UPS layoffs, on the record
Every job cut, severance charge and restructuring UPS reported in its annual reports, 2022 to 2025, quoted from the filings. Headcount went from approximately 536,000 to approximately 460,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2022 | approximately 536,000 | — |
| 10-K for 2023 | approximately 500,000 | — |
| 10-K for 2024 | approximately 490,000 | — |
| 10-K for 2025 | approximately 460,000 | — |
Job cuts, severance and restructuring
Our summaryIn 2012 the company agreed with the NETTI multiemployer pension fund to restructure pension liabilities for about 10,200 Teamsters-represented UPS employees.
Word for word“In 2012, we reached an agreement with the New England Teamsters and Trucking Industry Pension Fund ("NETTI Fund"), a multiemployer pension plan in which UPS is a participant, to restructure the pension liabilities for approximately 10,200 UPS employees represented by the Teamsters.” 10-K for 2022
Our summaryUPS carried out the Fit to Serve initiative, cutting management-heavy positions during 2024 to right-size the business, and has incurred costs under it.
Word for word“In response to these factors, we began to undertake our Fit to Serve initiative with the intent to right-size our business to create a more efficient operating model that was more responsive to market dynamics through a workforce reduction of approximately 14,000 positions, primarily within management, throughout 2024.” 10-K for 2024
Our summaryUPS expects to spend more in 2025 and later years to complete its Efficiency Reimagined program, mainly on outside professional services and severance.
Word for word“We expect to incur related costs of approximately $300 to $400 million during 2025, and incremental costs in 2026 and 2027, to complete the program which will primarily consist of outside professional services and severance costs.” 10-K for 2024
Our summaryUPS reported that its Transformation 2.0 costs mostly came from workforce reductions and consultant fees, and expects to finish in 2025 with some costs remaining.
Word for word“Transformation 2.0 initiatives are expected to conclude during 2025 with anticipated remaining costs of approximately $90 million primarily related to completion of our technology initiatives.” 10-K for 2024
Our summaryUPS said compensation and benefit costs under its transformation programs are mainly severance tied to workforce reductions.
Word for word“Compensation and benefit costs under these programs are primarily related to severance costs incurred in conjunction with reductions in our workforce.” 10-K for 2024
Our summaryUPS completed its Transformation 2.0 initiative, which included workforce reductions and consultant fees, at a total cost of $835 million.
Word for word“Transformation 2.0 was completed in 2025, and total related costs were $835 million.” 10-K for 2025
Our summaryUPS recorded Transformation Strategy Costs across several initiatives, mostly severance costs and outside professional service fees.
Word for word“Within these initiatives, we incurred primarily severance costs and fees paid to outside professional service providers.” 10-K for 2025
Our summaryUPS expects to incur more separation costs for remaining participants in its voluntary separation programs.
Word for word“An additional $ 25 million of separation costs is expected to be incurred for the remaining participants in our voluntary separation programs over the employees' remaining term of service through the third quarter of 2026.” 10-K for 2025
Our summaryUPS said it plans to offer a voluntary separation program to full-time drivers in the United States.
Word for word“As previously announced, we intend to offer a voluntary separation program to full-time drivers in the United States.” 10-K for 2025
| Fiscal year ended | Severance costs |
|---|---|
| 2018-12-31 | $262 million |
| 2019-12-31 | $166 million |
| 2020-12-31 | $211 million |
| 2021-12-31 | $206 million |
| 2022-12-31 | $46 million |
| 2023-12-31 | $337 million |
| 2024-12-31 | $213 million |
| 2025-12-31 | $420 million |
UPS has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from UPS’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023, 10-K for 2022) and the financial data it files with the SEC, as of 2026-02-17. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.