PRC: USPS’s overall financial condition continues to worsen
The Postal Regulatory Commission released its Financial Analysis report for Fiscal Year (FY) 2023.
The in-depth analysis of the Postal Service’s financial performance concluded that the organization’s overall financial condition continues to worsen. In FY 2023, the Postal Service recorded a net operating loss of $2.3 billion — an increase of $1.8 billion over the previous year. When non-operating expenses are included, the overall net loss increases to $6.5 billion.
The primary highlights from the report were:
- The Postal Service had a net loss of $6.5 billion.
- Total Factor Productivity, a measure of Postal Service efficiency, saw the largest decrease (4 percent) since it was first calculated in 1965.
- Total mail volume decreased by 8.7 percent, including a 2.0 percent decrease in the volume of Competitive products.
- Revenue from Competitive products increased by $0.2 billion.
- Despite rate increases, Market Dominant revenue decreased by $0.4 billion.
- Total operating expenses were $2.1 billion higher than the previous year.
- The Postal Service recorded total assets of $45.3 billion and total liabilities of $68.4 billion at the end of FY 2023.
A complete copy of the Commission’s in-depth financial analysis may be found here or at www.prc.gov.