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UPS stock rallies after company discloses 48,000 layoffs in multibillion-dollar savings push
The company's third quarter earnings report, which beat expectations on the top and bottom lines, also revealed that through the first nine months of the year, UPS had let go of some 48,000 employees.
Those cuts included 34,000 operational jobs as part of its Efficiency Reimagined initiative and 14,000 jobs, primarily within management, as part of its Fit to Serve plan to streamline its business. The company said it expects total savings of $3.5 billion as part of this push.
At the end of last year, UPS employed 490,000 people, including 78,000 in management positions.
"UPS is executing the most significant strategic shift in our company's history," CEO Carol Tomé told investors on the company's earnings call. "We're focused on winning where it matters most, capturing high-value parts of the market and onboarding customers with increasingly complex logistics needs."
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UPS cuts 48,000 jobs in the year to date as its turnaround continues
A United Parcel Service truck makes deliveries in Pittsburgh on June 25, 2025. (AP Photo/Gene J. Puskar, file)
United Parcel Service posted third-quarter results that handily beat Wall Street’s expectations and gave details about its turnaround efforts, including approximately 48,000 job cuts.
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.
UPS said in a regulatory filing that it has cut about 34,000 operational positions and 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 also announced approximately 14,000 job cuts, mostly within management. It said that it is still looking to identify additional buildings to close.