USPS Reports Fiscal Year 2023 Results – Net loss totaled $6.5 billion

Shipping and packages revenue increased 1 percent for fiscal year 2023.

November 14, 2023
The Postal Service has reported its financial results for fiscal year 2023 (Oct. 1, 2022-Sept. 30, 2023). Here are the highlights:

• Revenue. Total operating revenue was $78.2 billion, a decrease of 0.4 percent from the previous fiscal year. First-Class Mail revenue increased 2.1 percent, while Marketing Mail revenue decreased 5.8 percent. Shipping and packages revenue increased 1 percent.

• Volume. Total volume was 116.1 billion pieces, down 8.9 percent from the previous fiscal year. First-Class Mail volume declined 6.1 percent, while Marketing Mail volume declined by 11.4 percent. Shipping and packages volume declined 2.4 percent.

 Expenses. Total operating expenses for the year were $85.4 billion, an increase of 7.3 percent from the previous fiscal year. On a non-generally accepted accounting principles (GAAP) basis, adjusted operating expenses increased by 2.6 percent compared with the same period last year. On a non-GAAP basis, controllable loss was $2.3 billion, compared with controllable loss of $473 million for the prior year.

• Net loss. The net loss totaled $6.5 billion, compared with net income of $56 billion for the prior year. The net income last year was primarily the result of a one-time noncash effect of the Postal Service Reform Act in April 2022, and the results this year were significantly affected by the impact of inflation on operating expenses.

“Although we are just in the early stages of one of the nation’s largest organizational transformations — which is improving our processing, transportation and delivery operations — we are already providing more consistent, reliable and timely delivery to America’s business and residences,” said Postmaster General Louis DeJoy.

“We are also addressing near-term financial headwinds relative to inflation as we make strong progress in our long-term cost control and revenue generating strategies, including launching new products like USPS Ground Advantage. The whole organization is highly focused on implementation of the Delivering for America plan and creating a more effective, efficient and competitive Postal Service to serve the nation far into the future.”

The Postal Service’s Nov. 14 news release has more information.

USPS News Release – November 14, 2023

Source: USPS

Related: Independent Auditor’s Report on the USPS Fiscal Year 2023 Reclassified Financial Statements

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