UPS released its second-quarter 2026 earnings on July 28, 2026, with the conference call at 8:30 a.m. ET. The quarter closed June 30. These results are the first in which the company describes its big restructuring and job-cutting programs as recently completed rather than still in progress. (UPS Investor Relations)

The Q2 results include charges related to those restructuring and workforce reduction efforts. In Q1 2026, the comparable charge was $42 million after tax. (UPS Q1 2026 Earnings Release) Calling these programs recently completed in Q2 suggests these charges should shrink in the quarters ahead, though the exact Q2 charge figure will be in the earnings release.

The restructuring has three parts: Transformation 2.0, finished in 2025; Fit to Serve, which cut about 14,000 jobs; and Network Reconfiguration and Efficiency. (UPS 4Q 2025 Earnings) UPS called the first quarter a "critical transition period" in its earnings presentation, with several big changes happening at once. (UPS Q1 2026 Earnings Webcast Deck)

Two of those changes involve shifting delivery volume around to save money. UPS said in Q1 that it had finished moving some Ground Saver packages to the USPS for the final leg of delivery. The company's 2025 annual report, filed February 17, 2026, said an agreement should make Ground Saver and Mail Innovations deliveries cheaper starting in 2026. The 2026 Proxy Statement said the same thing. (UPS 2025 10-K; UPS 2026 Proxy Statement) At a March 4, 2026 investor conference, UPS said it planned to keep reducing Amazon delivery volume alongside the Ground Saver-to-USPS shift. (UPS Institutional Investors Conference Presentation)

The Amazon glide-down is UPS's plan to deliberately carry fewer packages for Amazon, its biggest customer. In Q1, UPS said this plan was in its "final months of execution." (UPS Q1 2026 Takeaways) Q2 results should show whether that reduction is finished and what it means for revenue and profit.

In its Q1 2026 earnings release, UPS said it expected its profit margin to grow in Q2. (UPS Q1 2026 Earnings Release) A profit margin is how much money the company keeps after paying its costs. That forecast came during a quarter UPS called transitional, with restructuring charges, delivery volume changes, and Amazon reduction all happening at the same time.

For context on the size of these changes: UPS reported 2025 revenue of $88.7 billion, employs about 460,000 people, and delivers to more than 200 countries and territories. (UPS Investor Relations)

The big questions for the Q2 call are whether UPS delivered on what it promised in Q1. Did the Ground Saver-to-USPS handoff actually save money? Has the Amazon volume reduction hit its target? And now that the restructuring programs are described as recently completed, what do profits look like without the one-time costs? The gap between two different profit figures — one that includes all costs and one that excludes one-time charges — should narrow if those charges are truly winding down. That narrowing matters more than any single headline number, because it shows whether the restructuring is paying off.

One more thing to watch: UPS announced a quarterly dividend on May 6, 2026. (UPS Press Releases) Commentary on the call about how UPS plans to use its cash — whether for buying back shares, paying down debt, or other moves — will matter to anyone tracking how the company spends its money now that the biggest restructuring costs may be behind it.

The earnings materials released today include the earnings release in PDF and HTML formats, the earnings webcast, financial statements in XLSX, and historical financial data. (UPS Financial Results)

The broader context here is that UPS has spent roughly two years cutting jobs, shifting packages to cheaper delivery partners, and deliberately taking less business from its largest customer. Q2 is the first real look at what the company looks like after all that. If one-time costs fade and profit margins grow as UPS said they would, the story shifts from painful transition to results delivered. If costs stick around or margins fall short, the story stays unfinished.