United Parcel Service Inc Class B

UPS: XNYS (USA)

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UPS: Tempering Our Margin Forecasts on Unfavorable Mix Shift

Matthew Young

Sep 25, 2025

We are tempering our medium-term margin assumptions for UPS as we take a more conservative stance, especially due to unfavorable mix. In FedEx's fiscal first quarter, the impact of plummeting China-to-US volumes had more of an impact than we expected, and we look for a similar outcome for UPS.

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United Parcel Service Inc Class B

UPS: Tempering Our Margin Forecasts on Unfavorable Mix Shift

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