Chief Financial Officer Joe Corbett reviews the Postal Service’s year-end financial report in a new “Dollars and Change” video.
USPS recorded $70.6 billion in total revenue in fiscal 2018 (Oct. 1, 2017-Sept. 30, 2018), up 1.5 percent from the previous fiscal year.
Total operating expenses for the year were $74.4 billion, up 3.1 percent. This left the Postal Service with a net loss of $3.9 billion for fiscal 2018, an increase in net loss of $1.2 billion from one year earlier.
Several factors contributed to the net loss, including declining First-Class Mail volume and increased fuel and transportation costs. Salaries and benefits also increased.
USPS is “actively taking steps to manage the business,” Corbett says, noting the organization’s efforts to grow its package service, upgrade equipment and boost the value of mail.
Long-term financial stability requires legislative postal reform, a favorable outcome from the Postal Regulatory Commission’s 10-year pricing review, and continued efforts by USPS to innovate and become more efficient.
“With these changes, we can put the Postal Service back on solid financial footing,” Corbett says.