Companies /Industrials

United Parcel Service Inc - Class B

NYSE: UPS Integrated Freight & Logistics
$105.69
â–² $0.04 (+0.04%) today
Markets open · 3:53pm ET

Q2 2026 Earnings

Reported Jul 28, 2026, 6:03am ET · SEC source
$1.76
Beat +5.75%
EPS · est. $1.66
$22.8B
Beat +4.55%
Revenue · est. $21.8B
−3.6%
Trailing market
UPS vs S&P since report
4 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−6%−3%0Jul 28Jul 29report 6:03am ETearnings−0.8%−7.4%
−6%−3%0Jul 28Jul 29earnings−0.8%−7.4%
UPS −7.4%S&P 500 −0.8%
−6%−3%0Jul 28Jul 29report 6:03am ETearnings−1.8%−7.4%
−6%−3%0Jul 28Jul 29earnings−1.8%−7.4%
UPS −7.4%NASDAQ −1.8%
−10%−5%0+5%Jul 27Aug 5report 6:03am ETearnings+4.9%−4.6%
−10%−5%0+5%Jul 27Aug 5earnings+4.9%−4.6%
UPS −4.6%S&P 500 +4.9%
−6%0+6%Jul 27Aug 5report 6:03am ETearnings+7.2%−4.6%
−6%0+6%Jul 27Aug 5earnings+7.2%−4.6%
UPS −4.6%NASDAQ +7.2%
−6.57%
Day of report
−0.92%
Next session
+3.39%
One week
+0.40%
30 days

S&P 500 over the same 30 days: +4.03%.

Did UPS Beat Earnings? Q2 2026 Results

United Parcel Service posted a strong second quarter, beating Wall Street estimates on both earnings and revenue as a deliberate pivot toward higher-value shipments more than offset a planned drop in package volumes. The Atlanta-based logistics giant reported adjusted diluted EPS of $1.76, topping the $1.66 consensus estimate by 5.75%, while consolidated revenue climbed 7.6% year-over-year to $22.83 billion, clearing analyst expectations of $21.84 billion by 4.55%. The key driver behind the outperformance was a 11.3% surge in revenue per piece to $15.96, which cushioned the impact of a 3.6% decline in total package volumes tied to the company's completed Amazon volume glide-down and related network restructuring. GAAP results were weighed down by $1.17 billion in pre-tax transformation costs, pulling GAAP diluted EPS to $0.71, though management signaled confidence in the longer-term payoff by raising its full-year outlook, now targeting approximately $91.20 billion in revenue and adjusted diluted EPS of approximately $7.22, with roughly $3 billion in expected transformation benefits for the year.

Key Takeaways
  • Revenue per piece increased 9.3% in U.S. Domestic and 18.9% in International, driving revenue growth despite volume declines
  • Successful completion of Amazon volume glide-down and network reconfiguration
  • Approximately $1.2 billion in transformation program benefits achieved in the first six months of 2026
  • Supply Chain Solutions growth driven by forwarding and logistics, including healthcare
  • Consolidated volume declined 3.6% year-over-year to 1.217 billion packages
  • U.S. Domestic average daily volume declined 3.3% while International volume declined 5.8%
  • U.S. Domestic Non-GAAP adjusted cost per piece rose 8.7% year-over-year to $13.21 for the six-month period

“I want to thank all UPSers for their extraordinary work over the past 18 months as we successfully completed our Amazon glide down and related network reconfiguration initiatives as designed.”

United Parcel Service CEO, on the earnings call

Forward Guidance & Outlook

UPS raised its full-year 2026 guidance: consolidated revenue to approximately $91.2 billion, non-GAAP adjusted operating profit to approximately $8.65 billion, and non-GAAP adjusted diluted EPS to approximately $7.22. Capital expenditures are expected at approximately $3.0 billion and dividend payments around $5.4 billion, subject to board approval. The effective tax rate is expected to be approximately 23.0%. The company expects approximately $3 billion in full-year 2026 benefits from transformation initiatives, with between $1.3 and $1.5 billion in transformation-related costs excluded from non-GAAP adjusted operating expense for the full year.

UPS YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$7.0B$14.0B$21.0B$21.2B$22.8BRevenue$1.8B$930.0MOperating Income$1.3B$604.0MNet Income
$0$7.0B$14.0B$21.0BRevenueOperating IncomeNet Income

UPS Revenue by Segment

U.S. Domestic Package$14.9B+6.0%
Ground$10.9B+4.0%
International Package$5.0B+12.5%
International Export$4.0B+13.7%
Supply Chain Solutions$2.9B+7.8%
Next Day Air$2.6B+12.4%
Logistics$1.5B+4.3%
Deferred$1.1B+7.6%

Figures from SEC filings and company reports. Not investment advice.