United Parcel Service (UPS) Q2 FY2026 earnings: revenue $22.8 billion, up 7.6% on the year

United Parcel Service Inc. (UPS) reported revenue of $22.8 billion for Q2 FY2026, the quarter ended 30 June 2026, up 7.6% on the same quarter a year earlier. Net income was $604 million, down 52.9% on the year, and diluted earnings per share $0.71. The figures are the company's own, from the 10-Q it filed with the SEC on 5 August 2026.

Revenue

$22.8 billion

+7.6% on the year · +7.7% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

4.1%

8.6% a year earlier

Q3 FY2024Q2 FY2026

Net income

$604 million

-52.9% on the year · -30.1% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$0.71

-53.0% on the year · -30.4% on the quarter

Q3 FY2024Q2 FY2026

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

What management said

Guidance figures: 3 raised, 1 lowered, 5 kept.

Non-GAAP profit rose, GAAP profit fell: Consolidated revenue was $22.8 billion. Non-GAAP adjusted operating profit was $2.1 billion, against $1,876 million a year earlier. GAAP operating profit was $930 million, against $1,822 million.
Transformation charges weighed on GAAP: After-tax transformation charges were mainly employee separation costs linked to the Driver Choice Program. The charges are excluded from non-GAAP results.
Adjusted operating margin rose to 9.2%: GAAP operating margin was 4.1%, against 8.6% a year earlier. Non-GAAP adjusted operating margin was 9.2%, against 8.8%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	22,834	21,202	21,221	+7.7%	+7.6%
Operating income	930	1,267	1,822	-26.6%	-49.0%
Operating margin	4.1%	6.0%	8.6%
Interest expense	272	266	238	+2.3%	+14.3%
Pre-tax income	761	1,124	1,662	-32.3%	-54.2%
Income tax	157	260	379	-39.6%	-58.6%
Effective tax rate	20.6%	23.1%	22.8%
Net income	604	864	1,283	-30.1%	-52.9%
Net margin	2.6%	4.1%	6.0%
Diluted EPS	$0.71	$1.02	$1.51	-30.4%	-53.0%

$ million except per share.

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	859	2,224	348	-61.4%	+146.8%
Capital expenditure	693	1,031	1,123	-32.8%	-38.3%
Free cash flow	166	1,193	-775	-86.1%
Free cash flow margin	0.7%	5.6%	-3.7%
Cash from investing	-566	-944	-923
Cash from financing	-1,429	-1,328	1,794
Depreciation and amortisation	980	791	936	+23.9%	+4.7%
Share-based compensation	34.0	24.0	-5.0	+41.7%
Buybacks	0.0	0.0	1,000
Dividends paid	1,356	1,352	1,349	+0.3%	+0.5%
Dividend per share	$1.64	$1.64	$1.64	0.0%	0.0%
Diluted shares, weighted	851m	850m	847m	+0.1%	+0.5%

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	15,067	15,763	15,750	-4.4%	-4.3%
Non-controlling interest	32.0	28.0	27.0	+14.3%	+18.5%
Debt	24,484	24,386	24,740	+0.4%	-1.0%
Operating lease liabilities	3,460	3,534	3,445	-2.1%	+0.4%
Finance lease liabilities	n/a	n/a	418
Other liabilities	28,224	28,098	26,543	+0.4%	+6.3%
Total liabilities and equity	71,267	71,809	70,923	-0.8%	+0.5%
Goodwill	5,770	5,796	4,806	-0.4%	+20.1%
Intangible assets	3,954	3,981	3,356	-0.7%	+17.8%
Investments	n/a	n/a	92.0
Trading assets	n/a	n/a	92.0
Cash and equivalents	4,653	5,802	6,194	-19.8%	-24.9%
Receivables	10,710	9,948	10,430	+7.7%	+2.7%
Other assets	46,180	46,282	45,953	-0.2%	+0.5%
Total assets	71,267	71,809	70,923	-0.8%	+0.5%

Questions

What was United Parcel Service's revenue in Q2 FY2026?

United Parcel Service (UPS) reported revenue of $22.8 billion for Q2 FY2026, the quarter ended 30 June 2026, up 7.6% on the same quarter a year earlier.

How much did United Parcel Service earn in Q2 FY2026?

Net income for Q2 FY2026 was $604 million, down 52.9% on the year, and diluted earnings per share $0.71.

When did United Parcel Service report Q2 FY2026 results?

United Parcel Service filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 5 August 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 30 June 2026, filed 5 August 2026: the filing.