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UPS FY2026 Q2 RAISED

United Parcel Service, Inc. 실적 발표

Jul 28, 2026 · 08:30 ET Brian DykesCarol TomeP. J. Guido
Buzzberg 분석

Raising full-year 2026 guidance

UPS reported strong Q2 2026 results, successfully completing its Amazon volume reduction and network reconfiguration. Management raised full-year guidance, citing structural cost improvements, automation gains, and a focus on premium segments like SMB and healthcare. The only cross-company signal was continued de-risking from Amazon, now 9% of revenue. Q2 revenue $22.8B (+7.6% YoY), EPS $1.76; U.S. domestic operating profit +21% YoY to $1.2B.

Buzzberg 분석 Raising full-year 2026 guidance UPS reported strong Q2 2026 results, successfully completing its Amazon volume reduction and network reconfiguration. Management raised full-year guidance, citing structural cost improvements, automation gains, and a focus on premium segments like SMB and healthcare. The only cross-company signal was continued de-risking from Amazon, now 9% of revenue. Q2 revenue $22.8B (+7.6% YoY), EPS $1.76; U.S. domestic operating profit +21% YoY to $1.2B. 전체 분석 보기분석 접기

UPS reported strong Q2 2026 results, successfully completing its Amazon volume reduction and network reconfiguration. Management raised full-year guidance, citing structural cost improvements, automation gains, and a focus on premium segments like SMB and healthcare. The only cross-company signal was continued de-risking from Amazon, now 9% of revenue. Q2 revenue $22.8B (+7.6% YoY), EPS $1.76; U.S. domestic operating profit +21% YoY to $1.2B.

  • Amazon volume reduced to ~9% of total revenue, down from >13% peak; partnership remains but dependency lowered.
  • Raised FY2026 guidance: revenue ~$91.2B, operating profit ~$8.65B, EPS ~$7.22; U.S. domestic margin ~7.5%.
  • 68.5% of U.S. volume now flows through automated hubs (28% lower cost per piece); $3B in 2026 benefits from reconfiguration.
Revenue $22.834B +8% QoQ
EPS $1.76 reported
Gross margin 13.27% reported
INTERNATIONAL op margin 12.4% reported

이번 분기에 달라진 점

01
Guidance

Raising full-year 2026 guidance

Guidance · revenue to $91.2B

02
Demand

2 million pieces/day Amazon volume eliminated

Management struck a confident tone, driven by the successful completion of the Amazon Glide Down and network reconfiguration, strong second-quarter results exceeding expectations, and raising full-year guidance.

03
AI

AI-powered digital twin deployed

Carol Tome discussed investing in RFID and artificial intelligence (AI), describing RFID as the 'eyes and ears' and AI as the 'brain' that transforms data from package movements into decisions, predictions, and actions. She noted the AI-powered digital twin of the network…

04
Margins

U.S. domestic operating margin up 400 bps from Q1

Reported gross margin was 13.27%, reinforcing the quarter's better-than-guided profitability.

AI, 자본지출 및 수요 분석

AI

플랫폼 및 수익화

Carol Tome discussed investing in RFID and artificial intelligence (AI), describing RFID as the 'eyes and ears' and AI as the 'brain' that transforms data from package movements into decisions, predictions, and actions. She noted the AI-powered digital twin of the network enables dynamic adaptation to changing conditions.

수요

수주 및 전환

2 million pieces/day Amazon volume eliminated. Management struck a confident tone, driven by the successful completion of the Amazon Glide Down and network reconfiguration, strong second-quarter results exceeding expectations, and raising full-year guidance.

자본지출

투자 및 생산능력

Brian Dykes stated that capital expenditures for 2026 are still expected to be about $3 billion, and when asked about the longer-term run rate, Carol Tome indicated it would be approximately 3.5% of revenue.

톤 · confident

Management struck a confident tone, driven by the successful completion of the Amazon Glide Down and network reconfiguration, strong second-quarter results exceeding expectations, and raising full-year guidance.

공급망 알파

A1

UPS reduced Amazon volume to 9% of revenue, down from over 13% peak, de-risking the business and showing Amazon is internalizing delivery.

AMZN
“As a percent of our total revenue, Amazon made up 9%. That's down about 100 basis points from a year ago and certainly down from the peak, which was over 13% during the COVID year.”
Carol Tome

향후 가이던스

RaisedGuidance · revenue to $91.2B · was IN LINE last Q
지표기간범위중간값상태
EPSFY2026$7.22$7.22RAISED
Op marginUS_DOMESTICFY20267.5%7.5%MAINTAINED
Op marginINTERNATIONALFY202614%–16%15%MAINTAINED
Op marginSUPPLY_CHAIN_SOLUTIONSFY202610%–11%10.5%MAINTAINED
Op marginUS_DOMESTICFY2026 Q37%7%MAINTAINED
RevenueFY2026$91.2B$91.2BRAISED
RevenueUS_DOMESTICFY2026$60B$60BMAINTAINED

가이던스 신뢰도

2 / 3달성 또는 상회
제시 시점지표목표 기간가이던스실제결과
FY2026 Q1Op marginFY2026 Q27.5%–8.5%8%Met / beat
FY2026 Q1Op marginFY2026 Q213%–14%12.4%Missed
FY2026 Q1Op marginFY2026 Q29.5%–10.5%10.2%Met / beat

기업 영향 분석

AMZN
+10.8%
발표 이후
$233.75→$258.98
고객공급망 알파

UPS reduced Amazon volume to 9% of revenue, down from over 13% peak, de-risking the business and showing Amazon is internalizing delivery. — Amazon relying less on UPS strengthens Amazon's own logistics and reduces a major revenue dependency for UPS, shifting competitive dynamics in parcel delivery.

“I also want to thank our partners at Amazon for collaborating with us on what was truly a complex undertaking.”
Carol Tome