UPS和联邦快递（FedEx）都在将重点从低利润率的快递业务转向利润率更高的商业对商业（B2B）机会。在2025年1月，UPS宣布计划将其与亚马逊（Amazon）的业务削减一半（亚马逊曾占其收入的13%），并于近期承诺投入近5000万美元用于医药运输的温控设施。与此同时，联邦快递已经剥离了其表现不佳的FedEx Freight部门，并正在合并其航空和地面网络，这一合并预计将在明年底前为公司节省20亿美元。
投资者情绪目前更青睐联邦快递，其市值在过去一年中增长了38%，而UPS仅增长了5%。尽管UPS去年通过关闭93栋建筑和裁减4.8万名员工削减了35亿美元的成本，并计划在2026年再节省30亿美元，但进一步的成本削减受到了劳工协议的限制。具体而言，工会的限制规定，UPS只能通过以每人15万美元的价格买断最多7500名员工来减少司机人数。
由于UPS面临潜在的结构性货量下滑，包括最近一个季度B2B业务量同比下降5%，其收入前景依然严峻。在健康商业快递表现的支持下，联邦快递的总收入已经追平了UPS。此外，这两家快递巨头都面临着来自亚马逊隐约浮现的威胁，亚马逊扩大物流业务的声明曾导致两家公司的股价暂时下跌10%，这标志着国内物流市场的激烈竞争。
Both UPS and FedEx are shifting focus away from low-margin deliveries to capture higher-margin business-to-business opportunities. In January 2025, UPS announced plans to halve its business with Amazon, which once represented 13% of its revenue, and recently committed nearly $50 million to temperature-controlled facilities for pharmaceuticals. Meanwhile, FedEx has divested its underperforming FedEx Freight division and is merging its air and ground networks, a consolidation expected to save the company $2 billion by the end of next year.
Investor sentiment currently favors FedEx, whose market capitalization grew by 38% over the past year compared to just a 5% increase for UPS. Although UPS trimmed costs by $3.5 billion last year by closing 93 buildings and cutting 48,000 employees—with an additional $3 billion in savings targeted for 2026—further cost reductions are constrained by labor agreements. Specifically, union constraints dictate that UPS can only reduce driver headcount by buying out up to 7,500 employees at a cost of $150,000 per person.
Revenue prospects remain challenging as UPS faces potential structural volume declines, including a 5% year-on-year drop in its business-to-business segment in the latest quarter. FedEx's total revenue has caught up to UPS's, supported by healthy commercial delivery performance. Additionally, both delivery giants face a looming threat from Amazon, whose logistics expansion announcement caused a temporary 10% dip in both firms' stock prices, signaling fierce competition in the domestic logistics market.
Source: UPS is losing ground to FedEx
Subtitle: The two logistics giants have similar strategies—and face a common threat
Dateline: 6月 25, 2026 03:28 上午