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USPS finances

Year-end results reported

Ivy Briscoe, a mail processing clerk, works at the Suburban Maryland Processing and Distribution Center in Gaithersburg in December 2018.

The Postal Service has reported its financial results for fiscal 2019 (Oct. 1, 2018-Sept. 30, 2019). Here are some highlights:

• Revenue. Operating revenue was $71.1 billion, up 0.7 percent from the previous fiscal year. The increase was driven largely by price changes and continued growth in shipping and packages, where revenue increased 6.1 percent. This more than offset revenue declines in First-Class Mail and Marketing Mail stemming from declining volumes.

• Volume. Total mail and package volume was 142.6 billion pieces, down 2.6 percent. First-Class Mail volume declined 3.1 percent and Marketing Mail volume declined 2.1 percent, while package volume grew slightly at 0.3 percent. This continued a multi-year trend of declining mail volumes and increasing package volumes, although package volume growth slowed considerably during the year.

• Expenses. Operating expenses for the year were $79.9 billion, an increase of 7.3 percent compared with the prior year. This was driven by an increase in workers’ compensation expense of $3.5 billion, of which $3.4 billion was the result of changes in discount rates outside of management’s control.

• Net loss. The net loss for the year was $8.8 billion, an increase in net loss of $4.9 billion compared with 2018.

“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 Megan J. 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.”

The Postal Service’s Nov. 14 news release has more information.

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