United Parcel Service (UPS) Q1 FY2026 earnings: revenue $21.2 billion, down 1.6% on the year

United Parcel Service Inc. (UPS) reported revenue of $21.2 billion for Q1 FY2026, the quarter ended 31 March 2026, down 1.6% on the same quarter a year earlier. Net income was $864 million, down 27.2% on the year, and diluted earnings per share $1.02. The figures are the company's own, from the 10-Q it filed with the SEC on 6 May 2026.

Revenue

$21.2 billion

-1.6% on the year · -13.4% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

6.0%

7.7% a year earlier

Q2 FY2024Q1 FY2026

Net income

$864 million

-27.2% on the year · -51.8% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$1.02

-27.1% on the year · -51.4% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 new, 6 kept.

Revenue of $21.2 billion: Consolidated revenue for the first quarter of 2026 was $21.2 billion, as stated in the press release filed with the 8-K.
GAAP operating margin of 6.0%: Operating profit was $1,267 million, a 6.0% GAAP margin, against 7.7% a year earlier. Non-GAAP adjusted operating margin was 6.2%, against 8.2% a year earlier.
Diluted EPS of $1.02: Diluted EPS was $1.02 on a GAAP basis and $1.07 non-GAAP adjusted. GAAP results included after-tax transformation charges of $42 million, or $0.05 per share.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	21,202	24,479	21,546	-13.4%	-1.6%
Operating income	1,267	2,575	1,666	-50.8%	-23.9%
Operating margin	6.0%	10.5%	7.7%
Interest expense	266	266	222	0.0%	+19.8%
Pre-tax income	1,124	2,372	1,523	-52.6%	-26.2%
Income tax	260	581	336	-55.2%	-22.6%
Effective tax rate	23.1%	24.5%	22.1%
Net income	864	1,791	1,187	-51.8%	-27.2%
Net margin	4.1%	7.3%	5.5%
Diluted EPS	$1.02	$2.10	$1.40	-51.4%	-27.1%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	2,224	3,302	2,318	-32.6%	-4.1%
Capital expenditure	1,031	716	876	+44.0%	+17.7%
Free cash flow	1,193	2,586	1,442	-53.9%	-17.3%
Free cash flow margin	5.6%	10.6%	6.7%
Cash from investing	-944	-2,001	-1,355
Cash from financing	-1,328	-2,194	-2,313
Depreciation and amortisation	791	700	743	+13.0%	+6.5%
Share-based compensation	24.0	32.0	21.0	-25.0%	+14.3%
Buybacks	0.0	-1,000	1,000
Dividends paid	1,352	1,353	1,348	-0.1%	+0.3%
Dividend per share	$1.64	n/a	$1.64		0.0%
Diluted shares, weighted	850m	853m	850m	-0.4%	0.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	15,763	16,227	15,660	-2.9%	+0.7%
Non-controlling interest	28.0	28.0	24.0	0.0%	+16.7%
Debt	24,386	24,127	21,369	+1.1%	+14.1%
Operating lease liabilities	3,534	3,700	3,505	-4.5%	+0.8%
Finance lease liabilities	n/a	674	361
Other liabilities	28,098	28,334	27,547	-0.8%	+2.0%
Total liabilities and equity	71,809	73,090	68,466	-1.8%	+4.9%
Goodwill	5,796	5,837	4,691	-0.7%	+23.6%
Intangible assets	3,981	4,021	3,301	-1.0%	+20.6%
Investments	n/a	n/a	263
Trading assets	n/a	3.0	263
Cash and equivalents	5,802	5,887	4,802	-1.4%	+20.8%
Receivables	9,948	11,209	9,887	-11.2%	+0.6%
Inventory	n/a	739	n/a
Other assets	46,282	45,394	45,259	+2.0%	+2.3%
Total assets	71,809	73,090	68,466	-1.8%	+4.9%

Questions

What was United Parcel Service's revenue in Q1 FY2026?

United Parcel Service (UPS) reported revenue of $21.2 billion for Q1 FY2026, the quarter ended 31 March 2026, down 1.6% on the same quarter a year earlier.

How much did United Parcel Service earn in Q1 FY2026?

Net income for Q1 FY2026 was $864 million, down 27.2% on the year, and diluted earnings per share $1.02.

When did United Parcel Service report Q1 FY2026 results?

United Parcel Service filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 6 May 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	27,771	24,378	24,766	24,161	27,033	22,925	22,055	21,061	24,917	21,706	21,818	22,245	25,301	21,546	21,221	21,415	24,479	21,202	22,834	22,853
Operating income	3,891	3,251	3,535	3,113	3,195	2,541	2,780	1,343	2,477	1,613	1,944	1,985	2,926	1,666	1,822	1,804	2,575	1,267	930	1,744
Operating margin	14%	13%	14%	13%	12%	11%	13%	6%	10%	7%	9%	9%	12%	8%	9%	8%	11%	6%	4%	8%
Interest expense	173	174	171	177	182	188	191	199	207	195	212	230	229	222	238	291	266	266	272	289
Pre-tax income	3,962	3,392	3,697	3,269	4,467	2,522	2,720	1,268	2,063	1,536	1,869	1,910	2,127	1,523	1,662	1,607	2,372	1,124	761	1,571
Tax rate	22%	22%	23%	21%	23%	25%	23%	11%	22%	28%	25%	19%	19%	22%	23%	18%	24%	23%	21%	26%
Net income	3,093	2,662	2,849	2,584	3,453	1,895	2,081	1,127	1,605	1,113	1,409	1,539	1,721	1,187	1,283	1,311	1,791	864	604	1,163
Net margin	11%	11%	12%	11%	13%	8%	9%	5%	6%	5%	6%	7%	7%	6%	6%	6%	7%	4%	3%	5%
Diluted EPS	$3.51	$3.03	$3.25	$2.96	$3.96	$2.19	$2.42	$1.31	$1.87	$1.30	$1.65	$1.80	$2.01	$1.40	$1.51	$1.55	$2.10	$1.02	$0.71	$1.37
Operating cash flow	3,246	4,480	3,813	2,479	3,332	2,357	3,237	2,233	2,411	3,316	1,993	1,498	3,315	2,318	348	2,482	3,302	2,224	859	2,903
Capital expenditure	1,624	548	840	890	2,491	609	1,211	1,289	2,049	1,035	933	843	1,098	876	1,123	970	716	1,031	693	497
Free cash flow	1,622	3,932	2,973	1,589	841	1,748	2,026	944	362	2,281	1,060	655	2,217	1,442	-775	1,512	2,586	1,193	166	2,406
Buybacks	0.0	254	988	952	1,306	751	747	752	0.0	0.0	0.0	500	0.0	1,000	1,000	0.0	-1,000	0.0	0.0	0.0
Dividends paid	859	1,284	1,283	1,275	1,272	1,348	1,345	1,341	1,338	1,348	1,353	1,348	1,350	1,348	1,349	1,348	1,353	1,352	1,356	1,356
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 6 May 2026: the filing.