聯合包裹運送服務公司 (UPS) 2025 Q4 法說會逐字稿

Good morning. My name is Matthew, and I will be your facilitator today. I would like to welcome everyone to the UPS Fourth Quarter 2025 Earnings Conference Call. (Operator Instructions)

早安.我叫馬修，今天我將擔任你們的主持人。歡迎各位參加 UPS 2025 年第四季財報電話會議。（操作說明）

It is now my pleasure to turn the floor over to your host, Mr. PJ Guido, Investor Relations Officer. Sir, the floor is yours.

現在，我很高興將發言權交給你們的主持人，投資者關係官 PJ Guido 先生。先生，請您發言。

Good morning, and welcome to the UPS Fourth 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. These statements are subject to risks and uncertainties, which are described in our 2024 Form 10-K and other reports we file with or furnished to the Securities and Exchange Commission. These reports, when filed, are available on the UPS Investor Relations website and from the SEC. Unless stated otherwise, our discussion refers to adjusted results.

早安，歡迎參加UPS 2025年第四季財報電話會議。今天與我一同出席的有我們的執行長 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。在開始之前，我想提醒各位，我們今天發表的一些評論屬於前瞻性陳述，涉及我們對公司未來業績或營運成果的預期。這些聲明存在風險和不確定性，這些風險和不確定性已在我們的 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進行了描述。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) 取得。除非另有說明，我們的討論均指調整後的結果。

For the fourth quarter of 2025, GAAP results include total charges of $238 million or $0.28 per diluted share, comprised of a noncash after-tax charge of $137 million due to a write-off of the company's MD-11 aircraft fleet and after-tax transformation charges of $101 million. 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.

2025 年第四季度，GAAP 業績包括 2.38 億美元的總費用，即每股攤薄費用 0.28 美元，其中包括因公司 MD-11 飛機機隊減值而產生的 1.37 億美元的非現金稅後費用，以及 1.01 億美元的稅後轉型費用。今天的網路直播資料中提供了非GAAP調整金額與GAAP財務表現的調節表。這些資料也可在 UPS 投資者關係網站上找到。

Following our prepared remarks, we will take questions from those joining us via the teleconference. (Event Instructions)

在宣讀完準備好的演講稿後，我們將接受透過電話會議參加會議的人的提問。（活動須知）

And now I'll turn the call over to Carol.

現在我把電話交給卡蘿。

Thank you, PJ, and good morning. Before I discuss our results, I'd like to start by remembering those who lost their lives in the tragic crash of UPS Flight 2976. Our thoughts and prayers remain with their families and everyone affected. I am incredibly proud of our team at Worldport and how they responded to this accident. And I would like to thank the Louisville community as well as our business and industry partners for their outpouring of support.

謝謝你，PJ，早安。在討論我們的結果之前，我想先紀念在 UPS 2976 航班悲劇墜毀事故中喪生的人們。我們始終與他們的家人和所有受影響的人同在，並為他們祈禱。我為Worldport團隊在應對這起事故時的表現感到無比自豪。我還要感謝路易斯維爾社區以及我們的商業和產業合作夥伴給予的大力支持。

I also want to express my deep appreciation to UPSers around the globe for their exceptional dedication and tireless commitment to serving our customers. For the eighth year in a row, we were the industry leader in on-time service during peak.

我也要向全球各地的 UPS 員工表達我深深的謝意，感謝他們為服務我們的客戶所展現出的卓越奉獻精神和不懈努力。我們連續第八年成為高峰期準點率最高的產業企業。

Looking at the fourth quarter, our results exceeded our expectations driven by strong revenue quality, solid cost management and overall great execution. All three of our business segments contributed to our outperformance, with US Domestic and Supply Chain Solutions delivering year-over-year operating margin expansion, and International Small Package reporting record revenue with the highest fourth quarter revenue in four years.

回顧第四季度，在強勁的收入品質、穩健的成本控制和整體出色的執行力的推動下，我們的業績超出了預期。我們所有三個業務部門都為我們的優異業績做出了貢獻，其中美國國內業務和供應鏈解決方案業務實現了同比增長，國際小包裹業務的收入創下歷史新高，第四季度收入達到四年來的最高水平。

In the fourth quarter, consolidated revenue was $24.5 billion, consolidated operating profit was $2.9 billion, and consolidated operating margin was 11.8%. Looking at the full year, consolidated revenue was $88.7 billion, consolidated operating profit totaled $8.7 billion and consolidated operating margin was 9.8%. Brian will provide more detail about our financial results in a moment.

第四季度，合併收入為 245 億美元，合併營業利潤為 29 億美元，合併營業利益率為 11.8%。從全年來看，合併收入為 887 億美元，合併營業利潤總額為 87 億美元，合併營業利潤率為 9.8%。布萊恩稍後將詳細介紹我們的財務表現。

In 2025, we operated through a very dynamic macro environment, including significant change in global trade policies and increasing geopolitical concerns. But at the same time, 2025 was a year of considerable progress for UPS as we took action to strengthen our revenue quality and build a network that's designed to deliver differentiated logistics capabilities.

2025年，我們面臨著非常動態的宏觀環境，包括全球貿易政策的重大變化和日益加劇的地緣政治問題。但同時，2025 年對 UPS 來說是取得重大進展的一年，我們採取行動加強收入質量，並建立一個旨在提供差異化物流能力的網路。

To that end, here's some of what we accomplished in 2025.

為此，以下是我們預計在 2025 年取得的一些成就。

By the end of the year, we reached our volume reduction target and reduced Amazon's volume in our network by approximately 1 million pieces per day. As planned, we delivered $3.5 billion in savings from our network reconfiguration and Efficiency Reimagined initiatives. We closed 93 buildings in the US and deployed automation in 57 buildings, while maintaining the high level of service our customers expect.

到年底，我們實現了減少亞馬遜貨物量的目標，每天透過我們的網路減少了約 100 萬件亞馬遜的貨物量。正如計劃的那樣，我們透過網路重組和效率重塑計劃節省了 35 億美元。我們在美國關閉了 93 棟建築，並在 57 棟建築中部署了自動化系統，同時保持了客戶期望的高水準服務。

We were disciplined on revenue quality and product mix and grew US revenue per piece by 7.1% year-over-year. We increased small and medium-sized business, or SMB penetration, to 31.8% of total US volume, driven by DAP, our Digital Access Program, which grew revenue 25% year-over-year, and delivered $4.1 billion in global revenue.

我們在收入品質和產品組合方面保持嚴謹，美國單件收入年增 7.1%。在數位接取計畫 (DAP) 的推動下，中小企業 (SMB) 的滲透率提高到占美國總業務量的 31.8%，該計畫的收入同比增長 25%，並在全球創造了 41 億美元的收入。

As a percentage of total US volume, we grew B2B to 42.3%, a 250 basis point improvement versus 2024. And importantly, we expanded our US operating margin in 2025 on an average daily volume or ADV decline of 8.6% for the full year.

占美國總交易量的百分比，我們的 B2B 業務成長至 42.3%，比 2024 年提高了 250 個基點。更重要的是，儘管全年平均日銷量（ADV）下降了 8.6%，但我們 2025 年在美國的營業利潤率仍然有所提高。

We leveraged artificial intelligence and our next-gen brokerage capabilities to process nearly 90% of all cross-border transactions digitally, including in the US where we saw more than a 300% increase in daily customs entries compared to last year.

我們利用人工智慧和新一代經紀能力，以數位化方式處理了近 90% 的跨境交易，包括在美國，與去年相比，我們每天的海關申報數量增加了 300% 以上。

We completed our acquisitions of Frigo-Trans and Andlauer Healthcare Group, further expanding our health care cold-chain capabilities. In 2025, our global healthcare portfolio generated $11.2 billion in revenue, putting us well on our way to achieving our goal to become the number one, complex healthcare logistics provider in the world.

我們完成了對 Frigo-Trans 和 Andlauer Healthcare Group 的收購，進一步擴大了我們的醫療保健冷鏈能力。到 2025 年，我們的全球醫療保健業務組合創造了 112 億美元的收入，使我們朝著成為全球第一的複雜醫療保健物流供應商的目標穩步邁進。

Our UPS Digital business, which includes Roadie and Happy Returns, saw revenue grow by 24% compared to 2024.

我們的 UPS 數位業務（包括 Roadie 和 Happy Returns）的營收與 2024 年相比成長了 24%。

We deployed Smart Package Smart Facility, our RFID labeling solution, to 5,500 UPS store locations and completed installing RFID readers in all US package cars, and we maintained a disciplined and balanced approach to capital allocation by generating $8.5 billion in cash from operations and returning $6.4 billion to shareowners in the form of dividends and share repurchases.

我們在 5,500 個 UPS 門市部署了我們的 RFID 標籤解決方案“智慧包裹智慧設施”，並完成了在美國所有包裹車上安裝 RFID 讀取器的工作。此外，我們透過營運產生 85 億美元的現金，並以股息和股票回購的形式向股東返還 64 億美元，從而保持了嚴謹平衡的資本配置方式。

While we made great progress in 2025, we have more work to do. Let's start with our network reconfiguration.

雖然我們在 2025 年取得了巨大進展，但我們還有更多工作要做。讓我們從網路重新配置開始。

One year ago, we announced our Amazon Accelerated Glide-Down Plan for the actions we plan to take that would drive future operating margin expansion and greater operational agility. Specifically, we set out to reduce the Amazon volume in our network by 50% over an 18-month period, while at the same time reconfiguring our network in line with our new volume levels.

一年前，我們宣布了亞馬遜加速下滑計劃，該計劃旨在推動未來營運利潤率的擴大和營運靈活性的提升。具體來說，我們計劃在 18 個月內將我們網路中的亞馬遜流量減少 50%，同時根據我們新的流量等級重新配置我們的網路。

We're in the final six months of our Amazon Accelerated Glide-Down Plan. And for the full year 2026, we intend to glide down another 1 million pieces per day while continuing to reconfigure our network.

我們的亞馬遜加速下滑計畫已進入最後六個月。到 2026 年全年，我們計劃每天再減少 100 萬件產品，同時繼續重新配置我們的網路。

Given the success of our glide-down and cost-out efforts in 2025, we are confident that we will be able to complete our network reconfiguration plans without impeding our ability to grow in targeted markets. Brian will provide the details of our Amazon glide-down plans in a moment, which remain anchored on reducing hours, labor and fixed costs in line with new volume levels.

鑑於我們在 2025 年逐步降低成本的努力取得了成功，我們有信心能夠完成我們的網路重新配置計劃，而不會妨礙我們在目標市場的成長能力。Brian 稍後將詳細介紹我們逐步減少亞馬遜業務的計劃，該計劃的核心是根據新的業務量水準減少工時、勞動力和固定成本。

Deliberately shrinking a network is a daunting task, and our success was driven by disciplined planning and effective execution as well as the added flexibility and efficiency that's coming from deploying state-of-the-art technology and automation across a smaller and nimbler network. This year, we plan to further automate our network. And as a result, we expect to increase the percentage of US volume we process through automated facilities to 68% by the end of the year, up from 66.5% at the end of 2025.

刻意縮小網路規模是一項艱鉅的任務，我們的成功得益於嚴謹的規劃和有效的執行，以及在規模更小、更靈活的網路中部署最先進的技術和自動化所帶來的靈活性和效率的提升。今年，我們計劃進一步實現網路自動化。因此，我們預計到今年年底，透過自動化設施處理的美國業務量百分比將提高到 68%，高於 2025 年底的 66.5%。

Our airline is a key part of our network. And over the past several years, we've taken a systematic, programmatic approach to modernizing our global air fleet. To that end, we made the decision to accelerate our plans and retire all MD-11 aircraft in our fleet. Over the next year or so, we will replace much of that capacity with new, more efficient Boeing 767 aircraft.

我們的航空公司是我們網路的重要組成部分。在過去的幾年裡，我們採取了系統化、有計劃的方式來實現全球機隊的現代化。為此，我們決定加快計劃，退役機隊中的所有 MD-11 飛機。在接下來的一年左右時間裡，我們將用新型、更有效率的波音767飛機取代大部分現有運能。

Now let's move to our economy product we call Ground Saver. At the end of the fourth quarter, we formalized a new relationship with the United States Postal Service to support last mile delivery of this product. Our new agreement improves the economics associated with this product while ensuring our service expectations are met. Ramp-up has already begun, and over the next several weeks and months, we will continue to increase the flow of Ground Saver volume to the USPS. As in the past, we will use density matching technology to determine which economy packages will be delivered by UPS versus USPS.

現在讓我們來看看我們的經濟型產品，我們稱之為「地面節省器」。第四季末，我們與美國郵政服務公司正式建立了新的合作關係，以支持該產品的最後一公里配送。我們新的協議改善了該產品的經濟效益，同時確保滿足我們的服務預期。增產工作已經開始，在接下來的幾週和幾個月裡，我們將繼續增加運往美國郵政的 Ground Saver 包裹量。和以往一樣，我們將使用密度匹配技術來確定哪些經濟型包裹將由 UPS 遞送，哪些由 USPS 遞送。

And touching on our activities outside the US, our new air hub in the Philippines is slated to open towards the end of 2026, and our expansion in Hong Kong is on track to open in 2028.

談到我們在美國以外的業務，我們在菲律賓的新航空樞紐預計將於 2026 年底開業，我們在香港的擴張計劃也按計劃於 2028 年開業。

Both gateways give us broader access and faster time in transit in the trade lanes that are growing in Asia.

這兩個門戶為我們提供了更廣泛的通道，並加快了亞洲日益增長的貿易航線的運輸速度。

Now let me move to our 2026 outlook. In 2026, growth in the US small package market, excluding Amazon, is expected to be up low single digits. Outside the US, export volume growth is expected to be subdued partly due to the tough comparisons coming from the boost of tariff front-running in 2025.

現在讓我展望一下2026年。預計到 2026 年，美國小包裹市場（不包括亞馬遜）的成長將達到個位數低點。在美國以外，出口量成長預計將較為疲軟，部分原因是 2025 年關稅搶先實施帶來的高基數效應。

Now looking at UPS in 2026. Two important framing comments. First, for the first six months of the year, we will be working through the revenue and operating margin impacts of completing the Amazon glide-down, the outsourcing of Ground Saver to the USPS and adjustments to our International business in response to trade policy changes. Second, for the back half of the year, we will be operating a more efficient US network and lapping trade lane disruptions.

現在展望2026年的UPS。兩個重要的框架性說明。首先，在今年前六個月，我們將著手解決亞馬遜業務逐步退出、Ground Saver業務外包給美國郵政服務以及為應對貿易政策變化而調整國際業務對收入和營業利潤率的影響。其次，在今年下半年，我們將營運一個更有效率的美國網絡，並克服貿易通道中斷的影響。

For the full year 2026, we expect to generate consolidated revenue of approximately $89.7 billion and a consolidated operating margin of approximately 9.6%. Brian will provide more details, but let me touch a bit more on the shape of the year, focusing specifically on the US.

預計 2026 年全年合併收入約 897 億美元，合併營業利益率約 9.6%。Brian 會提供更多細節，但讓我再多談談今年的局勢，特別是美國的情況。

In the US, we expect revenue to be flattish year-over-year with revenue declining in the first half of the year due to the Amazon glide-down plan and then sequentially increasing in the second half as the Amazon glide-down efforts will have concluded. While we expect overall US domestic revenue to be flat, we are planning to grow SMB and enterprise revenue in the low single digits in the first half of the year and then accelerate that growth to mid-single digits in the second half of the year.

在美國，我們預計營收將與去年同期持平，上半年營收將因亞馬遜逐步退出計畫而下降，下半年隨著亞馬遜逐步退出計畫的結束，營收將季增。雖然我們預計美國國內整體收入將保持平穩，但我們計劃在今年上半年實現中小企業和企業收入的低個位數成長，然後在下半年將成長速度加快至中等個位數。

From an operating profit perspective, higher expenses are expected to weigh on operating profit early in the year. These higher expenses are mostly related to when we will recognize benefits from the Ground Saver transition to the USPS and our Network Reconfiguration. We know that variable costs come out as volume exits the network, but have learned that reductions in fixed and semi-variable costs lag. We expect to return to operating profit growth in the second half of the year. The way I think about the year is like a bathtub effect.

從營業利潤的角度來看，預計年初較高的支出將對營業利潤造成壓力。這些較高的支出主要與我們何時能夠從 Ground Saver 過渡到 USPS 以及我們的網路重新配置中獲得收益有關。我們知道，隨著銷售量從網路流出，變動成本就會降低，但我們發現，固定成本和半變動成本的降低卻落後於銷售量的下降。我們預計下半年營業利潤將恢復成長。我對這一年的思考方式就像是浴缸效應。

The halves will look different, first half down, second half up. But for the year, the US revenue and operating margin will be flat, and we will exit 2026 with a leaner, more agile US network, one that's built for growth and sustained margin expansion.

兩半看起來會不一樣，前半部朝下，後半部朝上。但就今年而言，美國的營收和營業利潤率將保持不變，到 2026 年底，我們將擁有一個更精簡、更靈活的美國網絡，該網絡旨在實現成長和持續的利潤率擴張。

As I wrap up, I'm extremely proud of our team and the progress we've made in executing our strategy. June of 2026 will be the inflection point. Our strategy is not a shrink of the company strategy, but rather one where we grow in the best parts of the market, including enterprise, SMB, B2B, healthcare and international.

最後，我要說的是，我為我們的團隊以及我們在執行策略方面取得的進展感到無比自豪。2026年6月將是轉捩點。我們的策略不是縮小公司策略，而是在市場最佳領域實現成長，包括企業、中小企業、B2B、醫療保健和國際市場。

Our strategy is about delivering differentiated value to our customers, improving the long-term profitability of our company and delivering value for our shareowners through effective capital allocation.

我們的策略是透過有效的資本配置，為客戶提供差異化的價值，提高公司的長期獲利能力，並為股東創造價值。

So with that, thank you for listening. And now I'll turn the call over to Brian.

那麼，謝謝大家的收聽。現在我把電話交給布萊恩。

Thank you, Carol, and good morning, everyone. Before I begin, I would also like to recognize and remember those affected by the crash of UPS Flight 2976. And I'd like to thank our team at Worldport for their steadfast commitment to the community, their teammates and our customers.

謝謝你，卡羅爾，大家早安。在開始之前，我也想向受 UPS 2976 航班墜毀事件影響的人們表示哀悼和緬懷。我還要感謝 Worldport 團隊對社區、隊友和客戶的堅定承諾。

Now let's move to our performance. This morning, I'll cover four areas. Starting with our fourth quarter results, then I'll review our full year 2025 results, including cash and shareowner returns.

現在讓我們進入表演環節。今天上午，我將介紹四個面向。首先，我將介紹我們第四季的業績，然後回顧我們 2025 年全年的業績，包括現金和股東回報。

Next, I'll discuss the Amazon glide down and our network reconfiguration and cost-out efforts. Lastly, I'll close with our financial outlook for 2026. Moving to our results.

接下來，我將討論亞馬遜的下滑以及我們的網路重新配置和成本削減工作。最後，我將以我們對 2026 年的財務展望作為結尾。接下來是我們的測試結果。

Starting with our consolidated performance. In the fourth quarter, revenue was $24.5 billion and operating profit was $2.9 billion. Consolidated operating margin was 11.8% and diluted earnings per share were $2.38.

首先來看我們的綜合業績。第四季度，營收為 245 億美元，營業利潤為 29 億美元。綜合營業利益率為 11.8%，稀釋後每股收益為 2.38 美元。

As noted in our earnings press release and financials, in the fourth quarter, we took a $137 million after-tax charge to write off our MD-11 fleet. During the fourth quarter, we proactively grounded our fleet of MD-11 aircraft and leveraged the flexibility of our integrated network to seamlessly operate through peak season. Specifically, we repositioned some aircraft from other parts of the world to the US.

正如我們在獲利新聞稿和財務報表中所述，第四季度，我們提列了 1.37 億美元的稅後費用，用於註銷我們的 MD-11 機隊。第四季度，我們主動停飛了所有 MD-11 飛機，並利用我們一體化網路的靈活性，在旺季期間實現了無縫運作。具體來說，我們將一些飛機從世界其他地區調往美國。

We increased the amount of volume we moved on the ground, and we leased additional aircraft to meet capacity demand. With the learnings from operating during peak season, we made the decision to accelerate the retirement of our MD-11 fleet, which was completed in the fourth quarter. Over the next 15 months, we expect to take delivery of 18 new Boeing 767 aircraft with 15 expected to deliver this year.

我們增加了地面運輸量，並租賃了更多飛機以滿足運力需求。根據旺季營運的經驗，我們決定加快 MD-11 機隊的退役，並在第四季度完成了退役。在接下來的 15 個月裡，我們預計將接收 18 架新的波音 767 飛機，其中 15 架預計今年交付。

As new aircraft join our fleet, we will step down the leased aircraft and associated expense. We believe these actions are consistent with building a more efficient global network positioned for growth, flexibility and profitability. Now moving to our segment performance.

隨著新飛機加入我們的機隊，我們將減少租賃飛機的數量和相關費用。我們相信這些措施與建立一個更有效率的全球網絡，以實現成長、靈活性和獲利能力是一致的。接下來我們來看各業務板塊的業績表現。

US Domestic demonstrated strong performance in the fourth quarter, driven by the combination of revenue quality and great execution. We delivered a very efficient peak, which is a testament to the transformational effects from the additional automation and network reconfiguration we made throughout the year. And importantly, we continue to take care of our customers during their busiest time of the year and provided industry-leading service during peak for the eighth consecutive year.

美國國內市場在第四季表現強勁，這得益於收入品質和出色執行力的共同推動。我們實現了非常高效的高峰期，這證明了我們在過去一年中進行的額外自動化和網路重新配置所帶來的變革性影響。更重要的是，我們在一年中最繁忙的時期繼續為客戶提供服務，並連續第八年在高峰期提供業界領先的服務。

For the quarter, total US average daily volume was down 2.4 million pieces or 10.8%. More than half of the decline is from the glide down of Amazon volume and our deliberate actions to remove lower-yielding e-commerce volume from our network. Total air average daily volume was down 11.9%, driven by the glide down of Amazon.

本季，美國日均總銷量下降了 240 萬件，降幅達 10.8%。超過一半的下降是由於亞馬遜交易量的下滑以及我們有意從網路中移除收益較低的電子商務交易量所致。受亞馬遜物流下滑的影響，全球平均每日航空運輸量下降了 11.9%。

Ground average daily volume was down 10.6% compared to the fourth quarter of 2024. Within Ground, Ground Saver ADV declined 27.7%, mainly due to our revenue quality actions. Moving to customer mix.

與 2024 年第四季相比，地面平均日運輸量下降了 10.6%。在地面運輸業務中，地面運輸業務的平均每日平均收入下降了 27.7%，這主要是由於我們採取的收入品質措施。轉向客戶構成。

SMB average daily volume was flat to last year. However, in the fourth quarter, SMBs made up 31.2% of total US volume, an increase of 340 basis points compared to last year. This is the highest fourth quarter SMB penetration in our history.

中小企業日均交易量與去年持平。然而，在第四季度，中小企業占美國總交易量的 31.2%，比去年同期成長了 340 個基點。這是我們史上第四季中小企業滲透率最高的一次。

B2B average daily volume finished down 5.2% in the fourth quarter compared to last year, but returns was a bright spot and increased 1.6% year-over-year. B2B represented 37.5% of our US volume, which was a 220 basis point improvement versus the fourth quarter of 2024 and was the highest fourth quarter B2B penetration we've seen in six years. B2C average daily volume was down 13.8% compared to the fourth quarter of 2024.

與去年同期相比，第四季 B2B 平均每日交易量下降了 5.2%，但回報率是一個亮點，同比增長了 1.6%。B2B 業務占我們美國業務量的 37.5%，比 2024 年第四季提高了 220 個基點，也是六年來我們見過的第四季度 B2B 業務滲透率最高的一次。與 2024 年第四季相比，B2C 平均每日交易量下降了 13.8%。

The product and customer mix improvements we saw in the fourth quarter demonstrate the progress we are making as we shift our US mix to more premium volume with a focus on revenue quality. Moving to revenue. For the fourth quarter, US Domestic generated revenue of $16.8 billion.

我們在第四季度看到的產品和客戶組合的改善表明，隨著我們把美國市場的產品組合轉向更高端的銷量，並專注於收入質量，我們正在取得進展。轉向營收。第四季度，美國國內業務營收達168億美元。

This was a decrease of 3.2% year-over-year against an ADV decline of 10.8%, with strong revenue per piece growth largely offsetting the lower volume. In the fourth quarter, revenue per piece increased 8.3% year-over-year, which was the strongest fourth quarter revenue per piece growth rate we've seen in 4 years. Breaking down the components of the 8.3% revenue per piece improvement, base rates and package characteristics increased the revenue per piece growth rate by 340 basis points.

與去年同期相比下降了 3.2%，而平均每日銷售額下降了 10.8%，單件收入的強勁增長在很大程度上抵消了銷量的下降。第四季度，單件營收年增 8.3%，這是我們 4 年來看到的第四季單件收入成長率最高的一次。將每件商品收入提高 8.3% 的組成部分進行分析，基本費率和包裝特性使每件商品收入增長率提高了 340 個基點。

Customer and product mix improvements increased the revenue per piece growth rate by 320 basis points. The remaining 170 basis point increase was from fuel. Turning to costs.

客戶和產品組合的改善使每件收入成長率提高了 320 個基點。剩餘的 170 個基點成長來自燃料價格上漲。接下來談談成本。

In the fourth quarter, total expense in US Domestic was down 3.3%. The decline in total expense was primarily driven by our actions to remove hours and operational positions to align with volume. Cost per piece increased 8.9% year-over-year, primarily due to costs associated with the in-sourcing of Ground Saver as well as additional costs to secure air capacity after we grounded our MD-11 fleet.

第四季度，美國國內總支出下降了3.3%。總支出下降的主要原因是我們採取措施減少工時和營運職位，以適應業務量。單件成本年增 8.9%，主要原因是 Ground Saver 內部化帶來的成本增加，以及在我們停飛 MD-11 機隊後為確保航空運力而產生的額外成本。

Even in the face of unexpected challenges, the US Domestic segment delivered $1.7 billion in operating profit and operating margin was 10.2%, a 10 basis point improvement compared to last year. Moving to our International segment. We continue to adjust the network to support our customers through evolving trade policies and delivered strong top line growth driven by revenue quality efforts in all regions.

即使面對意想不到的挑戰，美國國內業務部門仍實現了 17 億美元的營業利潤，營業利潤率為 10.2%，比去年提高了 10 個基點。接下來進入國際業務板塊。我們不斷調整網絡，以支持客戶應對不斷變化的貿易政策，並在所有地區透過提高收入品質實現了強勁的營收成長。

In the fourth quarter, total international average daily volume declined 4.7%. International domestic ADV decreased 3.5% compared to last year, led by a decline in Europe that was partially offset by growth in Canada. On the export side, average daily volume in the fourth quarter decreased 5.8% versus last year, led by declines on US destination lanes resulting from the change in the de minimis exemption.

第四季度，國際貨運總量日均貨運量下降4.7%。國際國內ADV年減3.5%，其中歐洲市場下滑最為嚴重，但加拿大市場的成長部分抵銷了這一下滑。出口方面，第四季日均出口量較上年同期下降 5.8%，主要原因是由於最低限度豁免政策的變化，導緻美國目的地航線的出口量下降。

US imports in total were down 24.4% year-over-year, led by an ADV decline from Canada and Mexico of 30.5% and the China to US lane was lower by 20.9% compared to last year. Turning to revenue. In the fourth quarter, International generated revenue of $5 billion, up 2.5% from last year despite the decline in volume.

美國進口總額年減 24.4%，其中來自加拿大和墨西哥的 ADV 下降幅度達 30.5%，而中國到美國的進口量與去年相比下降了 20.9%。轉向營收。第四季度，國際業務營收達到 50 億美元，儘管銷量下降，但比去年同期成長了 2.5%。

Operating profit in the International segment was $908 million, down $154 million year-over-year with more than half of the decline related to trade policy changes, which resulted in a shift away from more profitable US import lanes. As a result, international operating margin in the fourth quarter was 18%. Looking at Supply Chain Solutions.

國際業務部門的營業利潤為 9.08 億美元，年減 1.54 億美元，其中一半以上的下降與貿易政策變化有關，導致利潤更高的美國進口路線轉向其他地區。因此，第四季國際營業利益率為 18%。探討供應鏈解決方案。

In the fourth quarter, revenue was $2.7 billion, lower than last year by $388 million. Looking at the key drivers. within Air and Ocean Forwarding, demand softness resulted in lower market rates, which drove a decline in revenue year-over-year.

第四季營收為27億美元，比去年同期減少了3.88億美元。從關鍵驅動因素來看，在空運和海運貨運領域，需求疲軟導致市場價格走低，進而導致營收年減。

Logistics revenue was down year-over-year, driven by a decline in Mail Innovations. This was partially offset by revenue growth in Healthcare Logistics. And UPS Digital, which includes Roadie and Happy Returns, grew revenue 27% compared to the fourth quarter of 2024.

物流收入較去年同期下降，主因是郵件創新業務下滑。醫療保健物流業務的收入成長部分抵消了這一影響。而包括 Roadie 和 Happy Returns 在內的 UPS Digital 的營收則與 2024 年第四季相比成長了 27%。

In the fourth quarter, Supply Chain Solutions generated operating profit of $276 million. Operating margin was 10.3%, up 100 basis points compared to last year. Now let's move to our full year 2025 results.

第四季度，供應鏈解決方案業務實現營業利潤 2.76 億美元。營業利益率為10.3%，較去年同期成長100個基點。現在讓我們來看看2025年全年的業績。

For the full year 2025, on a consolidated basis, revenue was $88.7 billion. Operating profit was $8.7 billion and operating margin was 9.8%. We generated $8.5 billion in cash from operations and continue to follow our capital allocation priorities.

2025 年全年，合併後的收入為 887 億美元。營業利益為 87 億美元，營業利益率為 9.8%。我們從營運中產生了 85 億美元的現金，並將繼續遵循我們的資本配置優先事項。

We invested $3.7 billion in CapEx and spent $2 billion on acquisitions. We distributed $5.4 billion in dividends. Lastly, we completed $1 billion in share repurchases.

我們在資本支出方面投資了 37 億美元，並在收購方面花費了 20 億美元。我們派發了54億美元的股利。最後，我們完成了10億美元的股票回購。

And in the segments for the full year, in US. Domestic operating profit was $4.6 billion and operating margin was 7.7%. The International segment generated $2.9 billion in operating profit and operating margin was 15.8%. And Supply Chain Solutions delivered operating profit of $1.1 billion and operating margin was 10.6%.

以及美國全年各細分市場的情況。國內營業利潤為 46 億美元，營業利益率為 7.7%。國際業務部門創造了 29 億美元的營業利潤，營業利潤率為 15.8%。供應鏈解決方案業務實現營業利潤 11 億美元，營業利益率為 10.6%。

Now let me provide an update on our Amazon glide-down, cost out and network reconfiguration efforts in 2025. We are pleased with the progress we've made after 4 quarters of a six-quarter glide down, and we remain on track to achieve our targeted volume reductions. As Carol mentioned, we delivered $3.5 billion in savings from our Network Reconfiguration and Efficiency Reimagined initiatives.

現在讓我向大家報告我們在 2025 年逐步減少亞馬遜業務、降低成本和重新配置網路的工作進度。經過六個季度的下滑，我們已連續四個季度取得進展，對此我們感到滿意，並且我們仍有望實現既定的銷售下降目標。正如卡羅爾所提到的，我們透過網路重構和效率重塑計畫節省了 35 億美元。

The savings came from three buckets. Starting with variable costs. In line with the declines in volume, we removed 26.9 million labor hours in 2025.

節省下來的錢來自三個方面。首先從變動成本說起。與產量下降一致，我們在 2025 年減少了 2,690 萬工時。

Looking at semi-variable costs, which reflects operational positions, we finished down 48,000 positions, including 15,000 fewer seasonal positions compared to 2024. And moving to our fixed cost bucket. We completed the closure of 195 operations, including closing 93 buildings, and we saw savings from our Efficiency Reimagined initiatives continue to accelerate in the fourth quarter.

從反映營運職位的半變動成本來看，與 2024 年相比，我們減少了 48,000 個職位，其中包括減少了 15,000 個季節性職位。接下來轉到我們的固定成本部分。我們完成了 195 個營運點的關閉，包括關閉 93 棟建築物，我們看到，在第四季度，我們「效率重塑」計畫帶來的節省繼續加速。

As we've discussed, offsetting some of these savings was the incremental costs associated with in-sourcing Ground Saver, which we expect to moderate in 2026. Which brings us to 2026 and the last two quarters of our six-quarter glide down of Amazon volume. In total, for the full year, we intend to glide down another 1 million pieces per day of Amazon volume. Along with this reduction in volume, we will continue to reconfigure our US Network and take out variable, semi-variable and fixed costs.

正如我們所討論的，部分節省的費用被將 Ground Saver 納入內部生產所帶來的額外成本所抵消，我們預計到 2026 年，這些成本將會趨於緩和。這就把我們帶到了 2026 年，以及亞馬遜交易量連續六個季度下滑的最後兩季。全年來看，我們計劃每天再減少 100 萬件亞馬遜的商品銷售量。隨著業務量的減少，我們將繼續調整美國網絡，並削減可變成本、半可變成本和固定成本。

Looking at the variable costs associated with the Amazon volume decline. In 2026, we plan to reduce total operational hours by approximately 25 million hours. In terms of semi-variable costs, we expect to reduce operational positions by up to 30,000.

分析與亞馬遜銷售下降相關的變動成本。到 2026 年，我們計劃將總營運時間減少約 2,500 萬小時。就半變動成本而言，我們預計將減少多達 30,000 個營運職位。

This will be accomplished through attrition, and we expect to offer a second voluntary separation program for full-time drivers. And in the fixed cost bucket, we have identified 24 buildings for closure in the first half of the year, and we're evaluating additional buildings to be closed later in the year. Plus, we plan to further deploy automation across the network.

這將透過自然減員來實現，我們預計將為全職司機提供第二個自願離職計劃。在固定成本方面，我們已經確定了今年上半年要關閉的 24 棟建築，我們正在評估今年稍後要關閉的其他建築。此外，我們計劃在整個網路中進一步部署自動化。

Pulling it all together, we are targeting $3 billion in savings related to the Amazon glide down. Moving to our 2026 financial outlook. For the full year 2026, on a consolidated basis, we expect revenue to be approximately $89.7 billion.

綜合來看，我們的目標是在亞馬遜業務下滑期間節省 30 億美元。接下來展望2026年財務前景。預計 2026 年全年合併收入約 897 億美元。

Operating margin is expected to be approximately 9.6% and diluted earnings per share are expected to be about flat to 2025. As a reminder, 2025 EPS included a $0.30 benefit from sale-leaseback transactions. And lastly, our guidance for 2026 does not reflect any significant changes to the current tariff landscape.

預計到 2025 年，營業利潤率約為 9.6%，稀釋後每股盈餘預計將基本持平。提醒一下，2025 年每股盈餘包括售後回租交易帶來的 0.30 美元收益。最後，我們對 2026 年的預測並未反映當前關稅環境的任何重大變化。

Now let me add color on the segments. Looking at US Domestic, we are going through significant structural changes and 2026 marks the inflection point of our strategy. Full year 2026 revenue is expected to be approximately flat year-over-year.

現在讓我為各個部分上色。從美國國內市場來看，我們正在經歷重大的結構性變化，2026 年是我們策略的轉捩點。預計 2026 年全年營收將與去年基本持平。

We expect ADV to be down mid single digits year-over-year due to our actions with Amazon, which will be offset by a strong revenue per piece growth rate in the mid-single digits. Full year operating margin is expected to be flat to 2025. Looking at the shape of the year, revenue and our cost structure in the back half of the year will be meaningfully different than in the beginning of the year.

由於我們與亞馬遜的合作，我們預計 ADV 將同比下降個位數中段，但單件收入的強勁增長（個位數中段）將抵消這一影響。預計到 2025 年全年營業利潤率將維持不變。從今年的整體情況來看，下半年的收入和成本結構將與年初有很大的不同。

In the first half of the year, we expect a decline in revenue compared to the first half of 2025, driven by volume declines. And looking at the first quarter of 2026, we expect to generate an operating margin in the mid-single digits. This is due to short-term transition expenses related to Ground Saver, the timing of removing Amazon-related costs, including the execution of a voluntary driver separation program and additional expense associated with the aircraft leases related to the retirement of our MD-11 fleet.

由於銷售量下降，我們預計今年上半年營收將比 2025 年上半年下降。展望 2026 年第一季度，我們預期營業利潤率將達到個位數中段。這是由於與 Ground Saver 相關的短期過渡費用、取消亞馬遜相關成本的時間表（包括執行自願司機離職計劃）以及與 MD-11 機隊退役相關的飛機租賃的額外費用所致。

In the second half of the year, we expect high single-digit operating profit growth, reflecting the completion of our strategic actions. We will still be comping year-over-year declines from Amazon, but we expect enterprise and SMB revenue growth. First half cost pressures are expected to be behind us, and we'll be running a more agile US network.

預計下半年營業利潤將實現高個位數成長，這反映了我們策略舉措的完成。我們仍需考慮亞馬遜同比下滑的情況，但我們預期企業和中小企業的營收將會成長。預計上半年的成本壓力將過去，我們將經營一個更靈活的美國網路。

The USPS will be delivering some of our Ground Saver product, and our driver staffing will align with our new delivery volume level. Our results in the second half of the year will be more indicative of our go-forward financial algorithm with an emphasis on both top line growth and operating margin expansion. Moving to the International segment.

美國郵政將負責配送我們的部分 Ground Saver 產品，我們的司機人員配備也將與我們新的配送量水準相符。今年下半年的業績將更能反映我們未來的財務策略，重點是營收成長和營業利潤率擴張。接下來進入國際板塊。

We expect the dynamic environment we experienced in 2025 will continue in 2026, primarily due to the tariff and de minimis policy changes that will continue to drive changes in trade lane mix. With that in mind, we anticipate revenue growth to be in the low single digits year-over-year, driven by a solid increase in revenue per piece. Operating margin in the International segment is expected to be in the mid-teens.

我們預計 2025 年經歷的動態環境將在 2026 年繼續，這主要是由於關稅和最低限度政策的變化將繼續推動貿易通道組合的變化。考慮到這一點，我們預計營收年增將處於個位數低水平，這主要得益於單件收入的穩定成長。國際業務部門的營業利潤率預計在15%左右。

Looking at the first quarter, we expect revenue to be approximately flat with the year-over-year decline in operating profit due to changes in trade lanes and tough comps from the front running of tariffs and de minimis changes in 2025. And in Supply Chain Solutions for the full year 2026, we expect revenue to be up high single digits, which includes revenue from our Andlauer acquisition. Operating margin in SCS is expected to be in the low double digits.

展望第一季度，我們預計收入將與去年同期基本持平，但由於貿易路線的變化以及2025年關稅和最低限度變更的提前實施帶來的嚴峻的同比基數效應，營業利潤將同比下降。2026 年全年，我們預計供應鏈解決方案的營收將實現高個位數成長，其中包括我們收購 Andlauer 帶來的營收。SCS的營業利潤率預計在兩位數低點。

For modeling purposes, in total below the line, we expect approximately $760 million in expense, which includes pension income of approximately $250 million. And we expect the tax rate for the full year to be approximately 23%. Now let's turn to our expectations for cash and the balance sheet.

出於建模目的，我們預計總支出約為 7.6 億美元，其中包括約 2.5 億美元的退休金收入。我們預計全年稅率約為 23%。現在讓我們來看看我們對現金流和資產負債表的預期。

We expect free cash flow to be approximately $6.5 billion, including our annual pension contribution of $1.3 billion, but before we factor in the financial impact of a voluntary driver separation program. Capital expenditures are expected to be about $3 billion.

我們預計自由現金流約為 65 億美元，其中包括我們每年 13 億美元的退休金繳款，但這還不包括自願離職司機計畫的財務影響。預計資本支出約30億美元。

We are planning to pay out around $5.4 billion in dividends in 2026, subject to Board approval. To close, I'd like to echo Carol's comments and express how proud I am of our teams for executing the strategy while continuing to take care of our customers. Our efforts today are setting our business up for future margin expansion and greater operational agility, and we're focused on growing in the best parts of the market to deliver long-term value for our shareowners.

我們計劃在 2026 年派發約 54 億美元的股息，但需經董事會批准。最後，我想附和 Carol 的評論，並表達我對我們團隊的自豪之情，他們不僅執行了策略，還繼續照顧好我們的客戶。我們今天的努力是為了未來擴大業務利潤率和提高營運彈性，我們專注於在市場最佳領域發展，為股東創造長期價值。

With that, operator, please open the lines for questions.

接線員，請開啟提問頻道。

(Operator Instructions)

（操作說明）

David Vernon, Bernstein.

大衛‧佛農，伯恩斯坦。

Here it is with extra spacing removed and aligned into paragraphs of exactly three sentences each, with no words changed:

以下是去掉多餘空格並按段落排列，每段三句話的版本，文字內容未做任何更改：

Hey, good morning guys, and thanks for taking the question. So I guess, Brian, maybe just a big picture question in terms of what's embedded in the guidance and sort of the exit rate as we're leaving 2026. I think you mentioned full year Domestic margin is expected to be flat.

嘿，各位早安，感謝你們回答這個問題。所以我想，布萊恩，或許我們可以從宏觀角度來探討一下指導方針中包含的內容，以及我們在 2026 年即將結束之際的退出率。我想你有提到過，預計全年國內利潤率將與去年持平。

Can you kind of give us a sense for what the second half or the exit rate margin should be? And then as far as kind of what's embedded in the Domestic cost outlook, is there any sort of numbers you can put around costs from the retirement of the MD-11s or additional stuff maybe that we didn't know before the earnings release today? Thanks, bye.

能否大致估算一下後半段或退出率的幅度應該是多少？至於國內成本展望中包含的具體內容，您能否提供一些關於 MD-11 退役成本或其他一些我們在今天發布收益報告之前不知道的成本數字？謝謝，再見。

Yes. Great. thank you, Dave.

是的。太好了，謝謝你，戴夫。

So let me first just address the MD-11s. I think in the fourth quarter, included in our results was about $50 million of incremental lease costs that we incurred to replace the capacity. It will be about double that in 2026 that's included in the guidance, about 90% of that in the first half.

那麼，我先來說說MD-11。我認為，第四季業績中包含了約 5,000 萬美元的新增租賃成本，這是我們為替換產能而產生的。到 2026 年，這一數字將達到預期值的兩倍左右，其中約 90% 將在上半年實現。

The 767s are scheduled to come in through the course of the year with five in the first half and 10 in the second half, and then we'll have three in 2027. So that is the first part. I think when we think about the shape of the year, there's a couple of really important things to think about.

767飛機計劃在今年內陸續交付，上半年交付5架，下半年交付10架，然後在2027年交付3架。這是第一部分。我認為，當我們思考今年的發展趨勢時，有幾件非常重要的事情需要考慮。

First, as we saw as we went through 2025, and Carol mentioned in her remarks, there's a timing lag between us taking the cost out and realizing the benefits in the P&L along with the volume. So as we go through the first quarter, we're going to have a step down in the Amazon volume in the first quarter. We're taking actions in order to rightsize the variable cost, semi variable costs and fixed costs, but there will be a lag in that, that will hit the second quarter.

首先，正如我們在 2025 年所看到的，以及 Carol 在她的發言中提到的，從我們扣除成本到在損益表上實現收益以及銷量之間存在時間滯後。因此，在第一季度，亞馬遜的銷售量將會下降。我們正在採取措施來調整變動成本、半變動成本和固定成本，但這將有滯後性，將在第二季顯現出來。

So you do see pressure from three things in the first quarter. The drawdown of the Amazon volume and the timing of the cost out. The transition cost of moving Ground Saver back to the USPS that will go through the first half of the year, we'll see benefit come through in the second half of the year.

所以第一季你會看到三個方面的壓力。亞馬遜交易量的下降以及成本退出的時機。將 Ground Saver 服務轉回 USPS 的過渡成本將在今年上半年顯現，我們將在下半年看到收益。

And then as I mentioned before, this incremental MD-11 cost. That's going to put margin pressure on Domestic in the first half. The way to think about it is really about 100 basis points of pressure in the first half that relieves in the second half, most of that pressure coming in the first quarter. right?

然後，正如我之前提到的，MD-11 的增量成本。這將給上半年國內市場的利潤率帶來壓力。可以這樣理解：上半場大約有100個基點的壓力，下半場壓力會緩解，而大部分壓力都集中在第一節。對吧？

In our International business, you have a similar dynamic, right, where we've got pressure from de minimis in the third quarter and fourth quarter that's going to roll into Q1. Additionally, as I mentioned in my prepared remarks, we had a lot of pull forward in the first quarter of 2025. So we've got a really tough comp.

在我們的國際業務中，情況也類似，對吧？第三季和第四季的小幅成長帶來的壓力將會延續到第一季。此外，正如我在準備好的演講稿中提到的，我們在 2025 年第一季有很多提前完成的工作。所以我們遇到了一場非常艱難的比賽。

So that's not only going to put pressure on the margin as we saw in the fourth quarter, but also push down profit in international, where we expect profit to be down about 30% in the first quarter and then recover as we go throughout the year. And then, look, I think in the second half, we will look at like a very different business, as I articulated. SMB and enterprise will be growing mid-single digits.

因此，這不僅會像我們在第四季度看到的那樣給利潤率帶來壓力，還會拉低國際業務的利潤，我們預計第一季國際業務的利潤將下降約 30%，然後隨著時間的推移，利潤會逐漸恢復。然後，你看，我認為在下半年，我們將看到一個非常不同的業務，正如我之前闡述的那樣。中小企業和大型企業將實現個位數中段的成長。

We'll be in a much more efficient cost structure. We'll still be driving good mid-single-digit rev per piece improvement through our pricing. And our cost per piece will normalize as we rightsize the driver staffing, realize the benefits of automation, and we'll be exiting at a healthy double-digit margin that will take us into 2027.

我們將擁有更有效率的成本結構。我們仍將透過定價策略，實現每件產品收益的良好中位數成長。隨著我們合理調整司機人數，實現自動化帶來的好處，我們的單件成本將趨於正常化，我們將以健康的兩位數利潤率退出市場，這將使我們順利進入 2027 年。

All right. Thanks guys.

好的。謝謝各位。

Tom Wadewitz, UBS.

瑞銀集團的湯姆·瓦德維茨。

Yes, good morning. I wanted to see if you could give some thoughts on just kind of like the algorithm post the glide down with Amazon. Do we think about it as -- for domestic package.

是的，早安。我想聽聽你對亞馬遜下滑後的演算法有什麼看法。我們是否應該將其視為—國內包裹？

So do we think about it as kind of low single digits revenue growth? Would that be kind of what you would aim for? And what kind of pace of margin improvement can you consider?

所以我們應該把它看作是較低的個位數營收成長嗎？這算是你努力的目標嗎？你們認為利潤率提升的速度應該要達到怎樣的水平？

I know obviously, macro matters, so there are a lot of things you don't necessarily know, but maybe high level, how you think about that. And then I guess within that, if we look into '26, '27, I think you've talked about maybe like $400 million to $500 million of EBIT headwind in '25 from the in-sourcing of SurePost. So now that you're handing that back to Postal, I don't know if you get that fully back and if that's kind of like half of a benefit in second half of this year and then half of it in '27.

我知道宏觀層面很重要，所以有很多事情你不一定知道，但也許從宏觀層面來說，你是如何思考這個問題的。然後我想，如果我們展望 2026 年、2027 年，我想您已經提到過，由於 SurePost 的業務內包，2025 年可能會出現 4 億至 5 億美元的息稅前利潤逆風。既然你現在要把那東西還給郵政局，我不知道你是否能全額收回，也不知道這是否相當於今年下半年的一半收益，然後2027年另一半收益。

So just some -- I guess, some thoughts on kind of that overall domestic pack margin and how to look at it. Thank you.

所以，我想就國內整體包裝利潤率以及如何看待它提出一些想法。謝謝。

Sure. Yes. Yes. Thanks, Tom. So as we think about the kind of go-forward algorithm, as I mentioned, look, we expect to see kind of mid-single-digit enterprise and SMB volume growth in the back half. Now our rev per piece will normalize because some of the mix benefits that we've seen as the Amazon volume has come down also come down.

當然。是的。是的。謝謝你，湯姆。所以，當我們考慮未來的發展策略時，正如我之前提到的，我們預計下半年企業和中小企業的業務量將實現中等個位數的成長。現在，由於亞馬遜銷售下降帶來的一些組合優勢也隨之消失，我們的單件收入將會趨於正常。

But we've had healthy base rate increases that have been continuing. So I would think about a couple of percent on the base rate. From the cost side, our cost per piece will normalize as well, right?

但是我們一直保持著健康的基準利率成長，而且這種成長還在持續。所以我會考慮在基準利率上提高幾個百分點。從成本方面來看，我們的單件成本也會趨於正常化，對嗎？

And we expect to see cost per piece come down below rev per piece. So we're driving unit cost improvement as we have prior to the Amazon glide down, and that will drive kind of structural long-term margin improvement as we go forward. So look, I think what we'll see in the back half of the year as we're exiting with non-Amazon volume and revenue growth and margin improvement will be the go‑forward algorithm.

我們預計單件成本將低於單件收益。因此，我們正在像亞馬遜股價下跌之前那樣，努力降低單位成本，這將推動我們未來實現結構性的長期利潤率提升。所以你看，我認為在今年下半年，隨著我們逐步退出非亞馬遜業務，銷售和收入成長以及利潤率的提高，我們將會看到前進的演算法。

On the USPS cost, so the -- we will be transitioning a portion of our Ground Saver delivery back to the USPS through the first half of this year. We do expect that we'll see the benefits start to materialize in the second half. It will look slightly different than what we had before because obviously, we're going back at a different rate than what we had before with the USPS, but that will translate into savings in the second half of this year and going forward.

關於 USPS 的成本，因此——我們將在今年上半年將一部分 Ground Saver 配送服務轉回 USPS。我們預計下半年將開始看到成效。它看起來會和以前略有不同，因為很明顯，我們恢復到以前與美國郵政合作的速度與之前不同，但這將轉化為今年下半年及以後的節省。

It also helps us with aligning our product strategy with how we want to think about an economy product as a holistic part of our product portfolio.

它也有助於我們將產品策略與我們希望如何看待經濟型產品（作為我們產品組合的整體組成部分）保持一致。

Do you think you get back the full $400 million to $500 million that you gave up in '25 or maybe not?

你認為你能拿回2025年放棄的4億到5億美元嗎？還是不能？

As we rightsize the driver staffing levels and moving forward, then yes, over time, I think we'll get that back. It will take time, though, because we've got to migrate the work back and we have to rightsize the position levels commensurate with the new delivery stock levels.

隨著我們調整司機人員配置水平並繼續前進，是的，隨著時間的推移，我認為我們會恢復到以前的水平。但這需要時間，因為我們必須將工作遷移回去，並且必須根據新的交付庫存水準調整職位規模。

Yes, I wouldn't expect to see that full benefit until 2027.

是的，我預計要到 2027 年才能看到全部好處。

Ken Hoexter, Bank of America

肯‧霍克斯特，美國銀行

Hey, greatgood morning. You threw out some costs pretty quickly there, Brian, I just want to clarify, did you throw out the cost in the first quarter on the driver out and the postal service costs impact to that margin. But my question is just on the rate increases for both Domestic and International.

嘿，早安。布萊恩，你很快就把一些成本排除在外了，我想確認一下，你是否把第一季司機外出工作的成本以及郵政服務成本對利潤率的影響都排除在外了？但我的問題僅關於國內和國際航班的費率上漲。

I think you threw out there that it was going to be low single digit for Domestic. Your thought on how this should trend for core rates, both Domestic and International. Thanks.

我認為你之前說過，國內經濟成長率會是低於個位數。您認為國內和國際核心利率的發展趨勢會是怎麼樣的呢？謝謝。

Yes. So if you think about rev per piece for the year, Ken, it's about 4.5%, right, rev per piece growth. But you're going to be higher than that in the first half and then normalize to about 3% in the second half, right, as some of the mix benefit comes out.

是的。所以，肯，如果你考慮今年的單件收入，大約是 4.5%，對吧，單件收入增長。但上半年這個數字會高於這個數字，下半年會穩定在 3% 左右，對吧，因為一些混合收益會顯現出來。

Look, in the fourth quarter, we saw a 340 basis point improvement in base rates. We've been seeing kind of around this 300 basis point improvement in base rates. I would expect that as you think about going forward.

你看，在第四季度，我們看到基準利率下降了 340 個基點。我們看到基準利率大約改善了 300 個基點。我希望你在考慮未來發展方向時能有這樣的想法。

Related to the driver buyout, we didn't give a number because we have not yet to launch the program. It's too early to make an estimate. Look, this is a tactical move that we used we did something similar last year in order to help us to rightsize the position levels and the network infrastructure with the new volume and delivery levels, right, because it includes the change in the Ground Saver stops as well.

關於司機收購事宜，我們沒有給出具體數字，因為該計劃尚未啟動。現在做出估計還為時過早。你看，這是我們去年採取的一項戰術舉措，目的是為了幫助我們根據新的貨運量和配送量調整崗位水平和網路基礎設施，對吧，因為它也包括了地面運輸站點的變更。

We'll keep you updated with that as we go through the course of this year.

今年晚些時候，我們隨時向您報告最新進展。

Ari Rosa, Citigroup

花旗集團的阿里·羅薩

Hi, good morning. So I wanted to dig a little bit further into the cost per piece trends. Obviously, it was elevated a bit in fourth quarter, but you talked, Brian, about that normalizing on a go-forward basis. Maybe you could separate those things out.

您好，早安。因此，我想更深入地研究一下單價趨勢。顯然，第四季有所上升，但布萊恩，你也談到了這種情況會逐漸恢復正常。或許你可以把這些東西分開。

Just like if we think about normalized CPP run rate, how we should think about that? And then as we think about the improvement in revenue quality and the kind of shift in mix, does that assume kind of a higher cost per piece to handle that business? Or can we get that back to kind of that low single-digit run rate more in line with inflation? Thanks.

就像如果我們考慮標準化 CPP 運行率，我們應該如何考慮它？那麼，當我們考慮提高收入品質和產品組合的變化時，這是否意味著處理此類業務的單件成本會更高？或者我們能否將成長率拉回個位數的低位，使其更符合通貨膨脹率？謝謝。

I think -- yes. So Ari, I think as you think about the cost per piece profile, again, it's going to trend down as we go through the year, right? It will look similar in the first quarter as it did to last year.

我想——是的。所以阿里，我認為當你考慮單價走勢時，你會發現它在今年會呈下降趨勢，對吧？第一季的情況將與去年同期類似。

But by the time we get through the year, and we transition Ground Saver, we've finalized the execution of the network reconfiguration and our cost out. We're deploying additional automation that will go online through Network of the Future. Yes, we will see the cost per piece normalize to that kind of normal inflation level, right?

但到年底，當我們完成 Ground Saver 的過渡時，我們已經最終確定了網路重新配置的執行方案和成本核算。我們正在部署更多自動化功能，這些功能將透過未來網路上線。是的，我們會看到單價回歸到正常的通貨膨脹水平，對吧？

And with a 3% rev per piece growth rate and a lower cost per piece, right, we'll be able to get back to that kind of 100 basis point separation that we see to drive unit cost and margin improvement as we grow.

如果單件營收成長率達到 3%，單件成本降低，那麼我們就能恢復到 100 個基點的差距，從而推動單位成本和利潤率的提高，實現成長。

And perhaps we could just comment on how are we driving this productivity.

或許我們可以談談我們是如何提高生產力的。

One way is through automation. We have 127 buildings that are automated. We are adding another 24 in 2026.

一種方法是透過自動化。我們有127棟自動化建築。我們將在 2026 年再增加 24 個。

The cost per piece in these automated buildings is 28% less than the cost per piece in our conventional buildings. So automation is one way that we will continue to drive productivity. And then we're just getting better from a capacity perspective and a production perspective.

這些自動化建築的單件成本比我們傳統建築的單件成本低 28%。因此，自動化是我們將繼續提高生產力的一種方式。從產能和生產的角度來看，我們也在不斷進步。

And Nando, maybe you want to comment on that.

南多，或許你想對此發表一下看法。

Yes, sure. So I think first six months next year will be -- or this year, I'm sorry, will be very similar to last year. In fact, we've already started optimizing some of the closures of sorts and buildings because we didn't stop automating until December 31.

當然可以。所以我認為明年上半年——或者說今年上半年，抱歉，會和去年非常相似。事實上，我們已經開始優化一些場所和建築物的關閉情況，因為我們直到 12 月 31 日才停止自動化。

We did take a day off, but we're right at it, right back at it. And just for some proof points, as we work through the month of December, the activity was up 4.4%. And by activity, I mean a lot more stops out there to serve our customers when, in fact, the volume was soft and negative.

我們確實休息了一天，但我們馬上就投入工作了。為了證明這一點，我們以 12 月為例，當月活動量增加了 4.4%。所謂“活動”，我的意思是，儘管客流量實際上疲軟甚至為負，但我們仍然增加了更多的服務網站來服務我們的客戶。

That is going to flip on us. So I'm very confident that the cost per piece will be in a much better position as we align to the driver buyout proposals that we're discussing, Network of the Future implementations, our building closures, sort closures and, of course, the outsourcing of the USPS volume.

這將會對我們不利。因此，我非常有信心，隨著我們落實正在討論的司機收購方案、未來網路實施、關閉建築、關閉分揀中心，當然還有美國郵政業務的外包，每件商品的成本將會得到更好的控制。

Very helpful. Thank you.

很有幫助。謝謝。

Chris Wetherbee, Wells Fargo.

克里斯‧韋瑟比，富國銀行。

Hey, thanks. Good morning, guys. Maybe if we could touch a little bit on the International segment and make sure we just sort of move through the -- run through the moving pieces there. Obviously, we talked a lot about the domestic side, but just get a sense of some of the pressure there. Maybe we can sort of break out some of the individual costs or de minimis pressures as we go through first quarter specifically, but also first half.

嘿，謝謝。各位早安。或許我們可以稍微談談國際部分，確保我們能夠順利地——大致了解一下這方面的各個環節。顯然，我們談了很多關於國內方面的事情，但也想感受那裡的壓力。或許我們可以把第一季以及上半年的一些具體成本或最低限度壓力細分出來。

Yes. Thanks, Chris. So yes, in the International segment, what you saw in the third quarter is we did see export volume decline for the first quarter in 2025.

是的。謝謝你，克里斯。是的，在國際業務方面，我們在第三季確實看到了2025年第一季出口量下降的情況。

That was really -- there was a lot of pressure both from Canada and Mexico as well as continued decline in our China to US lanes and really all of our US inbound lane. That's going to roll over into the first quarter as well. Look, I think what we expect to see evolve in the International business is we are going to see extreme weakness in the first quarter that kind of gradually recovers.

那確實——來自加拿大和墨西哥的壓力很大，而且我們通往美國的航線以及所有美國入境航線的持續下滑也加劇了這種情況。這種情況也會延續到第一季。我認為，國際業務預計會在第一季出現極度疲軟，然後逐漸復甦。

There's two dynamics going on. One is -- the first is volume, right? So volume, we will lap the tariff impact in May and start to see positive growth from that.

這裡存在著兩種動態。一是——第一個是數量，對吧？因此，銷售方面，我們將在 5 月消除關稅的影響，並開始看到由此帶來的正面成長。

And then we'll lap the de minimis impact in September. The second dynamic is the train lanes are shifting, right? And that's driving a margin headwind.

然後，我們將在九月消除微不足道的影響。第二個變化是火車軌道正在發生變化，對吧？這給利潤率帶來了不利影響。

Look, we make double-digit margin on our -- all of our US inbound lanes. But the ones that are growing, right, are, call it, mid-teens versus the high double-digit margins that we've got in 20%, 30% margins that we have in the China to US lanes.

你看，我們所有美國入境航線的利潤率都達到了兩位數。但那些正在成長的利潤率，比如說，大概在十幾個百分點左右，而我們在中國到美國的航線上，利潤率則高達 20% 到 30%。

So while we're seeing some offsetting volume growth, we are seeing margin pressure as a result of that. That also will abate as we go through the year. And we expect to see not only volume normalize, but also margin improve as we go through the year.

因此，雖然銷售成長在一定程度上抵銷了利潤率下降的壓力，但也因此帶來了利潤率壓力。隨著時間的推移，這種情況也會逐漸緩解。我們預計，隨著時間的推移，不僅銷售量會恢復正常，利潤率也會提高。

And look, and I think the revenue quality actions that we're taking in International helped to offset the volume declines in the third quarter and will continue to help drive revenue growth as we go through Q2, 3 and four of next year.

而且，我認為我們在國際業務中採取的營收品質措施有助於抵銷第三季的銷售下滑，並將繼續幫助推動明年第二、三、四季的營收成長。

Okay. But the EBIT decline, that's year-over-year or sequential that you noted for?

好的。但您提到的息稅前利潤下降，是指年減還是季減？

Year over year.

與上一年相比。

The way I would do it just simply is we were down 360 basis points in the fourth quarter. It's going to be like that in the first because nothing is changing until we actually anniversary Liberation Day and then the move of the de minimis exemption. So just got some tough comparisons, but we'll manage through it.

我的做法很簡單，我們在第四季落後了 360 個基點。一開始情況就是這樣，因為在真正迎來解放日週年紀念日以及最低限度豁免政策出台之前，一切都不會改變。所以現在面臨一些比較棘手的問題，但我們會克服的。

And Kate is doing a really nice job of managing the network so that we can serve our customers because there is growth in parts of the world. Maybe you want to talk, Kate, about where you're seeing growth?

凱特在管理網路方面做得非常出色，這樣我們才能更好地服務客戶，因為世界某些地區的業務正在成長。凱特，或許你想談談你認為哪些方面取得了成長？

Yes, absolutely. We mentioned before years ago when we first saw the China lockdown, we invested heavily in Asia diversification, and it has really unlocked growth. We are in Vietnam in a new air hub, and it's already 80% full for our five-year plan.

是的，絕對的。幾年前，當我們第一次看到中國封城時，我們就提到過，我們大力投資亞洲多元化，這確實釋放了成長潛力。我們在越南新建了一個航空樞紐，五年計畫的艙位使用率已經達到 80%。

So we've actually got double-digit growth going out of a lot of the Asian countries, but they're going to Europe and India. And so we shifted with the trade. So while we do that, you have to pull down the block hours, and we have shown that over the last couple of years that, that is what we do.

所以，實際上很多亞洲國家的消費都實現了兩位數的成長，但這些消費都流向了歐洲和印度。於是，我們隨著貿易情勢的變化而調整了經營策略。所以，在我們這樣做的時候，你們必須減少工時，而我們在過去幾年裡已經證明，這就是我們所做的。

So we are seeing good growth, and we're helping our customers to understand the shift as well, whether it be by lane or by mode, package to forwarding or the reverse. So proud of the team. Last year, with the tariff and de minimis, haven't seen anything like it in 36 years and proud to say that we've delivered, for instance, in the fourth quarter, the 18% margin.

因此，我們看到了良好的成長，我們也在幫助我們的客戶了解這種轉變，無論是按路線還是按運輸方式，從包裹到貨運再到反向運輸。為團隊感到驕傲。去年，由於關稅和最低限度限制，36年來從未見過這種情況，我們很自豪地說，例如，在第四季度，我們實現了18%的利潤率。

Jordan Alliger, Goldman Sachs.

喬丹·阿利格，高盛。

Yes, hi, morning. Question for you. Can you maybe talk a little bit more what underpins, I think you said mid single-digit type of package growth in the second half. Is it inventories in better shape so that we could see business-to-business grow again?

是的，早安。問你一個問題。能否再詳細談談支撐下半年個位數中段成長的因素？我記得您說過。庫存狀況是否好轉，以便我們能再次看到企業對企業交易成長？

Is there some expectation that the tax benefits or refunds, which are higher this year will help the consumer and demand? And assuming that type of volume happens, I mean, talk about your confidence level in the revised network and headcount moving the goods. Thanks.

人們是否預期今年較高的稅收優惠或退稅將有助於提振消費者和需求？假設真的能達到那種銷量，我的意思是，請談談你對調整後的網路和人員配置能否有效運輸貨物的信心。謝謝。

Well, just from a macro perspective, the US small package market appears to be stabilizing. The market, excluding Amazon, is projected to grow in the low single digits. So we should grow along with that.

從宏觀角度來看，美國小包裹市場似乎正在趨於穩定。除亞馬遜外，市場預計將以個位數低成長率成長。所以我們也應該隨之成長。

And fiscal and monetary policy changes should support this growth. Further, the outlook for manufacturing is better, its not robust. but it's better, which gives us confidence that we can grow into that space as well.

財政和貨幣政策的變化應該支持這種增長。此外，製造業前景更好，雖然還不夠強勁，但確實有所改善，這讓我們有信心也能在這個領域發展壯大。

And the one thing I would ask you to remember, candidly, growth is a reflection of year-over-year comparisons, and we are going to anniversary the decisions that we made to exit not just some of the Amazon volume, but also Chinese e-commerce volume. So you just naturally get some growth from a year-over-year comparison. Brian, what would you like to add to that?

坦白說，我希望你們記住一點，成長反映的是同比數據，而我們即將迎來退出亞馬遜以及中國電商業務部分業務的決定週年紀念日。因此，與前一年相比，自然會有一些增長。布萊恩，你還有什麼要補充的嗎？

I think also, Jordan, the places where we have been investing, we are seeing wins, right? Health care, even in the domestic small package business, SMB health care is a robust growth area for us. automotive, the air products.

我認為，約旦，在我們投資的地方，我們也看到了成效，對吧？醫療保健，即使在國內小包裹業務領域，中小企業醫療保健也是我們強勁的成長領域。汽車、空氣產品。

So we're seeing the quality volume that we've been shifting to show up in the network, right? In the fourth quarter, we saw heavier weights. We saw longer zones.

所以我們看到，我們一直在努力提升的高品質內容正在網路中展現出來，對吧？第四季度，我們看到了更重的重量。我們看到了更長的區域。

We saw the highest SMB penetration we've ever had, the highest B2B penetration we've had in 4 years. So the mix shift is happening, and we can see that. That enables us to lean in, in the places where we've invested, we've got differentiated capabilities that we want to grow.

我們實現了有史以來最高的中小企業滲透率，以及 4 年來最高的 B2B 滲透率。所以這種成分轉變正在發生，我們可以看到這一點。這使我們能夠在已投資的領域全力以赴，我們擁有差異化的能力，我們希望發展這些能力。

And that helps support, as Carol said, growth in excess of the market.

正如卡羅爾所說，這有助於實現超過市場平均水平的成長。

And on the differentiating capabilities, perhaps I'll just take a moment to talk about our RFID capability. As you know, we've been talking to you about RFID or our Smart Package Smart Facility initiative for a few years, and it's really starting to crystallize into three big pillars. The first is what we call smart facility, but it's really a smart car, where we've enabled now all of our cars with RFID sensors.

至於我們的差異化能力，我或許可以花一點時間談談我們的 RFID 能力。如您所知，幾年來我們一直在與您討論 RFID 或我們的智慧包裝智慧設施計劃，現在它真的開始逐漸形成三大支柱。第一樣我們稱之為智慧設施，但實際上它是一款智慧汽車，我們現在已在所有汽車上安裝了 RFID 感測器。

So we're moving from a scanning to a sensing network. And what this does makes us more productive on the car, but also improves the level of misloads. Then by using the RFID labeling, our packages become smarter, which reduces defects.

所以我們正在從掃描網路轉向感知網路。這樣做可以提高我們在車上的工作效率，同時也能減少裝卸錯誤。然後，透過使用 RFID 標籤，我們的包裝變得更加智能，從而減少了缺陷。

But the more interesting development, which drives commercial business is what we call smart fulfillment. And what smart fulfillment is, is putting the RFID labeling at the point of origin which gives better transparency order to cash, something that customers are desperately seeking. It gives them better control.

但更有趣的發展，也是推動商業發展的關鍵，是我們所謂的智慧履行。智能履約是指在出貨點貼上 RFID 標籤，從而提高從訂單到現金的透明度，而這正是顧客迫切需要的。這讓他們能更好地控制局面。

And so we launched the RFID fulfillment, if you will, in the fourth quarter by putting RFID labeling at the origin of all of our UPS stores. We have 5,500 UPS stores, as you know, they're processing now 1.3 million packages a day with RFID labeling. And this is allowing us to earn new commercial business.

因此，我們在第四季度推出了 RFID 物流服務，在所有 UPS 門市的源頭都安裝了 RFID 標籤。如您所知，我們有 5500 家 UPS 門市，他們現在每天使用 RFID 標籤處理 130 萬個包裹。這使我們能夠獲得新的商業機會。

So it's not just the fact that the market is growing and we've got some easier compares. It's we're investing in capabilities that are turning into wins. In fact, the win for Domestic business in the fourth quarter, and we sold during peak, the wins during the fourth quarter was 25% higher than a year ago.

所以，不僅僅是市場在成長，而且我們有一些更容易比較的比較對象。我們正在投資那些正在轉化為勝利的能力。事實上，第四季度國內業務取得了勝利，而且我們在銷售高峰期，第四季度的業績比去年同期增長了 25%。

Thank you.

謝謝。

Ravi Shanker, Morgan Stanley

拉維‧香克爾，摩根士丹利

Great. Thanks. Morning, everyone. Carol, you gave us long-term targets for 2026 at your Investor Day in 2024. And obviously, a lot has happened since then. I'm sure you'll have an Investor Day early next year.

偉大的。謝謝。大家早安。卡羅爾，你在 2024 年的投資者日上給了我們 2026 年的長期目標。顯然，自那以後發生了很多事情。我相信你們明年年初一定會舉辦投資者日活動。

But in the meanwhile, how do you think we should think about that long-term earnings growth trajectory and where kind of normalized EPS is at this time kind of in your view? Thank you.

但同時，您認為我們應該如何看待長期獲利成長軌跡，以及您認為目前正常化的每股盈餘應該處於什麼水平？謝謝。

Well, I think it's such a fair question to ask us. But clearly, things have changed a lot since 2024 because back then, we hadn't planned the Amazon glide down. So what I'd ask, Ravi, is that you let us get through this year.

我覺得這個問題問得非常合理。但很顯然，自 2024 年以來情況發生了很大變化，因為當時我們並沒有計劃亞馬遜的下滑。所以，拉維，我想請求的是，請你讓我們順利度過今年。

2026 is the pivotal year for UPS. And once we get through this year, we'll come back out and give our view on long-range targets.

2026年是UPS的關鍵之年。今年過後，我們會再來談談我們對遠距目標的看法。

Understood. Thank you.

明白了。謝謝。

Bruce Chan, Stifel.

布魯斯·陳，史蒂費爾。

Yes, thank you and good morning everybody. I don't know if you've discussed it in the past, but I'm just curious if maybe you can talk about the selection process for which facilities were automated in '25 versus what's ahead in '26. And I guess what I'm trying to get to is whether there's anything to read from the complexity of the operations that you attacked last year versus what you've got ahead this year.

是的，謝謝大家，大家早安。我不知道您以前是否討論過這個問題，但我很好奇您是否可以談談 2025 年哪些設施實現了自動化，以及 2026 年有哪些設施即將實現自動化，這兩個年份的自動化選擇過程有何不同。我想表達的是，從去年你們攻擊的行動的複雜性與今年你們將要面對的行動的複雜性之間，我們能否看出一些端倪。

So Nando, talk about our process.

所以，Nando，談談我們的流程吧。

Yes. So look, we've got -- and we have reviewed this, I think, a couple of calls ago, where we look at each individual site, 1,100 checkpoints of things that we need to make sure that we are absolutely sure because once we close, we're not going back to those facilities. And then we take a very, very detailed exercise to make sure we're pointing that volume to the automation.

是的。所以你看，我們有——而且我想，我們在之前的幾次電話會議中已經審查過這一點，我們會查看每個單獨的站點，1100 個檢查點，以確保我們絕對確定，因為一旦我們關閉，我們就不會再回到那些設施了。然後我們進行非常非常詳細的練習，以確保我們將音量指向自動化系統。

And so what's happening is you're seeing a cascading effect of sites being closed that are legacy conventional facilities, a lot of labor required to run those facilities to a much more nimble, quicker automated consolidated facility. And as we bring in all of those peripheral centers, we start to see the efficiencies of feeds, cube utilization, -- and of course, any service disconnects are -- can be rationalized right there in one facility. So that's also helping from a customer perspective.

因此，現在的情況是，你會看到一系列連鎖反應，原本是傳統的、需要大量勞動力才能運作的設施，被更靈活、快速的自動化綜合設施所取代。隨著我們引入所有這些外圍中心，我們開始看到饋線效率、空間利用率，當然，任何服務中斷都可以在一個設施內合理化。所以從客戶的角度來看，這也是有幫助的。

The next set of buildings, of course, we wanted to accelerate and we went after the more complex, bigger facilities in the middle of our project last year. They will be just as challenging, but we don't see any concerns whatsoever in the complexity and closing these centers and making sure they map back to the automation so we can help ourselves financially.

當然，我們希望加快下一批建築的建設速度，因此在去年工程進行到一半時，我們便著手建造更複雜、規模更大的設施。它們同樣具有挑戰性，但我們完全不擔心這些中心的複雜性，關閉這些中心並確保它們與自動化系統對接，這樣我們就能在財務上幫助自己。

And while staying on service, and that's really still important, is to not trade off productivity or cost out for service. And I'm proud that we have eight years in a row now of leading service. One other observation about how the team is performing in this regard because I'm super proud of them.

而且，在保持服務的同時（這一點仍然非常重要），不能為了服務而犧牲生產力或降低成本。我很自豪我們已經連續八年獲得服務領先地位。我還有一點想說，關於團隊在這方面的表現，我為他們感到非常自豪。

The beginning of last year, we targeted 73 buildings to be closed as related to our Amazon glide down. We actually closed 93. This year, you've targeted 24 buildings.

去年年初，我們計劃關閉 73 棟與亞馬遜業務下滑相關的建築物。實際上我們關閉了93號。今年，你們的目標是 24 棟建築。

My guess is there'll be a few more closures than the 24 you've identified.

我估計關閉的店鋪數量會比你列出的 24 家更多。

Yes. So that's just the first half. We continually put all of those facilities through a process to make sure that we're not missing anything. We suspect in the range of 24 for sure, first half that we've got another 60 or 70 worth assessing, and then we'll have a number that comes out of

是的。以上只是上半部。我們不斷地對所有這些設施進行檢查，以確保沒有遺漏任何東西。我們估計肯定在24個左右，前半部我們還有60到70個值得評估，然後我們會得到最終的數字。

that.

那。

And we'll update you as we go.

我們會隨時向您報告最新進展。

That's great, very helpful. Thank you.

太好了，很有幫助。謝謝。

Richa Harnain, Deutsche Bank.

Richa Harnain，德意志銀行。

Hey, thank you, everyone, and good morning. So just piggybacking off of that question, great stat on the cost per piece being 28% lower in these automated facilities than your conventional ones, Carol. But you talked about the runway now you have for that to continue. But how does that play into maybe your ability to do more with less?

嘿，謝謝大家，早安。借用這個問題，卡羅爾，你說的自動化工廠的單件成本比傳統工廠低 28% 這個數據很棒。但你剛才談到了你現在擁有的繼續前進的動力。但這與你用更少的資源做更多事情的能力有何關係呢？

So how can we think about your CapEx plans? Your 2026 CapEx outlook is below 2025, that's despite replacement plans for fleet, which you spoke to. So maybe talk a little bit more about what's underpinning that?

那我們該如何看待您的資本支出計畫呢？儘管您已經談到了車隊更換計劃，但您 2026 年的資本支出預期仍低於 2025 年。那麼，或許可以再多談談背後的原因呢？

And as you adjust to maybe a smaller footprint, a more efficient footprint, how should we think about the long-term CapEx outlook?

隨著企業規模的縮小和效率的提高，我們該如何看待長期資本支出前景？

Sure. I'll start, and then Brian, you can jump in. When you think about our network, Nando mentioned 1,100 points in the US, some of those buildings are really old.

當然。我先開始，然後布萊恩，你可以接著說。想想我們的網絡，Nando提到在美國有1100個地點，其中一些建築物真的很老舊。

a lot of maintenance expense. And as we're closing those buildings, that maintenance expense goes away. So that's part of the year-over-year change.

維護費用很高。隨著這些建築物的關閉，維護費用也就消失了。這是同比變化的一部分。

On the fleet additions, we're actually financing the aircraft through a Burnham lease structure. But Brian, you might want to describe.

對於新增機隊，我們實際上是透過伯納姆租賃結構來融資購買飛機的。但是布萊恩，你或許該描述一下。

Yes, sure. Yes. And Richa, yes, as Carol mentioned, yes, we do have financing structures around the aircraft.

當然可以。是的。Richa，是的，正如Carol所提到的，我們確實有圍繞飛機的融資結構。

And -- but I think importantly, look, if you think about the CapEx profile, look, our volumes continue to come down, right? And as Carol mentioned, we've closed facilities. When we look at the asset categories where we really have pulled back, we're not buying as many vehicles, right, because we don't need them as we rightsize the US network.

而且——但我認為重要的是，你看，如果你考慮一下資本支出情況，你看，我們的銷售持續下降，對吧？正如卡羅爾所提到的，我們已經關閉了一些設施。當我們審視那些我們真正縮減規模的資產類別時，我們會發現我們購買的車輛數量減少了，對吧？因為隨著我們對美國網路進行合理調整，我們不再需要它們了。

We continue to invest in our international network through both air hubs, aircraft and vehicles. But it's bringing down our maintenance expense, it's bringing down our vehicle expense. And look, I think as we turn and we continue to grow, we'll be kind of around this 3% to 3.5% of revenue is a normalized CapEx.

我們將繼續透過航空樞紐、飛機和車輛等方式投資於我們的國際網路。但這降低了我們的維修費用，也降低了我們的車輛費用。而且，我認為隨著我們轉型並繼續發展，正常化的資本支出將達到收入的 3% 到 3.5% 左右。

But we're creating more efficiency. We're creating more flexibility, so you don't have to spend CapEx on variable capacity like we used to. And that's going to allow us to run a more capital-efficient network going forward.

但我們正在提高效率。我們正在創造更大的靈活性，這樣您就不必像以前那樣在可變產能上花費資本支出了。這將使我們能夠在未來運作一個資本效率更高的網路。

Nice to meet you.

很高興見到你。

Thank you.

謝謝。

Jason Seidl, TD Cowen

傑森·塞德爾，TD Cowen

Thank you, operator. Good morning. Carol, I think you talked a little bit about the technology that's going to redirect parcels to the USPS versus sort of in-house. Can you maybe give us some more color on that in terms of how much of your network is going to be equipped with that by the end of the year and sort of how we should think about that helping margins over the longer term because I'm assuming that will help with cost as well as productivity?

謝謝接線生。早安.卡羅爾，我想你剛才談到了將包裹轉寄到美國郵政服務公司（USPS）而不是內部處理的技術。您能否更詳細地介紹一下，到今年年底，您的網路中將有多少部分配備這項技術，以及我們應該如何看待這項技術在長期內對利潤率的幫助？因為我假設這項技術將有助於降低成本並提高生產力。

I'm happy to talk about the math a bit. But on the technology part of it, I'll throw it back over to Nando.

我很樂意和大家聊聊數學。但技術方面的問題，我還是交給Nando來解答吧。

Yes. So just on the Saver portion, we will have that network up and running by end of this month. And so it's really a matter of some of the conversions we did last year with our customers, making sure that the labels are readable by both UPS and the USPS as we tender through the automation to the USPS for last mile delivery.

是的。所以就 Saver 部分而言，我們將在本月底前完成網路的上線運行。因此，這實際上是我們去年與客戶進行的一些轉換的問題，確保 UPS 和 USPS 都能讀取標籤，因為我們透過自動化系統將最後一英里的配送交給 USPS。

The magic algorithms are within our control. So we can expand those. In fact, the peak season, and I think we expanded those proximity stops up to 500 feet in some cases, down to 100 feet or an exact match to the address.

這些神奇的演算法都在我們的掌控之中。所以我們可以擴大這些範圍。事實上，在旺季，我認為我們擴大了這些近距離停車的範圍，在某些情況下最多可達 500 英尺，最小可達 100 英尺，或與地址完全匹配。

It really depends on the mix of volume that's in our network. But as far as delivering the service physically, we can move the packages. We need to enable the packages so they can be read through the network and then through the USPS to our end customer.

這主要取決於我們網路中流量的組合情況。但就實際交付服務而言，我們可以運送包裹。我們需要啟用包裹功能，以便可以透過網路讀取包裹內容，然後透過美國郵政服務 (USPS) 將其送達最終客戶。

And Matt, you're responsible for this relationship. So is there any color you want to add in terms of volume going to the postal service?

馬特，這段關係要由你來負責。那麼，關於郵寄郵件的數量，您還有什麼補充說明嗎？

No, I think just a couple of points. One is, look, we continue to Nando's point, we continue to ramp the volume up in the month of January. And it also gives us an opportunity that Brian highlighted earlier, is really to differentiate our product portfolio because our customers are asking us, one, they want the reliability of the UPS network, but we -- and the service that we can provide, we've demonstrated we can provide, but they also want to make sure they have economical option.

不，我想只有幾點。一方面，你看，我們繼續像Nando's一樣，在1月繼續提高銷量。這也給了我們一個機會，正如布萊恩之前所強調的那樣，那就是真正實現產品組合的差異化，因為我們的客戶要求我們，首先，他們想要 UPS 網路的可靠性，以及我們能夠提供的服務，我們已經證明我們可以提供，但他們也希望確保他們有經濟實惠的選擇。

So this really gives us an opportunity to both Nando and Carol's point to, one, bring our customers online and get these dual labels so that we can have -- they can have visibility, but also giving them the right experience along the way with that economic option.

所以這確實給了我們一個機會，可以同時實現 Nando's 和 Carol's 的觀點，一方面，讓我們的客戶上線並獲得這些雙重標籤，這樣我們就可以——讓他們獲得曝光，同時也透過這種經濟的選擇，讓他們在此過程中獲得正確的體驗。

And it's not just the economics. We're going into the DDUs. And that opportunity was not presented to us a year ago. So we're very excited to be able to use the DDU's because that will ensure our service levelsstay high.

而且這不僅僅是經濟問題。我們要進入DDUs。而一年前，我們並沒有這樣的機會。因此，我們非常高興能夠使用DDU，因為這將確保我們的服務水準保持在高水準。

Appreciate the color.

欣賞這種顏色。

Bascome Majors, Susquehanna.

巴斯科姆少校，薩斯奎哈納。

Thanks for taking my questions. If we go back to the 2023 deal with the Teamsters, you had to absorb a lot of inflation really quick, and then you had three years of fairly moderate labor inflation in the US and then that was scheduled to tick up in the fifth year of the contract. Can you talk a little bit about what the initial plan was to deal with that cadence of high labor inflation, low and then some moderate increase in the back half? How the Amazon glide down and the network reconfiguration has maybe changed that plan?

謝謝您回答我的問題。如果我們回顧一下 2023 年與卡車司機工會達成的協議，當時你必須迅速消化大量的通貨膨脹，然後美國經歷了三年相對溫和的勞動力通膨，之後合約規定勞動力通膨將在第五年逐步上升。您能否談談最初的計劃是如何應對勞動力通膨率高企、下半年低迷以及之後適度增長的局面？亞馬遜的下滑以及網路重新配置或許改變了原計劃？

And ultimately, how you feel about dealing with that uptick in labor inflation in the US in the second half of next year? Thank you.

最後，您如何看待明年下半年美國勞動成本通膨上升的問題？謝謝。

Well, at that time, we also were looking at Network of the Future, as you can recall, which was the rationalization of our network, the automation was inside of our network, and that work has progressed quite nicely. We are ahead of where we thought we would be. You couple that with the Amazon glide down and the number of employees in our workforce was down considerably.

當時，正如你可能記得的那樣，我們也在研究未來網絡，也就是我們網絡的合理化，自動化在我們網絡內部進行，這項工作進展得相當順利。我們目前的進展比預期好。再加上亞馬遜業務下滑，我們的員工人數大幅下降。

As Brian pointed out, we're down over 40,000 people. That's going to impact the cost of any contract -- contractual increase on wage, of course. So we're managing through this, I think, very well.

正如布萊恩指出的那樣，我們減少了超過 4 萬人。這必然會影響任何合約的成本——當然，指的是合約規定的工資增長。所以我覺得我們應付得很好。

And Brian, is there anything you want to add?

布萊恩，你還有什麼要補充的嗎？

Sure. And I think Carol hit on the right points, right? When we started out with the labor contract, we knew that we were going to be investing in order to create a lower labor-intensive network, right, with more flexibility that had the ability to scale, right, particularly for peak because we're seeing peak being increasingly important without the need for so much labor.

當然。我認為卡羅爾說的很有道理，對吧？從我們開始簽訂勞動合約時，我們就知道我們將進行投資，以創建一個勞動密集度較低、更靈活且可擴展的網絡，尤其是在高峰期，因為我們看到高峰期變得越來越重要，但又不需要那麼多勞動力。

You're seeing that, right? We saw it with and without the Amazon drawdown in -- without in 2024, with and without in 2025. We've set out targets for incremental position eliminations that will drive efficiency in 2026.

你看到了吧？我們看到了亞馬遜撤資前後的情況——2024 年沒有亞馬遜撤資的情況，2025 年有亞馬遜撤資和沒有亞馬遜撤資的情況。我們制定了逐步裁減職位的目標，這將在 2026 年提高效率。

And so as we approach that point, we will be driving down total expense. At the same time, remember, we will have a different characteristic of revenue in the network so that the incremental costs will not turn customer ORs upside down, right? And so we'll have a less labor intensive, more nimble, more profitable network that will minimize the impact of the increase.

因此，隨著我們接近那個階段，我們將降低總成本。同時，請記住，網路中的收入特性會有所不同，因此增量成本不會對客戶造成巨大衝擊，對嗎？因此，我們將擁有一個勞動密集度更低、更靈活、獲利能力更強的網絡，從而最大限度地減少成長帶來的影響。

And Matthew, we have time for one more question

馬修，我們還有時間再問一個問題。

Our final question comes from Brandon Oglenski from Barclays.

最後一個問題來自巴克萊銀行的布蘭登·奧格倫斯基。

Hi, Carol, and thanks for taking the question here at the end. I guess can we maybe summarize all this because it sounds like you guys are really protecting service even though the network is getting smaller here. Does that create any market share opportunities or challenges, especially with where pricing is going up for the industry as well? I appreciate it.

嗨，卡羅爾，謝謝你最後回答這個問題。我想我們或許可以總結一下這一切，因為聽起來你們確實在盡力保護服務，即使這裡的網路規模越來越小。這是否會帶來市場佔有率的機會或挑戰，尤其是在產業價格也在上漲的情況下？謝謝。

Service is paramount to winning new business. It's almost table stakes. Without it, how do you win.

服務是贏得新業務的關鍵。這幾乎是基本要求。沒有它，你怎麼贏？

It's not just service, though, it's capabilities and the capabilities that we've been investing in, I talked a little bit about RFID, but there are a lot of other capabilities that we've been investing in that's allowing us to take share. I'll focus us right on our Digital Access Platform. When I joined the company, the revenue in that platform was $139 million.

但這不僅僅是服務，還有能力，以及我們一直在投資的能力。我剛才稍微談到了 RFID，但我們也投資了許多其他能力，這使我們能夠獲得市場份額。我將帶領大家專注於我們的數位存取平台。我加入公司時，該平台的收入為 1.39 億美元。

Fast forward to the end of 2025, $4.1 billion. We continue to add more partners to the platform. We're growing it globally, not just in the United States.

快進到 2025 年底，41 億美元。我們將繼續為平台增加更多合作夥伴。我們正在全球範圍內發展這項業務，而不僅僅是在美國。

And that platform is something that small- and medium-sized businesses enjoy using for delivery as they're selling through partners like eBay and Shopify and others. So we're going to continue to invest in capabilities that allow us to win new business. But service is paramount.

中小企業很喜歡使用這個平台進行配送，因為他們透過 eBay、Shopify 等合作夥伴進行銷售。因此，我們將繼續投資於能夠幫助我們贏得新業務的能力。但服務至上。

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

謝謝。現在我將把發言權交還給你們的主持人 PJ Guido 先生。

Thank you, Matthew. And this concludes our call. Thank you for joining. And have a good day.

謝謝你，馬修。通話到此結束。感謝您的參與。祝您今天過得愉快。