Subtext

United Parcel Service, Inc. UPS

SectorIndustrials
Transcripts70
Date range2007-10-23 – 2025-04-29
Calls charted70

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-24-12+0+12+242007 Q32009 Q42012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32007 Q3 · Overall: +10.82007 Q4 · Overall: +6.02008 Q1 · Overall: -1.32008 Q2 · Overall: +4.02008 Q3 · Overall: +0.32008 Q4 · Overall: -1.62009 Q1 · Overall: +1.22009 Q2 · Overall: +4.42009 Q3 · Overall: +12.72009 Q4 · Overall: +9.92010 Q1 · Overall: +18.92010 Q2 · Overall: +10.32010 Q4 · Overall: +17.32011 Q1 · Overall: +12.42011 Q2 · Overall: +10.42011 Q3 · Overall: +6.12011 Q4 · Overall: +6.52012 Q1 · Overall: +10.62012 Q2 · Overall: -1.62012 Q3 · Overall: +3.32012 Q4 · Overall: +16.62013 Q1 · Overall: +8.82013 Q2 · Overall: +5.52013 Q3 · Overall: +11.72013 Q4 · Overall: +9.82014 Q1 · Overall: +10.42014 Q2 · Overall: +8.72014 Q3 · Overall: +10.22014 Q4 · Overall: +5.62015 Q1 · Overall: +8.72015 Q2 · Overall: +9.12015 Q3 · Overall: +11.62015 Q4 · Overall: +10.22016 Q1 · Overall: +10.32016 Q2 · Overall: +8.02016 Q3 · Overall: +12.82016 Q4 · Overall: +7.32017 Q1 · Overall: +12.32017 Q2 · Overall: +9.32017 Q3 · Overall: +11.92017 Q4 · Overall: +14.82018 Q1 · Overall: +11.72018 Q2 · Overall: +13.82018 Q3 · Overall: +14.92018 Q4 · Overall: +18.12019 Q1 · Overall: +15.62019 Q2 · Overall: +20.82019 Q3 · Overall: +15.82019 Q4 · Overall: +16.82020 Q1 · Overall: +2.02020 Q2 · Overall: +11.42020 Q3 · Overall: +11.82020 Q4 · Overall: +13.12021 Q1 · Overall: +14.72021 Q2 · Overall: +11.32021 Q3 · Overall: +9.92021 Q4 · Overall: +15.02022 Q1 · Overall: +8.72022 Q2 · Overall: +11.42022 Q3 · Overall: +15.52022 Q4 · Overall: +10.22023 Q1 · Overall: +8.52023 Q2 · Overall: +7.92023 Q3 · Overall: +1.12023 Q4 · Overall: +6.32024 Q1 · Overall: +8.22024 Q2 · Overall: +9.32024 Q3 · Overall: +11.42024 Q4 · Overall: +7.12025 Q1 · Overall: +3.5
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-47-24+0+24+472007 Q32009 Q42012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32007 Q3 · CEO: +14.02007 Q4 · CEO: +7.92008 Q1 · CEO: -3.32008 Q2 · CEO: +13.32008 Q3 · CEO: -2.92008 Q4 · CEO: +3.82009 Q1 · CEO: +4.32009 Q2 · CEO: +4.42009 Q3 · CEO: +16.82009 Q4 · CEO: +18.12010 Q1 · CEO: +16.92010 Q2 · CEO: +21.62010 Q4 · CEO: +28.42011 Q1 · CEO: +11.62011 Q2 · CEO: +10.72011 Q3 · CEO: +16.52011 Q4 · CEO: +12.52012 Q1 · CEO: +20.42012 Q2 · CEO: +2.42012 Q3 · CEO: +6.92013 Q1 · CEO: +18.62013 Q2 · CEO: +13.92013 Q3 · CEO: +15.92013 Q4 · CEO: +12.02014 Q1 · CEO: +12.62014 Q2 · CEO: +13.02014 Q3 · CEO: +17.72014 Q4 · CEO: +14.62015 Q1 · CEO: +22.82015 Q2 · CEO: +19.42015 Q3 · CEO: +18.32015 Q4 · CEO: +25.62016 Q1 · CEO: +19.42016 Q2 · CEO: +6.62016 Q3 · CEO: +29.72016 Q4 · CEO: +20.02017 Q1 · CEO: +23.72017 Q2 · CEO: +27.52017 Q3 · CEO: +23.42017 Q4 · CEO: +15.02018 Q1 · CEO: +24.52018 Q2 · CEO: +24.12018 Q3 · CEO: +32.62018 Q4 · CEO: +39.72019 Q1 · CEO: +33.42019 Q2 · CEO: +41.22019 Q3 · CEO: +24.32019 Q4 · CEO: +26.62020 Q1 · CEO: +4.92020 Q2 · CEO: +14.52020 Q3 · CEO: +14.82020 Q4 · CEO: +16.52021 Q1 · CEO: +18.92021 Q2 · CEO: +30.12021 Q3 · CEO: +16.02021 Q4 · CEO: +21.92022 Q1 · CEO: +10.72022 Q2 · CEO: +19.52022 Q3 · CEO: +25.32022 Q4 · CEO: +24.92023 Q1 · CEO: +15.62023 Q3 · CEO: +16.12023 Q4 · CEO: +9.42024 Q1 · CEO: +12.02024 Q2 · CEO: +11.12024 Q3 · CEO: +13.72024 Q4 · CEO: +5.22025 Q1 · CEO: +8.32007 Q3 · CFO: +15.92007 Q4 · CFO: +15.92008 Q1 · CFO: +3.72008 Q2 · CFO: +3.12008 Q3 · CFO: +8.42008 Q4 · CFO: +1.52009 Q1 · CFO: +4.12009 Q2 · CFO: +9.22009 Q3 · CFO: +17.62009 Q4 · CFO: +16.02010 Q1 · CFO: +30.42010 Q2 · CFO: +15.72010 Q4 · CFO: +19.12011 Q1 · CFO: +20.32011 Q2 · CFO: +17.92011 Q3 · CFO: +10.92011 Q4 · CFO: +11.32012 Q1 · CFO: +15.52012 Q2 · CFO: +4.82012 Q3 · CFO: +10.22012 Q4 · CFO: +16.62013 Q1 · CFO: +17.62013 Q2 · CFO: +6.12013 Q3 · CFO: +13.22013 Q4 · CFO: +12.32014 Q1 · CFO: +12.12014 Q2 · CFO: +12.72014 Q3 · CFO: +16.12014 Q4 · CFO: +4.32015 Q1 · CFO: +11.32015 Q3 · CFO: +15.32015 Q4 · CFO: +9.82016 Q2 · CFO: +13.62016 Q3 · CFO: +12.42016 Q4 · CFO: +9.62017 Q1 · CFO: +10.72017 Q2 · CFO: +10.92017 Q3 · CFO: +10.32017 Q4 · CFO: +10.92018 Q1 · CFO: +14.12018 Q2 · CFO: +25.92018 Q3 · CFO: +25.12018 Q4 · CFO: +16.32019 Q1 · CFO: +20.02019 Q2 · CFO: +26.42019 Q3 · CFO: +22.12019 Q4 · CFO: +19.32020 Q1 · CFO: +2.42020 Q2 · CFO: +8.22020 Q3 · CFO: +13.32020 Q4 · CFO: +16.92021 Q1 · CFO: +16.42021 Q2 · CFO: +12.52021 Q3 · CFO: +13.22021 Q4 · CFO: +16.22022 Q1 · CFO: +9.82022 Q2 · CFO: +11.72022 Q3 · CFO: +10.92022 Q4 · CFO: +2.22023 Q1 · CFO: +2.72023 Q2 · CFO: +1.32023 Q3 · CFO: -7.82023 Q4 · CFO: +6.02024 Q1 · CFO: +9.12024 Q2 · CFO: +8.82024 Q3 · CFO: +13.02024 Q4 · CFO: +11.42025 Q1 · CFO: +0.8
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-40-20+0+20+402007 Q32009 Q42012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32007 Q3 · Prepared remarks: +18.82007 Q4 · Prepared remarks: +17.72008 Q1 · Prepared remarks: -1.52008 Q2 · Prepared remarks: +6.02008 Q3 · Prepared remarks: +3.72008 Q4 · Prepared remarks: -5.82009 Q1 · Prepared remarks: +0.72009 Q2 · Prepared remarks: +1.02009 Q3 · Prepared remarks: +23.62009 Q4 · Prepared remarks: +18.12010 Q1 · Prepared remarks: +32.92010 Q2 · Prepared remarks: +28.62010 Q4 · Prepared remarks: +24.92011 Q1 · Prepared remarks: +16.32011 Q2 · Prepared remarks: +17.12011 Q3 · Prepared remarks: +16.82011 Q4 · Prepared remarks: +11.92012 Q1 · Prepared remarks: +20.82012 Q2 · Prepared remarks: +3.72012 Q3 · Prepared remarks: +7.22012 Q4 · Prepared remarks: +16.62013 Q1 · Prepared remarks: +13.32013 Q2 · Prepared remarks: +11.62013 Q3 · Prepared remarks: +13.12013 Q4 · Prepared remarks: +13.22014 Q1 · Prepared remarks: +16.62014 Q2 · Prepared remarks: +21.52014 Q3 · Prepared remarks: +19.62014 Q4 · Prepared remarks: +10.32015 Q1 · Prepared remarks: +21.12015 Q2 · Prepared remarks: +32.82015 Q3 · Prepared remarks: +18.82015 Q4 · Prepared remarks: +18.32016 Q1 · Prepared remarks: +19.72016 Q2 · Prepared remarks: +15.22016 Q3 · Prepared remarks: +20.62016 Q4 · Prepared remarks: +21.62017 Q1 · Prepared remarks: +21.32017 Q2 · Prepared remarks: +28.42017 Q3 · Prepared remarks: +19.72017 Q4 · Prepared remarks: +27.72018 Q1 · Prepared remarks: +22.02018 Q2 · Prepared remarks: +30.42018 Q3 · Prepared remarks: +30.72018 Q4 · Prepared remarks: +29.62019 Q1 · Prepared remarks: +27.12019 Q2 · Prepared remarks: +34.82019 Q3 · Prepared remarks: +27.62019 Q4 · Prepared remarks: +24.62020 Q1 · Prepared remarks: +3.22020 Q2 · Prepared remarks: +13.52020 Q3 · Prepared remarks: +17.92020 Q4 · Prepared remarks: +19.12021 Q1 · Prepared remarks: +21.12021 Q2 · Prepared remarks: +20.82021 Q3 · Prepared remarks: +19.02021 Q4 · Prepared remarks: +19.72022 Q1 · Prepared remarks: +11.92022 Q2 · Prepared remarks: +20.32022 Q3 · Prepared remarks: +22.12022 Q4 · Prepared remarks: +9.12023 Q1 · Prepared remarks: +7.62023 Q2 · Prepared remarks: +12.82023 Q3 · Prepared remarks: +3.12023 Q4 · Prepared remarks: +7.62024 Q1 · Prepared remarks: +11.42024 Q2 · Prepared remarks: +9.82024 Q3 · Prepared remarks: +15.02024 Q4 · Prepared remarks: +8.92025 Q1 · Prepared remarks: +5.52007 Q3 · Q&A responses: +11.02007 Q4 · Q&A responses: +7.92008 Q1 · Q&A responses: +2.22008 Q2 · Q&A responses: +7.62008 Q3 · Q&A responses: +4.72008 Q4 · Q&A responses: +6.72009 Q1 · Q&A responses: +5.22009 Q2 · Q&A responses: +10.02009 Q3 · Q&A responses: +12.52009 Q4 · Q&A responses: +10.12010 Q1 · Q&A responses: +18.22010 Q2 · Q&A responses: +12.82010 Q4 · Q&A responses: +22.12011 Q1 · Q&A responses: +17.82011 Q2 · Q&A responses: +14.82011 Q3 · Q&A responses: +7.92011 Q4 · Q&A responses: +8.12012 Q1 · Q&A responses: +11.52012 Q2 · Q&A responses: +2.32012 Q3 · Q&A responses: +8.02013 Q1 · Q&A responses: +13.92013 Q2 · Q&A responses: +10.52013 Q3 · Q&A responses: +15.92013 Q4 · Q&A responses: +11.62014 Q1 · Q&A responses: +10.52014 Q2 · Q&A responses: +5.82014 Q3 · Q&A responses: +13.82014 Q4 · Q&A responses: +7.62015 Q1 · Q&A responses: +8.42015 Q2 · Q&A responses: +5.32015 Q3 · Q&A responses: +11.12015 Q4 · Q&A responses: +11.12016 Q1 · Q&A responses: +9.02016 Q2 · Q&A responses: +8.52016 Q3 · Q&A responses: +12.02016 Q4 · Q&A responses: +1.12017 Q1 · Q&A responses: +12.12017 Q2 · Q&A responses: +3.02017 Q3 · Q&A responses: +7.52017 Q4 · Q&A responses: +8.02018 Q1 · Q&A responses: +3.52018 Q2 · Q&A responses: +6.22018 Q3 · Q&A responses: +4.22018 Q4 · Q&A responses: +7.72019 Q1 · Q&A responses: +10.32019 Q2 · Q&A responses: +8.22019 Q3 · Q&A responses: +9.62019 Q4 · Q&A responses: +14.42020 Q1 · Q&A responses: +2.72020 Q2 · Q&A responses: +11.22020 Q3 · Q&A responses: +9.12020 Q4 · Q&A responses: +12.02021 Q1 · Q&A responses: +14.22021 Q2 · Q&A responses: +8.52021 Q3 · Q&A responses: +9.52021 Q4 · Q&A responses: +16.12022 Q1 · Q&A responses: +7.82022 Q2 · Q&A responses: +11.52022 Q3 · Q&A responses: +14.52022 Q4 · Q&A responses: +14.82023 Q1 · Q&A responses: +10.22023 Q2 · Q&A responses: +10.02023 Q3 · Q&A responses: +4.42023 Q4 · Q&A responses: +9.52024 Q1 · Q&A responses: +8.92024 Q2 · Q&A responses: +11.42024 Q3 · Q&A responses: +11.22024 Q4 · Q&A responses: +8.92025 Q1 · Q&A responses: +4.6
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$4.71$9.19$13.672007 Q32009 Q42012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32014 Q1: $5.412014 Q2: $5.472014 Q3: $5.552014 Q4: $5.652015 Q1: $5.332015 Q2: $5.472015 Q3: $5.702015 Q4: $5.772016 Q1: $5.892016 Q2: $6.022016 Q3: $6.092016 Q4: $6.162017 Q1: $6.082017 Q2: $6.212017 Q3: $6.362017 Q4: $6.512018 Q1: $7.392018 Q2: $7.552018 Q3: $7.772018 Q4: $7.802019 Q1: $7.712019 Q2: $7.782019 Q3: $7.972019 Q4: $8.082020 Q1: $7.922020 Q2: $6.132020 Q3: $7.722020 Q4: $8.462021 Q1: $9.082021 Q2: $11.242021 Q3: $11.582021 Q4: $12.102022 Q1: $12.992022 Q2: $13.052022 Q3: $12.972022 Q4: $12.262023 Q1: $11.692023 Q2: $11.292023 Q3: $10.312023 Q4: $9.712024 Q1: $8.632024 Q2: $8.962024 Q3: $8.542024 Q4: $8.75

Forward P/E

11.4016.4021.402007 Q32009 Q42012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32014 Q1: 17.932014 Q2: 18.792014 Q3: 17.912014 Q4: 19.212015 Q1: 18.832015 Q2: 18.342015 Q3: 17.572015 Q4: 17.422016 Q1: 17.252016 Q2: 17.262016 Q3: 17.532016 Q4: 19.042017 Q1: 17.732017 Q2: 17.622017 Q3: 18.402017 Q4: 18.192018 Q1: 14.712018 Q2: 15.532018 Q3: 15.222018 Q4: 12.092019 Q1: 14.372019 Q2: 13.052019 Q3: 15.182019 Q4: 14.602020 Q1: 12.532020 Q2: 17.442020 Q3: 20.712020 Q4: 20.112021 Q1: 17.702021 Q2: 17.822021 Q3: 16.702021 Q4: 17.012022 Q1: 16.772022 Q2: 13.472022 Q3: 14.732022 Q4: 15.032023 Q1: 15.772023 Q2: 15.482023 Q3: 15.312023 Q4: 16.192024 Q1: 17.942024 Q2: 14.982024 Q3: 15.312024 Q4: 14.15

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q4 tone ↓ -4.6 fwd EPS ↑ +0.10 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q1 tone ↑ +3.1 fwd EPS ↓ -0.33 Tone rose while the forward EPS estimate was cut.
  • 2016 Q2 tone ↓ -2.3 fwd EPS ↑ +0.12 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q4 tone ↓ -5.5 fwd EPS ↑ +0.07 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q1 tone ↑ +5.0 fwd EPS ↓ -0.08 Tone rose while the forward EPS estimate was cut.
  • 2017 Q2 tone ↓ -3.0 fwd EPS ↑ +0.13 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q1 tone ↓ -3.1 fwd EPS ↑ +0.88 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q3 tone ↓ -4.9 fwd EPS ↑ +0.19 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q2 tone ↑ +9.4 fwd EPS ↓ -1.79 Tone rose while the forward EPS estimate was cut.
  • 2021 Q2 tone ↓ -3.4 fwd EPS ↑ +2.17 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q1 tone ↓ -6.3 fwd EPS ↑ +0.89 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q4 tone ↑ +5.2 fwd EPS ↓ -0.60 Tone rose while the forward EPS estimate was cut.
  • 2024 Q3 tone ↑ +2.2 fwd EPS ↓ -0.43 Tone rose while the forward EPS estimate was cut.
  • 2024 Q4 tone ↓ -4.4 fwd EPS ↑ +0.21 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-29+3.5——View →
2024 Q42025-01-30+7.1$8.7514.2View →
2024 Q32024-10-24+11.4$8.5415.3View →
2024 Q22024-07-23+9.3$8.9615.0View →
2024 Q12024-04-23+8.2$8.6317.9View →
2023 Q42024-01-30+6.3$9.7116.2View →
2023 Q32023-10-26+1.1$10.3115.3View →
2023 Q22023-08-08+7.9$11.2915.5View →