UPS forecasts full-year revenue of about $92.6B, above prior $91.2B guidance

The upward revision matters less for its size than for what it implies about volume and yield holding up in a soft freight backdrop, with capex held flat rather than raised to chase that revenue. That combination suggests the guidance is being driven by operating leverage rather than new investment, which is the more durable signal for parcel carriers and their logistics peers. Whether the higher top line converts into margin improvement, and whether the capex restraint persists into the next guidance cycle, is the open question.