The USPS reported operating revenue of US$71.1bn for fiscal year 2019 (October 1, 2018-September 30, 2019), an increase of US$514m compared to the prior year.
The higher revenues were driven largely by price increases and continued growth in the Shipping and Packages business, where revenue increased US$1.3bn, which more than offset revenue declines in first class and marketing mail as a result of declining volumes in that segment of its business.
The total volume of mail and packages delivered during the year declined by 3.8 billion pieces, driven largely by first class mail declines of 1.8 billion pieces, and marketing mail declines of 1.6 billion pieces. Package volume grew slightly at 16 million pieces, or 0.3%, continuing a multi-year trend of declining mail volumes and increasing package volumes.
“We continue to adjust to declining mail volume and remain focused on leveraging our unique and unrivaled network to gain new customers and grow profitable revenue in the increasingly competitive package business,” said postmaster general and CEO Megan Brennan.
“However, revenue growth in our package business will never be enough to offset imbalances in the Postal Service’s business model, which must be addressed through legislative and regulatory reforms in order to secure a sustainable future,” Brennan emphasized.
