United Parcel Service, Inc. (UPS) is a leading global package delivery company and provider of supply chain management solutions . The company operates through two main reportable segments: U.S. Domestic Package and International Package, collectively referred to as global small package operations, and Supply Chain Solutions . UPS's services include transportation and delivery, distribution, contract logistics, ocean freight, airfreight, customs brokerage, and insurance . The company also operates one of the largest airlines and fleets of alternative fuel vehicles globally .
- Global Small Package Operations - Provides time-definite delivery services for express letters, documents, small packages, and palletized freight via air and ground services. This segment includes:
- U.S. Domestic Package - Involves the time-definite delivery of letters, documents, and packages throughout the United States .
- International Package - Covers delivery to over 200 countries and territories worldwide .
- Supply Chain Solutions - Offers transportation and delivery, distribution, contract logistics, ocean freight, airfreight, customs brokerage, and insurance services .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Carol B. Tomé ExecutiveBoard | Chief Executive Officer (CEO) | Board Member at Verizon Communications, Inc. | Carol B. Tomé became CEO in June 2020, bringing extensive experience in logistics, corporate finance, and risk management. She previously served as CFO at The Home Depot and has been a UPS board member since 2003. | View Report → |
Bala Subramanian Executive | Chief Digital and Technology Officer | None | Bala Subramanian joined UPS in July 2022 and leads the company’s digital transformation and technology strategy. | |
Brian M. Dykes Executive | Chief Financial Officer (CFO) | None | Brian Dykes was appointed CFO in July 2024 after over 25 years at UPS, holding roles in finance, accounting, and corporate treasury. He previously served as SVP, Global Finance and Planning. | |
Darrell Ford Executive | EVP, Chief Human Resources and DEI Officer | None | Darrell Ford joined UPS in 2021 and expanded his role in 2022 to include Diversity, Equity, and Inclusion. He previously held HR leadership roles at DuPont and Xerox. | |
Kate M. Gutmann Executive | EVP and President, International, Healthcare, and Supply Chain Solutions | None | Kate Gutmann joined UPS in 2022 and focuses on global markets, healthcare logistics, and supply chain solutions. She previously led sales and solutions at UPS. | |
Laura Lane Executive | EVP, Chief Corporate Affairs, Communications, and Sustainability Officer | None | Laura Lane has been with UPS since 2011 and became EVP in 2020. She oversees corporate affairs, communications, and sustainability initiatives. | |
Matt Guffey Executive | Chief Commercial and Strategy Officer | None | Matt Guffey has been with UPS since 1999 and became Chief Commercial and Strategy Officer in 2024. He oversees strategy, marketing, and the on-demand network. | |
Nando Cesarone Executive | EVP and President, U.S. | None | Nando Cesarone has been with UPS since 2020, previously serving as President of UPS International and Europe Region Manager. He focuses on U.S. operations and sales. | |
Norman M. Brothers, Jr. Executive | EVP, Chief Legal and Compliance Officer, and Corporate Secretary | None | Norman Brothers joined UPS in 2016 and became EVP in 2020. He oversees legal, compliance, and corporate governance functions. | |
Angela Hwang Board | Director | Advisor to Pfizer, Inc.; Board Member at Pfizer Foundation and European Federation of Pharmaceutical Industries and Associations | Angela Hwang joined the UPS board in 2020 and brings expertise in healthcare and global business operations. | |
Christiana Smith Shi Board | Director | Founder and Principal at Lovejoy Advisors, LLC; Board Member at Columbia Sportswear Company | Christiana Shi joined the UPS board in 2018 and brings expertise in digital commerce, global retail operations, and supply chain management. | |
Eva C. Boratto Board | Director | CFO at Bath & Body Works, Inc. | Eva Boratto joined the UPS board in 2020 and chairs the Audit Committee. She is also the CFO of Bath & Body Works. | |
Franck J. Moison Board | Director | Board Member at Hanes Brands, Inc. and SES-imagotag; Chairman of International Advisory Board of EDHEC Business School | Franck Moison joined the UPS board in 2017 and brings expertise in consumer product innovation and emerging markets. | |
Kate E. Johnson Board | Director | President and CEO of Lumen Technologies, Inc. | Kate Johnson joined the UPS board in 2020 and brings expertise in digital transformation and leadership from her roles at Microsoft and GE. | |
Kevin M. Warsh Board | Director | Board Member at Coupang, Inc.; Distinguished Fellow at Stanford Hoover Institution | Kevin Warsh joined the UPS board in 2012 and brings expertise in economics, financial markets, and monetary policy. | |
Michael J. Burns Board | Director | None | Michael Burns has been a UPS board member since 2005. He brings expertise in technology, engineering, and manufacturing from his leadership roles at Dana Incorporated and General Motors. | |
Rodney C. Adkins Board | Director | Non-Executive Chairman of Avnet, Inc.; Board Member at PayPal Holdings, Inc. and W.W. Grainger, Inc. | Rodney Adkins has been a UPS board member since 2013 and chairs the Risk Committee. He brings expertise in technology and risk management from his career at IBM. | |
Wayne M. Hewett Board | Director | Senior Advisor to Permira; Non-Executive Chairman of Cambrex Corporation and Quotient Sciences; Board Member at The Home Depot, Inc. and Wells Fargo, Inc. | Wayne Hewett joined the UPS board in 2020 and brings expertise in supply chain, operational management, and emerging technologies. |
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With the completion of 45 operational closures and the removal of about 1 million ADV per day of capacity, how will this reduction affect your ability to handle increased volumes during the compressed peak holiday season, especially given the expected surge on December 18?
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Revenue per piece in the U.S. Domestic segment declined 2.2% year-over-year, impacted by factors like lighter weights and shorter zones; what strategies are you implementing to sustain revenue quality improvements amidst these ongoing pressures?
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Considering the sale of Coyote and the acquisition of Frigo-Trans, how do these moves align with your long-term growth strategy in Supply Chain Solutions, and what are the anticipated impacts on your operating margins in this segment?
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Given the macro environment was worse than expected, with slowing online sales and lower manufacturing activity, how confident are you in achieving your updated full-year revenue of approximately $91.1 billion, and what contingency plans are in place if economic conditions deteriorate further?
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As union wage rate growth slowed to 5.2% and productivity initiatives offset 50% of the wage increase, can you provide more detail on how you plan to continue driving cost efficiencies without compromising service levels, particularly as you execute additional projects in 2025?
Research analysts who have asked questions during UNITED PARCEL SERVICE earnings calls.
Jordan Alliger
Goldman Sachs
7 questions for UPS
Brian Ossenbeck
JPMorgan Chase & Co.
6 questions for UPS
David Vernon
Sanford C. Bernstein & Co., LLC
6 questions for UPS
Ken Hoexter
BofA Securities
6 questions for UPS
Scott Group
Wolfe Research
6 questions for UPS
Ariel Rosa
Citigroup
4 questions for UPS
Christian Wetherbee
Wells Fargo
4 questions for UPS
J. Bruce Chan
Stifel
4 questions for UPS
Ravi Shanker
Morgan Stanley
4 questions for UPS
Thomas Wadewitz
UBS
4 questions for UPS
Conor Cunningham
Melius Research
3 questions for UPS
Jonathan Chappell
Evercore ISI
3 questions for UPS
Stephanie Benjamin Moore
Jefferies
3 questions for UPS
Ari Rosa
Citigroup
2 questions for UPS
Bascome Majors
Susquehanna Financial Group
2 questions for UPS
Brandon Oglenski
Barclays
2 questions for UPS
Bruce Chan
Stifel
2 questions for UPS
Chris Wetherbee
Wells Fargo
2 questions for UPS
Jason Seidl
TD Cowen
2 questions for UPS
Joseph Lawrence Hafling
Jefferies
2 questions for UPS
Stephanie Moore
Jefferies
2 questions for UPS
Tom Wadewitz
UBS Group
2 questions for UPS
Ben Mohr
Citigroup Inc.
1 question for UPS
Daniel Imbro
Stephens Inc.
1 question for UPS
Jake Lacks
Wolfe Research, LLC
1 question for UPS
Justine Weiss
Bernstein
1 question for UPS
Ken Hoexster
Bank of America
1 question for UPS
Ravi Shankar
Morgan Stanley
1 question for UPS
Rob Salmon
Wells Fargo & Company
1 question for UPS
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Amazon.com, Inc. | Shipping & Delivery Services | U.S. Domestic Package | Revenue: 11.8% of consolidated (2024) Accounts Receivable: 12.8% (2024) Planned Volume Reduction: >50% reduction by June 2026 |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Frigo-Trans | 2025 | Completed in January 2025 for approximately $440 million, this acquisition of a European healthcare logistics company specializing in cold-chain logistics is aimed at strengthening UPS's international healthcare logistics capabilities. |
Biotech & Pharma Logistics | 2025 | Completed in January 2025 with a transaction value of about $440 million, this acquisition of a leading German healthcare logistics provider enhances UPS's international cold-chain logistics network. |
Estafeta | 2024 | Announced in July 2024 and expected to close by year-end pending regulatory approval, the acquisition of this prominent domestic small package provider in Mexico supports UPS’s near-shoring strategy and expands its logistics network with 145 facilities covering much of Mexico. |
MNX Global Logistics | 2023 | Finalized in Q4 2023 after an agreement in Q3, the acquisition—part of an aggregate $1.3 billion deal with Happy Returns—enhances UPS's capabilities in time-critical and temperature-sensitive logistics for healthcare, including expansion into new markets such as Asia. |
Happy Returns | 2023 | Closed on November 1, 2023, this acquisition of a technology-driven returns solutions provider integrates its box-free, label-free return technology with UPS’s network, thereby strengthening the e-commerce returns service and enhancing customer experience. |
Delivery Solutions | 2022 | Completed in 2022, the acquisition of this carrier-agnostic digital platform fortifies UPS's digital commerce solutions by streamlining same-day and small package deliveries, and integrating with UPS’s broader logistics-as-a-service strategy backed by cash from operations. |
Recent press releases and 8-K filings for UPS.
- UPS cut about 48,000 jobs (34,000 operational, 14,000 management) and closed 93 facilities in the first nine months of 2025 as part of its “Fit to Serve” restructuring.
- The actions have generated $2.2 billion in savings through Sept. 30 toward a $3.5 billion annual target.
- In Q3, UPS reported $21.42 billion in revenue and adjusted EPS of $1.74 (GAAP EPS $1.55), exceeding analyst expectations.
- Amazon volume was down 21% in Q3, with UPS planning to reduce Amazon shipments by over 50% by H2 2026.
- Management forecasts Q4 revenue of about $24 billion and notes that tariff uncertainty has largely eased.
- UPS reported $21.4 billion in consolidated revenue, $2.1 billion operating profit with a 10% margin, and diluted EPS of $1.74 (including a $330 million leaseback gain); YTD free cash flow was $2.7 billion.
- U.S. domestic Q3 ADV declined 12.3%; revenue per piece rose 9.8%, yielding $14.2 billion in revenue and a 6.4% operating margin.
- International ADV grew 4.8% (exports 5.9%), driving $4.7 billion in revenue (+5.9%) and a 14.8% margin, though operating profit fell by $101 million due to trade-lane shifts.
- Supply Chain Solutions revenue was $2.5 billion (down $715 million), with operating profit of $536 million and 21.3% margin; DAP revenue reached $2.8 billion YTD (+20%), and UPS expects to close the Andlauer Healthcare acquisition in early November.
- UPS has cut $2.2 billion in expenses YTD via network reconfiguration (including 93 building closures and Amazon volume down 21.2%), targets $3.5 billion in 2025 savings, and guides Q4 revenue of ~$24 billion at ~11.5% margin.
- UPS’s consolidated revenue was $21.4 billion (down 3.7% Y/Y) and non-GAAP adjusted EPS was $1.74 (down 1.1% Y/Y).
- U.S. Domestic segment delivered $14.2 billion in revenue (−2.6% Y/Y) and a 6.4% non-GAAP operating margin (+10 bps).
- International segment revenue rose 5.9% Y/Y to $4.7 billion, with a 14.8% non-GAAP operating margin (−320 bps).
- Supply Chain Solutions revenue declined 22.1% Y/Y to $2.5 billion, but operating profit nearly doubled to $536 million (21.3% margin), helped by a $330 million sale-leaseback gain.
- 4Q25 guidance: consolidated revenue of $24.0 billion, non-GAAP operating margin of 11.0–11.5%; U.S. Domestic revenue ~$16.2 billion (9.5–10.0% margin); International $5.0 billion (17.0–18.0% margin); Supply Chain Solutions $2.7 billion (9.0% margin).
- Consolidated revenue of $21.4 B, operating profit of $2.1 B, operating margin 10%, diluted EPS $1.74, and YTD free cash flow $2.7 B.
- U.S. domestic ADV down 12.3% (Amazon glide-down and lower-yielding e-commerce), but revenue per piece up 9.8% and domestic operating margin at 6.4%.
- International ADV grew 4.8%, revenue rose 5.9% to $4.7 B, with operating margin of 14.8% pressured by trade-lane mix shifts.
- On track to remove $3.5 B in costs in 2025; $2.2 B of expense reductions YTD via >16 M fewer operational hours, 34 k position cuts, and 195 operations closures.
- Q4 guidance: revenue ~$24 B, operating margin ~11.5%; 2025 capex $3.5 B, dividends $5.5 B, and share repurchase $1 B.
- UPS delivered Q3 consolidated revenue of $21.4 billion, operating profit of $2.1 billion, operating margin of 10%, and year-to-date free cash flow of $2.7 billion.
- U.S. average daily volume declined 12.3% year-over-year amid the Amazon glide-down and lower-yield e-commerce cuts, while U.S. revenue per piece rose 9.8% and U.S. operating margin expanded by 10 bps.
- Through network reconfiguration and efficiency initiatives, UPS has reduced expenses by $2.2 billion YTD—closing 93 buildings and cutting over 16 million operational hours—and remains on track for $3.5 billion in 2025 savings.
- Q4 guidance calls for consolidated revenue of ~$24 billion and operating margin of ~11.5%, with U.S. domestic margin of 9.5–10% and international revenue of ~$5 billion at 17–18% margin.
- UPS expects to close its acquisition of Andlauer Healthcare Group in early November and has generated $2.8 billion in global Digital Access Program revenue YTD, targeting >$3.5 billion for full-year 2025.
- UPS reported $21.4 billion in Q3 revenue and an adjusted EPS of $1.74, surpassing analyst forecasts.
- U.S. domestic revenue fell 2.6% on lower shipping volumes, while international revenue grew nearly 6% driven by pricing and air cargo demand.
- A sale-leaseback transaction added $0.30 to EPS, highlighting the company’s focus on high-margin shipments and cost efficiencies.
- UPS expects Q4 revenue of about $24 billion and an adjusted operating margin between 11.0% and 11.5%.
- For full-year 2025, UPS plans to pay approximately $5.5 billion in dividends, reflecting strong cash flow generation.
- Consolidated revenues of $21.4 B with GAAP operating margin of 8.4% and non-GAAP adjusted margin of 10.0%.
- Diluted EPS of $1.55; non-GAAP adjusted EPS of $1.74.
- Segment trends: U.S. Domestic revenue down 2.6% to $14.2 B, International up 5.9% to $4.7 B, Supply Chain Solutions down 22.1% to $2.5 B.
- Fourth-quarter 2025 guidance: revenue of ~$24.0 B and non-GAAP adjusted operating margin of 11.0%–11.5%.
- UPS delivered $21.4 billion in consolidated revenue with a GAAP operating margin of 8.4 % (non-GAAP: 10.0 %) in 3Q 2025.
- GAAP diluted EPS was $1.55, and non-GAAP adjusted diluted EPS came in at $1.74.
- International segment revenue rose 5.9 % to $4.673 billion, achieving a 14.5 % operating margin.
- For 4Q 2025, UPS guides to approximately $24.0 billion in revenue and a non-GAAP adjusted operating margin of 11.0 %–11.5 %.
- Full-year 2025 capital allocation includes $3.5 billion in capex, $5.5 billion in dividends, $1.4 billion in pension contributions, and $1.0 billion in completed share repurchases.
- New Trump-era customs regulations ended duty-free entry for packages under $800 and imposed up to 50% tariffs, triggering unprecedented delays and confusion for U.S.-bound shipments.
- UPS handles about 3.2 million international packages weekly, with a claimed 90% delivery success rate, but the remaining 10% equates to thousands of lost or disposed packages each day under its policy of disposing items after three failed customs‐clearance attempts.
- Disposed items range from luxury goods to personal effects—such as engagement rings, telescopes, and journals—leading to significant customer frustration and uncertainty about shipment status.
- Customers report spending over 20 hours on calls without resolution and receiving contradictory tracking updates (e.g., “in transit,” “delivered,” or “disposed of”).
- UPS introduces the first-ever Driver Voluntary Severance Plan, offering union drivers a financial package plus retirement benefits to streamline operations amid declining parcel volumes and economic uncertainty.
- This follows prior cost cuts including 20,000 job cuts and plans to close 73 facilities by June 2025, with additional closures expected.
- The International Brotherhood of Teamsters calls the plan an illegal violation of the 2023 contract mandating 30,000 new full-time jobs, warning it undermines union commitments.
- In Q1 2025, UPS saw a 0.7% revenue decline to $21.5 billion and a 6.6% rise in net income to nearly $1.2 billion, while average daily U.S. package volume fell from 18 million to 17.4 million.