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United Parcel Service

United Parcel Service (UPS) Q2 2026 Earnings

Reported Jul 28, 2026 at 6:03 AM ET · SEC Source

Q2 26 EPS

$1.76

BEAT +5.75%

Est. $1.66

Q2 26 Revenue

$22.83B

BEAT +4.55%

Est. $21.84B

vs S&P Since Q2 26

-11.9%

TRAILING MARKET

UPS -7.5% vs S&P +4.4%

Market Reaction

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… Read more 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

UPS 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.

24/7 Wall St

UPS YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

UPS Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“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.”

— Carol Tomé, Q2 2026 Earnings Press Release

Back to UPS Stock Page