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How UPS makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 07/28/2026
United Parcel Service, Inc. (UPS) is an American multinational shipping-and-receiving and supply chain management company founded in 1907. · Wikipedia
More about the company
Originally known as the American Messenger Company specializing in telegraphs, UPS has expanded to become a Fortune 500 company and one of the world's largest shipping couriers. UPS today is primarily known for its ground shipping services as well as the UPS Store, a retail chain which assists UPS shipments and provides tools for small businesses. UPS offers air shipping on an overnight or two-day basis and delivers to post office boxes through UPS Mail Innovations and UPS Ground Saver.
Key growth driver: U.S. Domestic Package — the fastest-growing revenue line: $14,930, +6% y/y. · by the Q2 2026 report
How does UPS make money?
UPS brought in $22.8 billion of revenue in Q2 2026, up 7.6% year over year. The largest source was U.S. Domestic Package: $14.9 billion, or 65% of the total, followed by International Package ($5.04B, 22%) and Supply Chain Solutions ($2.86B, 13%). Net income for the quarter was $604 million, down 52.9% year over year.
Revenue by source, Q2 2026
- U.S. Domestic Package$14.9B · 65% · +6.0%
- International Package$5.04B · 22% · +12.5%
- Supply Chain Solutions$2.86B · 13% · +7.8%
Shares of $22.8B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is UPS’s next earnings date?
Tuesday, October 27, 2026confirmed · before market open
UPS is scheduled to report results for the quarter ending Sep 2026 on Oct 27, 2026. Consensus EPS forecast: $1.63 (10 analysts), vs $1.74 in the same quarter last year.
What time does UPS report? Usually before market open: the last 4 results releases reached the SEC at 6:03 am, 6:09 am, 6:08 am, 6:09 am ET.
Last report: Jul 28, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$22,834
+7.6%
Operating income
$930
−49.0%
margin 4.1% (was 8.6%)
Net income
$604
−52.9%
diluted EPS $0.71 (was $1.51)
Verdict: UPS grew revenue 7.6% on fuel surcharges and rate/mix gains but operating profit collapsed 49% and net income fell 53% as $1.17B of Driver Choice Program separation costs, higher fuel/purchased-transportation expense from Middle East-driven network disruptions, and USPS outsourcing fees overwhelmed underlying cost discipline, masking a healthier ~4.9% non-GAAP adjusted operating expense growth story.
OCF $3,083M (H1) · Capex $1,724M (H1) · Dividends $2,708M paid (H1), $1.64/share quarterly · buyback: none in Q2 (2023 authorization has $1.3B remaining) · FY2026 capex guide ≈$3.0B
Source and notation
* marks non-cash / ≈ estimated. Source: United Parcel Service press release / 10-Q (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
Heads-up
- net income fell 53% y/y in Q2 2026
Most likely because revenue grew despite average daily package volume falling 3.7%; effective tax rate fell to 20.6% from 22.8%, helped by OBBBA tax law benefits and foreign tax credits; costs grew faster than revenue (operating expenses +13% y/y). Based on the Q2 2026 report.
Company filings on SEC EDGAR ↗UPS earnings history: past report dates
| Jul 28, 2026 Tue | 6:03 ambefore market open | Jun 30, 2026 | $22.8B+8% y/y | $0.71−53% y/y |
| Apr 28, 2026 Tue | 6:09 ambefore market open | Mar 31, 2026 | $21.2B−2% y/y | $1.02−27% y/y |
| Jan 27, 2026 Tue | 6:08 ambefore market open | Dec 31, 2025 | ≈$24.5B−3% y/y | ≈$2.10+5% y/y |
| Oct 28, 2025 Tue | 6:09 ambefore market open | Sep 30, 2025 | $21.4B−4% y/y | $1.55−14% y/y |
| Jul 29, 2025 Tue | 6:16 ambefore market open | Jun 30, 2025 | $21.2B−3% y/y | $1.51−8% y/y |
| Apr 29, 2025 Tue | 6:09 ambefore market open | Mar 31, 2025 | $21.5B−1% y/y | $1.40+8% y/y |
| Jan 30, 2025 Thu | 6:07 ambefore market open | Dec 31, 2024 | ≈$25.3B+2% y/y | ≈$2.00+6% y/y |
| Oct 24, 2024 Thu | 6:05 ambefore market open | Sep 30, 2024 | $22.2B+6% y/y | $1.80+37% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
UPS: 5-year financials
| 2025 | 88,661 | 7,867 | 5,572 | 4,765 | 5,398 |
| 2024 | 91,070 | 8,468 | 5,782 | 6,213 | 5,399 |
| 2023 | 90,958 | 9,141 | 6,708 | 5,080 | 5,372 |
| 2022 | 100,338 | 13,094 | 11,548 | 9,335 | 5,114 |
| 2021 | 97,287 | 12,810 | 12,890 | 10,813 | 3,437 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
1/2mixed
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Feb 202610-K FY2025: Class A carries 10 votes, Class B one; as of February 2, 2026, 105.2M Class A and 743.9M Class B shares were outstanding; Class A is held mainly by employees, retirees, trusts and founders' descendants. sec.gov ↗
- Feb 202510-K FY2024: the SEC disputed the timing of the UPS Freight goodwill impairment; the company settled without admitting wrongdoing, paid a civil penalty and took remedial steps. sec.gov ↗
- Feb 202610-K FY2025: 2024 results exclude a $45M charge for a regulatory matter; a Q1 2026 dividend of $1.64 per share was declared. sec.gov ↗
- Mar 20262026 proxy: since January 1, 2025, there have been no related-party transactions requiring disclosure. sec.gov ↗
Scoring: 2.0 −0.5 (criterion 7: 10-vote Class A held by employees, retirees and founders' descendants — ~59% of the vote, but no single controlling holder) −0.5 (criterion 10: 2024 SEC settlement over the timing of the UPS Freight goodwill impairment, $45M penalty) = 1.0
- Share classes
- Class A (10 votes, not traded, held by employees, retirees, trusts and founders' descendants) and Class B (1 vote, NYSE). As of February 2, 2026 — 105.2M A and 743.9M B, so A holds ~59% of the vote; no single founder-controller, and A converts to B on sale → −0.5.
- Dilution
- Diluted shares −2.4% over 5 years (XBRL); SBC 0.1% of revenue. No deduction.
- Disclosure
- Full 10-K/10-Q reporting.
- Dividends
- $6.52 (2024) → $6.56 (2025); $1.64 declared for Q1 2026 — no cut.
- Lawsuits & regulators
- The SEC investigated controls over impairment testing ahead of the UPS Freight sale (2021); in 2024 the company settled without admitting wrongdoing, paying a civil penalty ($45M charge for 2024) → −0.5. Class actions in the 10-K are employment-related.
- Related parties
- 2026 proxy: no related-party transactions under Item 404(a).
How the score works · checked as of Sep 2026
UPS earnings: FAQ
How does UPS make money?
UPS brought in $22.8 billion of revenue in Q2 2026, up 7.6% year over year. The largest source was U.S. Domestic Package: $14.9 billion, or 65% of the total, followed by International Package ($5.04B, 22%) and Supply Chain Solutions ($2.86B, 13%). Net income for the quarter was $604 million, down 52.9% year over year.
When is UPS's next earnings date?
UPS (UPS) is scheduled to report on Oct 27, 2026, before market open.
What time does UPS report earnings?
UPS is scheduled to report before market open on Oct 27, 2026. Its last results releases were filed before market open, most recently at 6:03 am ET on Jul 28, 2026.
When did UPS last report earnings?
UPS reported Q2 2026 results on Jul 28, 2026.
What is the EPS estimate for UPS's next earnings?
The consensus EPS forecast is $1.63 (10 analysts), vs $1.74 in the same quarter last year.
Where can I find UPS's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to UPS's filings; this page breaks the latest report down in a Sankey chart.
What was UPS's net income in Q2 2026?
UPS reported net income of $604M for Q2 2026 (−52.9% year over year), under US GAAP.
Does UPS pay dividends?
Yes. In 2025, UPS paid $5,398M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/25/2026. How we make the breakdowns · Report an error
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