USPS sees $9.5B net loss in FY 2024, does not expect to hit ‘break even’ goal next year

The Postal Service is reporting a deeper loss than it’s seen in recent years, and is calling on Congress and the incoming Trump administration to address rising costs that are beyond its control.

USPS reported a $9.5 billion net loss for fiscal 2024, despite year-over-year growth in revenue and a reduction in its controllable expenses. The agency saw a $6.5 billion loss in FY 2023.

USPS officials said 80% of the agency’s losses come from fixed costs — including pension contributions for its retirees and workers’ compensation claims for employees injured on the job.

The agency will not seek to raise mail prices in January 2025, but it plans to keep setting higher prices each July and January after that, through the end of 2027.