USPS finances: Second-quarter results reported

The Postal Service’s shipping and package volume decreased 5 percent in the second quarter.

May 9, 2023
The Postal Service has reported its financial results for fiscal year 2023’s second quarter (Jan. 1-March 31, 2023). Here are some highlights:

• Revenue. Total operating revenue was $19.3 billion, a decrease of 2.4 percent compared with the same quarter last fiscal year. First-Class Mail revenue increased 0.5 percent, and Marketing Mail revenue decreased 4.3 percent. Shipping and packages revenue decreased 2.1 percent.

• Volume. Total volume was 28.6 billion pieces, down 9.4 percent compared with the same quarter the previous fiscal year. First-Class Mail volume decreased 8.1 percent, and Marketing Mail volume declined 11.0 percent. Shipping and packages volume decreased 5 percent.

• Expenses. Total operating expenses for the quarter were $22.0 billion, an increase of 7.6 percent compared with the same quarter last fiscal year. However, excluding costs outside of USPS control, such as the retiree benefits expense for the amortization of underfunded Civil Service Retirement System and Federal Employees Retirement System plans, expenses increased by 3.3 percent.

• Net loss. On a generally accepted accounting principles (GAAP) basis, net loss for the quarter totaled $2.5 billion, an increase in net loss of $1.8 billion, compared with a net loss of $639 million for the same quarter last year. On a non-GAAP basis, adjusted loss was $498 million, compared with adjusted income of $427 million for the same quarter last year.

“The Postal Service is making rapid progress with our 10-year transformation and modernization plan, which has already produced strong service performance and efficiency improvements and is creating a much more capable and effective operational model for the nation,” said Postmaster General Louis DeJoy.

“We continue to focus on achieving break-even financial results for the 10-year period, although inflationary and economic conditions, as well as administrative hurdles, have proven difficult. The increase in the pace of change now required to achieve our financial goals will continue to be balanced with providing service performance throughout the nation,” he said.

The Postal Service’s May 9 news release has additional information.

USPS News Release – May 9, 2023

Source: USPS

Related: USPS Board of Governors open session – May 9, 2023 (audio/slides)

One thought on “USPS finances: Second-quarter results reported

  1. Union and NAME of Local/Branch
    APWU - Utica Local
    Office held, if any
    Email Address

    3.5 Billion dollars in the red at the halfway point of 2023.

    PMG says, “We are rapidly moving ahead in our Ten Year Plan.” Still think that’s a light at the end of the tunnel?
    I’m sticking with an oncoming train.

    The US Postal Service as we know it is gone.

    We knew all along the GOP wouldn’t be there to save it.

    But I think we have to ask the Democrats what we got for our money and backing? The microphone is all yours
    Sen. Schumer.

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