United Parcel (UPS) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Apr 28, 2026

Before Open (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

1.4

Last Year’s EPS

1.49

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 19 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Jan 27, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call conveyed a cautiously positive outlook: management reported strong revenue-quality improvements, significant one-time and structural cost savings ($3.5B in 2025 and targeted ~$3.0B more tied to the Amazon glide-down), meaningful automation and digital wins, and solid cash generation. However, the company faces material near-term headwinds — volume declines (notably Amazon-related and trade-policy impacts), temporary margin pressure in H1 2026 from the glide-down, Groundsaver transition and MD-11 lease costs, and international trade-lane mix shifts. Management emphasized a two‑half 2026 shape (first-half weakness, second-half recovery) and expects longer-term margin benefits once reconfiguration and automation ramp. Overall, the achievements and actionable cost-savings plans outweigh the near-term challenges but warrant monitoring of the execution through 2026.

Company Guidance

UPS guided to full-year 2026 consolidated revenue of approximately $89.7 billion and a consolidated operating margin of about 9.6%, with diluted EPS expected to be roughly flat to 2025; free cash flow is targeted at ~ $6.5 billion (including an annual pension contribution of ~$1.3 billion), capital expenditures around $3.0 billion, planned dividends of ~$5.4 billion, total below‑the‑line expense of ~ $760 million (including pension income of ~$250 million) and a tax rate of ~23%; segment-level guidance includes U.S. Domestic revenue roughly flat (ADV down mid-single digits, revenue per piece up mid-single digits), full‑year domestic margin flat to 2025 with first‑half domestic margins in the mid‑single digits and a second‑half rebound (high single‑digit operating profit growth, exiting toward a healthy double‑digit margin), another 1 million pieces/day Amazon glide‑down in 2026 with targeted ~$3.0 billion savings (reduce ~25 million operational hours, up to ~30,000 operational positions, 24 buildings identified for H1 closure and automation to process ~68% of U.S. volume by year‑end), International revenue up low single digits with operating margin in the mid‑teens (near‑term pressure and ~30% profit decline expected in Q1), and Supply Chain Solutions revenue up high single digits with operating margin in the low double digits; guidance assumes ~18 Boeing 767 deliveries (15 in 2026), includes an expected incremental MD‑11 related lease cost roughly double Q4 (~$100 million in 2026, ~90% in H1), and does not assume material changes to the current tariff landscape.

Strong Q4 and FY2025 Financials

Q4 consolidated revenue $24.5B; Q4 operating profit $2.9B; Q4 operating margin 11.8%; Q4 diluted EPS $2.38. Full-year 2025 consolidated revenue $88.7B; operating profit $8.7B; operating margin 9.8%.

Revenue Quality and Pricing Gains

U.S. revenue per piece improved materially: +8.3% year over year in Q4 and management noted +7.1% Y/Y for 2025. Base rates and package characteristics contributed ~340 bps of Q4 rep-per-piece growth; customer/product mix added ~320 bps.

Customer Mix Improvements (SMB & B2B)

SMB penetration rose to 31.8% of total U.S. volume (highest fourth quarter SMB level historically); Q4 SMB share 31.2% (↑340 bps Y/Y). B2B share increased (management cited 42.3% of U.S. volume in 2025 and Q4 B2B at 37.5%, +220 bps Y/Y), reflecting a shift to higher-yield volume.

Material Cost Savings and Network Reconfiguration

Delivered $3.5B in savings from network reconfiguration and efficiency reimagined initiatives in 2025. Targets for 2026 include an additional ~$3.0B in savings tied to the Amazon glide-down and network changes.

Automation and Productivity Gains

Deployed automation in 57 buildings in 2025; 66.5% of U.S. volume processed through automated facilities at year-end 2025 and targeted to reach 68% by end of 2026. Automated facilities show ~28% lower cost per piece versus conventional buildings.

Workforce and Operational Reductions

Removed 26.9 million labor hours in 2025; reduced ~48,000 operational positions (including 15,000 fewer seasonal positions); closed 195 operations (including 93 buildings) to align capacity with lower volumes.

Digital & Healthcare Growth

Digital access program revenue grew ~25% Y/Y to $4.1B globally; UPS Digital (Roadie & Happy Returns) revenue grew ~24-27% Y/Y. Completed acquisitions (Frigo Trans and Ann Lower Healthcare Group); healthcare logistics revenue reached $11.2B in 2025.

Strong Cash Generation and Capital Allocation

Generated $8.5B cash from operations in 2025; returned $6.4B to shareholders (dividends $5.4B, share repurchases $1.0B). Full-year 2026 free cash flow expected ≈$6.5B; CapEx planned ≈$3.0B; 2026 guidance: consolidated revenue ≈$89.7B and operating margin ≈9.6%.

Fleet Modernization

Accelerated retirement of MD-11 fleet (one-time $137M after-tax write-off in 2025) and will replace with 18 Boeing 767s (15 expected in 2026), improving long-term air fleet efficiency.

Operational Performance & Service Leadership

Maintained industry-leading on-time service during peak for the eighth consecutive year; management highlighted efficient peak operations despite MD-11 grounding.

United Parcel (UPS) Earnings, Revenues Date & History

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UPS Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 28, 2026	2026 (Q1)	1.40 / -	1.49	―	―	―
Jan 27, 2026	2025 (Q4)	2.20 / 2.38	2.75	-13.45% (-0.37)
Oct 28, 2025	2025 (Q3)	1.29 / 1.74	1.76	-1.14% (-0.02)
Jul 29, 2025	2025 (Q2)	1.56 / 1.55	1.79	-13.41% (-0.24)
Apr 29, 2025	2025 (Q1)	1.38 / 1.49	1.43	4.20% (+0.06)
Jan 30, 2025	2024 (Q4)	2.53 / 2.75	2.47	11.34% (+0.28)
Oct 24, 2024	2024 (Q3)	1.64 / 1.76	1.57	12.10% (+0.19)
Jul 23, 2024	2024 (Q2)	1.99 / 1.79	2.54	-29.53% (-0.75)
Apr 23, 2024	2024 (Q1)	1.28 / 1.43	2.2	-35.00% (-0.77)
Jan 30, 2024	2023 (Q4)	2.46 / 2.47	3.62	-31.77% (-1.15)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

UPS Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 28, 2025	$89.22	$96.36	+8.00%
Jul 29, 2025	$99.70	$89.16	-10.57%
Apr 29, 2025	$93.75	$93.40	-0.37%
Jan 30, 2025	$127.35	$109.38	-14.11%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.