UPS Releases 3Q 2025 Earnings

• Consolidated Revenues of $21.4B
• Consolidated Operating Margin of 8.4%; Non-GAAP Adjusted^* Consolidated Operating Margin of 10.0%
• Diluted EPS of $1.55; Non-GAAP Adj. Diluted EPS of $1.74
• Provides Fourth-Quarter 2025 Financial Guidance and Full-Year Capital Allocation Expectations

ATLANTA – 2025 年 10 月 28 日 – UPS (NYSE:UPS) today announced third-quarter 2025 consolidated revenues of $21.4 billion. Consolidated operating profit was $1.8 billion; $2.1 billion on a non-GAAP adjusted basis. Diluted earnings per share were $1.55 for the quarter; non-GAAP adjusted diluted earnings per share were $1.74.

For the third quarter of 2025, GAAP results include a net charge of $164 million, or $0.19 per diluted share, comprised of after-tax transformation strategy costs of $250 million, partially offset by an $86 million benefit from the reversal of an income tax valuation allowance.

Additionally in the third quarter, UPS entered into a sale-leaseback transaction related to five properties, which resulted in a $330 million pre-tax gain on sale within Supply Chain Solutions, and which contributed $0.30 to diluted earnings per share. This transaction was part of the company’s broader capital strategy to monetize certain real estate assets to reinvest for growth with the leases structured to maintain operational continuity.

“I want to extend my gratitude to all UPSers for their dedication and steadfast commitment to serving our customers,” said Carol Tomé, UPS chief executive officer. “We are executing the most significant strategic shift in our company’s history, and the changes we are implementing are designed to deliver long-term value for all stakeholders. With the holiday shipping season nearly upon us, we are positioned to run the most efficient peak in our history while providing industry-leading service to our customers for the eighth consecutive year."

美國本土市場^†

• Revenue declined 2.6%, primarily driven by an expected decline in volume, partially offset by higher revenue per piece and air cargo revenue.
• Operating margin was 4.2%; non-GAAP adjusted operating margin was 6.4%.

國際市場

• Revenue increased 5.9%, driven by a 4.8% increase in average daily volume.
• Operating margin was 14.5%; non-GAAP adjusted operating margin was 14.8%.

供應鏈解決方案^{1 †}

^{1 包含根據 ASC 主題 280 - 分部報告，不滿足可報告部分之標準的經營部分。}

• Revenue declined 22.1%, primarily due to the impact from the third quarter 2024 divestiture of Coyote.
• Operating margin was 20.8%; non-GAAP adjusted operating margin was 21.3%.

2025 年展望

公司以非 GAAP 調整後的基礎提供某些指導，因為無法預測或提供反映各種潛在未來事件影響的調節表，包括養老金調整、某些戰略舉措或其他未預料到的事件的影響，這些影響將包含在報告的 (GAAP) 結果中，並且可能具有重大意義。

For the fourth quarter of 2025, on a consolidated basis, UPS expects revenue to be approximately $24.0 billion and non-GAAP adjusted operating margin of approximately 11.0% - 11.5%.

The company confirms the following for the full year 2025:

• 資本支出約 35 億美元
• 預計股息支付額約為 55 億美元，需經董事會批准
• Effective tax rate of approximately 23.75%
• $1.4 billion in pension contributions (of which $1.3 billion have been made)
• 約 10 億美元的股票回購已完成

^{* 「非 GAAP 調整後」或「非 GAAP 調整」金額是非 GAAP 調整後的財務指標。請參閱本新聞稿附錄，查看非 GAAP 調整後的財務指標討論，包括最密切相關的 GAAP 指標對賬。}

^{† 前一年的某些金額已重新分類，以符合今年的列報，包括將空運貨物結果重新計入美國國內結果，但合併結果沒有變化。某些金額是依未四捨五入的數值算得。}

聯絡人：
UPS 媒體關係：404-828-7123 or pr@ups.com
UPS Investor Relations: 404-828-6059 （選項 4）或 investor@ups.com

電話會議資訊

在東部時間 2025 年 10 月 28 日 上午 8:30，UPS 行政總裁 Carol Tomé 與財務總裁 Brian Dykes 將與投資者及分析師討論第三季度績效。此次電話會議將透過網上直播供其他人觀看。若要聽取電話會議，請轉到 UPS 投資者關係頁面並點擊「財報電話會議」。其他財務資訊包含在 www.investors.ups.com 上「季度收益和財務」部分中公佈的詳細財務明細表中，內容與我們作為 8-K 表上「當前報告」之附表而呈交給 SEC 的內容一致。

關於 UPS

UPS (NYSE: UPS) 是全球最大的公司之一，2024 年收入超過 911 億美元，為 200 多個國家和地區內的客戶提供各種整合物流解決方案。公司的約 490,000 名員工專注於公司宗旨「透過遞送重要貨件，助力世界向前發展」，採用簡單表述和強力執行的策略：客戶至上。以人為本。創新驅動。UPS 致力於減少其對環境的影響，並支援我們在世界各地所服務的社區。查看更多資訊可瀏覽 www.ups.com、about.ups.com 和 www.investors.ups.com 。

預測性陳述

本新聞稿，我們截至 2024 年 12 月 31 日 年度 10-K 表上「年度報告」及我們提交給證券交易委員會的其他備案檔中包含並在未來可能包含「預測性陳述」。除當前或歷史事實之外的聲明，及所有帶有「將要」、「相信」、「預測」、「預期」、「估計」、「假定」、「打算」、「預料」、「目標」、「計劃」及類似術語，均為預測性陳述。

我們也會不時在其他公開披露的材料中納入書面或口頭的預測性陳述。預測性陳述可能與我們對策略方向、前景、未來結果或未來活動的意圖、信念、預測或目前預期有關；它們與歷史或目前的事實並無確切聯系。管理層認為，這些預測性陳述在作出時是合理的。但是，應注意不要過度依賴任何預測性陳述，因為此類陳述就其性質而言僅截至發表之日，且無法肯定地預測未來。

預測性陳述存在某些風險與不確定性，這些風險和不確定性可能導致實際結果與我們的歷史經驗及我們當前的預期或預期結果之間存在重大差異。這些風險與不確定性包括但不限於：changes in general economic conditions in the U.S. or internationally, including as a result of changes in the global trade policy, new or increased tariffs or government shutdowns; significant competition on a local, regional, national and international basis; changes in our relationships with our significant customers; our ability to attract and retain qualified employees; strikes, work stoppages or slowdowns by our employees; increased or more complex physical or operational security requirements; a significant cybersecurity incident, or increased data protection regulations; our ability to maintain our brand image and corporate reputation; impacts from global climate change; interruptions in or impacts on our business from natural or man-made events or disasters including terrorist attacks, epidemics or pandemics; exposure to changing economic, political, regulatory and social developments in international and emerging markets; our ability to realize the anticipated benefits from acquisitions, dispositions, joint ventures or strategic alliances; the effects of changing prices of energy, including gasoline, diesel, jet fuel, other fuels and interruptions in supplies of these commodities; changes in exchange rates or interest rates; our ability to accurately forecast our future capital investment needs; increases in our expenses or funding obligations relating to employee health, retiree health and/or pension benefits; our ability to manage insurance and claims expenses; changes in business strategy, government regulations or economic or market conditions that may result in impairments of our assets; potential additional U.S. or international tax liabilities; increasingly stringent regulations related to climate change; potential claims or litigation related to labor and employment, personal injury, property damage, business practices, environmental liability and other matters; and other risks discussed in our filings with the Securities and Exchange Commission from time to time, including our Annual Report on Form 10-K for the year ended December 31, 2024, and subsequently filed reports. 您應該考慮與預測性陳述有關之限制與風險，不應過度依賴此類預測性陳述中所含預測之準確性。除非法律有所要求，我們不承擔為了反映在這些聲明日期後之事件、情況、預期變化，或意料之外之事件而更新預測性陳述的任何義務。

公司定期在公司投資者關係網站 www.investors.ups.com 上發布重要資訊，包括新聞稿、公告、在分析師或投資者會議上提供或演示介紹的材料，以及其他有關其業務和經營業績的聲明，這些資訊可能對投資者至關重要。公司使用其網站作為披露重大非公開資訊及遵守公平披露規則下公司履行披露義務的手段。投資者除了關注公司的新聞稿、向美國證券交易委員會提交的檔案、公共電話會議和網絡廣播外，還應關注公司的投資者關係網站。我們不會將任何網站的內容納入本報告，或我們向美國證券交易委員會提交的任何其他報告中。

GAAP 和非 GAAP 調整後的財務指標調節

我們會以某些非 GAAP 調整後的財務指標，根據普遍接受的會計原則（「GAAP」）充實我們的財務資訊報告。管理層根據 GAAP 基礎並排除與這些非 GAAP 調整後財務指標相關的成本和收益來查看和評估業務績效。我們據此認為，這些非 GAAP 調整後財務指標的呈報能夠使我們的財務資訊使用者更好地從與管理層相同的視角來查看和評估基礎業務績效。

非 GAAP 調整後的財務指標應視為我們根據 GAAP 編制的報告結果的補充，而不是更替。我們非 GAAP 調整後的財務指標不代表綜合會計基準，因此無法與其他公司所報告的類似提法的指標作比較。

前瞻性非 GAAP 調整後的財務指標

有時，在展示前瞻性的非 GAAP 調整後財務指標時，我們無法提供與最密切相關的 GAAP 指標的定量對賬，因為任何調整的時間、金額或性質都存在不確定性，而這些調整在任何時期都可能具有重大意義。

監管事務費用

We have excluded the impact of an expense to settle a previously disclosed regulatory matter. We do not believe this is a component of our ongoing operations and we do not expect this or similar expenses to recur.

國際監管事務的一次性付款

We have excluded the impact of a payment to settle a previously-disclosed international tax regulatory matter. 我們認為這筆付款不屬於我們正運行業務的一部分，並且我們不希望這筆付款或類似付款再度發生。

轉型策略成本

We exclude the impact of charges related to activities within our transformation strategy. 我們的轉型策略活動已持續數年，旨在從根本上改變組織架構的層級與範圍、流程、技術，以及業務組合的組成。我們的轉型戰略包括轉型 2.0、Fit to Serve，以及網絡重構和效率重塑計劃中的舉措。

Various circumstances precipitated these initiatives, including identification and prioritization of certain investments, developments and changes in competitive landscapes, inflationary pressures, consumer behaviors, and other factors including post-COVID normalization and volume diversions attributed to our 2023 labor negotiations.

Our transformation strategy includes the following programs and initiatives:

Transformation 2.0：我們發現可減少管理層級與範圍的機會，並展開業務組合檢視，確定投資於部分技術的可能性，包括財務報告系統及部分排班、時間與薪酬系統，以降低全球間接營運成本、提升透明度，並減少對舊有系統及編碼語言的依賴。與Transformation 2.0相關的成本主要包括因裁減人手而產生的薪酬及福利支出，以及支付給第三方顧問的費用。We expect any remaining costs to be incurred during the remainder of 2025.

Fit to Serve：我們推行了「Fit to Serve」計劃，旨在調整業務規模，打造更高效的營運模式，以更靈活應對市場變化，並透過約14,000個職位的裁減，主要集中於管理層。We expect any remaining costs to be incurred during the remainder of 2025.

Network Reconfiguration and Efficiency Reimagined 計劃：我們的「未來網絡」（Network of the Future）計劃旨在透過自動化及整合美國國內分揀作業，提高網絡效率。In connection with our strategic execution of planned volume declines from our largest customer, we began our Network Reconfiguration initiative, which is an expansion of Network of the Future and has led and will continue to lead to consolidations of our facilities and workforce as well as an end-to-end process redesign. 我們亦啟動了Efficiency Reimagined計劃，推動端到端流程的全面重塑，確保組織流程與網絡重組相互配合。We have reduced our operational workforce by approximately 34,000 positions and closed daily operations at 93 leased and owned buildings during the first nine months of 2025 as a component of this initiative. 我們將繼續審查空中和地面綜合網絡的預期業務量變化，以確定需要關閉的其他建築物。As of 2025 年 9 月 30 日, we have realized cost savings of approximately $2.2 billion, and expect to achieve $3.5 billion total year over year cost savings in 2025, from this initiative. These amounts are calculated on the year over year change in volume from our largest customer, taking into account the impact of certain additional volume we have elected to serve.

In connection with the Network Reconfiguration and Efficiency Reimagined programs described above, we expect to exclude between $400 and $650 million in non-GAAP adjusted expense during 2025, related primarily to third-party consulting fees, employee separation benefits, and certain programmatic expenses. As of 2025 年 9 月 30 日, we have incurred program costs to date of $422 million, including $387 million year to date. 若未來決定關閉更多設施，相關成本有可能進一步增加。These initiatives are expected to conclude in 2027.

我們不將相關成本視為日常費用，原因是每個計劃涉及獨立且不同的活動，可能跨越多個期間，且預期不會帶來額外收入，此外，這些計劃的規模亦超出常規持續提升盈利能力的範疇。這些舉措是對提高業務績效的常規和持續努力的補充。

商譽及資產減值

We exclude the impact of goodwill and certain asset impairment charges, including impairments of long-lived assets and equity method investments. 在評估我們業務部門的經營業績、做出資源配置決定或確定激勵性薪酬獎項時，我們不會考慮這些費用。

與資產剝離相關的損益

We exclude the impact of gains (or losses) related to the divestiture of businesses. We do not consider these transactions to be a component of our ongoing operations, nor do we consider the impact of these transactions when evaluating the operating performance of our business units, making decisions to allocate resources or in determining incentive compensation awards.

所得稅估值備抵的沖銷

我們之前記錄了導致預計無法實現的資本損失遞延稅項資產的交易的非 GAAP 調整。As a result of property sales during 2025, we now expect all of these capital losses to be realized. We supplement our presentation with non-GAAP adjusted financial measures that exclude the impact of the reversals of the valuation allowances against these deferred tax assets as we believe such treatment is consistent with how the valuation allowance was initially established.

非 GAAP 調整後的每件成本

我們利用各種指標來評估我們的營運效率，包括非 GAAP 調整後的每件成本。非 GAAP 調整後每件成本的算法是將某一期間的非 GAAP 調整後營業費用除以該期間的總量。由於非 GAAP 調整後的營業費用不包括我們在監控和評估業務部門的營運績效、做出資源配置決策，或確定激勵性薪酬獎勵時不視為基本業務績效一部分的成本或費用，因此，我們認為這是審查和評估我們營運表現效率的適當指標。

自由現金流

我們計算自由現金流的方式如下：營業活動的現金流減去資本支出、處理財產、廠房及設備所得款項，再加上或減去其他投資活動的淨變。我們認為自由現金流為持續經營活動所產生之現金量的重要指標，我們會用其來估量可用於投資我們的業務、履行我們的債務及向股東返還現金之增量現金。