在 Covid 需求正常化且劳动压力加剧后，转型变得更困难：UPS 与代表约 330,000 名工人的 Teamsters 谈判，并在 2023 年达成 5-year 协议前，面临自 1997 年以来首次全国性罢工威胁。工会领导层称新增工资与福利达 $30 billion，而 UPS 对此数字有争议；可以确定的是，全职司机最高薪酬加福利已由每年 $145,000 提高到 $170,000。同时，市场结构也在转变：2024 年 Amazon 递送了美国近 24 billion 包裹中的约 25%，USPS 处理约 30%，替代承运商拿下约 10%，UPS 与 FedEx 合计仅剩约 one-third；Amazon 仍贡献 UPS 近 12% 的营收，而 UPS 表示其削减 Amazon 计划将使日均量下降约 8%。
UPS 以激进缩编与自动化回应：2024 年裁撤 14,000 个企业职位，约 1,000 个美国枢纽中的 10% 被列为关闭目标，2025 年通报削减 34,000 个非企业职位，关闭 93 个分拣设施，并计划在 2026 年最多再精简 30,000 个职位。财务方面，2025 年营收为 $89 billion、年减近 3%，股价约为疫情时期高点的一半，尽管部分季度利润表现高于预测。结构性成本压力仍然显著，因 UPS 司机时薪可达 $45，而 Amazon 快递员估计为 $18-$25；同时，随著 2028 年临近，策略不确定性上升，届时预测 Amazon 可能达到 8.4 billion 件包裹，且 UPS 必须在罢工风险再起下重新谈判劳动条款。
UPS, a 118-year-old logistics company operating in 200+ countries, entered 2020 with leadership change as Carol Tome became CEO at age 62 and inherited a business whose stock had been roughly flat over the prior 5 years despite pandemic demand. The company moved more than 22 million packages per day in 2024 and pursued a "Better Not Bigger" strategy to reduce low-margin exposure to Amazon while shifting toward higher-yield sectors such as healthcare and complex logistics. Early metrics looked favorable: Amazon’s revenue share fell from more than 13% in 2020 to about 12% in 2021, UPS stock reached a record $233.72 in 2022, and annual revenue surpassed $100 billion for the first time.
The turnaround became harder after Covid demand normalized and labor pressure intensified: UPS negotiated with the Teamsters, which represent about 330,000 workers, and faced a threatened first national strike since 1997 before reaching a 5-year deal in 2023. Union leadership claimed $30 billion in added wages and benefits, while UPS disputed that figure; what is clear is top full-time driver pay plus benefits rose from $145,000 to $170,000 annually. At the same time, market structure shifted: in 2024 Amazon delivered about 25% of nearly 24 billion US parcels, USPS handled about 30%, alternative carriers took about 10%, and UPS plus FedEx were left with roughly one-third combined; Amazon still contributed nearly 12% of UPS revenue, and UPS said its Amazon reduction plan would cut average daily volume by about 8%.
UPS responded with aggressive downsizing and automation: 14,000 corporate jobs were cut in 2024, about 10% of roughly 1,000 US hubs were targeted for closure, 34,000 noncorporate jobs were reported eliminated during 2025, 93 sorting facilities were closed, and plans called for up to 30,000 more positions to be shed in 2026. Financially, 2025 revenue was $89 billion, down almost 3% year over year, and shares were about half the pandemic-era peak, even as some quarterly profit prints beat forecasts. Structural cost pressure remains significant because UPS drivers can earn up to $45 per hour versus Amazon courier estimates of $18-$25, while strategic uncertainty grows ahead of 2028, when forecasts indicate Amazon could reach 8.4 billion packages and UPS must renegotiate labor terms under renewed strike risk.