UPS announced first-quarter 2026 consolidated revenues of $21.2 billion. Consolidated operating profit was $1.27 billion; non-GAAP adjusted consolidated operating profit was $1.32 billion. Diluted earnings per share were $1.02 for the quarter; non-GAAP adjusted diluted earnings per share were $1.07.
For the first quarter of 2026, GAAP results included after-tax transformation charges of $42 million, or $0.05 per diluted share.
“I want to thank UPSers around the world for their hard work and efforts, and for pushing our transformation forward,” said Carol Tomé, UPS chief executive officer. “The first quarter of 2026 marked a critical transition period for UPS in which we needed to flawlessly execute several major strategic actions and we delivered. With that behind us, we expect to return to consolidated revenue and operating profit growth, and adjusted operating margin expansion in the second quarter of this year.”
U.S. Domestic Segment
| 1Q 2026 | Non-GAAP Adjusted 1Q 2026 |
1Q 2025 | Non-GAAP Adjusted 1Q 2025 |
|
| Revenue | $14,125 M | $14,460 M | ||
| Operating profit | $515 M | $565 M | $979 M | $1,011 M |
- Revenue declined 2.3%, primarily driven by an expected decline in volume. Revenue per piece grew by 6.5%.
- Operating margin was 3.6%; non-GAAP adjusted operating margin was 4.0%.
International Segment
| 1Q 2026 | Non-GAAP Adjusted 1Q 2026 |
1Q 2025 | Non-GAAP Adjusted 1Q 2025 |
|
| Revenue | $4,540 M | $4,373 M | ||
| Operating profit | $547 M | $551 M | $641 M | $654 M |
- Revenue increased 3.8%, driven by a 10.7% increase in revenue per piece.
- Operating margin was 12.0%; non-GAAP adjusted operating margin was 12.1%.
Supply Chain Solutions1
| 1Q 2026 | Non-GAAP Adjusted 1Q 2026 |
1Q 2025 | Non-GAAP Adjusted 1Q 2025 |
|
| Revenue | $2,537 M | $2,713 M | ||
| Operating profit | $205 M | $206 M | $46 M | $98 M |
1 Consists of operating segments that do not meet the criteria of a reportable segment under ASC Topic 280 – Segment Reporting.
- Revenue declined 6.5%, primarily due to a decline in volume in the Mail Innovations business.
- Operating margin was 8.1%; non-GAAP adjusted operating margin was 8.1%.
2026 Outlook
The company provides certain guidance on a non-GAAP adjusted basis because it is not possible to predict or provide a reconciliation reflecting the impact of various potential future events, including the impact of pension adjustments, certain strategic initiatives or other unanticipated events, which would be included in reported (GAAP) results and could be material.
For the full year 2026, the company reaffirms its consolidated financial targets of revenue of approximately $89.7 billion and non-GAAP adjusted operating margin of approximately 9.6%.
The company also confirms expected capital expenditures of about $3.0 billion and dividend payments of around $5.4 billion, subject to board approval. The effective tax rate is still expected to be approximately 23.0%.
* “Non-GAAP Adjusted” or “Non-GAAP Adj.” amounts are non-GAAP adjusted financial measures. See the appendix to this release for a discussion of non-GAAP adjusted financial measures, including a reconciliation to the most closely correlated GAAP measure.
(UPS)
