Companies /Industrials
United Parcel Service Inc - Class B
NYSE: UPS Integrated Freight & Logistics
$94.54
▲ $0.41 (+0.44%) today
Markets closed · 5:19pm ET

United Parcel Service (UPS) Q1 2026 Earnings

Reported Apr 28, 2026, 6:09am ET · SEC source
$1.07
Beat +4.18%
EPS · est. $1.03
$21.2B
Beat +1.09%
Revenue · est. $21.0B
−3.6%
Trailing market
UPS vs S&P since report
4 quarters
Consecutive EPS beats

How Did UPS Stock React to Q1 2026 Earnings?

% change · around the report
−2%0+2%Apr 28Apr 29report 6:09am ETearnings−0.5%+0.5%
−2%0+2%Apr 28Apr 29earnings−0.5%+0.5%
UPS +0.5%S&P 500 −0.5%
−2%0+2%Apr 28Apr 29report 6:09am ETearnings−0.1%+0.5%
−2%0+2%Apr 28Apr 29earnings−0.1%+0.5%
UPS +0.5%NASDAQ −0.1%
−8%−4%0+4%Apr 27May 6report 6:09am ETearnings+2.3%−6.6%
−8%−4%0+4%Apr 27May 6earnings+2.3%−6.6%
UPS −6.6%S&P 500 +2.3%
−10%−5%0+5%Apr 27May 6report 6:09am ETearnings+4.8%−6.6%
−10%−5%0+5%Apr 27May 6earnings+4.8%−6.6%
UPS −6.6%NASDAQ +4.8%
−3.97%
Day of report
+2.57%
Next session
−5.65%
One week
+2.65%
30 days

S&P 500 over the same 30 days: +6.29%.

Did UPS Beat Earnings? Q1 2026 Results

Yes. United Parcel Service reported Q1 2026 earnings of $1.07 a share on Apr 28, 2026, beating the $1.03 consensus estimate by 4.2%. Revenue was $21.2B against a $21.0B estimate.

United Parcel Service topped Wall Street expectations in the first quarter of 2026, delivering adjusted diluted EPS of $1.07 against a consensus estimate of $1.03, a 4.18% beat, even as the company navigated a deliberate and costly strategic overhaul. Revenue of $21.20 billion edged past the $20.97 billion consensus by 1.09%, though it still declined 1.3% from a year ago, reflecting the intentional volume pullback in U.S. Domestic Package, where average daily volumes fell 8.0% as UPS shed lower-margin business. The pain was partially cushioned by a 6.5% rise in revenue per piece domestically and a standout Supply Chain Solutions segment, where adjusted operating profit more than doubled to $206.00 million. Driving the broader transformation, UPS captured roughly $600 million in program cost savings during the quarter alone, part of an expected $3.00 billion in full-year savings. Management reaffirmed full-year 2026 guidance of approximately $89.70 billion in revenue and a 9.6% adjusted operating margin, with CEO Carol Tomé signaling a return to revenue and profit growth beginning in Q2 2026.

Key Takeaways
  • Revenue per piece growth of 6.5% in U.S. Domestic and 10.7% in International offset volume declines
  • Expected volume decline from largest customer drove Network Reconfiguration initiative
  • Approximately $600 million in program cost savings achieved in Q1 2026
  • Consolidated volume declined 7.8% year-over-year to 1,189 million pieces
  • U.S. Domestic adjusted cost per piece increased 9.5% due to lower volume leverage
  • Supply Chain Solutions operating margin expanded to 8.1% from 1.7% (GAAP) year-over-year

“I want to thank UPSers around the world for their hard work and efforts, and for pushing our transformation forward.”

United Parcel Service CEO, on the earnings call

What Was United Parcel Service's Outlook in Q1 2026?

UPS reaffirmed its full-year 2026 guidance, targeting consolidated revenue of approximately $89.7 billion and non-GAAP adjusted operating margin of approximately 9.6%. Capital expenditures are expected at about $3.0 billion, dividend payments around $5.4 billion (subject to board approval), and an effective tax rate of approximately 23.0%. The company expects to achieve approximately $3 billion in full-year cost savings from its Network Reconfiguration and Efficiency Reimagined initiatives. Management expects to return to consolidated revenue and operating profit growth, and adjusted operating margin expansion, beginning in Q2 2026.

UPS YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$6.0B$12.0B$18.0B$21.5B$21.2BRevenue$1.7B$1.3BOperating Income$1.2B$864.0MNet Income
$0$6.0B$12.0B$18.0BRevenueOperating IncomeNet Income
UPS income statement, Q1 2026 versus Q1 2025
Metric Q1 2026 Q1 2025 Year over year
Revenue $21.2B $21.5B −1.3%
Operating Income $1.3B $1.7B −25.4%
Net Income $864.0M $1.2B −27.2%

UPS Revenue by Segment

U.S. Domestic Package$14.1B−2.3%
Ground$10.4B−2.5%
International Package$4.5B+3.8%
International Export$3.5B+3.0%
Supply Chain Solutions$2.5B−6.5%
Next Day Air$2.4B−0.3%
Logistics$1.4B−10.4%
Deferred$1.0B−0.4%

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