ↗
78Section 06, 2026 voteForm 8-K2026-05-110001628280-26-033522Item 5.07 · say-on-pay result. As reported: 83.57% (votes for as printed: 870,170,397). Filing ↗
79Section 06, 2025 voteForm 8-K2025-05-120001090727-25-000051Item 5.07 · say-on-pay result. As reported: 85.87% (votes for as printed: 928,214,832). Filing ↗
80Section 06, 2024 voteForm 8-K2024-05-060001090727-24-000031Item 5.07 · say-on-pay result. As reported: 89.82% (votes for as printed: 1,051,455,683). Filing ↗
81Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
82Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
83Section 09b board cost (computed)Computed——Cash 1,723,750 + equity 2,458,750 + all other 0 = 4,182,500, summed across the director compensation table rows.machine: formula: Σ = 4,182,500
84Intel Corporation, Section 10b CEO totalDEF 14A2026-03-240000050863-26-000066CEO total compensation as printed in Intel Corporation's own proxy. As printed: 92,990,900. Filing ↗machine: r2 · c24 · span 1611286–1611296
85Cisco Systems, Inc., Section 10b CEO totalDEF 14A2025-10-280000858877-25-000150CEO total compensation as printed in Cisco Systems, Inc.'s own proxy. As printed: 52,838,751. Filing ↗machine: r2 · c33 · span 1073719–1073729
86Comcast Corporation, Section 10b CEO totalDEF 14A2026-04-240001193125-26-177138CEO total compensation as printed in Comcast Corporation's own proxy. As printed: 35,148,413. Filing ↗machine: r4 · c25 · span 1522252–1522262
87Johnson & Johnson, Section 10b CEO totalDEF 14A2026-03-110000200406-26-000063CEO total compensation as printed in Johnson & Johnson's own proxy. As printed: 32,758,111. Filing ↗machine: r3 · c27 · span 1621235–1621246
88AT&T, Inc., Section 10b CEO totalDEF 14A2026-03-230001193125-26-119888CEO total compensation as printed in AT&T, Inc.'s own proxy. As printed: 29,906,872. Filing ↗machine: r3 · c35 · span 1189292–1189302
89Walmart, Inc., Section 10b CEO totalDEF 14A2026-04-230001193125-26-173673CEO total compensation as printed in Walmart, Inc.'s own proxy. As printed: 29,240,930. Filing ↗machine: r4 · c16 · span 3840466–3840476
90Deere & Company, Section 10b CEO totalDEF 14A2026-01-140001104659-26-003618CEO total compensation as printed in Deere & Company's own proxy. As printed: 27,925,424. Filing ↗machine: t295 · r9 · c26 · span 5375554–5375564
91FedEx Corporation, Section 10b CEO totalDEF 14A2026-08-170001104659-26-097836CEO total compensation as printed in FedEx Corporation's own proxy. As printed: 27,554,018. Filing ↗machine: r1 · c54 · span 1409491–1409501
92PepsiCo, Inc., Section 10b CEO totalDEF 14A2026-03-270001308179-26-000169CEO total compensation as printed in PepsiCo, Inc.'s own proxy. As printed: 23,903,545. Filing ↗machine: r2 · c20 · span 826280–826290
93The Boeing Company, Section 10b CEO totalDEF 14A2026-03-060001193125-26-096787CEO total compensation as printed in The Boeing Company's own proxy. As printed: 23,581,389. Filing ↗machine: r2 · c44 · span 1170571–1170581
94Lockheed Martin Corporation, Section 10b CEO totalDEF 14A2026-03-260000936468-26-000004CEO total compensation as printed in Lockheed Martin Corporation's own proxy. As printed: 23,453,308. Filing ↗machine: r4 · c27 · span 1276177–1276187
95United Parcel Service (subject), Section 10b CEO totalDEF 14A2026-03-190001628280-26-019856CEO total compensation as printed in United Parcel Service's own proxy. As printed: 22,878,788. Filing ↗machine: r2 · c27 · span 899122–899132
96Lowe's Companies, Inc., Section 10b CEO totalDEF 14A2026-04-160000060667-26-000056CEO total compensation as printed in Lowe's Companies, Inc.'s own proxy. As printed: 21,581,889. Filing ↗machine: r2 · c8 · span 2406556–2406566
97McDonald's Corp., Section 10b CEO totalDEF 14A2026-04-070001193125-26-145548CEO total compensation as printed in McDonald's Corp.'s own proxy. As printed: 20,574,525. Filing ↗machine: r4 · c25 · span 2683025–2683035
98The Procter & Gamble Company, Section 10b CEO totalDEF 14A2026-08-280001193125-26-372211CEO total compensation as printed in The Procter & Gamble Company's own proxy. As printed: 18,976,742. Filing ↗
99Caterpillar Inc., Section 10b CEO totalDEF 14A2026-04-300001308179-26-000358CEO total compensation as printed in Caterpillar Inc.'s own proxy. As printed: 17,008,077. Filing ↗machine: span 855862–855872
100The Home Depot, Inc., Section 10b CEO totalDEF 14A2026-04-070000354950-26-000090CEO total compensation as printed in The Home Depot, Inc.'s own proxy. As printed: 16,191,127. Filing ↗machine: t169 · r4 · c15 · span 1200990–1201000
101Target Corp., Section 10b CEO totalDEF 14A2026-04-270001628280-26-027508CEO total compensation as printed in Target Corp.'s own proxy. As printed: 9,598,071. Filing ↗machine: r7 · c8 · span 2799507–2799517
102Section 10a, The Home Depot, Inc. reciprocityDEF 14A—0000354950-26-000090The Home Depot, Inc.'s most recent proxy was read; its disclosed peer group does not include United Parcel Service. Filing ↗
103Section 10a, The Procter & Gamble Company reciprocityDEF 14A—0001193125-26-372211The Procter & Gamble Company's most recent proxy was read; its disclosed peer group does not include United Parcel Service. Filing ↗
104Section 10a, Target Corp. reciprocityDEF 14A—0001628280-26-027508Target Corp. names United Parcel Service in its own disclosed peer group (read from its most recent proxy). Filing ↗
105Section 10a, Lockheed Martin Corporation reciprocityDEF 14A—0000936468-26-000004Lockheed Martin Corporation names United Parcel Service in its own disclosed peer group (read from its most recent proxy). Filing ↗
106Section 10a, Lowe's Companies, Inc. reciprocityDEF 14A—0001193125-25-083589Lowe's Companies, Inc.'s most recent proxy was read; its disclosed peer group does not include United Parcel Service. Filing ↗
107Section 10a, AT&T, Inc. reciprocityDEF 14A—0001193125-26-119888AT&T, Inc. names United Parcel Service in its own disclosed peer group (read from its most recent proxy). Filing ↗
108Section 10a, The Boeing Company reciprocityDEF 14A—0001193125-26-096787The Boeing Company names United Parcel Service in its own disclosed peer group (read from its most recent proxy). Filing ↗
109Section 10a, Caterpillar Inc. reciprocityDEF 14A—0001308179-26-000358Caterpillar Inc.'s most recent proxy was read; its disclosed peer group does not include United Parcel Service. Filing ↗
110Section 10a, Intel Corporation reciprocityDEF 14A—0000050863-26-000066Intel Corporation's most recent proxy was read; its disclosed peer group does not include United Parcel Service. Filing ↗
111Section 10a, Cisco Systems, Inc. reciprocityDEF 14A—0000858877-25-000150Cisco Systems, Inc.'s most recent proxy was read; its disclosed peer group does not include United Parcel Service. Filing ↗
112Section 10a, Johnson & Johnson reciprocityDEF 14A—0000200406-26-000063Johnson & Johnson's most recent proxy was read; its disclosed peer group does not include United Parcel Service. Filing ↗
113Section 10a, Comcast Corporation reciprocityDEF 14A—0001193125-26-177138Comcast Corporation's most recent proxy was read; its disclosed peer group does not include United Parcel Service. Filing ↗
114Section 10a, Walmart, Inc. reciprocityDEF 14A—0001193125-26-173673Walmart, Inc. names United Parcel Service in its own disclosed peer group (read from its most recent proxy). Filing ↗
115Section 10a, Deere & Company reciprocityDEF 14A—0001104659-26-003618Deere & Company's most recent proxy was read; its disclosed peer group does not include United Parcel Service. Filing ↗

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