The U.S. Postal Service reported a revenue gain for the year but an income loss, while parcel volume continued to drop relative to the 2021 pandemic surge, as the USPS like other shippers has experienced a slowdown in ecommerce-related business due to challenging economic conditions.
The USPS reported an adjusted net loss of $473 million, compared to adjusted net income of $1.5 billion last year. The actual GAAP figure was a $56 billion gain this year, vs. a $4.9 billion loss last year, mostly due to the one-time cash effect of the Postal Service Reform Act.
For the adjusted figure, also called controllable, the USPS backed out past-due retiree healthcare benefits under the PSRA and workers’ compensation payments, adding back amortized gains from unfunded liabilities.