The latest financial analysis report from the Postal Regulatory Commission (PRC) has revealed that the financial performance of the United States Postal Service (USPS) has continued to worsen, with a net operating loss of US$2.3bn for the fiscal year 2023.
This is an increase of US$1.8bn on the previous year and, when non-operating expenses are included, brings the overall net loss to US$6.5bn.
According to the report, total factor productivity – a measure of Postal Service efficiency – saw the largest decrease of 4% since it was first calculated in 1965.
USPS’s total mail volume decreased by 8.7% in FY23 compared to FY22, including a 2% decrease in the volume of competitive products – products for which there is substantial direct competition from other delivery providers. However, revenue from these products did increase by US$200m.
Overall, total operating expenses were US$2.1bn higher than the previous year and the postal service recorded total assets of US$45.3bn and total liabilities of $68.4bn at the end of FY 2023, according to PRC’s analysis.
A complete copy of PRC’s in-depth financial analysis may be found here.