UPS Stock Is Down 40% -- Here's Why That Might Actually Be the Point

UPS shares are down about 40% from their February 2022 peak near $193, trading around $103 per share, and the article argues that the decline reflects shifting business conditions rather than a single earnings surprise. It cites falling daily package volumes—from more than 25 million in 2021 to under 21 million by 2025—and revenue dropping from $97 billion to $88 billion. UPS also reduced reliance on Amazon by accepting fewer high-volume, low-margin fulfillment orders, weighing on short-term results, and faced higher labor costs after the costly 2023 Teamsters contract. More recently, quarterly revenue rose to $22.83 billion (+7.6%), but net income fell to $604 million from $1.28 billion.