15 World’s Biggest Courier Companies

15 World’s Biggest Courier Companies

15 World’s Biggest Courier Companies– Based on the annual report of the company in 2020 and 2022, there are 15 World’s Biggest Courier Companies. Of course, these companies have billion of assets and millions of income in 2020 and 2022. In that year, the pandemic of Covid-19 has influenced the business of courier companies. Some of them were affected by this pandemic. Meanwhile, the challenge in 2022 was the global recession in some countries, which can affect the global expedition company.


15 World’s Biggest Courier Companies _ King of Courier

A courier is a company who delivers mail, packages from one place or person to another place or person in a distant area. With this company, the distribution of goods can be done more efficient in several days. It can help the company, people, or their customers to transmit their goods fast. Maybe, as humans, we ever used their service to help deliver our mail, goods, or packages.


15 World’s Biggest Courier Companies- Logo

In 2020, with the challenging pandemic, the company has different obstacles with the effect of the slowdown of the global economy. Some of them still can get a positive result but some of them have negative effects because of decreasing their business revenue. Meanwhile, in 2022, the courier companies have some differenct obstacle relating to instability of economic / global recession in several countries.

Here is The Rank of 15 World’s Biggest Courier Companies Based on Net Income in 2020 and 2022. These data of each company are obtained from Annual Report in 2020 and 2022.

The Rank of 15 World’s Biggest Courier Companies Based on Net Income in 2022

Rank Name of CompanyRevenueRevenueNet IncomeNet Income
Origin Currency US DollarOrigin Currency US Dollar
1UPS100.3 Billion US Dollar 100.3 Billion US Dollar 11.5 Billion US Dollar 11.5 Billion US Dollar
2Deutsche Post-DHL94.4 Billion Euro106 Billion US Dollar5.7 Billion Euro6.4 Billion US Dollar
3Fedex Corporation93.5 Billion US Dollar93.5 Billion US Dollar3.8 Billion US Dollar3.8 Billion US Dollar
4ZTO Express5.1 Billion US Dollar5.1 Billion US Dollar965 Million US Dollar965 Million US Dollar
5Poste Italiane10 Billion Euro11.3 Billion US Dollar847 Million Euro957 Million US Dollar
6Royal Mail12.7 Billion Poundsterling16.7 Billion US Dollar 612 Million Poundsterling807 Million US Dollar
7SF Express207 Billion Yuan33.1 Billion US Dollar4.2 Billion Yuan 672 Million US Dollar
8TFI international1.9 Billion US Dollar1.9 Billion US Dollar153 Million US Dollar153 Million US Dollar
9Austrian Post2.6 Billion Euro 7 Billion US Dollar 128 Million Euro 144 Million US Dollar
10Australia Post8.9 Billion US Dollar 8.9 Billion US Dollar 49.5 Million US Dollar 49.5 Million US Dollar
11YRC worldwide5.2 Billion US Dollar 5.2 Billion US Dollar 21 Million US Dollar 21 Million US Dollar
12Gati 25.7 Thousand Lakhs33 Million US Dollar(-2 Thousand Lakhs)(-2.6 Million US Dollar)
13Canada Post10.1 Billion CAD7.9 Billion US Dollar(-228 Million CAD)(-180 Million US Dollar)
14Shenker AG56.2 Billion Euro63.5 Billion US Dollar (-227 Million Euro)(-256 Million US Dollar)
15PostNL3.1 Billion Euro3.5 Billion US Dollar(-993 Million Euro)(-1.1 Billion US Dollar)
Source : Annual Report, 2022
Currency Rate :
1 Euro = 1.13 US Dollar
1 CAD = 0.79 US Dollar
1 GBP = 1.32 US Dollar
1 Yuan = 0.16 US Dollar
1 INR= 0.013 US Dollar
1 Lakhs = 100,000 INR

The table above showed the Financial business performance of courier companies according to annual report of the company in 2022. We also published the past data of revenue and net income in the year of 2020.

The Rank of 15 World’s Biggest Courier Companies Based on Net Income in 2020

Rank Name of CompanyRevenueRevenueNet IncomeNet Income
Origin Currency US DollarOrigin Currency US Dollar
1Fedex Corporation83.9 Billion US Dollar 83.9 Billion US Dollar 5.2 Billion US Dollar5.2 Billion US Dollar
2Deutsche Post-DHL66.8 Billion Euro 75.4 Billion US Dollar 3.1 Billion Euro 3.5 Billion US Dollar
3UPS84.6 Billion US Dollar 84.6 Billion US Dollar 1.3 Billion US Dollar 1.3 Billion US Dollar
4S.F Express153 Billion Yuan 24.4 Billion US Dollar6.9 Billion Yuan 1.1 Billion US Dollar
5Royal Mail12.6 Billion Poundsterling 16.6 Billion US Dollar 521 Million Poundsterling 687 Million US Dollar
6ZTO Express3.8 Billion US Dollar 3.8 Billion US Dollar 663 Million US Dollar 663 Million US Dollar
7Poste Italiane9 Billion Euro 10.1 Billion US Dollar324 Million Euro366 Million US Dollar
8TFI international3.4 Billion US Dollar 3.4 Billion US Dollar 275 Million US Dollar 275 Million US Dollar
9Australia Post8.2 Billion US Dollar 8.2 Billion US Dollar 261 Million US Dollar261 Million US Dollar
10PostNL3.2 Billion Euro 3.6 Billion US Dollar 213 Million Euro240 Million US Dollar
11Austrian Post2.1 Billion Euro 2.3 Billion US Dollar 115 Million Euro 129 Million US Dollar
12Gati 28.6 Thousand Lakhs37 Million US Dollar(-17.6 Thousand Lakhs)(-22 Million US Dollar)
13YRC worldwide4.5 Billion US Dollar 4.5 Billion US Dollar (-53 Million US Dollar) (-53 Million US Dollar)
14Canada Post9.3 Billion CAD7.3 Billion US Dollar(-570 Million CAD)(-450 Million US Dollar)
15Shenker AG39 Billion Euro 44 Billion US Dollar (-5.7 Billion Euro)(-6.4 Billion US Dollar)
Source : Annual Report, 2020
Currency Rate :
1 Euro = 1.13 US Dollar
1 CAD = 0.79 US Dollar
1 GBP = 1.32 US Dollar
1 Yuan = 0.16 US Dollar
1 INR= 0.013 US Dollar
1 Lakhs = 100,000 INR

As additional data, there are 15 World’s Biggest Courier Companies Based on Assets in 2020 and 2022. These data are obtained from the Balance Sheet, Annual Report of each company in 2020 and 2022.

The Rank of 15 World’s Biggest Courier Companies Based on Assets in 2022

Rank Name of CompanyAssetsAssetsLiabilitiesLiabilities
Origin Currency US DollarOrigin Currency US Dollar
1Poste Italiane116 Billion Euro131 Billion US Dollar 112 Billion Euro126 Billion US Dollar
2Shenker AG76.3 Billion Euro 86.8 Billion US Dollar61.5 Billion Euro 69.4 Billion US Dollar
3Fedex Corporation85.9 Billion US Dollar 85.9 Billion US Dollar 40.8 Billion US Dollar 40.8 Billion US Dollar
4Deutsche Post-DHL68.2 Billion Euro77 Billion US Dollar44.5 Billion Euro50.2 Billion US Dollar
5UPS71.1 Billion US Dollar 71.1 Billion US Dollar 51.3 Billion US Dollar 51.3 Billion US Dollar
6S.F Express209 Billion Yuan33.4 Billion US Dollar111 Billion Yuan 17.7 Billion US Dollar
7Royal Mail10.6 Billion Poundsterling13.9 Billion US Dollar5.3 Billion Poundsterling6.9 Billion US Dollar
8ZTO Express11.3 Billion US Dollar 11.3 Billion US Dollar 3.48 Billion US Dollar 3.48 Billion US Dollar
9Canada Post14.3 Billion CAD11.2 Billion US Dollar7.8 Billion CAD6.1 Billion US Dollar
10Australia Post6.9 Billion US Dollar 6.9 Billion US Dollar 4.3 Billion US Dollar 4.3 Billion US Dollar
11Austrian Post5.3 Billion Euro 5.9 Billion US Dollar4.6 Billion Euro 5.1 Billion US Dollar
12TFI international5.5 Billion US Dollar 5.5 Billion US Dollar 3 Billion US Dollar 3 Billion US Dollar
13PostNL2.2 Billion Euro2.4 Billion US Dollar2 Billion Euro 2.2 Billion US Dollar
14YRC worldwide2.2 Billion US Dollar 2.2 Billion US Dollar 2.6 Billion US Dollar 2.6 Billion US Dollar
15Gati 123 Thousand Lakhs0.159 Billion US Dollar59 Thousand Lakhs0.076 Billion US Dollar
Source : Annual Report, 2022
Currency Rate :
1 Euro = 1.13 US Dollar
1 CAD = 0.79 US Dollar
1 GBP = 1.32 US Dollar
1 Yuan = 0.16 US Dollar
1 INR= 0.013 US Dollar
1 Lakhs = 100,000 INR

As additional Information, We also add some information relating to Courier Companies in 2020 based on Assets. All of the data was obtained from balance sheet in annual report of 2020.

The Rank of 15 World’s Biggest Courier Companies Based on Assets in 2020

Rank Name of CompanyAssetsAssetsLiabilitiesLiabilities
Origin Currency US DollarOrigin Currency US Dollar
1Poste Italiane114 Billion Euro128 Billion US Dollar 107 Billion Euro120 Billion US Dollar
2Fedex Corporation82.7 Billion US Dollar 82.7 Billion US Dollar 37.8 Billion US Dollar 37.8 Billion US Dollar
3Shenker AG65.4 Billion Euro 73.9 Billion US Dollar58.2 Billion Euro 65.7 Billion US Dollar
4UPS62.4 Billion US Dollar 62.4 Billion US Dollar 61.7 Billion US Dollar 61.7 Billion US Dollar
5Deutsche Post-DHL55 Billion Euro62 Billion US Dollar41.3 Billion Euro46 Billion US Dollar
6S.F Express111 Billion Yuan17.7 Billion US Dollar54.4 Billion Yuan 8.7 Billion US Dollar
7Royal Mail9.9 Billion Poundsterling13 Billion US Dollar5.1 Billion Poundsterling6.7 Billion US Dollar
8ZTO Express9 Billion US Dollar 9 Billion US Dollar 1.5 Billion US Dollar 1.5 Billion US Dollar
9Canada Post11.2 Billion CAD8.8 Billion US Dollar12.8 Billion CAD10.1 Billion US Dollar
10Australia Post7 Billion US Dollar 7 Billion US Dollar 4.5 Billion US Dollar 4.5 Billion US Dollar
11TFI international3.8 Billion US Dollar 3.8 Billion US Dollar 2 Billion US Dollar 2 Billion US Dollar
12Austrian Post2.6 Billion Euro 2.9 Billion US Dollar2 Billion Euro 2.2 Billion US Dollar
13PostNL2.2 Billion Euro2.4 Billion US Dollar2 Billion Euro 2.2 Billion US Dollar
14YRC worldwide2.1 Billion US Dollar 2.1 Billion US Dollar 2.4 Billion US Dollar 2.4 Billion US Dollar
15Gati 159 Thousand Lakhs0.21 Billion US Dollar75 Thousand Lakhs0.097 Billion US Dollar
Source : Annual Report, 2020
Currency Rate :
1 Euro = 1.13 US Dollar
1 CAD = 0.79 US Dollar
1 GBP = 1.32 US Dollar
1 Yuan = 0.16 US Dollar
1 INR= 0.013 US Dollar
1 Lakhs = 100,000 INR




Brief Description of 15 World’s Biggest Courier Companies

15 World’s Biggest Courier Companies- Brief Description


1. FedEx Corporation    

15 World’s Biggest Courier Companies _ FeDex

FedEx Corporation (“FedEx”) was incorporated in Delaware on October 2, 1997, with headquarter in Memphis, Tennessee, USA. Historically, it began with the initiation of Frederick W. Smith who found this company. Basically, FedEx provides a broad portfolio of transportation, e-commerce, and business services through FedEx brand. This company has some of the following reportable business segment, namely FedEx Express, FedEx Ground, and FedEx Freight. In 2020, the company generates revenue of 83.9 billion US Dollar and Net Income reach 5.2 billion US Dollar.


FEDEX Financial condition and Performance in 2022

Meanwhile, in the year of 2022, FedEx Corporation has assets around USD 85.9 Billion with Liabilities USD 40.8 Billion. Based on the business performance, FedEx Corporation got revenue of USD 93.5 Billion with Net Income about USD 3.8 Billion.  


2. Deutsche Post-DHL

15 World’s Biggest Courier Companies- DHL

Founded in San Francisco, USA September 25, 1969, Deutsche Post DHL provides service consisting of letter and parcel dispatch, express delivery, freight transport, supply chain management, and e-commerce solutions. Basically, this group has five operating divisions: Post Parcel Germany, Express, Global Forwarding, Freight, Supply Chain, and eCommerce Solutions. In 1998, Deutsche Post began to acquire shares of DHL 1998 and fully control DHL in 2001. Now, the Deutsche-DHL has headquartered in Germany Bonn, Germany. Based on the performance in 2020, the company generates revenue of 66.8 billion Euro or equivalent with 75.4 billion US Dollar and net income reach 3.1 billion Euro or equivalent to 3.5 billion US Dollar.


DHL Financial condition and Performance in 2022

Furthermore, in the year of 2022, Deutsche Post-DHL  got assets EUR 68.2 billion or equivalent with 77 billion US Dollar and Liabilities with 44.5 billion Euro / 50.2 billion US Dollar. In addition, the performance of Deutsche Post-DHL gained revenue about 94.4 billion Euro / 106 billion US Dollar with Net Income about 5.7 billion Euro / 6.4 billion US Dollar


3. UPS  

15 World’s Biggest Courier Companies- UPS

United Parcel Service (UPS) is an American multinational package delivery and supply chain management company founded on August 28th, 1907, in Seattle, Washington with the initiation of James Casey and Claude Ryan. Along with the development of a Business company, this company has some services, namely Courier express services, Freight forwarding services, and Logistics services. Financially, in 2020, UPS generates revenue of 84.6 billion US dollars and net income reached 1.3 billion US dollars.


UPS Financial condition and Performance in 2022

According to the Annual Report of UPS in 2022, UPS got assets around USD 71.1 billion with Liabilities around USD 51.3 billion. Based on the business performance in 2022, UPS gained revenue around USD 100.3 billion and Net Income about USD 11.5 billion. 


4. S.F Express   

15 World’s Biggest Courier Companies- SF_Express

SF Express (Group) Co., Ltd. is multinational delivery services and logistics company from China. Commonly, this company has a primary office in Shenzhen, Guangdong. Historically, this company was founded in 1993 by Wang Wei. Along with the development of a business company, this company has miscellaneous business services with employees of around 135 thousand people. Based in the performance in 2020, the company generates revenue of 153 billion Yuan or equivalent to 24.4 billion US Dollar and net income reach 6.9 billion Yuan or equivalent to 1.1 billion US Dollar.


SF Express Financial condition and Performance in 2022

In the year of 2022, SF Express still shown good performance. The assets of company still in 209 billion Yuan / 33.4 billion US Dollar  with liabilities around 111 billion Yuan / 17.7 billion US Dollar. Based on business performance in 2022, SF Express got revenue around 207 billion Yuan / 33.1 billion US Dollar and gained net income around 4.2 billion Yuan / 672 million US Dollar.


5. Royal Mail     

15 World’s Biggest Courier Companies- Royal- Mail

Royal Mail Group plc is a British multinational postal service and courier company that has established in 1516 by King Henry VIII. Now, along with business development, this company has miscellaneous services, namely Letter post, parcel service, EMS, delivery, freight forwarding, and third-party logistics. In 2020, the performance of Royal Mail showed positive performance with revenue of 12.6 billion Pound Sterling or equivalent to 16.6 billion US dollars, and net income reach 521 million Pound sterling or equivalent to 687 million US dollars.  


Royal Mail  Financial condition and Performance in 2022

Meanwhile, The Royal Mail is still in good positions in 2022. Financially, the assets of Royal Mail were 10.6 billion Pound Sterling / 13.9 billion US Dollar with Liabilities around 5.3 billion Pound Sterling / 6.9 billion US Dollar. Based on the business performance in 2022, the Royal Mail gained revenue around 12.7 billion Pound Sterling / 16.7 billion US Dollar and Net Income about 612 million Pound Sterling / 807 million US Dollar.





6. ZTO Express 

15 World’s Biggest Courier Companies- ZTO_express

ZTO Express is a transportation logistics company from China. It has headquartered in Shanghai, China, founded in 2002 by Meisong Lai. Financially, the performance of ZTO express has shown a positive signal with revenue of 3.8 billion US dollars and net income reaching 663 million US dollars.  


ZTO Express  Financial condition and Performance in 2022

In 2022, ZTO is still in good condition based on business performance and financial conditions. According to the Annual Report of ZTO Express in 2022, this company has assets around 11.3 billion US Dollar with Liabilities around 3.48 billion US Dollar. Based on the business performance in 2022, the ZTO express gained revenue 5.1 billion US Dollar with Net income around 965 million US Dollar.


7. Poste Italiane

15 World’s Biggest Courier Companies-  PosteItaliane

Poste Italiane S.p.A. is an Italian Courier and Postal service that has a main office in 190 Viale Europa, Rome, Italy. Overall, the total of employees of this company reaches around 125 thousand people. The Italian-based company in 2020 showed positive performance with revenue of 9 billion Euro or equivalent to 10.1 billion US Dollars and net income reach 324 million Euro or equivalent to 366 million US Dollar.


Poste Italiane  Financial condition and Performance in 2022

Poste Italiane got positive business in 2022. According to the Annual Report in 2022, Poste Italiane has assets around 116 billion Euro / 131 billion US Dollar with liabilities around 112 billion Euro / 126 billion US Dollar. Based on the business performance in 2022, the poste Italiane gained revenue 10 billion Euro / 11.3 billion US Dollar with net income around 847 million Euro / 957 million US Dollar.


8. TFI international        

15 World’s Biggest Courier Companies- TFI_International

TFI International Inc. is a Canadian courier company based in Saint-Laurent, Quebec, Canada that was founded in 1957 by the Emond brothers. Along with business development, this company has 366 facilities across Canada, USA, and Mexico. Financially, TFI International showed positive performance with revenue of 3.4 billion US dollars and net income reaching 275 million US dollars.


TFI International Financial condition and Performance in 2022

TFI international in 2022 got the assets around 5.5 billion US Dollar with Liabilities around 3 billion US Dollar. Based on the business performance in 2022, the TFI international gained revenue around 1.9 billion US Dollar with Net Income around 153 million US Dollar.


9. Australia Post             

15 World’s Biggest Courier Companies- Australia_Post

Australia Post, formally the Australian Postal Corporation, is a government business enterprise that provides postal services and couriers in Australia. Officially, the headquarter office of Australia Post is in Bourke Street, Melbourne. Historically, this company was founded on July 1st, 1975. Along with the development of the company’s business, the company has 4.3 thousand outlets and 35 thousand employees. Australia Post in 2020 showed positive performance with revenue of 8.2 billion US Dollars and net income reaching 261 million US Dollars.


Australia Post Financial condition and Performance in 2022

In 2022, Australia Post got the assets 6.9 billion US Dollar and liabilities around 4.3 billion US Dollar. Based on the business performance in 2022, the Australia Post gained revenue 8.9 billion US Dollar with Net income around 49.5 million US Dollar.


10. PostNL         

15 World’s Biggest Courier Companies- Post_NL

PostNL formerly TNT N.V. is a courier corporation with operations in the Netherlands, Germany, Italy, Belgium, and The United Kingdom. Historically, this company was founded in June 1998 with its headquarter in Hague, Netherlands. Financially, PostNL showed positive performance with revenue of 3.2 billion Euro or equivalent to 3.6 billion US Dollars and net income reach 213 million Euro or equivalent to 240 million US Dollar.  


PostNL Financial condition and Performance in 2022

In the year of 2022, PostNL has assets of 2.2 billion Euro / 2.4 billion US Dollar with liabilities around 2 billion Euro / 2.2 billion US Dollar. Based on the business performance in 2022, the PostNL gained revenue around 3.1 billion Euro / 3.5 billion US Dollar but suffered net loss around (-993 Million Euro) / (-1.1 Billion US Dollar).


11. Austrian Post

15 World’s Biggest Courier Companies- Austrian_Post

Austrian Post or Österreichische Post is a courier company from Vienna, Austria. Since it’s founded in 1999, the company has 20 thousand employees in 2017. Austrian Post has a positive performance in 2020 with revenue of 2.1 billion Euro or equivalent to 2.3 billion US Dollars and net income reach 115 million Euro or equivalent to 129 million US Dollar.  


Austria Post Financial condition and Performance in 2022

The Austrian Post got the positive conditions in 2022. Based on the financial structure, the company has assets around 5.3 billion Euro / 5.9 billion US Dollar with liabilities around 4.6 billion Euro / 5.1 billion US Dollar. Based on the business performance in 2022, the Austrian Post gained revenue around 2.6 billion Euro / 7 billion US Dollar with net income around 128 million Euro / 144 million US Dollar.





12. Gati              

15 World’s Biggest Courier Companies- Gati

Gati Ltd is an Indian courier company based in Hyderabad, Telangana. Historically, this company was founded in 1989. in 2020, the company was acquired by Allcargo Logistics. Gati has negative performance in 2020 with revenue of 28.6 thousand Lakhs or equivalent with 37 million US Dollars but suffered negative performance with a net loss of -17.6 Thousand Lakhs or equivalent to -22 Million US Dollar.

Gati Financial condition and Performance in 2022

The Gati has assets around 68.1 thousand Lakhs / 88 million US Dollar with liabilities around 4.9 thousand Lakhs / 6.3 million US Dollar. Based on the business performance in 2022. In the year 2022, Gati had a negative performance and suffered a net loss of about (-2 Thousand Lakhs) / (-2.6 million US Dollar).


13. YRC worldwide        

15 World’s Biggest Courier Companies- YRC

Yellow Corporation is an American transportation and courier company that has headquartered in Overland Park, Kansas. Historically, this company was founded in 1929 by Cleve Harrell. Along with business development, the company has 19 thousand employees. In 2020, YRC Worldwide showed negative results with revenue of 4.5 billion US dollars and suffered a net loss of up to -53 Million US dollars.


YRC Financial condition and Performance in 2022

YRC has assets in 2022 about 2.2 billion US Dollar with Liabilities around 2.6 billion US Dollar. Based on the business performance in 2022, YRC gained revenue around 5.2 billion US Dollar and net income around 21 million US Dollar.  


14. Canada Post

15 World’s Biggest Courier Companies- Canada Post

Canada Post Corporation is a Courier company that was founded on July 1, 1867. Officially, this company has its main office in Riverside Drive, Ottawa, Ontario, and has 64 thousand employees. Canada Post has revenue of 9.3 billion CAD or equivalent to 7.3 billion US Dollars and suffered negative results with net loss reaching -570 Million CAD or equivalent to -450 Million US Dollars.


Canada Post Financial condition and Performance in 2022

In the year of 2022, Canada Post got a negative result. Although Canada Post got revenue around 10.1 billion CAD / 7.9 billion US Dollar, this company suffered net loss around (-228 Million CAD) / (-180 Million US Dollar).


15. Shenker AG

15 World’s Biggest Courier Companies- DB Schenker

DB Schenker is a part of Deutsche Bahn AG focused on logistics. Historically, the company was acquired by Deutsche Bahn in 2002. Basically, the company is divided into several divisions, dealing with land, sea and air transportation, as well as contract logistics. Shenker AG has negative performance in 2020 with revenue of 39 billion Euro or equivalent to 44 billion US Dollar and net loss reach -5.7 Billion Euro or equivalent to -6.4 Billion US Dollar.


DB Schenker Financial condition and Performance in 2022

In 2022, Schenker AG has assets around 76.3 billion Euro / 86.8 billion US Dollar and liabilities around 61.5 billion Euro / 69.4 billion US Dollar. Based on the business performance in 2022, Schenker AG gained revenue around 56.2 billion Euro / 63.5 billion US Dollar but suffered net loss around (-227 million Euro) / (-256 million US Dollar).  


The Summary of Courier Companies in 2022


Biggest Courier Companies in 2022 Based on Assets


Biggest Courier Companies in 2022 Based on Net Income

Bibliography of 15 World’s Biggest Courier Companies

FedEx Corporation. 2023. Annual Report 2022. Accessed via https://investors.fedex.com/financial-information/annual-reports/ on March 10th, 2023

Deutsche Post-DHL. 2023. Annual Report 2022. Accessed via https://www.dpdhl.com/en/investors/ir-download-center.html on March 10th, 2023

UPS. 2023. Annual Report 2022. Accessed via https://investors.ups.com/company-profile/annual-reports on March 10th, 2023

S.F Express. 2023. Annual Report 2022. Accessed via https://www.sf-express.com/cn/sc/download/20210318-IR-RE1-2020.PDF   on March 10th, 2023

Royal Mail. 2023. Annual Report 2022. Accessed via https://www.royalmailgroup.com/en/investors/  on march 10th, 2023

ZTO Express. 2023. Annual Report 2022. Accessed via https://zto.investorroom.com/annual-reports  on march 10th, 2023

Poste Italiane. 2023. Annual Report 2022. Accessed via https://www.posteitaliane.it/en/financial-statements-and-reports.html#/  on March 10th, 2023

TFI international. 2023. Annual Report 2022. Accessed via https://tfiintl.com/en/presentations-and-reports/  on March 10th, 2023

Australia Post. 2023. Annual Report 2022. Accessed via https://auspost.com.au/about-us/news-media/publications   on March 10th, 2023

PostNL. 2023. Annual Report 2022. Accessed via https://www.postnl.nl/en/about-postnl/investors/annual-reports/   on March 10th, 2023

Austrian Post. 2023. Annual Report 2022. Accessed via https://www.post.at/en/ir/c/annual-reports  on March10th, 2023

Gati. 2021. Annual Report 2022. Accessed via https://www.gati.com/investor-relations/annual-report/  on April 10th, 2023

YRC worldwide. 2023. Annual Report 2022. Accessed via https://investors.myyellow.com/financial-information/annual-reports/  on April 10th, 2023

Canada Post. 2021. Annual Report 2022. Accessed via https://www.canadapost-postescanada.ca/cpc/en/our-company/about-us/financial-reports/2020-annual-report/an-unprecedented-year.page  on April 10th, 2023

Shenker AG. 2021. Annual Report 2022. Accessed via https://www.dbschenker.com/global/about/press/integrated-report  on April 10th, 2023

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