Company Reports

UPS' second-quarter revenue flipped positive year over year (up 8%) driven by spiking fuel surcharges, favorable mix, and resilient core pricing. Domestic volumes were still down (Amazon drawdown), but declines are easing. Consolidated adjusted margin improved on domestic cost-takeout traction.

UPS is the giant among global small-parcel delivery companies, and it’s one of three commercial providers that dominate the global landscape; FedEx and UPS are the major US incumbents, while DHL Express leads in Europe. The company divested its less-than-truckload division, UPS Freight, in 2021 as part of CEO Carol Tomé's "better, not bigger" framework. In September 2023, UPS also divested its asset-light truck brokerage unit, Coyote, which it acquired in 2015.

UPS is the giant among global small-parcel delivery companies, and it’s one of three commercial providers that dominate the global landscape; FedEx and UPS are the major US incumbents, while DHL Express leads in Europe. The company divested its less-than-truckload division, UPS Freight, in 2021 as part of CEO Carol Tomé's "better, not bigger" framework. In September 2023, UPS also divested its asset-light truck brokerage unit, Coyote, which it acquired in 2015.

Amazon announced it is opening up its last-mile parcel delivery network to shippers outside of its own e-commerce network. Historically, the firm constrained its capacity to its own rapidly expanding package delivery needs, but this move puts the firm into direct competition with FedEx and UPS.

UPS is the giant among global small-parcel delivery companies, and it’s one of three commercial providers that dominate the global landscape; FedEx and UPS are the major US incumbents, while DHL Express leads in Europe. The company divested its less-than-truckload division, UPS Freight, in 2021 as part of CEO Carol Tomé's "better, not bigger" framework. In September 2023, UPS also divested its asset-light truck brokerage unit, Coyote, which it acquired in 2015.

UPS' first-quarter revenue fell 2% year over year on the Amazon-volume drawdown and lower international activity (tough comps from US import pull-forward), partly offset by a favorable domestic mix and healthy core pricing. Consolidated margin deteriorated, but domestic cost takeout seems on track.

UPS is the giant among global small-parcel delivery companies, and it’s one of three commercial providers that dominate the global landscape; FedEx and UPS are the major US incumbents, while DHL Express leads in Europe. The company divested its less-than-truckload division, UPS Freight, in 2021 as part of CEO Carol Tomé's "better, not bigger" framework. In September 2023, UPS also divested its asset-light truck brokerage unit, Coyote, which it acquired in 2015.

UPS' fourth-quarter revenue fell 3% year over year due to the Amazon drawdown, and as international activity declined on tough comps (US import pull forward), domestic yield jumped due to mix and core pricing gains. Total adjusted margin worsened, but domestic cost efforts are bearing fruit.

UPS is the giant among global small-parcel delivery companies, and it’s one of three commercial providers that dominate the global landscape; FedEx and UPS are the major US incumbents, while DHL Express leads in Europe. The company divested its less-than-truckload division, UPS Freight, in 2021 as part of CEO Carol Tomé's "better, not bigger" framework. In September 2023, UPS also divested its asset-light truck brokerage unit, Coyote, which it acquired in 2015.

UPS is the giant among global small-parcel delivery companies, and it’s one of three commercial providers that dominate the global landscape; FedEx and UPS are the major US incumbents, while DHL Express leads in Europe. The company divested its less-than-truckload division, UPS Freight, in 2021 as part of CEO Carol Tomé's "better, not bigger" framework. In September 2023, UPS also divested its asset-light truck brokerage unit, Coyote, which it acquired in 2015.

UPS' third-quarter revenue fell 4% year over year on the Amazon volume drawdown and Coyote divestiture, though international activity proved resilient and US yields rose nicely on mix and core pricing gains. Total margin expanded due to a leaseback gain, though domestic margin improved modestly.

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.

UPS is the giant among global small-parcel delivery companies, and it’s one of three commercial providers that dominate the global landscape; FedEx and UPS are the major US incumbents, while DHL Express leads in Europe. The company divested its less-than-truckload division, UPS Freight, in 2021 as part of CEO Carol Tomé's "better, not bigger" framework. In September 2023, UPS also divested its asset-light truck brokerage unit, Coyote, which it acquired in 2015.

UPS' second-quarter revenue fell 3% year over year as the Coyote divestiture and ongoing Amazon-volume drawdown more than offset higher US package yields (base-rate gains and favorable mix). Total adjusted margin worsened, due mostly to lower international package profitability.

UPS is the giant among global small-parcel delivery companies, and it’s one of three commercial providers that dominate the global landscape; FedEx and UPS are the major US incumbents, while DHL Express leads in Europe. The company divested its less-than-truckload division, UPS Freight, in 2021 as part of CEO Carol Tomé's "better, not bigger" framework. In September 2023, UPS also divested its asset-light truck brokerage unit, Coyote, which it acquired in 2015.

UPS is the giant among global small-parcel delivery companies, and it’s one of three commercial providers that dominate the global landscape; FedEx and UPS are the major US incumbents, while DHL Express leads in Europe. The company divested its less-than-truckload division, UPS Freight, in 2021 as part of CEO Carol Tomé's "better, not bigger" framework. In September 2023, UPS also divested its asset-light truck brokerage unit, Coyote, which it acquired in 2015.

UPS' first-quarter revenue fell 1% year over year as the 2024 Coyote Logistics divestiture more than offset higher US domestic package yields (including base-rate increases and favorable mix). Total adjusted margin increased on continued domestic US network reconfiguration and (likely) customer mix.

We are adjusting our Uncertainty Rating for UPS due to unusually elevated risk to US economic growth stemming from the Trump administration's sweeping tariff action.

UPS is the giant among global small-parcel delivery companies, and it’s one of three commercial providers that dominate the global landscape; FedEx and UPS are the major US incumbents, while DHL Express leads in Europe. The company divested its less-than-truckload division, UPS Freight, in the second quarter of 2021 as part of CEO Carol Tomé's "better, not bigger" framework. In September 2023, UPS also divested its asset-light truck brokerage unit, Coyote, which it acquired in 2015.

UPS is the giant among global small-parcel delivery companies, and it’s one of three commercial providers that dominate the global landscape; FedEx and UPS are the major US incumbents, while DHL Express leads in Europe. The company divested its less-than-truckload division, UPS Freight, in the second quarter of 2021 as part of CEO Carol Tomé's "better, not bigger" framework. In September 2023, UPS also divested its asset-light truck brokerage unit, Coyote, which it acquired in 2015.