聯合包裹運送服務公司 (UPS) 2025 Q3 法說會逐字稿

Good morning. My name is Matthew, and I will be your facilitator today. I'd like to welcome everyone to the UPS third quarter 2025 earnings conference call. (Operator Instructions) It is now my pleasure to turn the floor over to your host, Mr. PJ Guido, Investor Relations Officer. Sir, the floor is yours.

早安.我叫馬修，今天我將擔任你們的主持人。歡迎大家參加 UPS 2025 年第三季財報電話會議。（操作員指示）現在我很高興將發言權交給主持人、投資者關係官 PJ Guido 先生。先生，請您發言。

Good morning, and welcome to the UPS third quarter 2025 earnings call. Joining me today are Carol Tomé, our CEO; Brian Dykes, our CFO; and a few additional members of our executive leadership team. Before we begin, I want to remind you that some of the comments we'll make today are forward-looking statements and address our expectations for the future performance or operating results of our company.

早上好，歡迎參加 UPS 2025 年第三季財報電話會議。今天與我一起出席的還有我們的執行長 Carol Tomé、我們的財務長 Brian Dykes 以及我們執行領導團隊的其他幾位成員。在我們開始之前，我想提醒您，我們今天發表的一些評論是前瞻性的陳述，涉及我們對公司未來業績或經營業績的期望。

These statements are subject to risks and uncertainties, which are described in our 2024 Form 10-K and other reports we file with or furnish to the Securities and Exchange Commission. These reports, when filed, are available on the UPS Investor Relations website and from the SEC.

這些聲明受風險和不確定性的影響，這些風險和不確定性在我們的 2024 年 10-K 表格以及我們向美國證券交易委員會提交或提供的其他報告中有所描述。這些報告提交後，可在 UPS 投資者關係網站和美國證券交易委員會 (SEC) 上查閱。

Unless stated otherwise, our discussion refers to adjusted results. For the third quarter of 2025, GAAP results include a net charge of $164 million, or $0.19 per diluted share, comprised of after-tax transformation strategy costs of $250 million, which were partially offset by an $86 million benefit from the reversal of an income tax valuation allowance.

除非另有說明，我們的討論是指調整後的結果。2025 年第三季度，GAAP 結果包括 1.64 億美元的淨費用，或每股 0.19 美元，其中包括 2.5 億美元的稅後轉型戰略成本，但部分被 8,600 萬美元的所得稅估值準備金沖銷收益所抵銷。

A reconciliation of non-GAAP adjusted amounts to GAAP financial results is available in today's webcast materials. These materials are also available on the UPS Investor Relations website. (Operator Instructions) And now I'll turn the call over to Carol.

今天的網路廣播資料中提供了非 GAAP 調整金額與 GAAP 財務結果的對帳表。這些資料也可在 UPS 投資者關係網站上找到。（操作員指示）現在我將把電話轉給卡羅爾。

Thank you, PJ, and good morning. To start, I want to extend my sincere gratitude to all UPSers for their dedication and hard work. The third quarter brought a wave of tariff changes, some expected, others unforeseen, and our team navigated these complexities with exceptional skill and resilience. At the same time, we continued advancing our network reconfiguration, a critical step in shaping the future of our US business. Amid this significant transformation, I remain deeply impressed by the determination of UPSers and their steadfast commitment to serving our customers and building a stronger, more agile UPS.

謝謝你，PJ，早安。首先，我要向所有 UPS 員工的奉獻和辛勤工作表示誠摯的感謝。第三季出現了一波關稅變化，有些是預料之中的，有些是無法預見的，我們的團隊以卓越的技能和韌性應對了這些複雜情況。同時，我們繼續推動網路重構，這是塑造我們美國業務未來的關鍵一步。在這一重大轉型中，UPS 員工的決心以及他們為客戶服務和打造更強大、更靈活的 UPS 的堅定承諾給我留下了深刻的印象。

Turning to our results, in the third quarter, consolidated revenue was $21.4 billion. Consolidated operating profit was $2.1 billion, and consolidated operating margin was 10%. The cash flow pressures we saw in the second quarter eased during the third quarter. As a result, our year-to-date free cash flow reached $2.7 billion.

談到我們的業績，第三季綜合收入為 214 億美元。綜合營業利潤為 21 億美元，綜合營業利益率為 10%。我們在第二季看到的現金流壓力在第三季有所緩解。因此，我們今年迄今的自由現金流達到了 27 億美元。

In the third quarter, our focus on revenue quality continued, and as expected, our US average daily volume, or ADV, declined from last year. The largest drivers of the US volume decline were the planned glide-down of Amazon volume and a targeted reduction in lower-yielding e-commerce volume.

第三季度，我們繼續關注收入質量，正如預期的那樣，我們的美國日均交易量（ADV）較去年同期有所下降。美國交易量下降的最大驅動因素是亞馬遜交易量的計劃下滑以及收益較低的電子商務交易量的有針對性的減少。

Our focus on revenue quality yielded solid results, as US revenue per piece grew by 9.8% in the third quarter. By coupling solid revenue per piece growth with outstanding expense control, we were able to grow our US operating margin by 10 basis points to what we reported last year on an ADV decline of 2.3 million, or 12.3%.

我們對營收品質的關注取得了豐碩的成果，第三季美國每件產品的營收成長了 9.8%。透過將穩健的每件收入成長與出色的費用控制相結合，我們能夠將美國營業利潤率提高 10 個基點，而去年的日均收入下降了 230 萬，即 12.3%。

In our international business, total ADV grew 4.8%. Our priority is to our customers, and during the quarter, we ran our international network with agility, rerouting capacity to where our customers needed it.

在我們的國際業務中，總日均交易量增加了 4.8%。我們的首要任務是服務客戶，在本季度，我們靈活地運行我們的國際網絡，將容量重新路由到客戶需要的地方。

Looking at export ADV, it increased 5.9%, marking the fifth quarter in a row of growth. But due to the changes in trade policy, export volume fell in our higher-margin lanes and grew in our lower-margin lanes. This volume mix change pressured our international operating margin and also pressured our forwarding business.

從出口日均值來看，成長了5.9%，連續第五個季度成長。但由於貿易政策的變化，我們高利潤航線的出口量下降，而低利潤航線的出口量則成長。這種運量結構變化給我們的國際營業利潤率和貨運業務帶來了壓力。

On a positive note, we continue to see strength in healthcare with strong revenue growth in the third quarter year-over-year, driven by our portfolio of healthcare logistics solutions. As Brian will provide more details on our financial performance, let me provide some operational updates.

從積極的方面來看，我們繼續看到醫療保健領域的強勁表現，在醫療保健物流解決方案組合的推動下，第三季營收較去年同期強勁成長。由於 Brian 將提供有關我們財務業績的更多細節，因此請允許我提供一些營運更新。

In recent years, the spotlight on international commerce and the intricacies of supply chains has intensified. And in 2025, we're witnessing the most profound shift in trade policy in a century. At UPS, this is our domain.

近年來，人們對國際貿易和供應鏈複雜性的關注日益加深。2025年，我們將見證一個世紀以來最深刻的貿易政策轉變。在 UPS，這是我們的領域。

Every day, we connect businesses and customers across more than 200 countries and territories, ensuring goods move seamlessly across borders. That includes navigating the complexities of customs brokerage, where we're one of the world's largest customs brokers, managing millions of customs entries annually.

我們每天連接 200 多個國家和地區的企業和客戶，確保貨物無縫跨境運輸。這包括處理複雜的報關業務，我們是世界上最大的報關行之一，每年管理數百萬份報關單。

Our success is powered by deep expertise, exceptional talent and cutting-edge technology. With our next-gen brokerage capabilities, we harness AI to digitally process over 90% of our cross-border transactions, delivering speed, accuracy, and reliability at a global scale.

我們的成功得益於深厚的專業知識、傑出的人才和尖端的技術。憑藉我們的下一代經紀能力，我們利用人工智慧以數位方式處理 90% 以上的跨境交易，在全球範圍內提供速度、準確性和可靠性。

Following the elimination of the de minimis exemption for US imports, UPS experienced a ten-fold surge in daily customs entries. We responded swiftly, upgrading our shipping systems to capture the expanded data requirements mandated by US customs and border protection. To manage the increased volume and complexity, we enhanced our customs brokerage capabilities by integrating Agentic AI. This advanced technology streamlined formal entry processes.

在美國進口的最低限度豁免取消後，UPS 的每日海關報關量激增了十倍。我們迅速做出反應，升級我們的運輸系統以滿足美國海關和邊境保護局規定的擴大數據要求。為了管理增加的業務量和複雜性，我們透過整合 Agentic AI 增強了我們的報關能力。這項先進技術簡化了正式的入境流程。

At UPS, we don't just move goods, we remove friction. By absorbing regulatory complexity, we help our customers minimize disruptions and keep global commerce flowing. And due to the investments we've made in our brokerage business, we can absorb this complexity without adding cost that isn't offset by revenue.

在 UPS，我們不只是運送貨物，我們也消除摩擦。透過吸收監管的複雜性，我們幫助客戶最大限度地減少干擾並保持全球貿易的暢通。而且由於我們在經紀業務上進行的投資，我們可以吸收這種複雜性，而不會增加無法透過收入抵銷的成本。

As you know, we have a goal to become the number one complex healthcare logistics provider in the world. To that end, we are making great progress towards our acquisition of Canadian-based Andlauer Healthcare Group. The addition of Andlauer's capabilities will further strengthen our solutions in global healthcare logistics, particularly in North America. We expect to close this transaction in early November.

如您所知，我們的目標是成為全球第一的綜合醫療保健物流提供者。為此，我們在收購加拿大安德勞爾醫療集團方面取得了重大進展。Andlauer 的加入將進一步增強我們在全球醫療保健物流方面的解決方案，尤其是在北美地區。我們預計將於 11 月初完成這筆交易。

Now touching on DAP, our digital access program. We have more than 8 million SMBs on DAP. And in the first nine months of the year, we generated over $2.8 billion in global DAP revenue, an increase of 20% year-over-year. DAP continues to be an important SMB growth engine. And for the full year, we expect to deliver over $3.5 billion in global DAP revenue.

現在來談談我們的數位存取程式 DAP。我們在 DAP 上有超過 800 萬家中小企業。今年前九個月，我們的全球 DAP 營收超過 28 億美元，年增 20%。DAP 繼續成為中小企業重要的成長引擎。我們預計全年全球 DAP 收入將超過 35 億美元。

Before we move on, let me provide updates on our Amazon glide-down effort and our Ground Saver product. Our Amazon glide-down efforts are proceeding as planned. As expected, in the third quarter, we experienced a stepped-up volume decline with Amazon. Versus last year, Amazon's total volume decline in the third quarter was 21.2% compared to 13% for the first half of the year.

在我們繼續之前，請允許我提供有關我們的亞馬遜滑行計劃和 Ground Saver 產品的最新資訊。我們的亞馬遜下滑行動正在按計劃進行。正如預期的那樣，在第三季度，我們與亞馬遜的銷量出現了進一步下滑。與去年同期相比，亞馬遜第三季總銷量下降了 21.2%，而上半年則下降了 13%。

In tandem with this change, we are continuing to reconfigure our U.S. network. We closed an additional 19 buildings, bringing our total so far this year to 93 buildings. Further during the quarter, we completed a successful voluntary retirement program for many long-term drivers who welcome the opportunity to retire from UPS after decades of dedicated service.

隨著這一變化，我們正在繼續重新配置我們的美國網路。我們又關閉了 19 棟建築，今年迄今我們的建築總數已達 93 棟。此外，在本季度，我們為許多長期司機完成了一項成功的自願退休計劃，這些司機在為 UPS 服務了數十年後，歡迎有機會退休。

In total, our network reconfiguration and cost-out efforts are on schedule and the profit improvement we expect to see from the Amazon glide-down initiatives is on plan. In a few minutes, Brian will provide more details about our progress here.

總體而言，我們的網路重構和成本削減工作正在按計劃進行，我們預計從亞馬遜下滑計畫中看到的利潤成長也在計畫之中。幾分鐘後，Brian 將在這裡提供有關我們進展的更多詳細資訊。

Moving to Ground Saver. In the third quarter, our Ground Saver average daily volume declined 32.7% year-over-year due primarily to the actions we've taken with Amazon and to trim lower-yielding e-commerce volume. We recently reached a preliminary understanding on revenue and rates with the United States Postal Service to support last-mile delivery for our Ground Saver product. There's still more work to do, but we are confident we will come to an agreement that ensures our service levels will remain best-in-class. Which brings me to peak.

移至 Ground Saver。第三季度，我們的 Ground Saver 平均每日交易量年減 32.7%，主要原因是我們與亞馬遜採取了行動，並削減了收益較低的電子商務交易量。我們最近與美國郵政服務就收入和費率達成了初步諒解，以支持我們的 Ground Saver 產品的最後一英里遞送。雖然還有更多工作要做，但我們相信我們將達成協議，確保我們的服務水準保持一流。這讓我達到了頂峰。

As we've discussed, our top 100 customers drive about 80% of our peak surge each year, and we expect that to be the case again this year. Early forecasts from these customers suggest they are planning for a good peak that will result in a considerable surge in volume from our current volume levels. But remember that given the Amazon glide-down plan, we expect total peak average daily volume in the US to be down year-over-year.

正如我們所討論的，我們的前 100 名客戶每年帶來約 80% 的高峰成長，我們預計今年的情況仍是如此。這些客戶的早期預測表明，他們正在計劃迎接一個良好的峰值，這將導致我們目前的銷售水平大幅增長。但請記住，考慮到亞馬遜的下滑計劃，我們預計美國日均高峰總交易量將年減。

Operationally, we're poised to deliver a strong peak season driven by several key factors. First, thanks to strategic enhancements made to our Network of the Future initiative, we're operating more efficiently than ever. These changes will allow us to reduce reliance on seasonal hires and significantly cut back on lease trailers, vehicles, and aircraft compared to previous years.

從營運角度來看，在幾個關鍵因素的推動下，我們準備好迎來強勁的旺季。首先，由於我們對未來網路計劃的策略改進，我們的營運效率比以往任何時候都更高。這些變化將使我們減少對季節性租賃的依賴，並與前幾年相比大幅減少租賃拖車、車輛和飛機。

Much of this efficiency is powered by automation. Over the past year, we've deployed new automated systems in 35 facilities. In the fourth quarter, we anticipate 66% of our volume will move through automated processes, up from 63% during the same period last year.

這種效率很大程度上是由自動化實現的。在過去的一年裡，我們在 35 個設施中部署了新的自動化系統。第四季度，我們預計 66% 的業務量將透過自動化流程進行，高於去年同期的 63%。

Second, as we approach the peak shipping window, we'll continue to leverage our proven technologies and scale the network where needed, all while maintaining a sharp focus on service quality. These advancements position us to run the most efficient peak in our history.

其次，隨著運輸高峰期的臨近，我們將繼續利用我們成熟的技術，在需要的地方擴展網絡，同時高度關注服務品質。這些進步使我們能夠達到歷史上最高效的高峰。

We've set the standard for holiday shipping, seven consecutive years of industry-leading service, and we're confident that our operational strategy and commitment to excellence will make it eight. With the uncertainty around tariffs now somewhat resolved and clear peak forecasts from our largest customers, we're in a stronger position to offer guidance than we were at the end of the second quarter.

我們為假日運輸設定了標準，連續七年提供業界領先的服務，我們相信，我們的營運策略和對卓越的承諾將使這一標準保持八年。由於關稅方面的不確定性現在已得到一定程度解決，並且我們最大客戶的峰值預測也十分明確，因此與第二季度末相比，我們更有能力提供指導。

As I wrap up, let me share our financial expectations for the fourth quarter. We anticipate consolidated revenue of approximately $24 billion and consolidated operating margin of approximately 11% to 11.5%. Brian will walk you through the details of our fourth-quarter outlook shortly.

最後，讓我分享一下我們對第四季的財務預期。我們預計合併收入約 240 億美元，合併營業利潤率約為 11% 至 11.5%。布萊恩將很快向您介紹我們第四季度展望的詳細資訊。

Amid a rapidly evolving global landscape, UPS is executing the most significant strategic shift in our company's history. We're focused on winning where it matters most, capturing high-value parts of the market and onboarding customers with increasingly complex logistics needs.

在全球情勢快速變化的背景下，UPS 正在實施公司歷史上最重大的策略轉變。我們專注於在最重要的領域中獲勝，佔領高價值的市場部分，並吸引物流需求日益複雜的客戶。

Our company is rock solid strong with more than sufficient liquidity to deliver upon our transformation and return capital to shareowners. The changes we're implementing are designed to deliver long-term value for all stakeholders. So with that, thank you for listening. And now I'll turn the call over to Brian.

我們的公司實力雄厚，流動性充足，能夠實現轉型並向股東返還資本。我們正在實施的變革旨在為所有利害關係人帶來長期價值。謝謝大家的聆聽。現在我將把電話轉給布萊恩。

Thank you, Carol, and good morning, everyone. This morning, I'll cover three areas, starting with our third quarter results. Next, I'll discuss progress with the Amazon volume glide down and our network reconfiguration and cost-out efforts. Then I'll close with our expectations for the fourth quarter and capital allocation for the full year.

謝謝你，卡羅爾，大家早安。今天上午，我將介紹三個方面，首先是我們的第三季業績。接下來，我將討論亞馬遜交易量下滑的進度以及我們的網路重新配置和成本削減工作。最後，我將介紹我們對第四季和全年資本配置的預期。

Moving to our results. Starting with our consolidated performance, in the third quarter, revenue was $21.4 billion and operating profit was $2.1 billion. Consolidated operating margin was 10%. Diluted earnings per share were $1.74. $0.30 of EPS came from a sale-leaseback transaction involving five properties completed in the third quarter, which resulted in a $330 million pretax gain on sale.

轉向我們的結果。從我們的綜合業績開始，第三季度，營收為 214 億美元，營業利潤為 21 億美元。綜合營業利益率為10%。每股攤薄收益為 1.74 美元。每股收益 0.30 美元來自第三季完成的五處房產的售後回租交易，該交易產生了 3.3 億美元的稅前銷售收益。

This transaction was part of a broader strategy aimed at freeing up capital for reinvestment as we reconfigure our network. The leases are structured to maintain operational continuity for our business. And as a result, we have not adjusted this gain on sale in our non-GAAP presentation.

此次交易是我們更廣泛策略的一部分，旨在在我們重新配置網路時釋放資本用於再投資。租賃結構旨在維持我們業務的營運連續性。因此，我們沒有在非公認會計準則報告中調整此銷售收益。

Now moving to our segment performance, starting with U.S. Domestic. In the third quarter, we continued to improve the mix of volume in our network and our disciplined approach to revenue quality meaningfully offset the impact lower volume had on revenue. Additionally, the team did an excellent job managing expense throughout the quarter, resulting in an improvement in U.S. domestic operating margin.

現在轉向我們的分部表現，從美國國內開始。在第三季度，我們繼續改善網路的流量組合，我們對收入品質的嚴格控制有效地抵消了流量下降對收入的影響。此外，該團隊在整個季度中出色地管理了費用，從而提高了美國國內的營業利潤率。

For the quarter, total U.S. average daily volume was down 12.3%, primarily due to the glide down of Amazon volume and our focus on improving revenue quality. Total air average daily volume was down 13.9%, mainly due to Amazon. Healthcare and high-tech customers both showed growth in air average daily volume in the third quarter, which was the third consecutive quarter of positive momentum from these key industries.

本季度，美國日均交易總量下降 12.3%，主要原因是亞馬遜交易量的下滑以及我們專注於提高收入品質。航空運輸日均運輸量總計下降 13.9%，主要原因是亞馬遜。醫療保健和高科技客戶的航空日均運輸量在第三季度均有所增長，這是這些關鍵行業連續第三個季度呈現積極勢頭。

Ground average daily volume was down 12% year-over-year. Within Ground, Ground Saver ADV declined 32.7%, due primarily to the actions we've taken with Amazon and to trim lower-yielding e-commerce volume. As a result, our more premium ground commercial and residential services made up over 84% of our total ground average daily volume in the third quarter.

地面日均貨運量較去年同期下降 12%。在 Ground 業務中，Ground Saver ADV 下降了 32.7%，這主要是因為我們對亞馬遜採取了行動，並削減了收益較低的電子商務交易量。因此，我們更優質的地面商業和住宅服務佔第三季地面日均運輸量的 84% 以上。

That's the highest percentage we've seen in more than five years. Now moving to customer mix. SMB average daily volume was down 2.2% versus last year. However, we continue to see bright spots in SMB healthcare and automotive as well as growth from DAP, our digital access program.

這是我們五年多來看到的最高百分比。現在轉向客戶組合。中小企業日均交易量較去年同期下降 2.2%。然而，我們繼續看到中小企業醫療保健和汽車領域的亮點，以及我們的數位存取計劃 DAP 的成長。

In the third quarter, SMBs made up 32.8% of total U.S. volume, which is about a 340 basis point improvement compared to last year. In the third quarter, B2B average daily volume finished down 4.8% compared to last year due to softness in retail and in manufacturing activity. B2B represented 45.2% of our U.S. volume, which was a 350 basis point improvement versus last year. B2C average daily volume was down 17.6% year-over-year.

第三季度，中小企業占美國總交易量的 32.8%，與去年相比提高了約 340 個基點。第三季度，由於零售業和製造業活動疲軟，B2B 日均交易量較去年同期下降 4.8%。B2B 占我們美國業務量的 45.2%，比去年提高了 350 個基點。B2C日均交易量較去年同期下降17.6%。

Moving to revenue. For the third quarter, U.S. domestic generated revenue of $14.2 billion, which was down just 2.6% year-over-year against an ADV decline of 12.3%. Our revenue performance reflects strong growth in revenue per piece and air cargo. In the third quarter, revenue per piece increased 9.8% year-over-year, which was the strongest revenue per piece growth rate we've seen in three years.

轉向收入。第三季度，美國國內營收為 142 億美元，年比僅下降 2.6%，而每日平均營業收入下降 12.3%。我們的收入表現反映了每件貨物和空運收入的強勁成長。第三季度，每件營收年增9.8%，這是我們三年來看到的最強勁的每件營收成長率。

Breaking down the components of the 9.8% revenue per piece improvement, base rates and package characteristics increased the revenue per piece growth rate by 350 basis points. Customer and product mix improvements increased the revenue per piece growth rate by 400 basis points. The remaining 230 basis point increase was from fuel.

將每件收入 9.8% 的成長分解為基本費率和包裝特性，使每件營收成長率提高了 350 個基點。客戶和產品組合的改進使每件產品的收入成長率提高了 400 個基點。其餘 230 個基點的增幅則來自燃料。

Turning to costs. In the third quarter, total expense in US domestic was down 2.7%. The decline in total expense was primarily driven by our actions to reduce hours and operational positions with volume. Looking at cost per piece, we were up against a tough comparison from last year. This comparison, together with the costs associated with delivering Ground Saver volume and the contractual union wage increase that went into effect on August 1, resulted in a cost per piece increase of 10.4%. The US Domestic segment delivered $905 million in operating profit, and operating margin was 6.4%.

談到成本。第三季度，美國國內總支出下降2.7%。總支出的下降主要是由於我們採取了減少工作時間和減少營運職位數量的措施。從每件產品的成本來看，我們與去年相比面臨嚴峻的挑戰。這一比較，加上與運送 Ground Saver 量相關的成本以及 8 月 1 日生效的合約工會工資增長，導致每件成本增加了 10.4%。美國國內部門實現營業利潤 9.05 億美元，營業利益率為 6.4%。

Moving to our International segment. Through ongoing shifts in trade patterns spurred by changes in US trade policy, we are continuing to operate our global network with agility to serve our customers. As a result, in the third quarter, International delivered its fourth consecutive quarter of growth in average daily volume and revenue.

轉向我們的國際部分。隨著美國貿易政策的變化，貿易模式不斷變化，我們將繼續靈活地經營我們的全球網絡，為客戶提供服務。因此，第三季度，國際業務的日均交易量和收入連續第四個季度實現成長。

In the third quarter, total international ADV increased 4.8%, led by Europe and the Americas regions. International domestic average daily volume increased 3.6% compared to last year, led by Canada. On the export side, average daily volume increased 5.9% year-over-year, driven by the agility of our network to adjust to changing trade lanes and led by strength between European countries. As the third quarter played out, we saw a decline in US imports, led by an ADV decline on the China to US lane of 27.1%.

第三季度，國際日均交易量總額成長 4.8%，其中歐洲和美洲地區成長最為顯著。國際國內日均客運量較去年同期成長 3.6%，其中加拿大客運量成長最為顯著。在出口方面，日均貨運量年增 5.9%，這得益於我們的網路能夠靈活地適應不斷變化的貿易航線，並得益於歐洲國家之間的實力。隨著第三季的結束，我們看到美國進口量下降，其中中國至美國航線的每日平均進口量下降了 27.1%。

Turning to revenue, in the third quarter, international revenue was $4.7 billion, up 5.9% from last year. Operating profit in the International segment was $691 million, down $101 million year-over-year, reflecting pressures from trade lane shifts, product trade down and lower demand-related surcharges. International operating margin in the third quarter was 14.8%.

談到收入，第三季度，國際收入為 47 億美元，比去年增長 5.9%。國際部門的營業利潤為 6.91 億美元，較去年同期下降 1.01 億美元，反映了貿易路線轉移、產品貿易下降以及需求相關附加費降低的壓力。第三季國際營業利益率為14.8%。

Moving to Supply Chain Solutions. In the third quarter, revenue was $2.5 billion, lower than last year by $715 million, of which $465 million was due to our divestiture of Coyote in the third quarter of 2024. Within Supply Chain Solutions, demand softness in Air and Ocean Forwarding resulted in lower market rates, which drove a decline in revenue year-over-year. Logistics revenue was down year-over-year, driven by a decline in Mail Innovation. This was partially offset by revenue growth in Healthcare Logistics.

轉向供應鏈解決方案。第三季營收為 25 億美元，較去年同期減少 7.15 億美元，其中 4.65 億美元是由於我們在 2024 年第三季剝離了 Coyote。在供應鏈解決方案領域，空運和海運需求疲軟導致市場價格下降，進而導致營收年減。由於郵件創新業務的下滑，物流收入較去年同期下降。醫療保健物流的收入成長部分抵消了這一影響。

And UPS Digital, which includes Roadie and Happy Returns, grew revenue by 9.5% year-over-year. In the third quarter, Supply Chain Solutions generated operating profit of $536 million. Operating margin was 21.3%. Our results in Supply Chain Solutions this quarter include the impact of the sale-leaseback transaction, which generated the $330 million one-time gain that I mentioned earlier.

包括 Roadie 和 Happy Returns 在內的 UPS Digital 營收年增了 9.5%。第三季度，供應鏈解決方案業務實現營業利潤5.36億美元。營業利益率為21.3%。我們本季在供應鏈解決方案方面的業績包括售後回租交易的影響，該交易產生了我之前提到的 3.3 億美元的一次性收益。

Turning to cash and shareowner returns. Year-to-date, we generated $5.1 billion in cash from operations and free cash flow of $2.7 billion. We finished the quarter with strong liquidity and no outstanding commercial paper. And so far this year, UPS has paid $4 billion in dividends.

轉向現金和股東回報。年初至今，我們的營運現金流為 51 億美元，自由現金流為 27 億美元。本季結束時，我們的流動性強勁，沒有未償還的商業票據。今年迄今為止，UPS 已支付了 40 億美元的股息。

Now let me provide an update on our cost out and network reconfiguration efforts. In conjunction with our actions to significantly reduce the amount of Amazon volume in our network, we are executing the largest network reconfiguration in our history and will remove approximately $3.5 billion in related costs this year. We've made a lot of progress since our last earnings call. Let me walk you through the details.

現在讓我提供有關我們的成本和網路重新配置工作的最新情況。結合我們大幅減少網路中亞馬遜流量的行動，我們正在執行史上最大規模的網路重構，今年將消除約 35 億美元的相關成本。自從上次財報電話會議以來，我們已經取得了很大進展。讓我向您詳細介紹一下。

Total Amazon volume was down 21.2% compared to the third quarter of last year. We achieved our reduction target in the portions of the Amazon volume we are exiting, and we grew the portions of Amazon volume that we are continuing to serve.

與去年第三季相比，亞馬遜總銷量下降了 21.2%。我們實現了減少亞馬遜退出份額的目標，並增加了我們繼續服務的亞馬遜份額。

Now let's look at the savings we've generated so far this year. As a reminder, we are tracking our savings within three cost buckets. They are variable costs, which primarily captures operational hours; semi-variable costs, which reflects operational positions; and fixed costs, which includes closing buildings and reducing expense from support functions through our Efficiency Reimagined initiative.

現在讓我們看看今年迄今為止我們已經節省了多少錢。提醒一下，我們正在三個成本範圍內追蹤我們的節省情況。它們是變動成本，主要體現在營運時間上；半變動成本，反映營運狀況；以及固定成本，包括關閉建築物和透過我們的「效率重塑」計畫減少支援職能部門的開支。

Looking at variable costs. Total operational hours continue to move down with volume. So far this year, we are down more than 16 million hours, and we are on track to reach our reduction target of approximately 25 million hours for the year.

查看變動成本。總營運小時數隨營運量持續下降。今年到目前為止，我們已經減少了 1600 多萬小時的工作時間，並且預計將實現全年減少約 2500 萬小時的目標。

Moving to semi-variable costs. Attrition and operational positions accelerated each month during the quarter, and we finished down nearly 34,000 positions year-over-year, which includes a reduction from our driver voluntary separation program. Nearly one-third of the reductions occurred in September.

轉向半變動成本。本季度，人員流失和營運職位數量每月都在增加，與去年同期相比，我們減少了近 34,000 個職位，其中包括司機自願離職計畫的減少。其中近三分之一的減產發生在九月。

In our fixed cost bucket, year-to-date, we have completed the closure of 195 operations, including closing 93 buildings. As we are closing buildings, we are also investing through our Network of the Future efforts.

在我們的固定成本領域，今年迄今為止，我們已經完成了 195 項業務的關閉，其中包括關閉 93 棟建築。在關閉建築物的同時，我們也透過未來網路計畫進行投資。

And as Carol mentioned, we've deployed additional automation in 35 facilities. And while we expect to be busy processing volume during peak, we also plan to deploy automation projects in seven additional buildings in December.

正如卡羅爾所提到的，我們已經在 35 個設施中部署了額外的自動化系統。雖然我們預計高峰期處理量會很大，但我們也計劃在 12 月在另外 7 棟建築中部署自動化專案。

Lastly, savings from our efficiency reimagined initiatives continued to accelerate in the third quarter. Pulling it all together, we are making meaningful progress executing our strategy. So far this year, we've reduced expense by $2.2 billion, and we're on track to achieve our 2025 expense reduction target of approximately $3.5 billion.

最後，我們效率重塑計畫帶來的節省在第三季持續加速。綜合起來，我們在執行策略方面取得了有意義的進展。今年到目前為止，我們已經削減了 22 億美元的開支，並且預計將在 2025 年實現削減約 35 億美元的開支目標。

Now moving to our outlook. At the consolidated level, we expect fourth quarter revenue of approximately $24 billion and an operating margin of approximately 11% to 11.5%.

現在轉向我們的展望。在合併層面，我們預計第四季營收約為 240 億美元，營業利潤率約為 11% 至 11.5%。

Looking at the segments in the fourth quarter. Starting with U.S. Domestic, we expect revenue to be around $16.2 billion in the fourth quarter, driven by the continued volume reduction with Amazon and strong revenue per piece growth. And we expect an operating margin of approximately 9.5% to 10%.

看看第四季的各個部分。從美國國內市場開始，我們預計第四季營收將達到 162 億美元左右，這得益於亞馬遜銷售的持續減少和每件營收的強勁成長。我們預計營業利潤率約為 9.5% 至 10%。

In terms of peak, in the US, we expect heavier volume earlier in the peak period, and we have one additional delivery day compared to last year, which gives us more flexibility. The network reconfiguration and additional automation we deployed through Network of the Future set us up to deliver a more efficient peak and another year of industry-leading service for our customers. In short, we're ready for peak.

就高峰而言，在美國，我們預計高峰期早期的交易量會更大，而且與去年相比，我們多了一個交貨日，這給了我們更大的靈活性。我們透過未來網路部署的網路重新配置和額外的自動化使我們能夠為客戶提供更有效率的尖峰和另一年的行業領先服務。簡而言之，我們已經為高峰做好了準備。

Turning to International. We expect the dynamic environment we've experienced throughout the year will continue. With this in mind, we expect fourth quarter revenue to be approximately $5 billion, and we expect an operating margin of between 17% and 18%.

轉向國際。我們預計，我們全年經歷的動態環境將會持續下去。考慮到這一點，我們預計第四季營收約為 50 億美元，營業利潤率預計在 17% 至 18% 之間。

In Supply Chain Solutions, we expect revenue in the fourth quarter of around $2.7 billion and an operating margin of approximately 9%. Looking at capital allocation for the full year, we expect capital expenditure to be approximately $3.5 billion. We are planning to pay out around $5.5 billion in dividends, subject to Board approval, and we have completed the targeted share repurchase of about $1 billion of our shares. Lastly, we expect the tax rate to be approximately 23.75% for the full year 2025.

在供應鏈解決方案方面，我們預計第四季的營收約為 27 億美元，營業利潤率約為 9%。從全年資本配置來看，我們預計資本支出約為 35 億美元。我們計劃支付約 55 億美元的股息，但需經董事會批准，並且我們已經完成了約 10 億美元的股票回購目標。最後，我們預計 2025 年全年稅率約為 23.75%。

Before I close, let me comment on our financial condition. UPS is rock solid strong, and we have plenty of liquidity to continue executing our strategy and return value to our shareowners. And following the completion of our acquisition of Andlauer, we expect to end the year with around $5 billion in cash. So with that, operator, please open the lines for questions.

在結束之前，請容許我評論一下我們的財務狀況。UPS 實力堅如磐石，我們擁有充足的營運資金來繼續執行我們的策略並為股東帶來回報。在完成對 Andlauer 的收購後，我們預計今年年底的現金將達到約 50 億美元。那麼，接線員，請打開熱線來回答問題。

(Operator Instructions) Chris Wetherbee, Wells Fargo.

（操作員指示）富國銀行的克里斯·韋瑟比 (Chris Wetherbee)。

Thanks. Good morning, guys. Maybe we can start on domestic margins. So obviously, some improvement, but we had a lot of RPP growth in the quarter. So I guess as we think forward, I know there's a mix of cost as well as yield management that we're going to see.

謝謝。大家早安。也許我們可以從國內利潤開始。顯然，有一些改善，但本季我們的 RPP 成長了很多。因此，我想，當我們展望未來時，我知道我們將會看到成本和收益管理的混合。

And I know you've given us some ranges for the fourth quarter. But generally speaking, where you think you are in the glide down, can you give us a little sense of maybe what we can start to think about for 2026 from a domestic margin perspective?

我知道您已經為我們提供了第四季度的一些範圍。但總體而言，您認為目前處於下滑階段，能否從國內利潤率的角度，讓我們了解一下我們可以開始考慮 2026 年的情況？

Thanks, Chris. I appreciate it. And look, I think we're very pleased with both the revenue quality we saw in the third quarter as well as the progress that we're making with the Amazon glide down, and we laid out the activity metrics around that.

謝謝，克里斯。我很感激。而且，我認為我們對第三季的收入品質以及亞馬遜下滑所取得的進展感到非常滿意，並且我們圍繞這一點制定了活動指標。

On 2026, look, we'll update 2026 on the January call when we report fourth quarter. But there are a few things that I think are worth kind of keeping in mind. Remember, we're three quarters into a six-quarter drawdown. So as we lap the year, we kind of come through the first three quarters of this year, we will see a sequential increase in Amazon volume as we go into peak because everybody peaks. And then we'll continue to draw down as we go through the first half of next year and the cost takeout will continue as we go through that.

關於 2026 年，我們將在報告第四季的 1 月電話會議上更新 2026 年的情況。但我認為有幾件事值得牢記。請記住，我們已經經歷了六個季度的下滑，其中有三個季度已經下滑。因此，隨著我們度過這一年，我們差不多已經度過了今年的前三個季度，我們將看到亞馬遜的交易量隨著我們進入高峰而連續增長，因為每個人都達到了高峰。然後，隨著我們進入明年上半年，我們將繼續減少開支，並且在此期間，成本支出將繼續減少。

The second is, as Carol mentioned, we're taking strategic actions around Ground Saver that will start to take hold next year, and we'll see economic benefit in the back half of next year for that as well. We do anticipate closing Andlauer in November of this year, and we'll update you on the financials as we wrap that into next year, but that's an exciting acquisition to accelerate our healthcare strategy.

第二，正如卡羅爾所提到的，我們正在圍繞 Ground Saver 採取戰略行動，這些行動將於明年開始生效，我們也將在明年下半年看到其帶來的經濟效益。我們確實預計將於今年 11 月關閉 Andlauer，我們將在明年關閉時向您通報財務狀況，但這是一次令人興奮的收購，可以加速我們的醫療保健策略。

And look, we're continuing to focus on growing in the parts of the market that will help us continue to drive revenue per piece growth as well as higher margins as we go into the back half of '26 and complete the Amazon glide down.

而且，我們將繼續專注於市場部分的成長，這將有助於我們在進入 26 年下半年並完成亞馬遜下滑時繼續推動每件產品收入的成長以及更高的利潤率。

David Vernon, Bernstein.

大衛‧佛農，伯恩斯坦。

Good morning, guys, and thanks for taking the time here. So Brian, can you talk a little bit about the exit rate on cost per piece coming out of the third quarter? It seems like this was kind of an inflection quarter where with the buyout and everything else, you probably came out a little bit better than you started and whether we should expect that to accelerate into 4Q?

大家早安，感謝你們抽空參加這次活動。那麼布萊恩，您能談談第三季每件成本的退出率嗎？這似乎是一個轉折點，透過收購和其他一切，你的表現可能比開始時要好一些，我們是否應該預期這種成長會在第四季加速？

And then it sounds like you guys are saying you found a way to work with the USPS on final mile for some of the residential lower rate e-commerce type of stuff. Can you kind of be more specific in terms of what that looks like and how that changes cost per piece?

然後聽起來你們好像在說，你們找到了一種與美國郵政署合作的方法，在最後一英里處理一些住宅低費率電子商務類的東西。您能否更具體地說明它是什麼樣的以及它如何改變每件成本？

Sure. Well, first, let me talk about exit rate on Q3 cost per piece, and I'll let Carol comment on the USPS. And there's a couple of things on cost per piece. Look, the cost per piece is on a tough comp year-over-year because this is probably the largest year-over-year comp related to the e-commerce volume that we're exiting. So it has a big mix impact both on rev per piece and cost per piece.

當然。好吧，首先，讓我談談第三季每件成本的退出率，然後我會讓卡羅爾對美國郵政發表評論。每件產品的成本有幾點影響。你看，每件產品的成本與去年同期相比有很大的差異，因為這可能是與我們正在退出的電子商務量相關的最大的同比差異。因此，它對每件產品的轉速和每件產品的成本都有很大的影響。

As we've gone through the quarter, though, we are seeing some of the best production metrics that we've seen certainly on our inside, I think it's in 12 years, on our preload in 20 years. The investments that we're making in automation that we're deploying through Network of the Future are certainly showing benefits, and we're seeing that come through the cost per piece.

然而，隨著我們度過這個季度，我們看到了一些最好的生產指標，當然就我們內部而言，我認為這是 12 年來最好的，就我們 20 年的預負荷而言。我們透過未來網路部署的自動化投資確實顯示出了效益，而且我們看到這種效益體現在每件產品的成本上。

The other thing that I'll point out, and I'm sure you saw it in the non-GAAP reconciliation is that we executed on our driver voluntary severance program in the quarter. About 90% of those drivers exited on August 31. And so those savings will start to materialize in the fourth quarter as well. Carol, do you want to comment on Ground Saver?

我要指出的另一件事是，我相信您在非公認會計準則對帳表中看到了這一點，那就是我們在本季度執行了司機自願遣散計劃。其中約 90% 的司機於 8 月 31 日退出。因此，這些節省也將在第四季開始實現。卡羅爾，你想對 Ground Saver 做出評論嗎？

I'm happy to. And David, nice to hear from you. Just maybe going back on the driver piece. The total cost of the buyout is $175 million. the payback -- annual payback is $179 million. So the payback is less than one year. So that's a good thing for our cost per piece, isn't it?

我很樂意。大衛，很高興收到你的來信。也許只是回到驅動程式部分。收購總成本為 1.75 億美元。回報－年度回報為 1.79 億美元。因此回報期不到一年。所以這對我們的單件成本來說是件好事，不是嗎？

Yeah. Now let's talk about the USPS. As you know, David, the Postal Service has a new Postmaster General. And when Mr. Steiner joined, immediately started having a conversation with him about how could we create a win-win-win relationship, a win for the postal system, a win for UPS, and a win for our customers. And the way to do that is to leverage what they're best at, which is final mile and what we're best at which is middle mile.

是的。現在我們來談談 USPS。大衛，您知道，郵局有一位新郵政局長。當施泰納先生加入時，我們立即開始與他討論如何建立三贏關係，讓郵政系統、UPS 和我們的客戶都受益。而要做到這一點，就必須利用他們最擅長的領域，也就是最後一英里，以及我們最擅長的領域，也就是中間一英里。

And so I'm happy to tell you that we've reached preliminary agreement on what that looks like from a volume and rates perspective. We're working through the details and lwe’ll get those details all ironed out over the next weeks and months. And by the end of the fourth quarter, we'll be able to give you more details. But I'm very, very pleased with where we are today and this renewed relationship with USPS.

因此，我很高興地告訴大家，我們已經就交易量和費率方面達成了初步協議。我們正在研究細節問題，並將在未來幾週和幾個月內解決所有細節問題。到第四季度末，我們將能夠為您提供更多詳細資訊。但我對我們目前的狀況以及與 USPS 重新建立的合作關係感到非常非常高興。

Is there any way to kind of talk a little bit more about timing and how that kind of affects the domestic margin for 2026? Or is it still too early?

能否進一步談談時間安排以及這對 2026 年國內利潤有何影響？還是現在還太早？

It's too early. We don't expect any benefit in the fourth quarter. It will start, we hope, knock on wood, we can knock it all down by the beginning of the year. And it's not just for our Ground Saver product, which is in our US small package business, but also from Mail Innovations. And we're excited about what that's going to mean to our Mail Innovations margin looking forward. So at the end of the year, we'll give you more color.

太早了。我們預計第四季不會有任何收益。我們希望，一切將會開始，我們可以在年初之前把一切都搞定。這不僅適用於我們美國小包裹業務中的 Ground Saver 產品，也適用於 Mail Innovations。我們對這對我們未來的郵件創新利潤意味著什麼感到非常興奮。所以在年底的時候，我們會給你更多的色彩。

Tom Wadewitz, UBS.

瑞銀的湯姆·韋德維茨。

Good morning. So I wanted to ask, let's see -- I think on your comments in 2Q, you talked about concern on SMB stepping down. I think this was the impact of the elimination of the de minimis exemption that that would have a meaningful impact and then it became a global elimination, not just China and Hong Kong.

早安.所以我想問一下，讓我們看看——我認為在您第二季度的評論中，您談到了對 SMB 下台的擔憂。我認為這是取消最低限度豁免的影響，它將產生重大影響，然後成為全球性的取消，而不僅僅是中國和香港。

So can you give us a bit more perspective on how SMB played out versus what seemed to be a lot of concern in 2Q? And then also, when we look at September, how is the impact different in the international business when it became a global elimination versus China, Hong Kong? So yeah, on those two things.

那麼，您能否向我們詳細介紹中小企業的表現，以及第二季令人擔憂的情況？然後，當我們回顧 9 月時，當它成為全球淘汰時，對國際業務的影響與對中國、香港的影響有何不同？是的，就這兩件事而言。

Sure. If you look at our SMB results for the quarter, we were down slightly year-on-year. But as we look at our performance relative to the market, we took share both in volume and value. So we were pleased with our performance relative to the market and the decline year-on-year wasn't as dramatic as we thought it could be.

當然。如果您查看我們本季的中小企業業績，您會發現我們的業績年比略有下降。但從我們相對於市場的表現來看，我們在數量和價值上都佔有份額。因此，我們對自己相對於市場的表現感到滿意，而且同比下降幅度並不像我們想像的那麼大。

We are watching the SMBs very closely, though, Tom. Some are doing just fine and managing through the changes in trade policy and some of them candidly are challenged. So we've got a close attention to these to these customers.

不過，湯姆，我們正在密切關注中小企業。有些國家做得很好，並成功應對了貿易政策的變化，而有些國家則坦率地面臨挑戰。因此，我們密切關注這些客戶。

And let me just give you some data, which is amazing how many shippers are looking for help. In the third quarter, we had 12 trade webinars with more than 8,300 participants. And we've reached out and had conversations with 61,000 customers trying to help them navigate through these changes in trade policy.

讓我給你一些數據，令人驚訝的是，有這麼多的托運人正在尋求幫助。第三季度，我們舉辦了 12 場貿易網路研討會，參與人數超過 8,300 人。我們已經與 61,000 名客戶進行了聯繫和交談，試圖幫助他們應對貿易政策的這些變化。

It's complicated. It's super complicated. And to your point about the elimination of the de minimis exemption. Well, it certainly played some havoc on some of these shippers, and I'll just make that real for you, too, just some data.

情況很複雜。這非常複雜。關於您提到的取消最低限度豁免的問題。嗯，它確實對一些托運人造成了嚴重破壞，我也將向你們真實地展示一些數據。

Back in March, we had 13,000 packages that came into the United States every day that required some sort of a dutiable clearance. And we handled that -- about 21% was handled with technology, so cleared without any manual intervention.

早在三月，我們每天就有 13,000 個包裹進入美國，需要某種形式的關稅清關。我們處理了這個問題——大約 21% 是透過科技處理的，因此無需任何人工幹預即可完成清算。

If you fast forward to September, when -- now it's a global elimination, 112,000 packages a day required some sort of dutiable clearance. And thank goodness, we invested in technology. So we were able to clear 90% of those packages without any manual intervention, which is great, but 10% needed some help. And where they needed some help, they really needed some help because when the global exemption went into place, you might have seen that some mail systems like Royal Mail or Deutsche Post really stopped shipping into the United States, which meant shippers, predominantly consumers who used to use those mail carriers as a way to get packages in the United States came into carriers like UPS or FedEx or others.

如果你快轉到 9 月份，那時——現在全球都在消除這種現象，每天有 112,000 個包裹需要某種形式的清關。感謝上帝，我們投資了科技。因此，我們能夠在沒有任何人工幹預的情況下清關 90% 的包裹，這很好，但 10% 的包裹需要一些幫助。他們需要幫助，他們真的需要幫助，因為當全球豁免生效時，你可能已經看到一些郵政系統，如英國皇家郵政或德國郵政，真的停止向美國運送貨物，這意味著托運人，主要是那些曾經使用這些郵遞員在美國收取包裹的消費者，轉而使用 UPS 或聯邦快遞等郵遞員。

And many of those shippers, consumer to consumer were naive, and you wouldn't expect them to understand the intricacies of trade policies and they shipped in packages that didn't have the information necessary to clear. And so Kate, you might want to talk about how we worked with those shippers because it was a lot of hard work and effort to work with those shippers.

許多消費者對消費者的托運人都很天真，你不會指望他們了解貿易政策的複雜性，他們運送的包裹沒有清關所需的資訊。所以凱特，你可能想談談我們如何與這些托運人合作，因為與這些托運人合作需要付出很多努力和辛勤的勞動。

Yes, it sure was. And so to help especially these C2C consumer-to-consumer shippers, multiple calls with them, helping -- trying to get them to understand the missing information that they are required to provide. And a good portion was on food.

是的，確實如此。因此，為了特別幫助這些 C2C 消費者對消費者的托運人，我們會多次致電他們，幫助他們——試圖讓他們了解他們需要提供的缺失資訊。其中很大一部分是食物。

And if you think about a family shipping food to family members, and that tended to be the pinch in that three-week, I'll call it, initial surge from the international post. The post then got the exception and that food and low -- very low-end value of goods consumer to consumer moved back to the post.

如果您想想一個家庭向家庭成員運送食物，這往往是那三週內最困難的部分，我稱之為國際郵政的初始激增。隨後，該帖子獲得了例外，並將食品和低端——非常低端的商品消費者對消費者價值的內容移回了帖子。

And so since that point, we have been clearing now up to 97% within the last 1.5 weeks same-day clearance on our goods. So helping our very valued shippers ensure that they meet the requirements of the US government.

從那時起，我們在過去 1.5 週內已將貨物的當日清關率提高到了 97%。因此，幫助我們非常尊貴的托運人確保他們符合美國政府的要求。

And Tom, if I could just maybe dimensionalize the impact of that. In the third quarter, that had about a $60 million impact for us. And we estimate in the fourth quarter, the direct impact will be $75 million to $100 million. A lot of this is demand related, right, because the technology allows us to scale our brokerage operations, but there is a demand impact.

湯姆，如果我可以將其影響具體化的話。在第三季度，這對我們產生了約 6000 萬美元的影響。我們估計第四季的直接影響將達到 7,500 萬至 1 億美元。這在很大程度上與需求有關，因為技術使我們能夠擴大經紀業務規模，但這會對需求產生影響。

And let's be clear on what that cost is. It's really not the cost of clearing. It's the change in trade lanes because as you know, our most profitable trade lane is that between China and the United States. And we saw an over 20% decline in that in the third quarter and expect that will continue into the fourth quarter.

讓我們清楚了解這個成本是多少。這確實不是清算成本。這是貿易航線的變化，因為如你所知，我們最賺錢的貿易航線是中國和美國之間的航線。我們看到第三季的降幅超過 20%，預計這種趨勢將持續到第四季。

Now there's a big meeting coming up this week. So maybe we'll have a little bit more certainty about trade between our two countries, but we're right now forecasting a decline in those trade lanes in the fourth quarter.

本週將召開重要會議。因此，我們或許會對兩國之間的貿易更有把握，但我們現在預測第四季這些貿易航線將會下滑。

And -- just quick circling back on SMB. Do you think you're at stability now, like now we shouldn't have as much concern about a drop-off going forward as maybe you had in 2Q?

並且——快速回到 SMB。您認為現在情況穩定了嗎？例如，現在我們不應該像第二季那樣擔心未來的下滑？

So as we look at the peak forecast, that's the best way to tell you where we are. As we look at our -- as you know, 100 of our customers, most of them are enterprise customers, make up 80% of our peak surge. And what those large customers have told us that they expect a good peak that the surge should be about 60% from where their volume is today. That's the same surge that we've seen over the past three years. So they've got the inventory; they're ready for peak.

因此，當我們查看峰值預測時，這是告訴您我們所在位置的最佳方法。如我們所見，我們的 100 個客戶中大多數是企業客戶，占我們高峰激增的 80%。這些大客戶告訴我們，他們預計會出現一個良好的峰值，即激增量將達到目前水平的 60% 左右。這與我們過去三年看到的激增是一樣的。所以他們已經有了庫存；他們已經為高峰做好了準備。

On the SMB side, they're a little short of where they were a year ago. So if you think about effectiveness being 100% effective, our enterprise customers are at the 100% mark. The SMB customers that give us forecasts are at the 99% mark. So has it stabilized a bit, but it's still something, I think, to watch out for, particularly as we head into next year because next year is when you're going to feel the full brunt of some of these tariffs hitting some of these SMBs.

在中小企業方面，他們比一年前略有下降。因此，如果您認為有效性是 100%，那麼我們的企業客戶就達到了 100% 的標準。向我們提供預測的中小企業客戶達到了 99%。所以它已經穩定了一點，但我認為，這仍然是需要注意的事情，特別是當我們進入明年時，因為明年你將感受到一些關稅對一些中小企業的全面衝擊。

Now we're working with them to try to help them think about how do they change where they source their goods, how do they think about the mode of transportation that you saw and so forth. So we're working with them, but I think it's prudent to be a bit cautious on the outlook here because it's still early days.

現在我們正在與他們合作，試圖幫助他們思考如何改變他們的貨物來源地，如何看待您所看到的運輸方式等等。所以我們正在與他們合作，但我認為對前景保持謹慎是明智的，因為現在還處於早期階段。

Ari Rosa, Citigroup.

花旗集團的阿里·羅莎。

Good morning. So it was really nice to see the step-up in free cash flow. Carol or Brian, I was hoping you could talk about how you think about kind of the sustainable level of free cash flow after some of these cost-cutting initiatives occur and kind of as you work through some of these shifts in revenue mix?

早安.因此，看到自由現金流的增加真的很高興。卡羅爾或布萊恩，我希望你們能談談，在採取一些成本削減措施之後，以及在收入結構發生變化之後，你們如何看待可持續的自由現金流水平？

Yeah. Great. Thanks, Ari. It's great to hear from you. Yeah, look, we saw the Q3 free cash flow bounce back. There were some timing issues in our Q2 versus Q3 that have kind of worked themselves out, and we expect Q4 to look similar to Q3.

是的。偉大的。謝謝，阿里。很高興收到您的來信。是的，我們看到第三季的自由現金流反彈。我們第二季與第三季之間存在一些時間問題，但這些問題已經解決，我們預計第四季將與第三季類似。

Now on your question, though, I think you're exactly right. This is why we're leaning into the parts of the market that we're leaning into is because you'll see that our penetration in B2B was up 350 basis points. Our penetration in SMB was up 340 basis points.

不過，關於你的問題，我認為你是完全正確的。這就是我們傾向於進入我們所傾向的市場部分的原因，因為你會發現我們在 B2B 領域的滲透率上升了 350 個基點。我們在中小企業的滲透率上升了 340 個基點。

We're seeing growth in the areas of the markets where we want to grow. That allows us to drive better returns and better margins. And with the cost takeout and the network efficiency that we're creating through our automation investments, we do expect the business to generate significantly more free cash flow over time. Clearly, we've got a dividend of around $5.4 billion to $5.5 billion, and we expect it to be above that in the very near future.

我們看到我們想要發展的市場領域正在成長。這使我們能夠獲得更好的回報和更高的利潤。透過自動化投資降低成本並提高網路效率，我們確實預期業務將隨著時間的推移產生更多的自由現金流。顯然，我們的股息約為 54 億美元至 55 億美元，我們預計在不久的將來我們的股息將超過這一水平。

Jonathan Chappell, Evercore ISI.

喬納森‧查佩爾 (Jonathan Chappell)，Evercore ISI。

Good morning. Just kind of a two-parter. I'm sorry to do two-parters here. But Amazon glide down, you said you're kind of running on track here. You said down 21%. I thought we're supposed to be around 30% at this point.

早安.只是一部分為兩部分的作品。很抱歉，我在這裡只講兩個部分。但亞馬遜下滑了，你說你在這裡運作得有點正常。你說的是下降21%。我認為我們現在應該達到 30% 左右。

So maybe just help us understand where you are as we think about exit rate in 4Q? And then secondly, it really looks like you're on track with the cost takeout associated with that volume glide down. Can you speak to the cost alignment with the rest of the business ex Amazon?

那麼，當我們考慮第四季度的退出率時，也許可以幫助我們了解您的處境？其次，看起來你們確實正在按計劃減少與銷量下滑相關的成本。您能談談與亞馬遜以外其他業務的成本協調嗎？

Just given all these changes that you've spoken about already with rest of world de minimis, maybe some of the SMBs being a little bit lighter in the peak, do you feel like you're on track there as well? Or is there a little bit more catch-up to do on ex-Amazon cost alignment?

考慮到您已經談到的與世界其他地區最低限度相關的所有這些變化，也許一些中小企業在高峰期會稍微輕鬆一些，您是否覺得自己也走在了正軌上？或者在亞馬遜以外的成本調整方面是否還有更多的工作要做？

Well, on the Amazon glide down, we're winding down the volume that we don't want, and we're right on our plan. But we're growing the volume that we do want. And so that's why the year-over-year decline wasn't as much as we had anticipated at the end of the second quarter. So we're really pleased with that, growing the volume that we want, like returns is good for our business.

好吧，隨著亞馬遜業務的下滑，我們正在減少不想要的業務量，我們的計劃是正確的。但我們正在增加我們想要的數量。這就是為什麼第二季末的年減幅度沒有我們預期的那麼大。因此，我們對此感到非常高興，我們想要的成長量，回報對我們的業務有好處。

On the question about cost out, I would say excellent job managing through the Amazon glide down, but we're also driving a heck of a good business. And now that you might want to talk about your production numbers, the best that we've seen in 20 years, 10 years, talk a little bit about that.

關於成本支出的問題，我想說，我們在應對亞馬遜下滑的過程中做得非常出色，而且我們也在推動著一項非常好的業務。現在您可能想談談您的生產數字，這是我們 20 年、10 年來見過的最好的數字，請稍微談談這個。

Yes, sure. And I think it's really exciting as we look at our network. We're not looking at everything exclusively or uniquely, but as one big network. And of course, we keep finding opportunities for us to bring costs down. So if you think about the buildings we've closed, the operations we've closed, also the 34,000 positions that we've eliminated, that's part and parcel, of course, driven by some Amazon, but also our productivity.

是的，當然。當我們審視我們的網絡時，我認為這真的很令人興奮。我們不會將所有事物視為一個單獨的或獨特的事物，而是將其視為一個大網路。當然，我們一直在尋找降低成本的機會。因此，如果您想想我們關閉的建築物、我們停止的業務以及我們裁掉的 34,000 個職位，這當然是亞馬遜推動的一部分，但也是我們的生產力推動的一部分。

So if you think about production across the network, Brian mentioned that our inside operations are demonstrating the best process rates in 12 years. Our hub process rates in 20 years, and then we can go down the list with safety in the decade and other items related to cost.

因此，如果您考慮整個網路的生產，Brian 提到我們的內部營運正在展示 12 年來最佳的處理率。我們的樞紐流程以 20 年為單位進行評級，然後我們可以列出十年內的安全性和其他與成本相關的項目。

I guess what should give everybody comfort is what we've displayed in the first nine months, we've also started the stage next year in 2026. So this continues, and we will hit our Amazon targets and our drawdown in terms of cost and productivity just gets enhanced as we first, introduce more NOF projects, but also all the peripheral buildings that we had supporting those upgrades will start to fall off as well as we start to implement NOF.

我想，讓大家感到安慰的是我們在前九個月所展現的一切，我們也已在明年（2026 年）開始了這一階段的工作。如此持續下去，我們將實現我們的亞馬遜目標，並且隨著我們首先引入更多的 NOF 項目，我們在成本和生產力方面的下降將得到增強，而且隨著我們開始實施 NOF，我們支持這些升級的所有外圍建築也將開始減少。

A great example of that is Mesquite, 48,000hub per hour for us, just opened up two weeks ago and prior to that, a similar hub in Texas in SweetWater. So really excited about those additions to the network and of course, more to come.

一個很好的例子就是梅斯基特 (Mesquite)，我們每小時的樞紐容量為 48,000 個，兩週前剛剛開放，而在此之前，德克薩斯州的 SweetWater 也有一個類似的樞紐。我對網路的這些新增功能感到非常興奮，當然，未來還會有更多功能。

And Jonathan, just to put a number to that because I think the third quarter really shows a testament. We started the year saying that we were going to focus on getting the right volume in the network and drive efficiency. And volume was down 12.3%, and we expanded operating margin, and we'll look to continue that trend moving forward.

喬納森，我只是舉個數字來說明這一點，因為我認為第三季確實證明了這一點。我們年初就表示，我們將專注於獲得正確的網路容量並提高效率。銷量下降了 12.3%，但我們的營業利潤率有所提高，我們希望未來能繼續保持這一趨勢。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

Thanks. Good morning. So just a follow-up on the Amazon piece. So I think when you first talked about this, it was -- it would be down -- be cut in about half by the middle of next year. Is that number changing at all, bigger or smaller? And as we think about like the next wave of Amazon volume to come out, is it any different in terms of mix, any harder or easier to manage from like a decremental standpoint?

謝謝。早安.這只是亞馬遜文章的後續報導。所以我認為，當你第一次談論這個問題時，這個數字將會下降——到明年年中將減少一半左右。這個數字有變化嗎？變大了還是變小了？當我們考慮下一波亞馬遜的銷售時，從組合方面來看，它有什麼不同嗎？從遞減的角度來看，管理會更難還是更容易？

And then it's all part of like the same question. Like I know, there's $3.5 billion of cost reduction this year. What's the right number to think about for next year in terms of cost reduction?

這些都屬於同一個問題。據我所知，今年的成本削減了 35 億美元。就降低成本而言，明年應該考慮的正確數字是多少？

Sure, Scott. Thank you, and good to speak to you. So on the Amazon, look, think about it as there's a portion of the Amazon volume that we're exiting that they're going to in-source that that's the outbound. That's a pretty consistent glide. It's all scheduled, right?

當然，斯科特。謝謝，很高興與您交談。因此，在亞馬遜上，想想看，因為我們退出的亞馬遜交易量中有一部分是他們要內部採購的，這就是出站交易。這是一個相當一致的滑行。一切都安排好了，對吧？

So this is where e-commerce gets very physical, right? We have to hand over a building, they catch a building. There has to be package cars and drivers and sorters that all transition in kind of the same week.

所以這就是電子商務變得非常實體化的地方，對嗎？我們要交出一棟大樓，他們奪取一棟大樓。包裹車、司機和分揀員必須在同一週內完成交接。

Lane by lane.

一條條小路一條小路地走。

Lane by lane, building by building, city by city. So that's all scheduled out. It's on track. We're working very collaboratively with them. And I think it shows in our service numbers, both for ourselves and for them that this has been a great relationship.

一條條小巷，一棟棟建築，一棟城市。一切安排都已安排好。一切進展順利。我們正在與他們密切合作。我認為，從我們和他們的服務數據可以看出，這是一種很好的關係。

Separate to that, right, we -- Amazon is still going to be a large customer, right? And there's a lot of places where we can add value to their supply chain like returns, their inbound, the small business sellers that sell on the platform. That part of the business is growing. But when you think about the decrementals going into next year, it's the same type of volume. It's just over a period of time.

除此之外，對吧，我們——亞馬遜仍然會是一個大客戶，對吧？我們可以在許多地方為他們的供應鏈增加價值，例如退貨、入站、在平台上銷售的小型企業賣家。這部分業務正在成長。但當你考慮明年的減幅時，你會發現減幅是相同的類型。這只是一段時間而已。

On the cost takeout, we'll reset that in January as we roll forward. But Nando's team has been doing a great job that as these buildings transition, we move the work, we consolidate, we're investing in NOF, and we'll drive a similar level of efficiency next year.

關於成本扣除，我們將在一月重新設定。但 Nando 的團隊一直做得很好，隨著這些建築的轉型，我們轉移了工作，進行了整合，投資了 NOF，明年我們將達到類似的效率水平。

In the same cost buckets, right? It will still be the variable, the semi-variable and the fixed cost. You should expect that to continue into next year. And we'll dimensionalize that at the end of the quarter -- end of the fourth quarter.

在相同的成本範圍內，對嗎？它仍然是可變的、半可變的和固定的成本。你應該預期這種情況會持續到明年。我們將在本季末（第四季末）對此進行量化。

Jordan Alliger, Goldman Sachs.

喬丹·阿利格，高盛。

Good morning. Just wanted to come back to international. Maybe some additional thoughts around your international trade flow analysis. Now that the rest of de minimis has gone, when we sort of lap Liberation Day next year, could we get back to more normal sort of trajectories or patterns? Or is it permanent shifts?

早安.只是想回到國際。也許您對國際貿易流量分析還有一些額外的想法。現在，其餘的最低限度已經消失，當我們明年迎來解放日時，我們能否恢復到更正常的軌跡或模式？還是永久性的轉變？

And then just along with that, what does it take to keep international margin more sustainably in that high-teen level you guys had been used to? And that's with an eye towards 2026 as well.

那麼，除此之外，如何才能將國際利潤率更可持續地保持在你們習慣的十幾歲的水平上呢？這也是著眼於 2026 年。

Sure. Thanks, Jordan, and good to hear from you. On international trade flows, look, as Carol mentioned, as we went through the third quarter and particularly into September with de minimis, we did see things slow down.

當然。謝謝，喬丹，很高興收到你的來信。關於國際貿易流量，正如卡羅爾所提到的，隨著我們進入第三季度，特別是進入九月份，我們確實看到貿易量放緩。

Now look, there's still a lot of flux going on in the world where things are moving around. What we are seeing is a lot of growth outside the US, right? So trade is continuing to flow, but it's not touching the US as much as it was before.

現在看看，世界上仍然有很多事情在不斷變化。我們看到的是美國以外地區的大幅成長，對嗎？因此，貿易仍在繼續，但對美國的影響已不像以前那麼大。

As we look into next year and we think about the margin, look, there will be some permanent change until things -- until the system settles and the new equilibrium on trade flows settles. I do think that this mid- to high-teens margin for international is absolutely the target, but we need kind of trade flows to settle in order to get there.

當我們展望明年並思考利潤時，你會發現，將會有一些永久性的變化，直到系統穩定下來，貿易流量的新平衡穩定下來。我確實認為，國際市場的中高利潤率絕對是我們的目標，但為了實現這一目標，我們需要某種貿易流量來穩定下來。

Well, what Kate and her team have done is really operationalize the change in trade flows. In the third quarter alone, you did 100 different operational changes to make sure that we could meet the needs of our customers as trade flows were changing. And we're investing ahead of some of this. You might talk, Kate, about what you're doing in Asia. We've mentioned this before but just remind everyone what we're doing in Hong Kong and in the Philippines.

凱特和她的團隊所做的就是真正實現貿易流動的改變。僅在第三季度，你們就進行了 100 項不同的營運變革，以確保我們能夠在貿易流發生變化時滿足客戶的需求。我們正在為此提前進行投資。凱特，你可以談談你在亞洲所做的事情。我們之前已經提到過這一點，但只是想提醒大家我們在香港和菲律賓所做的事情。

Yeah, absolutely. And so to unlock that growth, we're a global network with a global portfolio, and we're seeing the return on the investments we made in Asia, expanding our service, fastening our time in transit. So if you look at, say, the top 20 export lanes, non-US, 16 of them are growing and growing very nicely. A lot of them are Asia to either Asia-Asia or Asia to Europe and reverse. So that's really the expansion.

是的，絕對是。因此，為了實現這一成長，我們建立了一個擁有全球投資組合的全球網絡，並且看到了在亞洲的投資回報，擴大了我們的服務，縮短了我們的運輸時間。因此，如果你看一下，比如說，前 20 條非美國出口航線，其中 16 條正在成長，而且成長得非常好。其中很多是從亞洲到亞洲-亞洲，或從亞洲到歐洲，或反之。這才是真正的擴張。

Customers have needs. They are shifting trade. And within there, I will tell you, we see the small and medium-sized businesses in international growing 9% in many regions of the world. So that also will help us with momentum for next year.

顧客有需求。他們正在轉移貿易。我要告訴你們，我們看到世界許多地區的國際中小企業成長了 9%。這也將有助於我們為明年的發展注入動力。

Bruce Chan, Stifel.

布魯斯陳（Bruce Chan），Stifel。

Good morning, everyone. Nice to see the results in the guidance here. And maybe just on that last point, I'm guessing that since the books closed and since you built your guidance in fourth quarter budget, we've got yet another variable with the government shutdown.

大家早安。很高興看到這裡指導的結果。也許就最後一點而言，我猜自從賬目結清並且您在第四季度預算中製定了指導方針以來，我們又遇到了政府關門帶來的另一個變數。

Wondering if that is contemplated in the guidance? And if not, is there any downside to the range in terms of demand or service or operations, especially with regard to ATC and payrolls and consumption?

想知道指南中是否考慮到了這一點？如果沒有，那麼在需求、服務或營運方面，特別是在空中交通管制、工資和消費方面，該範圍是否存在任何不利因素？

Yeah. So we don't have a real crystal ball here. We're watching this closely, obviously, particularly as it relates to the airlines. So far, we've seen no disruption of service, but we're watching this very closely because we all are reading the stories about what's happening with people not showing up to work.

是的。所以我們這裡沒有真正的水晶球。顯然，我們正在密切關注此事，特別是與航空公司相關的事。到目前為止，我們還沒有看到服務中斷的情況，但我們正在密切關注此事，因為我們都在閱讀有關人們不上班的報導。

From a volume perspective in the United States, here we are at the end of October, and we're right on where we thought we would be, if not a little bit better. So we haven't factored in any significant impact to the peak season because we rely on what our customers are telling us and our customers are telling us those from peak that they're going to have a good peak. So we haven't factored any of that in. But of course, it's smart to always think about what could happen. Hopefully, there will be a resolution soon as we should hope for.

從美國的銷售角度來看，現在是十月底，我們的銷售情況與我們預想的完全一致，甚至更好。因此，我們沒有考慮旺季的任何重大影響，因為我們依賴客戶告訴我們的訊息，而客戶告訴我們，他們將會迎來一個好的旺季。因此我們還沒有將任何這些因素考慮進去。但當然，總是思考可能發生的事情是明智的。希望能夠盡快得到解決方案。

Ken Hoexter, Bank of America.

美國銀行的肯‧霍克斯特 (Ken Hoexter)。

So it seems like your 300 basis points in improvement in domestic is maybe a bit more -- sequential improvement is a bit more than normal in terms of your target of getting to 9.5% to 10%. Just trying to understand your view on maybe the potential for accelerating that cost-cutting benefits above normal trend as we not only enter fourth quarter, but your thoughts on as we go into '26.

因此，就達到 9.5% 至 10% 的目標而言，國內 300 個基點的改善似乎比正常水準要多一些。只是想了解您對我們不僅進入第四季度，而且進入 26 年時加速成本削減效益超過正常趨勢的可能性的看法。

And then next -- I guess, next week, we're going to start the Supreme Court hearings on tariffs. Thoughts on -- initial thoughts on the potential impact to de minimis. Could that get reversed and we start seeing that for the rest of the world, if not China, Hong Kong Lane? Maybe any thoughts on the Supreme Court process?

接下來——我想，下週，我們將開始最高法院關於關稅的聽證會。關於——對潛在影響的初步想法。這種情況是否會逆轉？我們是否會開始在世界其他地區（如果不是中國，那麼香港）看到這種情況？也許您對最高法院的程序有什麼看法？

Sure. Well, let me talk about the sequential impact first. So Ken, if you go from Q3 to Q4, remember, as Carol said, we have been working closely with our customers, and we expect peak to be in similar shape as it has in the last four years, right? So we'll see about a 20% step-up in sequential ADV in the U.S., about 10% in international.

當然。好吧，我先談談順序影響。所以肯，如果你從第三季度到第四季度，請記住，正如卡羅爾所說，我們一直與客戶密切合作，我們預計高峰將與過去四年保持類似的狀態，對嗎？因此，我們將看到美國的連續 ADV 成長約 20%，國際成長約 10%。

Now also, there will be holiday demand surcharges that have been announced. Our take rate on those has been good. Even though there's one incremental day in the peak season, we're still balancing demand and expect to see good take on the holiday demand surcharges.

現在，也將宣布徵收假日需求附加費。我們的接受率一直都很好。儘管旺季增加了一天，但我們仍在平衡需求，並預計假日需求附加費將有良好的表現。

On the cost side, remember, we've been investing in deploying automation throughout the year, the Network of the Future. There's been -- there will be 42 new automation projects live by the time we start peak. And part of the function of bringing down the water level in the total US network is it allows us to run more efficiently.

在成本方面，請記住，我們全年都在投資部署自動化，即未來網路。當我們開始高峰期時，將會有 42 個新的自動化項目上線。降低整個美國管網的水位的作用之一是讓我們能夠更有效率地運作。

So you need less variable capacity, fewer leased aircraft, fewer rented vehicles, fewer seasonal workers that allows you to run a much more efficient network. And we're excited. We think it's going to be one of our best service and production peaks that we've had in a long time. Carol do you want to?

因此，您需要更少的可變容量、更少的租賃飛機、更少的租用車輛、更少的季節性工人，這樣您就可以運行更有效率的網路。我們很興奮。我們認為這將是我們長期以來最好的服務和生產高峰之一。卡蘿你想去嗎？

On the Supreme Court question, obviously, we'll be watching it very closely. But Ken, we don't -- we're not in a position to speculate on what the outcome will be.

關於最高法院的問題，顯然我們會密切注意。但是肯，我們無法推測結果會是什麼。

Brian Ossenbeck, JPMorgan.

摩根大通的 Brian Ossenbeck。

Good morning. Thanks for taking the question. Just one quick follow-up on -- first on the USPS. In the last quarter, Carol, you called out some density headwinds, it sounds like those were probably still present here in 3Q, and I would expect in 4Q. So if you could clarify that.

早安.感謝您回答這個問題。只需快速跟進一下——首先是關於美國郵政署 (USPS)。卡羅爾，上個季度你提到了一些密度方面的不利因素，聽起來這些因素在第三季可能仍然存在，我預計在第四季也會出現。所以如果你能澄清一下的話。

And then, Brian, can you give us a little bit more color on how you think rev per piece will track into the fourth quarter and sort of exit the year? There's a lot going on with the mix dynamics, some of the product service changes, but clearly, it looks like there's still some base rate momentum and also a bit of a help from fuel. So if you can give us a little bit more thoughts on those three parts of that trend would be helpful.

然後，布萊恩，您能否向我們詳細介紹您認為每件產品的銷售量將如何進入第四季度以及今年年底？混合動態方面有很多變化，一些產品服務也發生了變化，但顯然，看起來仍然有一些基本利率勢頭，而且燃料也提供了一些幫助。因此，如果您能就該趨勢的這三個部分給我們更多的想法，將會很有幫助。

On the Ground Saver product, density continues to be a challenge. We just can't seem to get more packages per stop on these residential deliveries. And this is one reason why we're so very excited about our renewed relationship with USPS. We estimate that the cost drag in the third quarter was about $100 million.

對於 Ground Saver 產品來說，密度仍然是一個挑戰。在這些住宅遞送中，我們似乎無法在每個站點收到更多的包裹。這就是我們對與 USPS 重新建立合作關係感到非常興奮的原因之一。我們估計第三季的成本拖累約為1億美元。

That's right, which is another cost that we overcame as we came down to drive margin expansion. And Brian, on your point on rev per piece, look, we continue to see strong base rate improvement in rev per piece. We expect the fourth quarter to be a little bit above 6%. And if you look at that with where we set out originally at the full year to be 6%, we're coming in higher than that.

沒錯，這是我們在推動利潤率擴大過程中克服的另一個成本。布萊恩，關於你提到的每件產品的轉速，你看，我們繼續看到每件產品的基準轉速強勁提升。我們預計第四季的成長率將略高於6%。如果你看一下我們最初設定的全年成長率為 6%，那麼我們的實際成長率會高於這個數字。

And so we expect that to come through both in base rate, slightly less mix improvement in the third quarter as we start to lap some of the Chinese e-commerce shipper actions that we took last year and then holiday demand -- strong holiday demand surcharge.

因此，我們預計，隨著我們開始採取去年針對中國電子商務托運人採取的一些行動，以及假期需求——強勁的假期需求附加費，第三季度的基本費率和組合改善幅度將略有下降。

Ravi Shanker, Morgan Stanley.

摩根士丹利的拉維‧尚克 (Ravi Shanker)。

Great. Thanks, everyone. So you obviously had a lot of traction with headcount reduction in both the building side and the driver side. The union is saying that kind of you guys have committed to net job increases through the course of the contract. So how do you see that playing out in the remaining 2.5 years of the contract? And would you have to start hiring again to make up for that difference?

偉大的。謝謝大家。因此，你們顯然在建築方面和駕駛員方面都取得了很大的裁員進展。工會表示，你們已經承諾在合約期間實現淨就業崗位增加。那麼，您認為合約剩餘的 2.5 年會如何發展呢？您是否必須重新開始招募來彌補這筆差額？

We are in compliance with the terms of our contract. And Brian, you might want to give a little bit more color there.

我們遵守合約條款。布萊恩，你可能會想在這裡多加一點色彩。

Sure. And Ravi, part of the terms of the contract allow us to offer full-time positions to part-time employees in order to give them the ability to go part time to full time, which look is, quite frankly, that's the best outcome from us, right? We want to create lifetime jobs and good careers with people who can earn a solid income with benefits at UPS.

當然。拉維，合約條款的一部分允許我們為兼職員工提供全職職位，以便他們能夠從兼職轉為全職，坦率地說，這是我們能得到的最好的結果，對吧？我們希望為員工創造終身工作和良好的職業生涯，讓他們在 UPS 獲得穩定的收入和福利。

So the way the contract works is we offer full-time positions to part-time employees. From a net headcount standpoint, it doesn't really change things, but it's a way for us to create career pathing. It's good for the union. It's good for our people. It's good for us. It helps us have more trained workers that are committed to UPS.

因此，合約的運作方式是我們為兼職員工提供全職職位。從淨員工人數的角度來看，它並沒有真正改變現狀，但它是我們創造職涯發展路徑的一種方式。這對工會有好處。這對我們的人民有好處。這對我們有好處。它幫助我們擁有更多致力於 UPS 的訓練有素的員工。

And sometimes there's messaging that's confusing on this point. So if you read something that's confusing, just call us, and we'll clarify it.

有時，關於這一點的資訊會令人困惑。因此，如果您讀到一些令人困惑的內容，只需致電我們，我們就會為您澄清。

Stephanie Moore, Jefferies.

史蒂芬妮摩爾，傑富瑞集團。

I wanted to touch on the add-backs, specifically in the U.S. domestic segment for the quarter. If you could just break down maybe the delta between the add-backs going from $66 million to the $302 million in the quarter, really what the components of those -- the major components of the add-backs were for the quarter?

我想談談附加價值，特別是本季美國國內部分。如果您可以細分本季加回金額從 6,600 萬美元到 3.02 億美元之間的差額，那麼這些差額的真正組成部分是什麼——本季度加回金額的主要組成部分是什麼？

And Stephanie, just to clarify, you're talking about the non-GAAP adjustments.

史蒂芬妮，需要澄清的是，您談論的是非公認會計準則調整。

That is correct.

沒錯。

Right. Yeah. So as Carol mentioned, so we executed on our driver voluntary separation plan in the quarter. About 90% of the drivers exited on August 31. 80% of that charge is associated with the severance included in that.

正確的。是的。正如卡羅爾所提到的，我們在本季度執行了司機自願離職計劃。大約 90% 的司機於 8 月 31 日離職。其中 80% 的費用與其中包含的遣散費有關。

It be -- in the second quarter, we laid out a range of kind of $400 million to $650 million associated with the total network reconfiguration and Efficiency Reimagined program. We're still within that range.

在第二季度，我們為整個網路重構和效率重塑計畫投入了 4 億至 6.5 億美元。我們仍在該範圍內。

And I think just to make it real-real, we had $166 million of cost in the third quarter for the driver buyout against a total cost of $175 million. So we won't see that same amount in Q4.

我認為，說實話，我們在第三季的車手收購成本為 1.66 億美元，而總成本為 1.75 億美元。因此我們不會在第四季度看到相同的數量。

That's right.

這是正確的。

And Matthew, we have time for one more question.

馬修，我們還有時間再問一個問題。

Conor Cunningham from Melius Research.

Melius Research 的 Conor Cunningham。

So I think you said you had 195 operations that have been reduced and then 93 buildings that have been closed. I was hoping you could talk about how that may trend into 2026. Are we expecting that to continue to ramp up? Or it seems like there's further opportunities. So if you could just talk about the opportunity just in terms of getting more efficient on the network.

我記得您說過，你們已經減少了195個營運點，並關閉了93棟建築。我希望您能談談到2026年這一趨勢會如何。我們預期這一趨勢會持續上升嗎？或者說，似乎還有更多的機會。所以，能否談談提高網路效率方面的機會？

Sure. Well, the Amazon glide down continues. We're three quarters in a six-quarter glide down. So the Amazon glide down continues, which means there will be further consolidation of buildings. At the end of the fourth quarter, we'll provide guidance for 2026 or our outlook for 2026, where we can be more specific on what that looks like.

當然。嗯，亞馬遜的下滑趨勢還在持續。我們已經經歷了六個季度的下滑，目前已經過了三個季度。所以亞馬遜的下滑趨勢還在持續，這意味著建築業將進一步整合。在第四季末，我們將提供2026年的業績指引或展望，屆時我們將能夠更具體地說明未來的情況。

Thank you. I will now turn the floor back over to your host, Mr. PJ Guido.

謝謝。現在請主持人 PJ Guido 先生發言。

Thank you, Matthew. This concludes our call. Thank you for joining and have a good day.

謝謝馬修。我們的通話到此結束。感謝您的加入並祝您有美好的一天。