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United Parcel Service

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UPS 10-K Analysis: $3.5B in Savings, Zero Margin Improvement — Where the Money Went

United Parcel Service eliminated 48,000 positions, closed 93 buildings, and claimed $3.5 billion in cost savings in FY2025. Yet operating margin fell to 8.9%, free cash flow dropped 23% to $4.8 billion, and the company borrowed $4.2 billion while paying out 113% of FCF in dividends. Our analysis of the 10-K filing traces where the $3.5 billion went through a savings absorption waterfall and reveals why the 6.6% dividend yield is a leveraged bet on future margin expansion.

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15 min

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