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Staying the course

CFO reports on 2021 results

USPS reported mixed results for fiscal year 2021, but fully enacting the Delivering for America plan will help put the organization back in the black, Chief Financial Officer Joe Corbett says in his latest “Dollars and Change” video.

For fiscal year 2021 (Oct. 1, 2020-Sept. 30, 2021), total revenue was $77.1 billion, with total expenses of $82 billion. This resulted in an adjusted net loss of $6.9 billion (excluding a $2 billion noncash adjustment to the workers’ compensation liability), a slight improvement over 2020.

Marketing mail volume increased 3.4 percent, with a 4.9 percent increase in revenue, largely fueled by election and political mail.

Shipping and package revenue grew 12.2 percent and volume grew 3.5 percent, the result of price increases, a change in the mix of products and the continuing popularity of e-commerce.

However, the Postal Service’s most profitable product, First-Class Mail, continued its downward trajectory, with volume falling 3.7 percent and revenue declining 2.1 percent.

Income was also affected by compensation and benefits expenses, which rose 2.8 percent, and the cost of transportation, which increased 9.5 percent.

Still, Corbett says he’s confident about the future and stressed the importance of staying the course with the Delivering for America plan.

“By implementing this 10-year plan in full, we expect to operate in a financially self-sustaining manner within the next several years, while continuing to fulfill our universal service mission,” he says.