UPS raises 2026 outlook as international and logistics revenue grow
UPS reported $22.9 billion of third-quarter revenue, lifted its 2026 revenue, profit and free-cash-flow targets, and cited higher revenue per piece across its main segments.
UPS reported third-quarter 2026 revenue of $22.9 billion, up from $21.4 billion a year earlier. Consolidated operating profit was $1.7 billion, while adjusted operating profit was $2.1 billion; diluted EPS was $1.37 and adjusted diluted EPS was $1.69.
Segment drivers
U.S. Domestic revenue rose 4.5% to $14.865 billion, with revenue per piece up 6.1%, although operating profit fell to $906 million from $1.034 billion. International revenue increased 7.1% to $5.007 billion and operating profit rose to $746 million from $676 million. Supply Chain Solutions revenue grew 18.2% to $2.981 billion, while operating profit declined to $92 million from $525 million, partly reflecting the prior-year comparison.
Higher full-year targets
UPS raised its full-year 2026 targets to approximately $92.6 billion of revenue, $8.75 billion of adjusted operating profit, $7.28 of adjusted diluted EPS and $6.1 billion of adjusted free cash flow. It also expects about $3.0 billion of capital expenditure, around $5.4 billion of dividends subject to board approval and $1.3 billion of pension contributions.
Revenue
$22.9B
↑ +7.0% vs Q3 2025 Q3 2026
Adjusted operating profit
$2.1B
Q3 2026
Adjusted EPS
$1.69
Q3 2026
2026 adjusted free cash flow target
$6.1B
company outlook
Sources
Quarterly revenue, United Parcel Service
Margins by quarter
Twelve quarters of figures
| Quarter | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.1B | $24.9B | $21.7B | $21.8B | $22.2B | $25.3B | $21.5B | $21.2B | $21.4B | $24.5B | $21.2B | $22.8B |
| Revenue growth | −12.8% | −7.8% | −5.3% | −1.1% | 5.6% | 1.5% | −0.7% | −2.7% | −3.7% | −3.3% | −1.6% | 7.6% |
| Operating margin | 6.4% | 9.9% | 7.4% | 8.9% | 8.9% | 11.6% | 7.7% | 8.6% | 8.4% | 10.5% | 6.0% | 4.1% |
| Net income | $1.1B | $1.6B | $1.1B | $1.4B | $1.5B | $1.7B | $1.2B | $1.3B | $1.3B | $1.8B | $864M | $604M |
| Diluted EPS | $1.31 | $1.88 | $1.30 | $1.65 | $1.80 | $2.01 | $1.40 | $1.51 | $1.55 | $2.10 | $1.02 | $0.71 |
| Cash from operations | $2.2B | $2.4B | $3.3B | $2.0B | $1.5B | $3.3B | $2.3B | $348M | $2.5B | $3.3B | $2.2B | $859M |
| Capital expenditure | $1.3B | $2.0B | $1.0B | $933M | $843M | $1.1B | $876M | $1.1B | $970M | $716M | $1.0B | $693M |
| Free cash flow | $944M | $362M | $2.3B | $1.1B | $655M | $2.2B | $1.4B | −$775M | $1.5B | $2.6B | $1.2B | $166M |
| Dividends and buybacks | $2.1B | $1.3B | $1.3B | $1.4B | $1.8B | $1.4B | $2.3B | $1.3B | $1.3B | $1.4B | $1.4B | $1.4B |
This story describes figures the company has published. It is for information only and is not investment advice or a recommendation to buy, sell or hold any security. Check the original filings before relying on any figure. Stoqly is not affiliated with the SEC or United Parcel Service.
