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UNITED PARCEL SERVICE INC (UPS) has entered into an underwriting agreement to issue $325,105,000 aggregate principal amount of Floating Rate Senior Notes due 2076. The notes will be purchased by a syndicate of underwriters on the terms set out in the Underwriting Agreement.
UPS states that it intends to use the net proceeds for general corporate purposes. The notes and related documents, including the form of the Floating Rate Senior Notes and a legal opinion from King & Spalding LLP, are being filed to be incorporated by reference into UPS’s existing Registration Statement on Form S-3 (No. 333-285036).
United Parcel Service, Inc. is offering $325,105,000 aggregate principal amount of Floating Rate Senior Notes due 2076 under its shelf registration. The notes pay quarterly interest at a rate equal to Compounded SOFR minus 0.350% per year, with a 0.00% floor, beginning December 1, 2026, and mature on September 1, 2076.
UPS may redeem the notes, in whole or in part, starting September 1, 2056 at premiums stepping down from 105.00% to 100.00% of principal, plus accrued interest. Holders may require repayment on specified dates from September 1, 2027 through September 1, 2073 at prices ranging from 98.00% to 100.00% of principal, plus accrued interest. A tax event allows UPS to shorten the maturity while repaying 100% of principal plus accrued interest.
The public offering price is 100.00% of principal, with a 1.00% underwriting discount, yielding gross proceeds of $325.1 million and proceeds before expenses of $321,853,950; net proceeds are estimated at about $321.2 million for general corporate purposes. As of June 30, 2026, on an as-adjusted basis, cash and cash equivalents were $5,520 million and total debt was $25,809 million. The notes are senior unsecured obligations, will clear through DTC on a T+2 basis, and are not expected to be listed on any securities exchange, so trading liquidity may be limited.
United Parcel Service, Inc. is undertaking an offering of Floating Rate Senior Notes due 2076 under its $10,000,000,000 shelf registration. The notes pay interest quarterly starting December 1, 2026 at a rate equal to Compounded SOFR minus 0.350% per year, floored at 0.00%, using a formula based on the SOFR Index published by the Federal Reserve Bank of New York.
The notes mature on September 1, 2076. UPS may redeem them, in whole or in part, beginning September 1, 2056 at specified premiums stepping down from 105.00% to 100.00% of principal, plus accrued interest. Holders have a series of put options: they may require repayment at 98–100% of principal on March 1 and September 1 of each year from 2027 through 2037, and on September 1 of every second year through 2073 at 100%, plus accrued interest.
UPS discloses extensive risks tied to reliance on SOFR and the SOFR Index, including benchmark reforms, potential volatility, limited market precedent and possible future benchmark replacements, all of which could affect trading value and returns. A tax event allows UPS to shorten the maturity so that interest remains tax-deductible, with 100% of principal plus accrued interest due on the new maturity date. The notes will not be listed on any securities exchange and may have limited secondary liquidity. Net proceeds are expected to be used for general corporate purposes.
United Parcel Service, Inc. entered into an Underwriting Agreement on August 10, 2026 to issue $1,000,000,000 principal amount of 4.850% Senior Notes due 2031. The notes are being purchased by a syndicate of underwriters under agreed terms and conditions.
UPS intends to contribute $200,000,000 principal amount of these notes to the UPS Retirement Plan Trust and $250,000,000 principal amount to a Master Trust that funds three defined benefit pension plans, including the UPS Pension Plan. UPS states it will use the net cash proceeds from the offering for general corporate purposes, and will not receive cash proceeds from the portion of notes that are allocated to the company and then redelivered to the pension trusts. Related documents, including the underwriting agreement, form of notes and legal opinions, are being filed to be incorporated by reference into UPS’s shelf registration statement on Form S-3.
United Parcel Service, Inc. is issuing $1,000,000,000 of unsecured 4.850% Senior Notes due 2031 under its $10 billion shelf. The notes pay interest semiannually on February 15 and August 15, beginning February 15, 2027, and mature on August 15, 2031.
UPS will sell $550,000,000 of notes to the public at 99.969% of principal, with a 0.350% underwriting discount, and contribute an additional $450,000,000 of notes to two UPS pension trusts, where independent fiduciaries will decide whether to hold or sell them. Estimated net cash proceeds to UPS are $545.8 million, earmarked for general corporate purposes.
After the transaction, cash and cash equivalents rise from $4,653 million to $5,199 million, total debt increases from $24,484 million to $25,484 million, and pension and postretirement benefit obligations decline from $6,341 million to $5,891 million as of June 30, 2026. The notes are expected to be rated investment grade, are redeemable at UPS’s option (including at par on or after July 15, 2031), will not be listed on any exchange, and may have limited trading liquidity.
United Parcel Service, Inc. is conducting a takedown from its $10,000,000,000 shelf registration to issue a new series of unsecured, unsubordinated senior notes. The notes will be issued in book-entry form through DTC, will not be listed on any exchange, and may be redeemed at UPS’s option, including an earlier optional redemption after a defined Par Call Date using a Treasury-based make-whole formula.
UPS will use the net cash proceeds for general corporate purposes. In addition, UPS will contribute a portion of the notes to its pension structures: not more than 20% of the total principal amount to the UPS Retirement Plan Trust and not more than 25% to a Master Trust funding several defined benefit plans, with the contributed notes forming a single series with the publicly offered notes.
As context, UPS generated $88.7 billion of revenue in 2025 and delivered an average of 20.8 million packages per day, highlighting the scale supporting these senior debt obligations. The notes are issued under an existing 2022 indenture that contains limited financial covenants but includes optional redemption, defeasance and negative pledge-style provisions on secured debt and sale‑leaseback transactions.
United Parcel Service, Inc. reported second-quarter 2026 revenue of $22,834 million, up 7.6% year over year, as all segments contributed and average revenue per piece rose 11.3% despite a 3.7% decline in average daily package volume.
Operating expenses increased 12.9% to $21,904 million, driven mainly by $1,172 million of transformation strategy costs, including approximately $1.1 billion of separation costs for the U.S. Driver Choice Program and actions under its Network Reconfiguration and Efficiency Reimagined initiatives. Operating profit fell to $930 million, with operating margin dropping to 4.1% from 8.6%.
Net income declined to $604 million and diluted EPS to $0.71, both down over 50% from a year earlier. On a non-GAAP basis, adjusted diluted EPS was $1.76 after excluding $891 million of after-tax transformation costs. For the first six months of 2026, UPS generated $3,083 million in cash from operating activities and returned $2,708 million to shareowners via dividends while closing 45 facilities and incurring $1.8 billion of cumulative costs for its current transformation initiatives, which are expected to conclude by 2027.
United Parcel Service, Inc. reported second-quarter 2026 consolidated revenue of $22.8 billion, GAAP operating profit of $930 million and GAAP diluted EPS of $0.71. On a non-GAAP basis, adjusted operating profit was $2.1 billion with a 9.2% margin, and adjusted diluted EPS was $1.76, reflecting year-over-year growth in revenue and adjusted profitability.
U.S. Domestic revenue rose to $14.93 billion, with a non-GAAP adjusted operating margin of 8.0%; International revenue reached $5.04 billion with a 12.4% operating margin; and Supply Chain Solutions revenue was $2.86 billion with a 10.2% margin. Results included after-tax transformation charges of $891 million, mainly from workforce reductions under the Driver Choice Program. UPS raised its 2026 outlook to about $91.2 billion in consolidated revenue, non-GAAP adjusted operating profit of roughly $8.65 billion, and non-GAAP adjusted diluted EPS of about $7.22, and continues to target $3.0 billion in 2026 capital expenditures and around $5.4 billion in dividends.
United Parcel Service, Inc. reported that director Eva Boratto resigned from its Board of Directors effective June 13, 2026. She is leaving to take on the role of Chief Financial Officer of Cencora, Inc. The company states that her resignation was not due to any disagreement regarding UPS’s operations, policies, or practices and thanks her for her service.