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Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“UPS potentially gets some competitive advantages back with the relationship with the postal service.”
An analyst raises whether UPS regaining a USPS relationship threatens FedEx's share; FedEx downplays the competitive risk. A competitive read-through for UPS.
“FedEx Ground and FedEx Home Delivery are faster to more locations than UPS Ground.”
FedEx frames its ground network as faster than UPS Ground to more locations, a direct competitive benchmark implying a service disadvantage for UPS.
“We continue to do really solid work in our partnership with UPS.”
Avery Dennison's logistics RFID partnership with UPS continues to grow, with expected share expansion at UPS this year.
“a good marker of that was just here coming in the MRO Americas where we announced the UPS deal. Again, this is next generation. This is right in the heart of what we're really good at on the PW February. And it's the largest in the history of Delta Air Lines, Inc. as it relates to a third-party commercial relationship.”
Delta's MRO (maintenance, repair and overhaul) business signed its largest-ever third-party commercial deal with UPS, signaling growing scale ambitions for Delta's aftermarket services business and continued reliance on UPS as a major customer.
“we were excited to sign UPS as a client in Q2. We will be providing a suite of payment products operating on our Commerce Hub platform to the UPS store to support their 5,400-plus locations in the United States.”
Fiserv signed UPS as a new enterprise client, providing Commerce Hub payment products across 5,400+ UPS Store locations.
“Our client zero experience has resonated with companies like UPS, Verizon, Mizuho and Nestlé while using our AI tools to unlock data, drive automation and reduce operational friction.”
IBM cited UPS, Verizon, Mizuho and Nestle as customers whose AI adoption has resonated with IBM's own internal "client zero" AI transformation experience.
“Where we would have otherwise shipped those via UPS or a carrier from a distribution center.”
Costco is insourcing small non-food deliveries through Costco Logistics and its Instacart/Uber partnerships that would previously have gone via UPS or another carrier, implying a modest volume headwind for third-party carriers like UPS.
“We’ve seen some noise from UPS Healthcare and others.”
An analyst raises UPS Healthcare as a competitive threat to Cencora's World Courier specialty logistics business, though management attributes World Courier's softness to subdued clinical trial demand rather than competitive losses.
“Yesterday, we announced a significant milestone for our maintenance, repair and overhaul business with a 10-year agreement with UPS. This is an exciting win for our MRO team and supports long-term revenue diversification and growth.”
A new 10-year MRO services agreement with UPS gives Delta's maintenance business a long-term, diversified revenue stream from a major logistics customer.
“Our business with UPS has continued, and we've done actually some pretty significant leases with them lately.”
Asked about UPS potentially downsizing its Amazon-related exposure, management said its UPS business relationship has continued with significant new leasing activity, with no sign of change from UPS.
“in the extended pilot that we currently have going outside of UPS, which is our largest customer, every one of those pilots has actually extended slightly.”
UPS remains Avery Dennison's largest logistics customer for intelligent labels, but pilots with other logistics providers are extending in duration, suggesting slower-than-expected adoption momentum in the broader logistics vertical.
“With the UPS leaning more into the lower weight kind of tweener freight parcel shipments, is that business that you or any of your peers are really that interested in that kind of 150 to 300-pound weight retail to start with?”
An analyst raised UPS's push into lower-weight tweener freight/parcel shipments; Old Dominion said this segment (100-300 lb shipments) is not a meaningful overlap with its 1,500+ lb average shipment weight.
“We completed our acquisitions of Frigo Trans and Ann Lower Healthcare Group, further expanding our healthcare cold chain capabilities.”
UPS acquired Frigo Trans to expand healthcare cold-chain logistics capacity as part of its goal to become the top complex healthcare logistics provider.
“At the end of the fourth quarter, we formalized a new relationship with the United States Postal Service to support last-mile delivery of this product.”
UPS is outsourcing last-mile delivery of its Groundsaver economy product to the USPS, improving product economics while shifting volume to the postal network.
“Over the next year or so, we will replace much of that capacity with new, more efficient Boeing 767 aircraft.”
UPS is retiring its MD-11 fleet and taking delivery of 18 new Boeing 767 freighters (15 in 2026), a demand read-through for Boeing's freighter business.
“By the end of the year, we reached our volume reduction target and reduced Amazon's volume in our network by approximately 1 million pieces per day.”
UPS is deliberately gliding down Amazon delivery volume, its largest customer, to improve network profitability; another ~1 million pieces/day reduction is planned for 2026.
“We recently reached a preliminary understanding on revenue and rates with the United States Postal Service to support last-mile delivery for our Ground Saver product.”
UPS reached a preliminary agreement with USPS for last-mile delivery on Ground Saver and Mail Innovations, a renewed middle-mile/final-mile partnership.
“we are making great progress towards our acquisition of Canadian-based Andlauer Healthcare Group”
UPS is acquiring Canadian healthcare-logistics firm Andlauer Healthcare Group, expected to close early November, to strengthen its global healthcare logistics.
“Amazon is still going to be a large customer, right? And there's a lot of places where we can add value to their supply chain like returns, their inbound, the small business sellers that sell on the platform. That part of the business is growing.”
Despite the glide down, UPS says Amazon remains a large customer and the retained portions (returns, inbound, marketplace sellers) are growing.
“The largest drivers of the U.S. volume decline were the planned glide down of Amazon volume and a targeted reduction in lower-yielding e-commerce volume.”
UPS is deliberately reducing (gliding down) Amazon delivery volume, its largest driver of U.S. volume decline, exiting lower-margin Amazon business.
“We've seen smaller parcel carriers taking share in the parcel market, names like LaserShip, SpeedX, some big economy carriers that compete with your Roadie.”
An analyst flags smaller economy parcel carrier SpeedX as gaining share in the market on a price-competitive, less comprehensive service model versus UPS.
“We've seen smaller parcel carriers taking share in the parcel market, names like LaserShip, SpeedX, some big economy carriers that compete with your Roadie.”
An analyst flags smaller economy parcel carrier LaserShip as gaining share in the market on a price-competitive, less comprehensive service model versus UPS.
“we remain committed to inorganic growth, too, like with our previously announced planned acquisition of Andlauer Healthcare Group. Andlauer supports our focus on complex healthcare and will enhance our cold chain and pharmaceutical transportation capabilities in the Canadian and U.S. markets. We expect this acquisition to close before the end of the year.”
UPS's planned acquisition of Canadian healthcare logistics firm Andlauer Healthcare Group is expected to close by year-end, expanding UPS's cold-chain and pharmaceutical transport capabilities in Canada and the U.S.
“last year, we announced our plan to acquire Estafeta, a Mexican logistics company. Clearing regulatory and pre-closing conditions is turning out to be a slow process, but we continue to be bullish on the opportunity here.”
UPS's planned acquisition of Mexican logistics company Estafeta remains stuck in regulatory and pre-closing review, delaying UPS's nearshoring-driven international expansion strategy.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ken Hoexter | Bank of America | 6 (33%) |
| Chris Wetherbee | Wells Fargo | 6 (17%) |
| Jordan Alliger | Goldman Sachs | 6 (0%) |
| Bruce Chan | Stifel | 6 (0%) |
| Scott Group | Wolfe Research | 5 (20%) |
| Brian Ossenbeck | JPMorgan | 5 (0%) |
| Ariel Rosa | Citigroup | 5 (0%) |
| Dave Vernon | Bernstein | 5 (20%) |
| Tom Wadewitz | UBS | 5 (20%) |
| Ravi Shanker | Morgan Stanley | 5 (40%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Citigroup | 2 | 7 (0%) |
| Wells Fargo | 2 | 7 (14%) |
| Wolfe Research | 2 | 6 (17%) |
| Bank of America | 1 |
| 6 (33%) |
| Bernstein | 2 | 6 (33%) |
| Goldman Sachs | 1 | 6 (0%) |
| Stifel | 1 | 6 (0%) |
| Morgan Stanley | 1 | 5 (40%) |
UPS closed FY2025 with Q4 consolidated revenue of $24.5B and EPS of $2.38 as year one of the Amazon volume glide-down was completed on target and $3.5B in cost reductions were delivered as planned. FY2026 guidance was introduced at approximately $89.7B revenue, approximately 9.6% operating margin, and EPS flat to FY2025, framed as a bathtub year with second-half inflection. Revenue per piece growth sustained at 8.3%, and the MD-11 fleet retirement and 767 replacement advanced while international trade lane pressure persisted.
Cost Pressure | Margin | Demand | Competitive Dynamics | Trade Tariffs | Capex Investment | Pricing | Macroeconomic | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 2 | 4 | 5 | 8 | 1 | 2 | ||
| 2025Q1 | 5 | 3 | 4 | 2 | 1 | 2 | ||
| 2025Q2 | 4 | 3 | 5 | 2 | 3 | 2 | ||
| 2025Q3 | 8 | 4 | 3 | 1 | 3 | 1 | 1 | 1 |
| 2025Q4 | 7 | 5 | 3 | 2 | 1 | 3 | 1 | 1 |
| 2026Q1 | 5 | 7 | 3 | 4 | 4 | 1 | 2 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Cost Pressure | 2 | 5 | 4 | 8 | 7 | 5 |
| Margin | 4 | 3 | 3 | 4 | 5 | 7 |
| Demand | 5 | 4 | 5 | 3 | 3 | 3 |
| Competitive Dynamics | 8 | 2 | 1 | 2 | 4 | |
| Trade Tariffs | 2 | 3 | 3 | 1 | 4 | |
| Capex Investment | 1 | 2 | 1 | 3 | 1 | |
| Pricing | 2 | 1 | 1 | 1 | 2 | |
| Macroeconomic | 2 | 1 | 1 | 2 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
UPS United Parcel Service | 3 | -1.6% | |
| CHRW C.H. Robinson | 4 | -0.8% | |
| EXPD Expeditors International | 7 | +4.4% | |
| FDX FedEx | 7 | +12.5% | |
| JBHT J.B. Hunt | 7 | +4.6% |