Published
# UPS — Recent Events (through Q2 2026)
## Filings that contain financial statements
- **8-K filed July 28, 2026** (accession 0001628280-26-049912): Exhibit 99.1 press release and Exhibit 99.2 financial statement schedules furnish UPS's second-quarter 2026 results (three and six months ended June 30, 2026), including the statement of income, balance sheet, and cash flow data, with comparative 2025 periods.
- **8-K filed April 28, 2026** (accession 0001628280-26-027717): Exhibit 99.1/99.2 furnish first-quarter 2026 results (three months ended March 31, 2026) with comparative 2025 data.
- **8-K filed January 27, 2026** (accession 0001628280-26-003510): Exhibit 99.1/99.2 furnish fourth-quarter and full-year 2025 results (three months and year ended December 31, 2025), including full-year GAAP and non-GAAP reconciliations.
- **8-K filed October 28, 2025** (accession 0001628280-25-046550): Exhibit 99.1/99.2 furnish third-quarter 2025 results (three and nine months ended September 30, 2025).
- **8-K filed July 29, 2025** (accession 0001090727-25-000061): Exhibit 99.1/99.2 furnish second-quarter 2025 results (three and six months ended June 30, 2025) — the prior-year comparative basis for the Q2 2026 release above.
## Earnings and guidance
**Second-quarter 2026 (reported July 28, 2026, accession 0001628280-26-049912).** UPS reported consolidated revenue of $22.8 billion, GAAP operating profit of $930 million (operating margin 4.1%) and diluted EPS of $0.71; non-GAAP adjusted operating profit was $2.1 billion (adjusted margin 9.2%) and adjusted diluted EPS was $1.76. GAAP results absorbed after-tax transformation charges of $891 million ($1.05 per diluted share), mainly employee separation costs from the newly completed Driver Choice Program. Management said the Amazon "glide down" and related network reconfiguration were completed and cited a return to consolidated revenue and adjusted operating profit growth. UPS raised full-year 2026 guidance: consolidated revenue to approximately $91.2 billion (from $89.7 billion), non-GAAP adjusted operating profit to approximately $8.65 billion, and non-GAAP adjusted diluted EPS to approximately $7.22. Capital expenditures (~$3.0 billion) and dividend payments (~$5.4 billion) guidance were reaffirmed, subject to board approval.
**First-quarter 2026 (reported April 28, 2026, accession 0001628280-26-027717).** Consolidated revenue was $21.2 billion, GAAP operating profit $1.27 billion (margin 6.0%) and diluted EPS $1.02; non-GAAP adjusted operating profit was $1.32 billion (margin 6.2%) and adjusted diluted EPS was $1.07. GAAP results included after-tax transformation charges of $42 million. UPS reaffirmed full-year 2026 guidance of approximately $89.7 billion revenue and approximately 9.6% non-GAAP adjusted operating margin, and said it expected a return to revenue and profit growth in the second quarter.
**Fourth-quarter and full-year 2025 (reported January 27, 2026, accession 0001628280-26-003510).** Fourth-quarter consolidated revenue was $24.5 billion, GAAP operating margin 10.5%, diluted EPS $2.10; non-GAAP adjusted diluted EPS was $2.38. GAAP results included total after-tax charges of $238 million ($0.28 per diluted share), comprising a non-cash after-tax charge of $137 million for the write-off of UPS's MD-11 aircraft fleet (retirement completed in the quarter) and $101 million of after-tax transformation charges. For full-year 2025, revenue was $88.7 billion, operating profit $7.9 billion, diluted EPS $6.56, and the company returned $6.4 billion of cash to shareowners through dividends and share repurchases. The board declared a first-quarter 2026 dividend of $1.64 per share, payable March 5, 2026 to shareowners of record February 17, 2026. UPS issued initial 2026 guidance of approximately $89.7 billion revenue and approximately 9.6% non-GAAP adjusted operating margin, with capital expenditures of about $3.0 billion and dividend payments of around $5.4 billion.
**Third-quarter 2025 (reported October 28, 2025, accession 0001628280-25-046550).** Consolidated revenue was $21.4 billion, GAAP operating margin 8.4%, diluted EPS $1.55; non-GAAP adjusted diluted EPS was $1.74. The quarter included a sale-leaseback of five properties generating a $330 million pre-tax gain within Supply Chain Solutions. UPS guided fourth-quarter 2025 revenue to approximately $24.0 billion and non-GAAP adjusted operating margin of approximately 11.0%–11.5%, and confirmed full-year 2025 capital expenditures of about $3.5 billion, dividend payments of around $5.5 billion, and completed share repurchases of around $1.0 billion.
**Second-quarter 2025 (reported July 29, 2025, accession 0001090727-25-000061).** Consolidated revenue was $21.2 billion, GAAP operating margin 8.6%, diluted EPS $1.51; non-GAAP adjusted diluted EPS was $1.55. UPS confirmed full-year 2025 targets of about $3.5 billion in capital expenditures, dividend payments of around $5.5 billion, and completed share repurchases of around $1.0 billion, and said it was on track with its Network Reconfiguration and Efficiency Reimagined savings target.
## M&A
**Completed 2025 acquisitions of Frigo-Trans and Andlauer Healthcare Group (per Form 10-K, accession 0001628280-26-008432, Note 8).** UPS completed the acquisition of Frigo-Trans and Biotech & Pharma Logistics ("Frigo-Trans"), a German complex healthcare logistics provider, in the first quarter of 2025, and of Andlauer Healthcare Group ("AHG"), a North American third-party logistics and cold-chain healthcare specialist, in the fourth quarter of 2025. Aggregate 2025 purchase price was approximately $2.0 billion net of cash acquired ($2,021 million total consideration), generating $1,344 million of goodwill and $763 million of intangible assets, of which $690 million was customer relationships amortized over a weighted average of 15 years.
**Terminated acquisition of Estafeta (September 17–18, 2025, accession 0001090727-25-000067).** UPS disclosed that on September 17, 2025 it terminated its planned acquisition of Estafeta, a Mexican logistics company, because the closing conditions could not all be satisfied.
## Capital actions / debt issuance
- **August 14, 2026 (accession 0001104659-26-098351):** UPS priced $325,105,000 aggregate principal amount of Floating Rate Senior Notes due 2076 under an underwriting agreement, with proceeds intended for general corporate purposes.
- **August 10, 2026 (accession 0001104659-26-094502):** UPS priced $1.0 billion of 4.850% Senior Notes due 2031. Of this, the company intended to contribute $200 million to the UPS Retirement Plan Trust and $250 million to the Master Trust (funding UPS's defined benefit pension plans), with the company not receiving cash proceeds on the portion redelivered to the trusts.
- **May 15, 2025 (accession 0001104659-25-050984):** UPS priced $170,673,000 aggregate principal amount of Floating Rate Senior Notes due 2075, proceeds for general corporate purposes.
## Management and board changes
- **August 31, 2026 (accession 0001628280-26-059609):** Kate Gutmann, EVP and President, International, Healthcare and Supply Chain Solutions, announced her retirement effective September 1, 2026 (remaining in a transitional role through March 31, 2027). Wilfredo Ramos was appointed EVP and Chief International, Healthcare and Supply Chain Solutions Officer. In connection with related leadership changes, Nando Cesarone moves to EVP and Chief Global Operations Officer and will receive a $6.0 million RSU award, and Bala Subramanian (EVP and Chief Digital and Technology Officer) will receive a $3.0 million RSU award, both vesting over three years through September 2029.
- **June 13, 2026 (accession 0001628280-26-043196):** Board member Eva Boratto resigned from the UPS board effective immediately in connection with her appointment as CFO of Cencora, Inc.
- **May 13, 2026 (accession 0001628280-26-034597):** Kevin M. Warsh's board resignation (previously disclosed as contingent) became automatically effective upon his May 13, 2026 U.S. Senate confirmation as Chairman of the Federal Reserve Board of Governors.
- **February 2–6, 2026 (accession 0001628280-26-006089):** UPS disclosed that director Kevin M. Warsh, nominated by President Trump to chair the Federal Reserve Board of Governors, informed the company he would resign from the UPS board if confirmed by the Senate.
- **June 2, 2025 (accession 0001090727-25-000054):** The board expanded to thirteen members and appointed John Morikis, retired President and CEO of Sherwin-Williams, as a director and Audit Committee member.
## Shareholder meeting (May 11, 2026, accession 0001628280-26-033522)
At UPS's 2026 Annual Meeting (held May 7, 2026), shareowners elected all twelve director nominees, approved (on an advisory basis) named executive officer compensation, approved the 2026 Omnibus Incentive Compensation Plan, and ratified Deloitte & Touche LLP as independent auditor for 2026. Shareowner proposals to reduce the voting power of Class A stock, to commission a third-party racial-equity audit, and to report on carbon-neutrality alignment all failed to pass.