Press Releases

UPS Releases 2Q 2022 Earnings

  • Consolidated Revenues of $24.8B, Up 5.7% from Last Year
  • Consolidated Operating Profit of $3.5B, Up 8.5% from Last Year; Up 9.3% on an Adjusted* Basis
  • Diluted EPS of $3.25; Adjusted Diluted EPS Up 7.5% Over Last Year to $3.29
  • Reaffirms Full-Year 2022 Financial Guidance; Raises Targeted Share Repurchases to $3B for 2022

MISSISSAUGA, Ontario, July 27, 2022 (GLOBE NEWSWIRE) — UPS (NYSE:UPS) today announced second-quarter 2022 consolidated revenues of $24.8 billion, a 5.7% increase over the second quarter of 2021. Consolidated operating profit was $3.5 billion, up 8.5% compared to the second quarter of 2021, and up 9.3% on an adjusted basis. Diluted earnings per share was $3.25 for the quarter; adjusted diluted earnings per share of $3.29 was 7.5% above the same period in 2021.

For the second quarter of 2022, GAAP results included after-tax transformation and other charges of $31 million, or $0.04 per diluted share.

“I want to thank UPSers around the world for delivering outstanding service to our customers,” said Carol Tomé, UPS chief executive officer. “While the external environment is ever changing, our better not bigger strategic framework has fundamentally improved nearly every aspect of our business, enabling greater agility and strong financial performance.”

U.S. Domestic Segment

  2Q 2022 Adjusted
2Q 2022
2Q 2021 Adjusted
2Q 2021
Revenue $15,459 M   $14,402 M  
Operating profit $1,829 M $1,855 M $1,567 M $1,675 M
  • Revenue grew 7.3%, driven by an 11.9% increase in revenue per piece.
  • Operating margin was 11.8%; adjusted operating margin was 12.0%.

International Segment

  2Q 2022 Adjusted
2Q 2022
2Q 2021 Adjusted
2Q 2021
Revenue $5,073 M   $4,817 M  
Operating profit $1,193 M $1,204 M $1,184 M $1,190 M
  • Revenue increased 5.3%, driven by a 14.8% increase in revenue per piece.
  • Operating margin was 23.5%; adjusted operating margin was 23.7%.

Supply Chain Solutions1

  2Q 2022 Adjusted
2Q 2022
2Q 2021 Adjusted
2Q 2021
Revenue $4,234 M   $4,205 M  
Operating profit $513 M $517 M $507 M $408 M

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

  • Revenue increased 0.7%, led by Forwarding and our healthcare business.
  • Operating margin was 12.1%; adjusted operating margin was 12.2%.

2022 Outlook
The company provides guidance on an adjusted (non-GAAP) basis because it is not possible to predict or provide a reconciliation reflecting the impact of future pension adjustments or other unanticipated events, which would be included in reported (GAAP) results and could be material.

For 2022, UPS reaffirms its full-year financial targets:

  • Consolidated revenue of about $102 billion
  • Consolidated adjusted operating margin of approximately 13.7%
  • Adjusted return on invested capital above 30%
  • Capital expenditures of 5.4% of revenue, or approximately $5.5 billion
  • Dividend payments, subject to board approval, of about $5.2 billion

Finally, UPS is raising the amount of targeted share repurchases for 2022, taking the target to $3 billion for the year.

* Adjusted” amounts are non-GAAP financial measures. See the appendix to this release for a discussion of non-GAAP financial measures, including a reconciliation to the most closely correlated GAAP measure.

UPS Media Relations: 404-828-7123 or
UPS Investor Relations: 404-828-6059 (option 4) or

Louis Payette
UPS Canada

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