United Parcel Service, Inc. (UPS) Earnings
United Parcel Service, Inc. is expected to report next earnings on July 28, 2026 (in NaN days), with a consensus EPS estimate of $1.67. UPS has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +14.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 28, 2026 | $1.02 | $1.07 | +4.9% | $21.2B | +1.0% |
| Jan 27, 2026 | $2.20 | $2.38 | +8.2% | $24.5B | +1.9% |
| Oct 28, 2025 | $1.29 | $1.74 | +34.9% | $21.4B | +2.8% |
| Apr 29, 2025 | $1.38 | $1.49 | +8.0% | $21.5B | +2.6% |
| Jan 30, 2025 | $2.52 | $2.75 | +9.1% | $25.3B | -0.4% |
| Oct 24, 2024 | $1.63 | $1.76 | +8.0% | $22.2B | +0.7% |
| Jul 23, 2024 | $1.99 | $1.79 | -10.1% | $21.8B | -1.8% |
| Jan 30, 2024 | $2.44 | $2.47 | +1.2% | $24.9B | -2.1% |
| Oct 26, 2023 | $1.52 | $1.57 | +3.3% | $21.1B | -1.8% |
| Jan 31, 2023 | $3.59 | $3.62 | +0.8% | $27.0B | -3.7% |
| Jul 26, 2022 | $3.16 | $3.29 | +4.1% | $24.8B | +0.5% |
| Feb 1, 2022 | $3.10 | $3.59 | +15.8% | $27.8B | +2.6% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 28, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Key managerial messages include: Overcoming external challenges like volatile markets and rising fuel costs. Executing strategic actions such as reducing non-nutritive Amazon volume, shifting ground saver volume to USPS, and launching Driver Choice program. Strong performance across segments with U.S. revenue quality high, international business growing, and supply chain solutions doubling operating profit. Priorities include moving the right packages through network, focusing on premium segments like SMB, B2B, and healthcare, scaling up automation, and growing premium volume globally. Healthcare portfolio gaining market share and first $3 billion healthcare revenue quarter in first quarter.
Guidance
Reaffirms 2026 consolidated financial goals: $89.7 billion revenue and 9.6% operating margin. Expect to return to consolidated revenue and operating profit growth and expand operating margin in second quarter. U.S. domestic full-year 2026 revenue expected flat, ADV down mid-single digits, operating margin flat to 2025. Second quarter U.S. domestic expected revenue up low single digits, operating margin 7.5%-8.5%. International full-year revenue growth low single digits, operating margin mid-teens. Second quarter international expected low single-digit revenue growth, operating margin 13%-14%. Supply chain solutions full-year revenue up high single digits, operating margin low double digits. Second quarter supply chain solutions expected revenue up low single digits, operating margin 9.5%-10.5%.
Segment performance
Consolidated revenue reached $21.2 billion in the first quarter. U.S. domestic generated revenue of $14.1 billion, with total U.S. average daily volume down 8% year over year. International revenue grew by $167 million, or 3.8% year over year, with revenue of $4.5 billion. Supply chain solutions more than doubled operating profit versus last year, with revenue of $2.5 billion. U.S. domestic revenue per piece up 6.5% year over year. International operating margin 12.1% in first quarter. Supply chain solutions operating profit $206 million, up $108 million year over year.
Risks & headwinds
External factors to watch include higher fuel costs from Middle East conflict and low U.S. consumer confidence. Impact of Middle East conflict on network flows and potential disruption from de minimis elimination in Europe.
Analyst Q&A
Q: Tom Wadewitz from UBS asked about 1Q to 2Q ramp, transitional costs, and fuel factor.
A: Key points include incremental weather and casualty costs in 1Q, weather and casualty behind us, aircraft leases and ground saver transition costs coming down, fuel surcharges linked to benchmarks.
Q: Scott Group from Wolf Research followed up on fuel profit benefit and U.S. margin outlook.
A: Fuel prices spike has revenue impact and potential demand impact, focus on premium markets and productivity for margin expansion.
Q: Chris Weatherby from Wells Fargo asked about driver buyout impact in 2Q and Amazon customer exposure.
A: 77% drivers leaving in April benefit 2Q, Amazon revenue down to 8.8% from over 13%, relationship with Amazon to continue with returns and other capabilities.
Q: Jonathan Chappell from Evercore ISI asked about international 1Q beat and extrapolation.
A: International 1Q beat due to leaning into premium segments and some trade lane recovery, still lapping tough comparisons and managing Middle East network impacts.
Q: David Vernon from Bernstein asked about cost takeout timing and guidance messaging.
A: Cost takeout pace on track, underlying business better than thought, early in year to raise guidance.
Q: Stephanie Moore from Jefferies asked about driver buyout clarification.
A: Driver buyout oversubscribed, on track to meet cost takeout targets.
Q: Jordan Alliger from Goldman Sachs asked about international margin uplift.
A: International margin will get back up as trade lanes normalize and lean into premium segments.
Q: Bruce Chan from Stiefel asked about demand and emerging strength.
A: See pockets of strength in automotive, high tech, healthcare, international trade lanes moving in right direction.
Q: Ari Rosa from Citigroup asked about CPP vs RPP spread.
A: CPP to get down in low single digits, RPP growth from base rate, mix improvement from premium segments.
Q: Ken Hoekstra from Bank of America asked about market share and economic delay.
A: Ignoring certain volume, gained 1.2% market share, slight delay in economic trends.
Q: Rich Harnon from Deutsche Bank asked about long-term CPP and international margin.
A: Long-term CPP managed by automation and network efficiency, international margin back to mid-high teens by leaning into premium opportunities.
Q: Brian Ozenbeck from J.P. Morgan asked about B2B volume and USPS transition.
A: B2B volume decline from intentional actions, USPS transition ramped up, managing USPS surcharge not discussed by pricing by customer.
Q: Ravi Shankar from Morgan Stanley asked about tariff refunds.
A: Applied for tariff refunds, pass-through of tariffs, applying for refunds on 2.5 million entries, expecting time for Treasury to remit.