Il CFO di UPS lancia un severo avvertimento agli investitori in dividendi

United Parcel Service investors counting on a dividend raise this year are going to be disappointed. That message came straight from UPS (UPS) CFO Brian Dykes, who made it crystal clear that the shipping giant is freezing its dividend in 2026. For anyone holding UPS as a dividend stock, this is a significant development worth understanding. The company has been paying out about 80% to 90% of its net income as dividends. That's well above its long-term target of 50% to 60%. In other words, UPS is distributing more than it comfortably should, and management knows it. "We don't expect the dividend to increase, and we're not going to increase it in 2026.... But we are going to work ourselves back toward that target," Dykes said during a March conference. So what's going on at one of America's most iconic dividend stocks? A lot, actually. UPS is a dividend stock under pressure Most people know UPS as the brown-truck company that shows up at their door. But it's also one of the largest logistics networks on the planet, moving roughly 6% of U.S. gross domestic product (GDP) annually. The company has been going through one of the most dramatic transformations in its 118-year history. At its center is a deliberate decision to dump a large chunk of its Amazon business. Related: 30-year-old shipping company files Chapter 11 bankruptcy At its peak, Amazon accounted for approximately 10% of UPS's revenue, about $10 billion. Over the past two years, UPS has cut that relationship nearly in half, shedding approximately $5 billion in Amazon revenue and 2 million packages per day. Why? The Amazon business UPS is exiting is low-margin, high-volume work that's increasingly handled by Amazon's own delivery network. Rather than fighting for scraps, UPS is getting out and refocusing on higher-value customers: small businesses, health care logistics, and business-to-business (B2B) shipping. That pivot makes strategic sense long-term. But right now, it's creating serious short-term pain. A pause on UPS dividend hikes The first half of 2026 is shaping up to be rough for UPS. Three things are hitting the business at once. - First, volumes are falling as the Amazon drawdown continues. - Second, the company is transitioning its economy shipping product, called Ground Saver, back to the U.S. Postal Service, which carries transitional costs. - Third, UPS is replacing its aging MD-11 aircraft fleet with new Boeing 767s, adding temporary lease expenses. All of that pressure is landing on the company's income statement at the same time. For the first quarter of 2026, Dykes said domestic operating margins could land in the "mid-single digits": a far cry from where UPS wants to be.