ATLANTA, Ga. (Atlanta News First) – Sandy Springs-based UPS’ third-quarter earnings handedly beat Wall Street’s expectations and gave details about its turnaround efforts, including approximately 34,000 job cuts already this year.
That is 14,000 more than initially expected, primarily within management, and according to reports, they could cut another 14,000 by the end of the year.
UPS closed daily operations at 93 leased and owned buildings during the first nine months of this year as part of its turnaround plan. The company said that it is still looking to identify additional buildings to close.
In April UPS announced that it was looking to slash about 20,000 jobs and close more than 70 facilities as it drastically reduces the number of Amazon shipments it handles. At the time, the company said that it anticipated closing 73 leased and owned buildings by the end of June. The company noted that it was still reviewing its network and might identify more buildings to be shuttered.
“As of September 30, 2025, we have realized cost savings of approximately $2.2 billion, and expect to achieve $3.5 billion total year over year cost savings in 2025, from this initiative,” they said in a statement. “These amounts are calculated on the year over year change in volume from our largest customer, taking into account the impact of certain additional volume we have elected to serve.”
In January UPS announced that it had reached a deal with Amazon, its biggest customer, to lower its volume by more than 50% by the second half of 2026.
Shares surged more than 12% before the market open on Tuesday.
UPS earned $1.31 billion, or $1.55 per share, for the three months ended Sept. 30. The Atlanta-based company earned $1.99 billion, or $1.80 per share, a year earlier. Removing one-time costs, earnings were $1.74 per share.
That easily topped the $1.31 per share that analyst polled by Zacks Investment Research were calling for.
Revenue totaled $21.42 billion, surpassing Wall Street’s estimate of $20.84 billion.
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