UPS二季度业绩超预期并上调全年收入和调整后EPS指引

United Parcel Service (UPS) delivered a top- and bottom-line beat and raised its revenue guidance for the year, evidence that its efforts to streamline operations and focus on higher-margin deliveries are offsetting losses tied to the winding down of its Amazon (AMZN) contract.
“Our second-quarter results marked an expected and significant shift in our performance, and we delivered both consolidated revenue and non-GAAP adjusted operating profit growth. We entered the second half of the year with strong momentum and are raising our full-year consolidated revenue, non-GAAP adjusted operating profit, and non-GAAP adjusted diluted EPS guidance,” said UPS CEO Carol Tomé.
UPS (UPS) generated 7.5% more revenue in the second quarter to a consolidated $22.8B, beating expectations by close to a billion dollars, attributed to growth in forwarding and logistics and increased healthcare-related deliveries (UPS delivers GLP-1 medications that require more expensive refrigerated packaging).
While the company's ability to generate revenue improved, the costs of the Transform 2.0 initiative included investments in technology, severance costs for separated employees, and fees paid to third-party consultants. Additionally, to compensate for the loss of Amazon (AMZN) deliveries, UPS (UPS) undertook a Network Reconfiguration initiative, resulting in further reductions of its facilities, vehicles, aircraft, and workforce, as well as an end-to-end process redesign. As a result, as of June 30, 2026, UPS (UPS) incurred costs to date of $1.8B, including $1.2B in 2026.
These costs are not considered “ordinary” and were reflected in the company’s GAAP operating profit, which was cut by nearly half. GAAP operating margin was also compressed by these measures to 4.1%, down 450 basis points from the same quarter last year.
This resulted in an unadjusted profit of $0.71 per share, down from $1.51 per share a year ago. On an adjusted basis, however, UPS earned a profit of $1.76 per share, an increase of 14% year-over-year and 10 cents better than anticipated.
Looking ahead to the remainder of the year, the company raised its FY26 revenue forecast to $91.2B from an earlier estimate of $89.7B, beating estimates of $90.3B.
The company also expects to earn a profit of $7.22 per share, 9 cents better than the consensus estimate. In the previous quarter, UPS CFO Brian Dykes anticipated FY26 to be flat from a year ago, suggesting EPS of $7.16.
UPS (UPS) also confirmed expected capex of ~$3B and dividend payments of ~$5.4B.
Shares are higher in Tuesday's premarket trading while competitor FedEx (FDX) is also higher into the open.