Watching the Postal Service compete with FedEx, it’s wise to remember that USPS has one advantage: a enormous sugar daddy. In the latest year, a $754M sugar daddy.

The results of the U.S. Postal Service’s ongoing surrender to e-mail, United Parcel Service Inc. (NYSE: UPS), FedEx Corp. (NYSE: FDX) and its own inefficiency showed again when it posted results for the final quarter of 2014. The organization’s loss rose to $754 million from $354 million in the same period last year. (The net loss included a $1.4 billion expense accrued for the mandated prepayment to the Postal Service Retiree Health Benefits Fund.) The USPS may comfort itself because revenue ticked up 4% to $18.7 billion. Among the things the data support are that the system is too big with too many workers and offices.

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