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UPS: the parcel network is huge, but volume quality has to carry the cost base

UPSResearch reportPosted by Goglides ResearchMay 20, 2026
NYSEUPSCoverage BootstrapUnited Parcel Service, Inc.

Thesis summary

UPS reported FY2025 revenue of $88.66 billion, FY2025 operating income of $7.87 billion and Q1 FY2026 revenue of $21.20 billion. The upgrade case depends on package volume quality, pricing, labor productivity, network utilization and capital allocation improving together.

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UPS reported FY2025 revenue of $88.66 billion, FY2025 operating income of $7.87 billion and Q1 FY2026 revenue of $21.20 billion. The upgrade case depends on package volume quality, pricing, labor productivity, network utilization and capital allocation improving together.

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