UPS Releases 4Q 2024 Earnings and Provides 2025 Guidance

• Consolidated Revenues of $25.3B, Compared to $24.9B Last Year
• Consolidated Operating Margin of 11.6%; Non-GAAP Adjusted^* Consolidated Operating Margin of 12.3%
• Diluted EPS of $2.01; Non-GAAP Adj. Diluted EPS of $2.75, Compared to $2.47 Last Year

ATLANTA – 2025 年 1 月 30 日 – UPS (NYSE:UPS) today announced fourth-quarter 2024 consolidated revenues of $25.3 billion, a 1.5% increase from the fourth quarter of 2023. Consolidated operating profit was $2.9 billion, up 18.1% compared to the fourth quarter of 2023, and up 11.2% on a non-GAAP adjusted basis. Diluted earnings per share were $2.01 for the quarter; non-GAAP adjusted diluted earnings per share were $2.75, 11.3% above the same period in 2023.

For the fourth quarter of 2024, GAAP results include a total charge of $639 million, or $0.74 per diluted share, comprised of a non-cash, after-tax mark-to-market (MTM) pension charge of $506 million, total after-tax transformation strategy costs of $73 million, after-tax asset impairment charges of $46 million, and after-tax cost of $14 million related to the withdrawal from a multiemployer pension plan.

“I want to thank all UPSers for their hard work and efforts as we closed out 2024 with an outstanding peak, delivering best-in-class service and strong financial results ahead of our targets for the quarter,” said Carol Tomé, UPS chief executive officer.

U.S. Domestic Segment^†

• Revenue increased 2.2%, driven by a 2.4% increase in revenue per piece and increases in air cargo.
• Operating margin was 9.7%; non-GAAP adjusted operating margin was 10.1%.

国际业务

• Revenue increased 6.9%, driven by an 8.8% increase in average daily volume.
• Operating margin was 20.7%; non-GAAP adjusted operating margin was 21.6%.

Supply Chain Solutions^{1 †}

^{1Consists of operating segments that do not meet the criteria of a reportable segment under ASC Topic 280 – Segment Reporting.}

• Revenue declined 9.1%, due to a reduction in revenue following the divestiture of Coyote, partially offset by growth in air and ocean forwarding.
• Operating margin was 7.4%; non-GAAP adjusted operating margin was 9.3%.

Full-Year 2024 Consolidated Results

• Revenue was $91.1 billion.
• Operating profit of $8.5 billion; non-GAAP adjusted operating profit of $8.9 billion.
• Operating margin was 9.3%; non-GAAP adjusted operating margin was 9.8%.
• Diluted EPS totaled $6.75; non-GAAP adjusted diluted EPS of $7.72.
• Cash from operations was $10.1 billion and non-GAAP adjusted free cash flow was $6.3 billion.

In addition, the company returned $5.9 billion of cash to shareowners through dividends and share repurchases.

2025 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.

Today the company announces the following set of strategic actions: first, it has reached an agreement in principle with its largest customer to lower its volume by more than 50% by the second half of 2026; second, effective 2025 年 1 月 1 日, the company has insourced 100% of its UPS SurePost product; and third, in connection with these efforts, the company is reconfiguring its U.S. network, and launching multi-year “efficiency reimagined” initiatives to drive approximately $1.0 billion in savings through an end-to-end process redesign.

“We are making business and operational changes that, along with the foundational changes we’ve already made, will put us further down the path to becoming a more profitable, agile and differentiated UPS that is growing in the best parts of the market,” said Tomé.

For the full year 2025, on a consolidated basis, UPS expects revenue to be approximately $89.0 billion and operating margin to be approximately 10.8%.

The company is planning capital expenditures of about $3.5 billion, dividend payments of around $5.5 billion, subject to board approval, and share repurchases of around $1.0 billion. 预计有效税率约为 23.5%。

_{*“非 GAAP 调整后”金额为非 GAAP 调整后的财务指标。请参考本新闻稿的附录，了解有关非 GAAP 调整后财务指标的讨论，包括调节最密切相关的 GAAP 指标。}

^{† Certain prior year amounts have been reclassified to conform to the current year presentation, including the recast of air cargo volume to U.S. Domestic, with no change to consolidated results. Certain amounts are calculated based on unrounded numbers.}

联系人：
UPS 媒体关系：404-828-7123 或 pr@ups.com
UPS 投资者关系：404-828-6059（选项 4）或 investor@ups.com

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视频会议信息

UPS CEO Carol Tomé and CFO Brian Dykes will discuss fourth-quarter results with investors and analysts during a conference call at 8:30 a.m. ET, 2025 年 1 月 30 日. 其他人将可通过实时网络直播参与视频会议。如需参加电话会议，请访问 www.investors.ups.com，并点击“营收电话会议”。其他财务信息包括在 www.investors.ups.com 上“季度收益和财务”下公布的详细财务清单，这些清单作为目前的 8-K 表格报告的附件提交给美国证券交易委员会 (SEC)。

关于 UPS

UPS（纽约证券交易所代码：UPS）是全球最大公司之一，2023 年营收为 910 亿美元，为 200 多个国家和地区的客户提供广泛的物流整合方案。公司专注于“执行意义深远的递送服务，推动世界向前迈进”的宗旨，公司大约 500,000 多名员工接受该表述简单且易于执行的战略：客户至上。以人为本。致力创新。UPS 致力于减少其对环境的影响，并为我们在全球所服务的社区提供支持。更多信息见 www.ups.com、about.ups.com 和 www.investors.ups.com。

前瞻性陈述

This release, our Annual Report on Form 10-K for the year ended 2023 年 12 月 31 日 and our other filings with the Securities and Exchange Commission contain and in the future may contain “forward-looking statements”. 除了对于现时事实或过往事实的陈述之外，所有包括“将”、“相信”、“计划”、“预期”、“预估”、“假定”、“打算”、“期望”、“目标”、“方案”和类似的条款，均意指前瞻性陈述。

我们也不时在其他公开揭露数据中提供包含书面或口头的前瞻性陈述。此前瞻性陈述可能与关于我们战略方向、前景、未来结果或未来活动的意图、信念、预测或预期有关；这些并不与过往或现时事实确切相关。管理层相信这些前瞻性陈述到时候会是合理的。但是，应注意不应过度依赖任何前瞻性陈述，因为此类陈述仅在陈述当时和未来无法预测定性的情况。

前瞻性陈述受某些风险和不确定性限制，可能导致实际结果与历史经验和现行期望或预期的结果有显著的不同。这些风险和不确定性包括但不限于：美国或国际总体经济状况的变化；地方、区域、国家和国际层面的重大竞争；我们与重要客户关系的变化；我们吸引和留住人才的能力；我们员工的罢工、停工或怠工行为；更多或更复杂的实体或运营安全要求；重大网络安全事件，或数据保护法规加强；我们维护品牌形象和企业声誉的能力；全球气候变化影响；自然或人为事件或灾难（包括恐怖袭击、流行病或疫情）对我们的业务造成中断或影响；对国际和新兴市场不断变化的经济、政治、监管和社会发展情况的接触了解；我们通过收购、处置、合资企业或战略联盟实现预期收益的能力；包括汽油、柴油、航空燃油和其他燃料在内的能源价格变化以及这些商品供应中断的影响；汇率或利率的变化；我们准确预测未来资本投资需求的能力；与员工健康、退休人员健康和/或养老金福利相关的费用和资金义务增加；我们管理保险和理赔费用的能力；可能导致我们资产减值的企业战略、政府法规、经济或市场条件的变化；其他潜在的美国或国际税负；与气候变化相关日益严格的法规；与劳动和就业、人身伤害、财产损失、商业惯例、环境责任和其他事项有关的潜在索赔或诉讼；以及我们不时向美国证券交易委员会提交的文件中探讨的其他风险，包括我们截至 2023 年 12 月 31 日的 Form 10-K 年报和其他后续提交的报告。您应该考虑与前瞻性陈述相关的限制和风险，而非过度仰赖这类前瞻性陈述中所包含的预测准确性。除非法律规定所规定之外，我们并不承担任何更新前瞻性声明以反映在这些声明后发生的事件、情形、期望变化或意外事件的义务。

The Company routinely posts important information, including news releases, announcements, materials provided or displayed at analyst or investor conferences, and other statements about its business and results of operations, that may be deemed material to investors on the Company’s Investors Relations website at www.investors.ups.com. The Company uses its website as a means of disclosing material, nonpublic information and for complying with the Company’s disclosure obligations under Regulation FD. Investors should monitor the Company’s Investor Relations website in addition to following the Company’s press releases, filings with the SEC, public conference calls and webcasts. We do not incorporate the contents of any website into this or any other report we file with the SEC.

GAAP 与非 GAAP 调整后财务指标调节

我们使用某些非 GAAP 调整后财务指标来增补依据一般公认会计原则（简称“GAAP”）确定的财务信息报告。管理层在剔除与这些非 GAAP 调整后财务指标相关的成本和收益后，按照 GAAP 来审查和评估业绩。因此，我们认为，提供这些非 GAAP 调整后财务指标可以让我们的财务信息的使用者更好地从与管理层相同的视角来审查和评估基本业绩。

非 GAAP 调整后财务指标应被视为对我们根据 GAAP 编制的报告结果的补充，而不是替代。我们的非 GAAP 调整后财务指标不代表综合会计基础，因此可能无法与其他公司报告的类似名称的指标进行比较。

前瞻性非 GAAP 调整后财务指标

当我们展现前瞻性非 GAAP 指标时，我们无法提供关于最关联 GAAP 指标的量化核对，原因时任何调整的时间、数量或特性有所不同，材料的时间可能存在差异。

国际监管事务一次性付款

我们在提供营业利润、营业利润率、利息支出、其他收入（支出）总额、税前收入、净收入和每股收益等报告内容时补充使用了非 GAAP 指标，其中排除了 2024 年第二季度一次性支付的 9,400 万美元先前受限现金的影响，这笔现金用于解决此前披露的意大利税务机关对 UPS 向某些第三方服务提供商支付的增值税可抵扣性的质疑，并且对该质疑的审查已于 2023 年第四季度启动。我们认为这并不是我们持续运营的组成部分，并且预计不会再次发生这种或类似的付款。

监管事务费用

We supplement the presentation of operating profit, operating margin, interest expense, total other income (expense), income before income taxes, net income and earnings per share with non-GAAP measures that exclude the impact of an expense to settle a regulatory matter that we consider to be unrelated to our ongoing operations and that we do not expect to recur.

转型战略成本

我们在提供营业利润、营业利润率、税前收入、净收入和每股收益等报告内容补充使用了非 GAAP 指标，其中排除了与我们转型战略活动相关的费用的影响。我们的转型活动已经持续数年，从根本上改变我们的组织结构、流程、技术和业务组合构成的跨度和层级。虽然这些转型活动的早期阶段已于 2023 年完成（转型 1.0），但某些系统实施和业务组合审查活动（转型 2.0）仍在进行中，预计将持续到 2025 年。我们此前宣布了 Fit to Serve 计划的多项举措，通过在 2024 年裁员约 12,000 个工作岗位来适当调整业务规模，建立更加高效的运营模式，增强对不断变化的市场环境的响应能力。这些举措是在各种情况下促成的，包括根据高层领导人事变动确定投资的优先次序、竞争格局的发展和变化、通货膨胀压力、消费者行为以及其他因素，比如新冠肺炎疫情后正常化和 2023 年劳资谈判导致的货运量转移。

As disclosed on 2025 年 1 月 30 日, we are beginning a network reconfiguration which is expected to lead to consolidations of our facilities and workforce as well as end-to-end process redesign from 2025 – 2027. Our network reconfiguration is expected to result in exit activities that could result in the closure of up to 10% of our buildings, a reduction in the size our vehicle and aircraft fleets, and a decrease in the size of our workforce. These costs are in addition to operational costs that we may incur. We are not yet able to determine the specific assets or extent of our workforce that will be impacted by our network redesign, the timing of those future changes or the associated charges we will incur and therefore are not currently able to provide an estimate of the total cost or the cost by period. We expect that impacted assets will remain in use during some or all of the periods of our network reconfiguration.

We expect to partially offset incurred costs through end-to-end process redesign carried out during our network reconfiguration through our Efficiency Reimagined initiatives. These initiatives are being undertaken to align our organizational processes to the operational changes expected to occur in our network reconfiguration and drive organizational efficiency. These initiatives are expected to yield approximately $1.0 billion in annualized savings. We incurred related costs of $35 million for the three months ended 2024 年 12 月 31 日. We expect to incur related costs of approximately $300 to $400 million during 2025 primarily associated with outside professional services and severance. Upon the completion of our network reconfiguration and Efficiency Reimagined initiatives, we expect to realize further benefits in subsequent periods from lower expense, including depreciation, compensation, benefit and other, as well as lower capital requirements.

We do not consider the related costs to be ordinary because each program involves separate and distinct activities that may span multiple periods and are not expected to drive incremental revenue, and because the scope of the programs exceeded that of routine, ongoing efforts to enhance profitability. 这些举措不是为提高业绩而持续开展的日常工作的一部分。

商誉和资产减值

我们在提供有关营业利润、营业利润率、税前收入、净收入和每股收益等报告内容时补充使用了非 GAAP 指标，其中排除了商誉和资产减值费用的影响。我们在评估业务单位的运营绩效、决定资源分配或确定激励性薪酬奖励时，不会考虑这些费用。

与资产剥离相关的损益

我们在提供有关营业利润、营业利润率、税前收入、净收入和每股收益等报告内容时补充使用了非 GAAP 指标，其中排除了与业务剥离相关的收益（或损失）的影响。我们在评估业务单位的运营绩效、决定资源分配或确定激励性薪酬奖励时，不会考虑这些交易。

一次性补偿付款

我们在提供有关营业利润、营业利润率、税前收入、净收入和每股收益等报告内容时补充使用了非 GAAP 指标，其中排除了 2023 年我们与国际卡车司机工会签订劳工协议后一次性支付给美国某些非工会兼职主管的款项的影响。预计该付款或类似付款不会再发生。

Multiemployer Pension Plan Withdrawal

We supplement the presentation of operating profit, operating margin, income before income taxes, net income and earnings per share with non-GAAP measures that exclude the impact of a charge related to the withdrawal from a multiemployer pension plan within the United States. We do not consider these costs to be related to our ongoing operations nor do we expect them to recur.

非 GAAP 调整后每货件成本

我们使用包括非 GAAP 调整后每货件成本在内的各种指标来评估我们的运营效率。非 GAAP 调整后每货件成本的计算方式为：某一期间的非 GAAP 调整后运营支出除以该期间的货件总量。我们认为有些成本或费用不属于基本业绩的组成部分，也不属于监控和评估业务单位运营绩效、决定资源分配或确定激励性薪酬奖励的范畴；因此我们相信，不将这些成本或费用纳入非 GAAP 调整后运营支出是审查和评估我们运营绩效效率的正确衡量方法。

固定养老金福利和退休后医疗计划损益

我们将计划资产公允价值的变化，以及超出 10% 缓冲区（定义为计划资产公允价值或计划预计收益义务的 10%，以较高者为准）的退休金和退休后定义的收益计划之债务净精算损益和计划缩减及结算损益，直接认定为一部分的其他退休金收入（支出）。我们使用调整后的指标（可排除损益影响以及相关的所得税效应)，提供有关税前收入、净所得及每股收益的更多信息。我们相信，排除这些固定养老金福利和退休后计划损益影响，可通过消除与市场利率、股票价值和类似因素的短期变化有关的波动，提供重要的补充信息。

自由现金流量

我们计算自由现金流量的方式是：在营业活动所得现金流量小于资本支出时，将来自不动产、厂房和设备处理的收入，加上或扣除财务其他投资活动的净变动。我们认为，自由现金流量是重要的指标，可了解当前业务运营产生的现金有多少，而且我们运用此指标评估可投入于投资业务、承担债务及回馈给股东的增量现金。

Non-GAAP adjusted Total Debt / Non-GAAP adjusted EBITDA

Non-GAAP adjusted total debt is defined as our long-term debt and finance leases, including current maturities, plus non-current pension and postretirement benefit obligations. Non-GAAP adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization adjusted for the impacts of transformation strategy costs, a gain on divestiture of Coyote, a one-time payment for an international regulatory matter, goodwill and asset impairment charges, a one-time compensation payment, expense related to a regulatory matter, defined benefit plan gains and losses, investment income and other pension income, and a charge to withdraw from a multiemployer benefit plan. 我们相信，调整后总债务与调整后 EBITDA 之比是我们展现经济实力的重要指标，且为评估我们的债务级别时，第三方使用的比例。

Non-GAAP Adjusted Return on Invested Capital

Non-GAAP Adjusted ROIC is calculated as the trailing twelve months (“TTM”) of non-GAAP adjusted operating income divided by the average of total debt, non-current pension and postretirement benefit obligations and shareowners’ equity, at the current period end and the corresponding period end of the prior year. Because non-GAAP adjusted ROIC is not a measure defined by GAAP, we calculate it, in part, using non-GAAP financial measures that we believe are most indicative of our ongoing business performance. We consider non-GAAP adjusted ROIC to be a useful measure for evaluating the effectiveness and efficiency of our long-term capital investments.