UPS Stock Is Down 57% From Its Record. Is It a Buy Before Its Oct. 27 Report?

UPS stock has fallen 57% from its 2022 peak to around $100, pushing its dividend yield to 6.5%. While earnings have declined 44% from 2022 to expected 2026 levels, the company's leaner network strategy following its Amazon volume cut is showing promise with improved margins. The stock trades at a discount to the S&P 500, and management expects $5.5 billion in free cash flow for 2026 to cover dividends, though with limited cushion. The upcoming Q3 earnings report on Oct. 27 will be a key test of whether the company can meet its second-half forecasts.