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UPS's Q3 2025 10-Q reveals a 3.7% revenue decline to $21.4 billion amid deliberate low-margin volume reductions and trade disruptions, offset by 9.8% revenue per piece growth from rate hikes. Operating profit dropped 14.9% to $2.1 billion, with margins at 9.6%. Key moves include Ground Saver insourcing, facility closures saving $2.2 billion, and healthcare acquisitions like Frigo-Trans. Balance sheet strong with $6.8 billion cash; dividends and buybacks continue. International growth and efficiency initiatives position for resilience.

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