The Postal Service reported a 2016 Fiscal Year operating profit of $610 million. There is no special form to fill out each year when renewing the fee Paying the annual mailing fee gives you permission to mail a certain class of mail from a certain postal facility for 365 days. RISING USPS REVENUE OVER TIME MAIL REVENUE PERFORMANCE DRIVES PROFITS. Last year, the U.S. And they are certainly not because of its contracts to handle delivery of Amazon packages, no matter what President Donald Trump claims about losses on those deliveries. Newsroom › USPS Service Alerts › Forms & Publications › Careers › Site Index › ON USPS.COM. But even with the drop in revenue and volumes from traditional letters, the USPS makes money on that business. Seven months into the current fiscal year, the US Postal Service's revenue exceeds its expenses by $1.353 billion. This tool will tell you when it’s coming, Don’t panic! The fact that the USPS can come close to profitability while charging only 55 cents to mail a letter across the country is nothing short of astounding. By continuing to use this site, you agree to our use of cookies. When I talk about it, people say it’s utterly absurd,” said Rep. Peter DeFazio, the author of legislation that would remove that requirement. 1 - 11 of 11 Results. There’s no substitute for the Postal Service for much of the country.”, (Copyright (c) 2020 CNN. The financial problems have nothing to do with the expected surge in mail-in ballots for the election in November. All this red ink has flowed despite USPS’s aggressive move [1] into the parcel delivery business. “There’s no other entity on Earth that does anything like that. It does receive reimbursement for lawmakers mailings (franked mail) and to subsidize non-profit’s special mailing discounts (which is underfunded). more than 30,000 civilian federal workers. Nearly all private sector and government employers that provide retiree health benefits require full participation in Medicare, said Megan Brennan, a former postmaster general, before a House committee last year. NEXT STORY: SOURCE FOR OPERATING PROFITS See … But that 10 year period ended in 2016, so it can’t be blamed for current USPS woes. Issues U.S. As of last year, USPS managed 147.2 million residential delivery points and 12.8 million business ones. Postal Store. If the USPS would require full Medicare participation, it would eliminate about 90% of the USPS unfunded retiree health care costs — about $33.5 billion — over 10 years, she told lawmakers. Postmaster General Megan Brennan on Tuesday echoed the call for congressional action, saying the agency’s positive numbers should not mitigate the need for reform. Today’s Postal Service financial report shows a $610 million operating profit for Fiscal Year 2016, demonstrating the strength of the postal turnaround. The rule took effect in 2007, just before the start of the Great Recession, when the Postal Service was still reporting profits. The Postal Service’s operating profits have been driven by improved letter/package revenue. It is true that there has been a continual decline in traditional first class letters over recent years, as bills and payments shift from traditional mail to online. USPS records its first quarterly net profit in five years, but warns losses are not over. Nobody asks why the Department of Agriculture didn’t turn a profit last year. Under the Postal Accountability and Enhancement Act of 2006, the USPS is required to pay $5.4 billion to $5.8 billion annually, through 2016, to pay for future retiree health benefits. USPS Reports $12 million operating profit for Fiscal Year 2017 Second Quarter. Despite increased revenue of $555 million in the first six months of Fiscal Year 2019 compared to the same period last year, USPS reported an operating loss of $909 […] Posted in postal news Tagged NALC, postal news, usps financials. "There is … In addition to retiree health care costs, workers’ compensation is another hypothetical cost weighing on USPS finances. Mail Volume […] “This is the Postal Service. Read more. Postal Service reported operating revenue of $71.1 billion for fiscal year 2019 (October 1, 2018 - September 30, 2019), an … In its last complete fiscal year, the USPS had 496,934 career employees. WASHINGTON — The U.S. The president’s plan would allow USPS to phase out to-the-door delivery in favor of centralized or curbside delivery, while codifying the current policy of not closing rural post offices. Saved. USPS now has three straight years of operating in the black, with a total operating profit of $3.2 billion since 2013. The decline in letter volume has been more than made up by increased package shipments, as consumers make more purchases online. By 2002, the majority of Americans were already using email, yet USPS made a pretty penny in the years that followed. Read our, Yes, I want to receive occasional updates from partners. Newsroom › USPS Service Alerts › Forms & Publications › Careers › Site Index › ON USPS.COM. The 1993 law would have required taxpayers to provide the USPS a total of $1.2 billion over 42 years. “Despite these achievements and the best efforts of our employees, our financial condition will worsen without legislative reform,” Brennan said. The past fiscal year yielded a $1.2 billion operating profit for the U.S. All Rights Reserved. The United States Postal Service has lost $51.7 billion between 2007 and 2014 and has not earned a profit since 2006, according to a report from the Tax Foundation. It’s interesting that Congress requires 100% funding for 75 years in advance for the USPS when,according to The Motley Fool,the U.S. Government is only 42% funded. Business Supplies. Urgent need to advance legislative and regulatory reforms, along with continued aggressive management and innovation WASHINGTON - The U.S. The USPS has no stockholders. Unfortunately, losses are the rule rather than the exception for the agency. While the Postal Service has long lobbied for the modified delivery schedule, it has dropped that proposal from its “must-have” list in legislation. Postal Service turned a profit in a financial quarter for the first time in five years, though President Obama still proposed the agency slash 12,000 employees in his fiscal 2017 budget. But, wait, there’s more… What if you couldn’t increase your pricing based on changing market conditions (such as rising fuel costs or competitive pressures)? But lawmakers skipped or cut the payments for four years, leaving the USPS with a $1.6 billion IOU. Enter Search term for Search USPS.com. In 2006, Congress passed a law to require the the agency to pre-fund 75 years worth of retiree health care benefits in the span of about 10 years. But Postal Service revenue has mostly fallen or stagnated since 2008, when it hit a record $74.9 billion. Postal law, and investigations of those contracts, have confirmed that the USPS makes money on the contracts it has with Amazon and other major shippers. “It doesn’t need to make money.” He said if it wants to maximize profits it would hurt many Americans, particularly in rural areas that are expensive to serve. Those had increased over the previous year by … (“Utterly absurd,” as one lawmaker calls it.). UPS annual gross profit for 2019 was $56.377B, a 5.79% increase from 2018. Most people don’t realize that the service typically runs without any taxpayer subsidies, despite being a part of the government that goes back to before the revolutionary war. From fiscal year (FY) 2007 through FY 2018, the USPS’s net losses totaled $69 billion. WASHINGTON — The U.S. It had positive average annual cash flow of $3 billion over the previous three fiscal years. All Rights Reserved. ***Includes Priority Mail, Priority Mail Express, First-Class Packages, Package Services, Parcel Return Service and Parcel Select. The past fiscal year yielded a $1.2 billion operating profit for the U.S. Meanwhile, the plan to eliminate Saturday service is dead. USPS chief financial officer Richard Strasser attributes the decline in profit to rising costs that the Postal Service cannot compensate for via quick price changes. As part of his budget, Obama -- as he did last year -- proposed Congress make the recession-induced surcharge permanent. The White House again pitched increasing revenue by providing postal management with more flexibility in creating new business opportunities, as well as boosting cooperation with state and local governments to offer services at post offices. Beyond the question of bookkeeping and accounting rules being responsible for most of the losses, there is the question of whether or not USPS should be making money. “If you wanted to run it as a business, you’d eliminate the least profitable routes, you’d cut out all of rural routes. Postal Service Has Not Earned a Profit in Almost a Decade The government-owned enterprise has lost $51.7 billion since 2007. In brief: The U.S. The USPS booked positive cash flow of nearly $2 billion in the nine months ending June 30, up from $1.3 billion in the same period a year ago. All figures are for one fiscal year. The new USPS Financial Report issued Friday further validates the claim that the Postal Service is neither broken nor in crisis. The lower revenues were driven largely by accelerated declines in First-Class and Marketing Mail volumes. The cost of retiree health care coverage is further inflated by the fact that only 74% of the nearly 500,000 retirees and their family members covered by those policies are fully enrolled in Medicare. That was the first rollback since 1919 and it makes little financial sense because USPS already has the industrial world’s lowest rates. I agree to the use of my personal data by Government Executive Media Group and its partners to serve me targeted ads. For instance, you would need to have two different permits to mail presorted First-Class Mail and USPS Marketing Mail commercial mailings from the same office. Gifts. Unlike his legislation in the 113th Congress, a bill authored by Sen. Tom Carper, D-Del., also dropped the five-day language. Government Executive uses cookies for analytics and personalization. The money won't magically disappear. The Postal Service is the only federal agency that pre-finances its future retiree health obligations, though the bill would restructure the benefit plan by stretching out the payments over 40 years. Posted on May 10, 2017 by postal. But the economic downturn hit hard and made the payments unaffordable. * As of September 30, 2019 **Mail bearing postage stamps — bill payments, personal correspondence, cards and letters, etc. This material may not be published, broadcast, rewritten, or redistributed. ), All content © Copyright 2000 - 2021 WHDH-TV. For the period from January 1 to March 31, the USPS had a net operating profit (aka "controllable income" of $576 million. That positive cash flow came despite a large reported net losses — $7.5 billion the most recent nine months, up from a net loss of $5.9 billion in the year earlier period. That accounts for most of the agency’s reported losses. That brings the year to date profit (excluding PAEA accounting adjustments) to … Help us tailor content specifically for you: Agencies Have Distributed 200K Vaccine Doses, Guidance on Carrying Over More Annual Leave, Agencies Generally Complying With Trump Diversity Training Changes, Podcast: Native Communities, the Federal Government and the Pandemic, USPS Records First Profit in Five Years as Obama Calls for Shedding 12K Postal Jobs, Help Us Find the Government’s Boldest Innovators, Route Fifty eBook: IT Priorities for State Governments. Cards & Envelopes. USPS.com Home › Buy Stamps & Shop › Print a Label with Postage › Customer Service › Delivering Solutions to the Last Mile › OTHER USPS SITES. Back in the early days when Amazon was not turning a profit, what they were doing was building an incredible network, that covered the entire journey of a product. Sort by: Issue Date. The 1993 law would have required taxpayers to provide the USPS a total of $1.2 billion over 42 years. These five charts depict the immensity of USPS’s financial challenges. And in recent years, the USPS has not made the required payment, citing a lack of available cash. It was in these early years where the development of fulfilment centres and eventually their own delivery and logistics network which has allowed them today to have full control over their business. May 13th USPS reports $2.1 billion loss for 2nd quarter FY 2019 . OPERATING PROFIT. If the USPS was a private sector company, that would translate to a pretty healthy profit. It has 31,322 USPS-managed retail post offices. AP Ali Meyer-September 22, 2015 1:03 PM As of September 30, 2019, the balance of the retiree health benefits fund was $92.2 billion, with interest on the holdings covering most of the actual premium costs it made. Stamps. Shipping and package revenue increased by 13.5 percent in the quarter, which included the holiday period. Under this law, the USPS was required to pre-fund 75 years worth of retiree health care benefits in the span of roughly 10 years. Showing again that Senator Carper, Senator Coburn and Congressman Issa are manufacturing a postal financial crisis as an excuse to dismantle it. Revenue came to $69.6 billion, down from $71.5 billion last year. In the topsy turvy world of Washington, however, it means the USPS is still "bleeding cash"- … The Postal Service’s 2018 Fiscal Year financial report shows the Postal Service’s underlying business strength while also indicating the need to address external matters beyond USPS control. Excluding the Postal Service, Obama’s budget would add more than 30,000 civilian federal workers in fiscal 2017. Excluding the pre-funding expense the USPS has turned a $660 million profit delivering mail in fiscal year 2013. © 2021 by Government Media Executive Group LLC. But in reality, the agency is generating billions in cash. ON ABOUT.USPS.COM. Has no dividend. Top Searches. Email adoption numbers simply don’t correlate with USPS’s downturn in business. Nonetheless, “2004 and 2005 are the first two years that the USPS showed an actual profit since the Postal Service was reorganized in 1971,” says Strasser. Instead they use the USPS health care policies as their primary insurance, rather an as supplemental insurance. Postal Service (USPS) generated a huge $1.6 billion in profit from Amazon deliveries in the 2019 fiscal year, debunking claims from President Trump that the … But lawmakers skipped or cut the payments for four years, leaving the USPS with a $1.6 billion IOU. This marks 13 years of consecutive losses for the USPS, totaling $77.8 billion. Postal Service (USPS) ran a deficit of $3.9 billion. Postal Service reported revenue of $69.6 billion for fiscal year 2017 (October 1, 2016 - September 30, 2017), a decrease of $1.8 billion compared to the prior year. The projected 12,000 USPS job loss in 2017 falls in line with projections released by the Postal Service itself in 2012 as part of its five-year plan. PO BOXES; PASSPORTS; FREE BOXES . Supplies. It has another 136,174 non-career employees. (CNN) — Lawmakers on Saturday are expected to vote on a bailout for the US Postal Service, which, on paper, has been posting huge losses for years. That puts USPS operations $3.2 billion in the black over the past three years. USPS posted a net income of $307 million in the first quarter of fiscal 2016, the first such gain since the fourth quarter of fiscal 2011. Even though the USPS hasn’t been making those payments, it continues to book the theoretical cost as an expense — $16.8 billion since the start of the 2017 fiscal year. This statistic depicts the operating revenue of the United States Postal Service (USPS) between the fiscal years 2000 and 2020, broken down by segment. Profits grew $1.1 billion over the same period last year, when the Postal Service lost $754 million. The US Postal Service reported its second quarter financial results today. H&R Block issues statement after customers report IRS website displaying unknown account number, DA identifies victims of apparent murder-suicide in Charlton, Nearly 9 pounds of bush meat seized at Newark Liberty Airport in NJ. Since October 2018, it has booked about $4 billion in costs above what it is actually having to pay to cover the cost of on-the-job injuries or deaths suffered by postal workers. The mailing agency -- which has shed 250,000 jobs over the last 20 years -- also renewed its call for fundamental legislative changes to firm up its financial footing. Profitability factors in the costs of doing business, and in the case of the Postal Service, those costs are significant. Despite a solid 1.5 percent rise in revenue compared to last year, USPS reported an operating loss of $1.951 billion. ON ABOUT.USPS.COM. “UPS and FedEx depend on Postal Service to go where they don’t want to go,” he said. Operating revenue ticked up 3.3 percent to $19.3 billion between Oct. 1 and Dec. 31, 2015, driven largely by a record volume of package delivery. 2017 Budget Winners and Losers. The legislation, which the USPS supports, has passed the House with bipartisan support, and a Senate version also has bipartisan sponsors, but no vote has been scheduled yet. Operating revenue impacted by the expiration of the exigent surcharge ; Net loss of $562 million ; Urgent need to advance postal reform legislation; WASHINGTON — Although the U.S. UPS gross profit for the twelve months ending September 30, 2020 was $61.221B, a 10.62% increase year-over-year. Postal Service (USPS) released its financial report for the 2017 fiscal year in which its leadership detailed a greatly concerning loss of $2.7 billion. The USPS has massive amount of debt it needs to repay, for which profit would assist. USPS was profitable every year between 2003 and 2006, averaging a net income over two billion dollars.This is in stark contrast to its losses in 2001-2002 that averaged over a billion dollars. See also: Find Postal Service Jobs Without Being Scammed WHDH and WLVI broadcast educational and informational programming for children, and file quarterly reports with the FCC detailing the station's outreach to children. the USPS used to be "profitable" for many years. The USPS announced in its fourth quarter financial statement that in FY 2019, it ran an $8.8 billion deficit, a 125 percent increase compared to FY 2018. The positive financial news did not prevent Obama from calling for the Postal Service to continue shedding jobs in his fiscal 2017 budget, along with a comprehensive overhaul of the agency’s operations. In the fiscal year ending September 30, 2018, around 22.4 billion pieces were sent and received in the transaction market. The biggest drag on its finances is a unique rule that requires the USPS to prepay for workers’ retirement benefits for decades into the future. Cash flow and profits are not the same thing. In May 2019, the Postal Service announced that it will be releasing a pilot of self-driving trucks to haul mail across the U.S. Obama repeated many of the proposals included in his previous budgets, such as suggesting the Postal Service cut Saturday mail delivery after volume declines to a level the White House expects USPS to hit in late 2018. Mail carrier Marissa Ogletree delivers mail in the historic Pullman neighborhood in Chicago November 20, 2014. The period between Thanksgiving and Christmas is the busiest time of the year for the USPS with the agency delivering an estimated 900 million packages during the period of 2018. UPS annual gross profit for 2018 was $53.293B, a 5.33% increase from 2017. Virtually all of the agency’s financial problems stem from a unique, arcane accounting system that no other business or government body follows and that doesn’t accurately reflect real costs. The U.S. A report by the USPS inspector general hinted that the USPS might declare that sum as a loss. The agency’s total revenue in fiscal 2019 was $71.2 billion, enough to place it 43rd on the Fortune 500 (higher than Intel) if it were a private company. USPS does not directly receive tax dollars from the federal government. A lot of govt agencies run a "profit", that profit is reinvested right back into the govt/agency. It’s not the postal business,” said DeFazio. Today, the U.S. Postal Service reported total revenue of $19.7 billion for the first quarter of fiscal 2019 (October 1, 2018 - December 31, 2018), an increase of $553 million, or 2.9 percent, compared to the same quarter last year. The 18-wheelers were developed by startup company, TuSimple. The public may view the reports by going to, How to register your school/organization for closings and delays, 190 Mass. Retirees are still covered because the USPS made payments in the past. The first quarter is typically the best of the year for the Postal Service. A report by the USPS inspector general hinted that the USPS might declare that sum as a loss. The USPS booked positive cash flow of nearly $2 billion in the nine months ending June 30, up from $1.3 billion in the same period a year ago. Chart 1. The U.S. USPS.com Home › Buy Stamps & Shop › Print a Label with Postage › Customer Service › Delivering Solutions to the Last Mile › OTHER USPS SITES. It’s true that no other unit of government or private company that provides retiree health care coverage has to make such pre-funding payments. USPS posted a net income of $307 million in the first quarter of fiscal 2016, the first such gain since the fourth quarter of fiscal 2011. Collectors. 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