Q1 26 EPS
$1.07
Q1 26 Revenue
$21.20B
BEAT +1.09%
Est. $20.97B
vs S&P Since Q1 26
-2.0%
TRAILING MARKET
UPS -0.7% vs S&P +1.3%
Market Reaction
Did UPS Beat Earnings? Q1 2026 Results
United Parcel Service topped Wall Street expectations in the first quarter of 2026, delivering adjusted diluted EPS of $1.07 against a consensus estimate of $1.03, a 4.18% beat, even as the company navigated a deliberate and costly strategic overhaul… Read more United Parcel Service topped Wall Street expectations in the first quarter of 2026, delivering adjusted diluted EPS of $1.07 against a consensus estimate of $1.03, a 4.18% beat, even as the company navigated a deliberate and costly strategic overhaul. Revenue of $21.20 billion edged past the $20.97 billion consensus by 1.09%, though it still declined 1.3% from a year ago, reflecting the intentional volume pullback in U.S. Domestic Package, where average daily volumes fell 8.0% as UPS shed lower-margin business. The pain was partially cushioned by a 6.5% rise in revenue per piece domestically and a standout Supply Chain Solutions segment, where adjusted operating profit more than doubled to $206.00 million. Driving the broader transformation, UPS captured roughly $600 million in program cost savings during the quarter alone, part of an expected $3.00 billion in full-year savings. Management reaffirmed full-year 2026 guidance of approximately $89.70 billion in revenue and a 9.6% adjusted operating margin, with CEO Carol Tomé signaling a return to revenue and profit growth beginning in Q2 2026.
Key Takeaways
- • Revenue per piece growth of 6.5% in U.S. Domestic and 10.7% in International offset volume declines
- • Expected volume decline from largest customer drove Network Reconfiguration initiative
- • Approximately $600 million in program cost savings achieved in Q1 2026
- • Consolidated volume declined 7.8% year-over-year to 1,189 million pieces
- • U.S. Domestic adjusted cost per piece increased 9.5% due to lower volume leverage
- • Supply Chain Solutions operating margin expanded to 8.1% from 1.7% (GAAP) year-over-year
UPS Forward Guidance & Outlook
UPS reaffirmed its full-year 2026 guidance, targeting consolidated revenue of approximately $89.7 billion and non-GAAP adjusted operating margin of approximately 9.6%. Capital expenditures are expected at about $3.0 billion, dividend payments around $5.4 billion (subject to board approval), and an effective tax rate of approximately 23.0%. The company expects to achieve approximately $3 billion in full-year cost savings from its Network Reconfiguration and Efficiency Reimagined initiatives. Management expects to return to consolidated revenue and operating profit growth, and adjusted operating margin expansion, beginning in Q2 2026.
UPS YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
UPS Revenue by Segment
With YoY comparisons, source: SEC Filings
“I want to thank UPSers around the world for their hard work and efforts, and for pushing our transformation forward.”
— Carol Tomé, Q1 2026 Earnings Press Release
UPS Earnings Trends
UPS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
UPS EPS Trend
Earnings per share: estimate vs actual
UPS Revenue Trend
Quarterly revenue: estimate vs actual
UPS Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $1.07 | — | $21.20B | +1.09% |
| Q4 25 BEAT FY | $2.20 | $2.38 | +8.18% | $24.48B | +1.79% |
| FY Full Year | $6.91 | $7.16 | +3.59% | $88.66B | +0.55% |
| Q3 25 BEAT | $1.30 | $1.74 | +33.94% | $21.42B | +2.76% |
| Q2 25 MISS | $1.57 | $1.55 | -1.02% | $21.22B | +1.76% |
| Q1 25 BEAT | $1.38 | $1.49 | +7.91% | $21.55B | +2.51% |