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UPS Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Jan, 2026
Executive summary
Fourth quarter 2025 results exceeded expectations, driven by strong revenue quality, disciplined cost management, and effective execution across all business segments, despite year-over-year revenue and profit declines.
Strategic actions included network reconfiguration, automation, targeted volume reductions (notably with Amazon), and investments in healthcare logistics and digital solutions.
All three business segments contributed to outperformance, with U.S. Domestic and Supply Chain Solutions expanding operating margins and International Small Package achieving record revenue.
U.S. revenue per piece grew 8.3% year-over-year, with improved customer and product mix.
The company navigated a dynamic macro environment, including global trade policy changes and geopolitical concerns, while making significant progress in network reconfiguration and automation.
Financial highlights
Q4 2025 consolidated revenue: $24.5B; operating profit: $2.9B; operating margin: 11.8% (adjusted); diluted EPS: $2.38 (adjusted).
Full-year 2025 consolidated revenue: $88.7B; operating profit: $8.7B (adjusted); operating margin: 9.8% (adjusted); adjusted EPS: $7.16.
Cash from operations: $8.5B; free cash flow: $5.47B; CapEx: $3.7B; dividends: $5.4B; share repurchases: $1B.
$6.4B was returned to shareholders via dividends and share repurchases in 2025.
Q4 2025 net income was $1.79B; adjusted net income was $2.03B.
Outlook and guidance
2026 consolidated revenue expected at $89.7B; adjusted operating margin at 9.6%; diluted EPS projected flat to 2025; free cash flow expected at $6.5B.
U.S. Domestic revenue expected to be flat year-over-year; first half down due to Amazon glide-down, second half up as restructuring concludes.
International segment revenue to grow low-single digits; operating margin in mid-teens.
Supply Chain Solutions revenue to rise high-single digits, with low-double digit operating margin.
Planned capital expenditures for 2026 are $3.0B; dividend payments projected at $5.4B.
Quantify 2026 margin impact from Amazon glide-down
US Domestic cost per piece increase rationale
Balance of 2026 capex vs. shareholder returns
Detail 2026 U.S. cost per piece management
How will International mitigate trade policy impact?
What is the strategy for high-value growth areas?
What drives H1 2026 Domestic margin pressure?
How many positions will be reduced in 2026?
When will Ground Saver USPS benefits materialize?
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Next UPS earnings date
Q1 202628 Apr, 2026
UPS
Next UPS earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
The world’s leading courier service
UPS, short for United Parcel Service, is a global logistics and package delivery company. They provide a wide range of transportation and supply chain management solutions, catering to both businesses and individuals. With a world-wide network of vehicles, aircraft, and distribution centers, UPS offers reliable and efficient shipping services for packages of various sizes.
The leaders of the courier world
UPS has established a strong market position as a global leader in logistics and package delivery services. The company's success can be attributed to several key factors. UPS has built an extensive and efficient transportation network, including a fleet of vehicles, aircraft, and a vast network of distribution centers strategically located worldwide. This allows them to provide reliable and timely delivery services across different geographies.
All-encompassing shipping solutions
UPS offers a wide range of shipping solutions for both companies and private individuals. For businesses, UPS provides services such as domestic and international package delivery, freight transportation, supply chain management, and logistics solutions. These services help companies optimize their shipping processes, improve operational efficiency, and expand their global reach.
For private individuals, UPS offers reliable and convenient shipping options for personal packages and shipments. Whether it's standard shipping or expedited delivery, UPS ensures timely and secure transportation. The company also provides online tracking, secure packaging, and easy returns to simplify the shipping experience for individuals.
With its comprehensive range of shipping solutions, UPS caters to the needs of businesses and individuals alike, offering reliable and efficient services for domestic and international shipments.
A substantial moat
The courier industry, including companies like UPS and their main competitors FedEx and Deutsche Post (DHL), tend to have substantial moats. The high barriers to entry, such as the need for extensive transportation infrastructure and established customer relationships, make it challenging for new competitors to enter the market. This creates a favorable competitive landscape for established courier companies like UPS, further reinforcing their market position and providing a strong moat against potential rivals.
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