Good morning. UPS continues to lean into a strategy positioning it for long-term growth—one that required shrinking its decades-long partnership with Amazon.
The package-delivery giant (No. 47 on the Fortune 500) beat Wall Street expectations for the third quarter, reporting on Tuesday $21.4 billion in revenue and adjusted EPS of $1.74, both well above forecasts. It projects about $24 billion in Q4 revenue, signaling momentum despite a choppy economy. UPS stock was up about 8% at market close.
Refocusing the business
Brian Dykes, CFO of UPS since July 2024, first joined the company as an intern in 1999. I spoke with Dykes about strategy and his front-row perspective on the company’s evolution as a public business.
“We’re transforming our U.S. operations to focus on the market segments where we can add the most value,” Dykes told me. That means shifting away from low-return, capital-intensive volume and doubling down on higher-margin areas like small and midsized
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