U.S. Postal Service Reports Third Quarter Fiscal Year 2024 Results

*Operating revenue increase of $191 million to $18.8 billion, extending the growth trend to four consecutive quarters
*Transportation expense reductions of $236 million reflect continued progress under the Delivering for America plan
*Shipping and Package growth continues to benefit from USPS Ground Advantage

The U.S. Postal Service today announced its financial results for the third quarter of fiscal year 2024 (Apr. 1, 2024 – Jun. 30, 2024). The net loss for the quarter under generally accepted accounting principles (GAAP) totaled $2.5 billion, compared to a net loss of $1.7 billion for the same quarter last year.

Total operating revenue was $18.8 billion for the quarter, an increase of $191 million, or 1.0 percent, compared to the same quarter last year.

Revenue from Shipping and Packages, First-Class Mail and Marketing Mail all increased in the third quarter. Shipping and Packages revenue increased $182 million, or 2.4 percent, on a volume increase of 46 million pieces, or 2.7 percent, compared to the same quarter last year. USPS Ground Advantage, the Postal Service’s shipping offering which provides a simple, reliable, and more affordable way to ship packages, has continued to experience wide adoption and growth in the marketplace.

First-Class Mail revenue increased $125 million, or 2.1 percent, on a volume decline of 370 million pieces, or 3.4 percent, compared to the same quarter last year. Marketing Mail revenue increased $107 million, or 3.1 percent, on a volume decline of 43 million pieces, or 0.3 percent, compared to the same quarter last year.

“We are making solid progress in generating a sustained revenue growth trajectory in our mailing and shipping businesses, which is validation of the product and pricing strategies and network capabilities enabled by our Delivering for America plan,” said Postmaster General Louis DeJoy. “We continue transforming and modernizing our processing, transportation and delivery networks, which will enable the Postal Service to operate more efficiently and effectively and at lower cost. Despite inflationary headwinds impacting our costs, we remain committed to finding a path to return the Postal Service to long-term financial sustainability.”
details at: https://about.usps.com/newsroom/national-releases/2024/0808-usps-reports-third-quarter-fiscal-year-2024-results.htm

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