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- Driver Choice Program Separation Costs (new) — UPS expects $1.2B in separation costs and payroll taxes in 2026, with most recognized in Q2, signaling a major workforce reduction.
- Goodwill Impairment Risk (worsened) — GFF and HLD reporting units now carry $877M and $738M of goodwill with limited fair-value headroom, increasing impairment risk.
- Ieepa Tariff Refunds (new) — UPS has filed for ~$500M in refunds, but the outcome and timing are uncertain, and no amounts have been recognized.
UPS Q1 profit falls 27% as largest-customer volume cuts and $1.2B driver buyout costs bite
Filed May 6, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 7, 2025 · ~1 min read
Key Changes
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high
Net income fell 27.2% to $864.0M and diluted EPS dropped 27.1% to $1.02, as revenue declined 1.6% to $21.2B.
MD&A: Consolidated results verify on EDGAR → -
high
Operating profit fell 24% to $1.3B, with U.S. Domestic Package operating profit down 47.4% to $515M on planned volume cuts from its largest customer.
MD&A: Operating profit verify on EDGAR → -
high
The company has filed refund requests for ~$500M of IEEPA tariffs after a Supreme Court ruling invalidated them; no amounts recognized yet.
Legal proceedings: IEEPA tariffs verify on EDGAR →
1 more material change behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Oct 3, 2026 · How we verify