Document


	Three Months Ended
	June 30,
	2026			2025			Change		% Change
(amounts in millions, except per share data)
Statement of Income Data:
Revenue:
U.S. Domestic Package	$	14,930		$	14,083		$	847	6.0	%
International Package	5,044			4,485			559		12.5	%
Supply Chain Solutions	2,860			2,653			207		7.8	%
Total revenue	22,834			21,221			1,613		7.6	%
Operating expenses:
U.S. Domestic Package	14,914			13,167			1,747		13.3	%
International Package	4,421			3,813			608		15.9	%
Supply Chain Solutions	2,569			2,419			150		6.2	%
Total operating expenses	21,904			19,399			2,505		12.9	%
Operating profit:
U.S. Domestic Package	16			916			(900)		(98.3)	%
International Package	623			672			(49)		(7.3)	%
Supply Chain Solutions	291			234			57		24.4	%
Total operating profit	930			1,822			(892)		(49.0)	%
Other income (expense):
Other pension income (expense)	66			38			28		73.7	%
Investment income (expense) and other	37			40			(3)		(7.5)	%
Interest expense	(272)			(238)			(34)		14.3	%
Total other income (expense)	(169)			(160)			(9)		5.6	%
Income before income taxes	761			1,662			(901)		(54.2)	%
Income tax expense	157			379			(222)		(58.6)	%
Net income	$	604		$	1,283		$	(679)	(52.9)	%

Net income as a percentage of revenue	2.6		%	6.0		%
Per share amounts:
Basic earnings per share	$	0.71		$	1.51		$	(0.80)	(53.0)	%
Diluted earnings per share	$	0.71		$	1.51		$	(0.80)	(53.0)	%
Weighted-average shares outstanding:
Basic	851			847			4		0.5	%
Diluted	851			847			4		0.5	%
Non-GAAP Adjusted Income Data (1):
Operating profit:
U.S. Domestic Package	$	1,188		$	982		$	206	21.0	%
International Package	623			682			(59)		(8.7)	%
Supply Chain Solutions	291			212			79		37.3	%
Total operating profit	2,102			1,876			226		12.0	%
Total other income (expense)	$	(169)		$	(160)		$	(9)	5.6	%
Income before income taxes	$	1,933		$	1,716		$	217	12.6	%
Net income	$	1,495		$	1,312		$	183	13.9	%

Basic earnings per share	$	1.76		$	1.55		$	0.21	13.5	%
Diluted earnings per share	$	1.76		$	1.55		$	0.21	13.5	%

(unaudited)


	Three Months Ended
	June 30,
	2026		2025		Change		% Change
Revenue (in millions):
U.S. Domestic Package:
Next Day Air	$	2,578	$	2,293	$	285	12.4	%
Deferred	1,102		1,024		78		7.6	%
Ground	10,908		10,484		424		4.0	%
Cargo and Other	342		282		60		21.3	%
Total U.S. Domestic Package	14,930		14,083		847		6.0	%
International Package:
Domestic	869		830		39		4.7	%
Export	3,962		3,484		478		13.7	%
Cargo and Other	213		171		42		24.6	%
Total International Package	5,044		4,485		559		12.5	%
Supply Chain Solutions:
Forwarding	791		732		59		8.1	%
Logistics	1,540		1,476		64		4.3	%
Other	529		445		84		18.9	%
Total Supply Chain Solutions	2,860		2,653		207		7.8	%
Consolidated	$	22,834	$	21,221	$	1,613	7.6	%

Consolidated volume (in millions)	1,217		1,263		(46)		(3.6)	%

Operating weekdays	64		64		—		0.0	%
Average Daily Package Volume (in thousands):
U.S. Domestic Package:
Next Day Air	1,411		1,429		(18)		(1.3)	%
Deferred	792		825		(33)		(4.0)	%
Ground	13,799		14,299		(500)		(3.5)	%
Total U.S. Domestic Package	16,002		16,553		(551)		(3.3)	%
International Package:
Domestic	1,394		1,507		(113)		(7.5)	%
Export	1,610		1,681		(71)		(4.2)	%
Total International Package	3,004		3,188		(184)		(5.8)	%
Consolidated	19,006		19,741		(735)		(3.7)	%
Average Revenue Per Piece:
U.S. Domestic Package:
Next Day Air	$	28.55	$	25.07	$	3.48	13.9	%
Deferred	21.74		19.39		2.35		12.1	%
Ground	12.35		11.46		0.89		7.8	%
Total U.S. Domestic Package	14.24		13.03		1.21		9.3	%
International Package:
Domestic	9.74		8.61		1.13		13.1	%
Export	38.45		32.38		6.07		18.7	%
Total International Package	25.13		21.14		3.99		18.9	%
Consolidated	$	15.96	$	14.34	$	1.62	11.3	%


	Three Months Ended
	June 30,
	2026		2025		Change		% Change
(in millions)
Compensation and benefits	$	12,654	$	11,626	$	1,028	8.8	%
Repairs and maintenance	789		755		34		4.5	%
Depreciation and amortization	980		936		44		4.7	%
Purchased transportation	3,187		2,522		665		26.4	%
Fuel	1,697		1,058		639		60.4	%
Other occupancy	557		544		13		2.4	%
Other expenses	2,040		1,958		82		4.2	%
Total operating expenses	$	21,904	$	19,399	$	2,505	12.9	%


	Six Months Ended
	June 30,
	2026			2025			Change		% Change
(amounts in millions, except per share data)
Statement of Income Data:
Revenue:
U.S. Domestic Package	$	29,055		$	28,543		$	512	1.8	%
International Package	9,584			8,858			726		8.2	%
Supply Chain Solutions	5,397			5,366			31		0.6	%
Total revenue	44,036			42,767			1,269		3.0	%
Operating expenses:
U.S. Domestic Package	28,524			26,648			1,876		7.0	%
International Package	8,414			7,545			869		11.5	%
Supply Chain Solutions	4,901			5,086			(185)		(3.6)	%
Total operating expenses	41,839			39,279			2,560		6.5	%
Operating profit:
U.S. Domestic Package	531			1,895			(1,364)		(72.0)	%
International Package	1,170			1,313			(143)		(10.9)	%
Supply Chain Solutions	496			280			216		77.1	%
Total operating profit	2,197			3,488			(1,291)		(37.0)	%
Other income (expense):
Other pension income (expense)	133			75			58		77.3	%
Investment income (expense) and other	93			82			11		13.4	%
Interest expense	(538)			(460)			(78)		17.0	%
Total other income (expense)	(312)			(303)			(9)		3.0	%
Income before income taxes	1,885			3,185			(1,300)		(40.8)	%
Income tax expense	417			715			(298)		(41.7)	%
Net income	$	1,468		$	2,470		$	(1,002)	(40.6)	%

Net income as a percentage of revenue	3.3		%	5.8		%
Per share amounts:
Basic earnings per share	$	1.73		$	2.91		$	(1.18)	(40.5)	%
Diluted earnings per share	$	1.73		$	2.91		$	(1.18)	(40.5)	%
Weighted-average shares outstanding:
Basic	850			849			1		0.1	%
Diluted	851			849			2		0.2	%
Non-GAAP Adjusted Income Data (1):
Operating profit:
U.S. Domestic Package	$	1,753		$	1,993		$	(240)	(12.0)	%
International Package	1,174			1,336			(162)		(12.1)	%
Supply Chain Solutions	497			310			187		60.3	%
Total operating profit	3,424			3,639			(215)		(5.9)	%
Total other income (expense)	$	(312)		$	(284)		$	(28)	9.9	%
Income before income taxes	$	3,112		$	3,355		$	(243)	(7.2)	%
Net income	$	2,401		$	2,582		$	(181)	(7.0)	%

Basic earnings per share	$	2.82		$	3.04		$	(0.22)	(7.2)	%
Diluted earnings per share	$	2.82		$	3.04		$	(0.22)	(7.2)	%

(unaudited)


	Six Months Ended
	June 30,
	2026		2025		Change		% Change
Revenue (in millions):
U.S. Domestic Package:
Next Day Air	$	4,932	$	4,654	$	278	6.0	%
Deferred	2,147		2,073		74		3.6	%
Ground	21,346		21,193		153		0.7	%
Cargo and Other	630		623		7		1.1	%
Total U.S. Domestic Package	29,055		28,543		512		1.8	%
International Package:
Domestic	1,704		1,601		103		6.4	%
Export	7,510		6,928		582		8.4	%
Cargo and Other	370		329		41		12.5	%
Total International Package	9,584		8,858		726		8.2	%
Supply Chain Solutions:
Forwarding	1,447		1,458		(11)		(0.8)	%
Logistics	2,949		3,048		(99)		(3.2)	%
Other	1,001		860		141		16.4	%
Total Supply Chain Solutions	5,397		5,366		31		0.6	%
Consolidated	$	44,036	$	42,767	$	1,269	3.0	%

Consolidated volume (in millions)	2,406		2,552		(146)		(5.7)	%

Operating weekdays	126		126		—		0.0	%

Average Daily Package Volume (in thousands):
U.S. Domestic Package:
Next Day Air	1,389		1,474		(85)		(5.8)	%
Deferred	798		845		(47)		(5.6)	%
Ground	13,833		14,672		(839)		(5.7)	%
Total U.S. Domestic Package	16,020		16,991		(971)		(5.7)	%
International Package:
Domestic	1,432		1,541		(109)		(7.1)	%
Export	1,641		1,725		(84)		(4.9)	%
Total International Package	3,073		3,266		(193)		(5.9)	%
Consolidated	19,093		20,257		(1,164)		(5.7)	%

Average Revenue Per Piece:
U.S. Domestic Package:
Next Day Air	$	28.18	$	25.06	$	3.12	12.5	%
Deferred	21.35		19.47		1.88		9.7	%
Ground	12.25		11.46		0.79		6.9	%
Total U.S. Domestic Package	14.08		13.04		1.04		8.0	%
International Package:
Domestic	9.44		8.25		1.19		14.4	%
Export	36.32		31.87		4.45		14.0	%
Total International Package	23.80		20.73		3.07		14.8	%
Consolidated	$	15.65	$	14.28	$	1.37	9.6	%


	Six Months Ended
	June 30,
	2026		2025		Change		% Change
(in millions)
Compensation and benefits	$	24,199	$	23,453	$	746	3.2	%
Repairs and maintenance	1,581		1,487		94		6.3	%
Depreciation and amortization	1,965		1,848		117		6.3	%
Purchased transportation	5,951		5,252		699		13.3	%
Fuel	2,780		2,116		664		31.4	%
Other occupancy	1,231		1,151		80		7.0	%
Other expenses	4,132		3,972		160		4.0	%
Total operating expenses	$	41,839	$	39,279	$	2,560	6.5	%


	June 30, 2026		December 31, 2025
ASSETS
Current Assets:
Cash and cash equivalents	$	4,653	$	5,887
Accounts receivable, Net	10,710		11,209
Other current assets	2,182		1,949
Total Current Assets	17,545		19,045
Property, Plant and Equipment, Net	37,894		37,731
Operating Lease Right-Of-Use Assets	4,016		4,263
Goodwill	5,770		5,837
Intangible Assets, Net	3,954		4,021
Deferred Income Tax Assets	155		140
Other Non-Current Assets	1,933		2,053
Total Assets	$	71,267	$	73,090

LIABILITIES AND SHAREOWNERS' EQUITY
Current Liabilities:
Current maturities of long-term debt and finance leases	$	634	$	608
Current maturities of operating leases	729		763
Accounts payable	5,976		6,633
Accrued wages and withholdings	3,383		3,715
Self-insurance reserves	1,123		1,137
Accrued group welfare and retirement plan contributions	1,073		1,389
Other current liabilities	1,963		1,375
Total Current Liabilities	14,881		15,620
Long-Term Debt and Finance Leases	23,850		23,519
Non-Current Operating Leases	3,460		3,700
Pension and Postretirement Benefit Obligations	6,341		6,567
Deferred Income Tax Liabilities	3,882		3,690
Other Non-Current Liabilities	3,754		3,739

Shareowners' Equity:
Class A common stock	1		1
Class B common stock	8		8
Additional paid-in capital	482		275
Retained earnings	18,830		20,151
Accumulated other comprehensive loss	(4,254)		(4,208)
Deferred compensation obligations	3		5
Less: Treasury stock	(3)		(5)
Total Equity for Controlling Interests	15,067		16,227
Noncontrolling interests	32		28
Total Shareowners' Equity	15,099		16,255
Total Liabilities and Shareowners' Equity	$	71,267	$	73,090

(In millions, unaudited)


		Six Months Ended
		June 30,
		2026		2025
Cash Flows From Operating Activities:
	Net income	$	1,468	$	2,470
	Adjustments to reconcile net income to net cash from operating activities:
	Depreciation and amortization	1,965		1,848
	Pension and postretirement benefit expense	429		514
	Pension and postretirement benefit contributions	(581)		(921)
	Self-insurance reserves	105		169
	Deferred tax (benefit) expense	144		(84)
	Stock compensation expense	58		16
	Other (gains) losses	90		64
	Changes in assets and liabilities, net of effects of business acquisitions:
	Accounts receivable	330		540
	Other assets	(272)		(140)
	Accounts payable	(302)		(442)
	Accrued wages and withholdings	(306)		(447)
	Other liabilities	(44)		(909)
	Other operating activities	(1)		(12)
	Net cash from operating activities	3,083		2,666
Cash Flows From Investing Activities:
	Capital expenditures	(1,724)		(1,999)
	Proceeds from disposal of businesses, property, plant and equipment	198		91
	Purchases of marketable securities	—		(90)
	Sales and maturities of marketable securities	—		205
	Acquisitions, net of cash acquired	—		(479)
	Other investing activities	16		(6)
	Net cash used in investing activities	(1,510)		(2,278)
Cash Flows From Financing Activities:

	Proceeds from long-term borrowings	—		4,153
	Repayments of long-term borrowings	(85)		(1,062)
	Purchases of common stock	—		(1,000)
	Issuances of common stock	60		102
	Dividends	(2,708)		(2,697)
	Other financing activities	(24)		(15)
	Net cash used in financing activities	(2,757)		(519)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash		(50)		213
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash		(1,234)		82
Cash, Cash Equivalents and Restricted Cash:
	Beginning of period	5,887		6,112
	End of period	$	4,653	$	6,194


Three Months Ended
June 30,
(amounts in millions)	2026		2025			2026		2025
Operating Profit (GAAP)	$	930	$	1,822	Operating Margin (GAAP)	4.1	%	8.6	%

Transformation Strategy Costs:					Transformation Strategy Costs:
Transformation 2.0	—		(3)		Transformation 2.0	—		—	%

Fit to Serve	—		9		Fit to Serve	—	%	—	%

Network Reconfiguration and Efficiency Reimagined	1,172		68		Network Reconfiguration and Efficiency Reimagined	5.1	%	0.3	%

Total Transformation Strategy Costs	1,172		74		Total Transformation Strategy Costs	5.1	%	0.3	%

Loss (Gain) on Divestiture (1)	—		(20)		Loss (Gain) on Divestiture (1)	—	%	(0.1)	%

Non-GAAP Adjusted Operating Profit	$	2,102	$	1,876	Non-GAAP Adjusted Operating Margin	9.2	%	8.8	%
(1) Reflects pre-tax gain of $20 million on the divestiture of a business within Supply Chain Solutions in 2025.


Three Months Ended
June 30,
(amounts in millions)	2026		2025			2026		2025
Income Before Income Taxes (GAAP)	$	761	$	1,662	Income Tax Expense (GAAP)	$	157	$	379

Transformation Strategy Costs:					Transformation Strategy Costs:
Transformation 2.0	—		(3)		Transformation 2.0	—		(1)

Fit to Serve	—		9		Fit to Serve	—		2

Network Reconfiguration and Efficiency Reimagined	1,172		68		Network Reconfiguration and Efficiency Reimagined	281		16

Total Transformation Strategy Costs	1,172		74		Total Transformation Strategy Costs	281		17

Loss (Gain) on Divestiture (1)	—		(20)		Loss (Gain) on Divestiture (1)	—		(5)
					Reversal of Income Tax Valuation Allowance (2)	—		13

Non-GAAP Adjusted Income Before Income Taxes	$	1,933	$	1,716	Non-GAAP Adjusted Income Tax Expense	$	438	$	404
(1) Reflects pre-tax gain of $20 million on the divestiture of a business within Supply Chain Solutions in 2025.
(2) Reflects the partial reversal of an income tax valuation allowance in 2025.


Three Months Ended
June 30,
(amounts in millions)	2026		2025			2026		2025
Net Income (GAAP)	$	604	$	1,283	Diluted Earnings Per Share (GAAP)	$	0.71	$	1.51

Transformation Strategy Costs:					Transformation Strategy Costs:
Transformation 2.0	—		(2)		Transformation 2.0	—		—

Fit to Serve	—		7		Fit to Serve	—		0.01

Network Reconfiguration and Efficiency Reimagined	891		52		Network Reconfiguration and Efficiency Reimagined	1.05		0.07

Total Transformation Strategy Costs	891		57		Total Transformation Strategy Costs	1.05		0.08

Loss (Gain) on Divestiture (1)	—		(15)		Loss (Gain) on Divestiture (1)	—		(0.02)
Reversal of Income Tax Valuation Allowance (2)	—		(13)		Reversal of Income Tax Valuation Allowance (2)	—		(0.02)

Non-GAAP Adjusted Net Income	$	1,495	$	1,312	Non-GAAP Adjusted Diluted Earnings Per Share	$	1.76	$	1.55
(1) Reflects pre-tax gain of $20 million on the divestiture of a business within Supply Chain Solutions in 2025.
(2) Reflects the partial reversal of an income tax valuation allowance in 2025.


Three Months Ended
June 30,
	2026		2025				2026		2025				2026		2025
U.S. Domestic Package	Operating Expenses				% Change		Operating Profit				% Change		Operating Margin
GAAP	$	14,914	$	13,167	13.3	%	$	16	$	916	(98.3)	%	0.1	%	6.5	%

Adjusted for:
Transformation Strategy Costs	(1,172)		(66)				1,172		66				7.9	%	0.5	%

Non-GAAP Adjusted Measure	$	13,742	$	13,101	4.9	%	$	1,188	$	982	21.0	%	8.0	%	7.0	%

	2026		2025				2026		2025				2026		2025
International Package	Operating Expenses				% Change		Operating Profit				% Change		Operating Margin
GAAP	$	4,421	$	3,813	15.9	%	$	623	$	672	(7.3)	%	12.4	%	15.0	%

Adjusted for:
Transformation Strategy Costs	—		(10)				—		10				—	%	0.2	%

Non-GAAP Adjusted Measure	$	4,421	$	3,803	16.3	%	$	623	$	682	(8.7)	%	12.4	%	15.2	%

	2026		2025				2026		2025				2026		2025
Supply Chain Solutions	Operating Expenses				% Change		Operating Profit				% Change		Operating Margin
GAAP	$	2,569	$	2,419	6.2	%	$	291	$	234	24.4	%	10.2	%	8.8	%

Adjusted for:
Transformation Strategy Costs	—		2				—		(2)				—	%	(0.1)	%
Loss (Gain) on Divestiture	—		20				—		(20)				—	%	(0.7)	%

Non-GAAP Adjusted Measure	$	2,569	$	2,441	5.2	%	$	291	$	212	37.3	%	10.2	%	8.0	%

(unaudited)


Six Months Ended
June 30,
(amounts in millions)	2026		2025			2026		2025
Operating Profit (GAAP)	$	2,197	$	3,488	Operating Margin (GAAP)	5.0	%	8.2	%

Transformation Strategy Costs:					Transformation Strategy Costs:
Transformation 2.0	—		13		Transformation 2.0	—	%	—	%

Fit to Serve	—		28		Fit to Serve	—	%	0.1	%

Network Reconfiguration and Efficiency Reimagined	1,227		91		Network Reconfiguration and Efficiency Reimagined	2.8	%	0.2	%

Total Transformation Strategy Costs	1,227		132		Total Transformation Strategy Costs	2.8	%	0.3	%

Loss (Gain) on Divestiture (1)	—		19		Loss (Gain) on Divestiture (1)	—	%	—	%

Non-GAAP Adjusted Operating Profit	$	3,424	$	3,639	Non-GAAP Adjusted Operating Margin	7.8	%	8.5	%
(1) Reflects a pre-tax net loss of $19 million on the divestiture of a business within Supply Chain Solutions in 2025.


Six Months Ended
June 30,
(amounts in millions)	2026		2025		(amounts in millions)	2026		2025
Other Income (Expense) (GAAP)	$	(312)	$	(303)	Income Before Income Taxes (GAAP)	$	1,885	$	3,185

Goodwill and Asset Impairment Charges (2)	—		19		Transformation Strategy Costs:
					Transformation 2.0	—		13
Non-GAAP Adjusted Other Income (Expense)	$	(312)	$	(284)
					Fit to Serve	—		28

					Network Reconfiguration and Efficiency Reimagined	1,227		91

					Total Transformation Strategy Costs	1,227		132

					Loss (Gain) on Divestiture (1)	—		19
					Goodwill and Asset Impairment Charges (2)	—		19

					Non-GAAP Adjusted Income Before Income Taxes	$	3,112	$	3,355
(1) Reflects a pre-tax net loss of $19 million on the divestiture of a business within Supply Chain Solutions in 2025.
(2) Reflects the write-down of an equity investment in 2025.


Six Months Ended
June 30,
(amounts in millions)	2026		2025
Income Tax Expense (GAAP)	$	417	$	715

Transformation Strategy Costs:
Transformation 2.0	—		3

Fit to Serve	—		6

Network Reconfiguration and Efficiency Reimagined	294		22

Total Transformation Strategy Costs	294		31

Loss (Gain) on Divestiture (1)	—		4
Reversal of Income Tax Valuation Allowance (3)	—		23

Non-GAAP Adjusted Income Tax Expense	$	711	$	773
(1) Reflects a pre-tax net loss of $19 million on the divestiture of a business within Supply Chain Solutions in 2025.
(3) Reflects the partial reversal of an income tax valuation allowance in 2025.


Six Months Ended
June 30,
(amounts in millions)	2026		2025			2026		2025
Net Income (GAAP)	$	1,468	$	2,470	Diluted Earnings Per Share (GAAP)	$	1.73	$	2.91
Transformation Strategy Costs:					Transformation Strategy Costs:
Transformation 2.0	—		10		Transformation 2.0	—		0.01

Fit to Serve	—		22		Fit to Serve	—		0.03

Network Reconfiguration and Efficiency Reimagined	933		69		Network Reconfiguration and Efficiency Reimagined	1.09		0.08

Total Transformation Strategy Costs	933		101		Total Transformation Strategy Costs	1.09		0.12

Loss (Gain) on Divestiture (1)	—		15		Loss (Gain) on Divestiture (1)	—		0.02
Goodwill and Asset Impairment Charges (2)	—		19		Goodwill and Asset Impairment Charges (2)	—		0.02
Reversal of Income Tax Valuation Allowance (3)	—		(23)		Reversal of Income Tax Valuation Allowance (3)	—		(0.03)

Non-GAAP Adjusted Net Income	$	2,401	$	2,582	Non-GAAP Adjusted Diluted Earnings Per Share	$	2.82	$	3.04
(1) Reflects a pre-tax net loss of $19 million on the divestiture of a business within Supply Chain Solutions in 2025.
(2) Reflects the write-down of an equity investment in 2025.
(3) Reflects the partial reversal of an income tax valuation allowance in 2025.


Six Months Ended
June 30,
	2026		2025				2026		2025				2026		2025
U.S. Domestic Package	Operating Expenses				% Change		Operating Profit				% Change		Operating Margin
GAAP	$	28,524	$	26,648	7.0	%	$	531	$	1,895	(72.0)	%	1.8	%	6.6	%
Adjusted for:
Transformation Strategy Costs	(1,222)		(98)				1,222		98				4.2	%	0.4	%

Non-GAAP Adjusted Measure	$	27,302	$	26,550	2.8	%	$	1,753	$	1,993	(12.0)	%	6.0	%	7.0	%

	2026		2025				2026		2025				2026		2025
International Package	Operating Expenses				% Change		Operating Profit				% Change		Operating Margin
GAAP	$	8,414	$	7,545	11.5	%	$	1,170	$	1,313	(10.9)	%	12.2	%	14.8	%
Adjusted for:
Transformation Strategy Costs	(4)		(23)				4		23				—	%	0.3	%

Non-GAAP Adjusted Measure	$	8,410	$	7,522	11.8	%	$	1,174	$	1,336	(12.1)	%	12.2	%	15.1	%

	2026		2025				2026		2025				2026		2025
Supply Chain Solutions	Operating Expenses				% Change		Operating Profit				% Change		Operating Margin
GAAP	$	4,901	$	5,086	(3.6)	%	$	496	$	280	77.1	%	9.2	%	5.2	%
Adjusted for:
Transformation Strategy Costs	(1)		(11)				1		11				—	%	0.2	%
Loss (Gain) on Divestiture	—		(19)				—		19						0.4	%

Non-GAAP Adjusted Measure	$	4,900	$	5,056	(3.1)	%	$	497	$	310	60.3	%	9.2	%	5.8	%


Description	UPS Owned and/or Operated	Charters & Leases Operated by Others	On Order	Under Option

Boeing 757-200	75	—	—	—
Boeing 767-300	94	—	13	—
Boeing 767-300BCF	6	—	—	—
Boeing 767-300BDSF	4	—	—	—
Airbus A300-600	52	—	—	—
Boeing 747-400F	11	—	—	—
Boeing 747-400BCF	2	—	—	—
Boeing 747-8F	30	—	—	—
Other	—	213	—	—
Total	274	213	13	—