Overview
- Shares have fallen roughly one-third over the past year and more than 60% since early 2022, lifting the dividend yield to about 7.5%.
- Second-quarter revenue slipped nearly 3% to $21.2 billion and adjusted earnings fell 13% to $1.55 per share.
- First-half free cash flow totaled $742 million versus $2.7 billion of dividend payments, leaving a shortfall the company filled with more debt.
- Long-term debt and finance leases rose to $23.8 billion, with cash above $6 billion and bond ratings reported at A2/A.
- UPS plans to cut Amazon-related volumes by more than 50% by the second half of next year and targets $3.5 billion in annual savings, with most benefits expected in the second half of this year and stronger cash generation forecast for 2026.