J P M O R G A N North America Equity Research 28 July 2026 United Parcel Service First Look at 2Q26 Earnings Initial reaction - Modest Positive. We expect UPS will move higher on the 2Q26 beat and raise which essentially keeps the implied 2H26 outlook unchanged. The stock had run up into the print which could mute the reaction today, especially as there are still several questions on how UPS can achieve the back half earnings ramp. At this point, we are not as concerned as many investors appear to be on 2H2 ...