UPS' total expenses have grown from $57.5 billion in 2016 to about $67.1 billion in 2018.
The jump in 2018 can be attributed to higher fuel costs, given the move in fuel prices, and overall volume growth.
For 2020, we expect total expenses to be around $74 billion, which comprises of
1) Operating Expenses: $71.3 billion
2) Non-Operating Expense: $1.1 billion
3) Income Taxes: $1.6 billion
Below, we take a look at how the company's key expense components have trended and the key reasons for the change.