olivLaw · US equity research
FedEx Corporation FDX
Air Courier Services · SIC 4513 · Vertical: Air transportation (SIC 451x)
FedEx Corporation provides express transportation, package delivery and logistics services worldwide through an integrated air and ground network. In 2026 the company spun off its LTL freight business and moves to a calendar fiscal year, amid elevated transformation costs and volumes affected by trade tariffs. Consolidated revenue was 94.72 billion dollars in the fiscal year ended May 31, 2026. Consolidated operating margin stood at 5.8%.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 03 Nov 2026, FedEx Corporation (FDX) stock was 318.02 USD (−0.07% on the day), with market capitalisation 74.5 bn USD, P/E 17.1 on diluted EPS of 18.55 USD over the last 12 months, dividend yield 1.82%, beta 0.95, 52-week range 202.97–339.35 USD. Latest reported quarter (Q4 2026): revenue of 25.0 bn USD (+12.5% YoY), net income of 1.6 bn USD (−3.1% YoY), diluted EPS 6.60 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 68.7
- strong (55–70)
- Bollinger (20, 2)
- 282.21 – 317.66
- above the upper band · %B 1.01 · band width 11.8%
- SMA 50 / 200
- 303.84 / 305.42
- mixed trend
- MACD (12, 26, 9)
- 4.19 / 1.23
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +9.5% | −2.0% | +11.5 pp | — |
| 3 months | +1.5% | −2.2% | +3.7 pp | — |
| 6 months | +8.8% | +4.3% | +4.5 pp | — |
| Year to date | +36.6% | +10.6% | +26.1 pp | — |
| 1 year | +56.0% | +10.5% | +45.5 pp | +3.7% |
| 3 years | +59.7% | +73.7% | −14.0 pp | +69.9% |
| 5 years | +61.1% | +61.7% | −0.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 31 May 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 21.6 bn | 22.0 bn | 22.2 bn | 22.2 bn | 22.2 bn | 23.5 bn | 24.0 bn | 25.0 bn |
| Operating income | 1.1 bn | 1.1 bn | 1.3 bn | 1.8 bn | 1.2 bn | 1.4 bn | 1.3 bn | 1.6 bn |
| Depreciation & amortisation | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn |
| Pre-tax income | 1.1 bn | 981.0 m | 1.2 bn | 2.2 bn | 1.1 bn | 1.3 bn | 1.3 bn | 2.1 bn |
| Income tax | 262.0 m | 240.0 m | 272.0 m | 575.0 m | 310.0 m | 333.0 m | 207.0 m | 510.0 m |
| Net income | 794.0 m | 741.0 m | 909.0 m | 1.6 bn | 824.0 m | 956.0 m | 1.1 bn | 1.6 bn |
| Diluted EPS | 3.21 | 3.03 | 3.76 | 6.87 ≈ | 3.46 | 4.04 | 4.41 | 6.60 ≈ |
| Operating cash flow | 1.2 bn | 1.3 bn ≈ | 2.0 bn ≈ | 2.5 bn | 1.7 bn | 2.0 bn ≈ | 2.0 bn ≈ | 3.3 bn |
| Capex | 767.0 m | 818.0 m ≈ | 997.0 m ≈ | 1.5 bn | 623.0 m | 757.0 m ≈ | 955.0 m ≈ | 1.5 bn |
| Dividends paid | 339.0 m | 337.0 m ≈ | 332.0 m ≈ | 331.0 m | 345.0 m | 342.0 m ≈ | 341.0 m ≈ | 346.0 m |
| Share repurchases | 1.0 bn | 1.0 bn ≈ | 497.0 m ≈ | 500.0 m | 500.0 m | 296.0 m ≈ | 0 ≈ | 0 |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 64 percentile of its own 42-quarter history (min 9.4, median 13.7, max 614.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 69.7 bn | 69.2 bn | 84.0 bn | 93.5 bn | 90.2 bn | 87.7 bn | 87.9 bn | 94.7 bn |
| Revenue YoY | +6.5% | −0.7% | +21.3% | +11.4% | −3.6% | −2.7% | +0.3% | +7.7% |
| Net income | 540.0 m | 1.3 bn | 5.2 bn | 3.8 bn | 4.0 bn | 4.3 bn | 4.1 bn | 4.4 bn |
| Net income YoY | −88.2% | +138.1% | +306.8% | −26.9% | +3.8% | +9.0% | −5.5% | +8.3% |
| Diluted EPS | 2.03 | 4.90 | 19.45 | 14.33 | 15.48 | 17.21 | 16.81 | 18.55 |
| Diluted EPS YoY | −87.9% | +141.4% | +296.9% | −26.3% | +8.0% | +11.2% | −2.3% | +10.4% |
| net % | 0.8% | 1.9% | 6.2% | 4.1% | 4.4% | 4.9% | 4.7% | 4.7% |
| Free cash flow | 123.0 m | -771.0 m | 4.3 bn | 3.1 bn | 2.7 bn | 3.1 bn | 3.0 bn | 5.1 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 May 2026
- Cash
- 13.1 bn USD
- Financial debt
- 24.0 bn USD
- Net debt
- 11.0 bn USD
- Equity
- 31.6 bn USD
- Total assets
- 98.9 bn USD
- Debt / equity
- 0.76x
- Current ratio
- 1.48x
- ROE
- 14.8%
- ROA
- 4.8%
- FCF margin
- 5.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 84.0 bn | 93.5 bn | 90.2 bn | 87.7 bn | 87.9 bn | 94.7 bn | SEC (XBRL)· 20 Jul 2026verified |
| Operating income | 5.9 bn | 6.2 bn | 4.9 bn | 5.6 bn | 5.2 bn | 5.5 bn | SEC (XBRL)· 20 Jul 2026verified |
| Depreciation & amortisation | 3.8 bn | 4.0 bn | 4.2 bn | 4.3 bn | 4.3 bn | 4.4 bn | SEC (XBRL)· 20 Jul 2026verified |
| EBITDA | 9.7 bn ≈ | 10.2 bn ≈ | 9.1 bn ≈ | 9.8 bn ≈ | 9.5 bn ≈ | 9.8 bn ≈ | SEC (XBRL)· 20 Jul 2026derived |
| Interest expense | 793.0 m | 689.0 m | 694.0 m | 745.0 m | 789.0 m | 970.0 m | SEC (XBRL)· 20 Jul 2026verified |
| Pre-tax income | 6.7 bn | 4.9 bn | 5.4 bn | 5.8 bn | 5.4 bn | 5.8 bn | SEC (XBRL)· 20 Jul 2026verified |
| Income tax | 1.4 bn | 1.1 bn | 1.4 bn | 1.5 bn | 1.3 bn | 1.4 bn | SEC (XBRL)· 20 Jul 2026verified |
| Net income | 5.2 bn | 3.8 bn | 4.0 bn | 4.3 bn | 4.1 bn | 4.4 bn | SEC (XBRL)· 20 Jul 2026verified |
| Diluted EPS | 19.45 | 14.33 | 15.48 | 17.21 | 16.81 | 18.55 | SEC (XBRL)· 20 Jul 2026verified |
| Weighted average diluted shares | 268.0 m | 266.0 m | 256.0 m | 251.0 m | 243.0 m | 239.0 m | SEC (XBRL)· 20 Jul 2026verified |
| Dividend per share | 2.60 | 3.00 | 5.86 | 3.78 | 5.52 | 5.80 | SEC (XBRL)· 20 Jul 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 7.1 bn | 6.9 bn | 6.9 bn | 6.5 bn | 5.5 bn | 13.1 bn | SEC (XBRL)· 28 Oct 2026verified |
| Current assets | 20.6 bn | 20.4 bn | 18.6 bn | 18.2 bn | 18.4 bn | 27.9 bn | SEC (XBRL)· 20 Jul 2026verified |
| Property, plant & equipment, net | 35.8 bn | 38.1 bn | 40.7 bn | 41.5 bn | 41.6 bn | 39.1 bn | SEC (XBRL)· 28 Oct 2026verified |
| Goodwill | 7.0 bn | 6.5 bn | 6.4 bn | 6.4 bn | 6.6 bn | 11.5 bn | SEC (XBRL)· 28 Oct 2026verified |
| Intangibles (excl. goodwill) | 322.0 m | 301.0 m | 234.0 m | 181.0 m | 205.0 m | 153.0 m | SEC (XBRL)· 20 Jul 2026verified |
| Total assets | 82.8 bn | 86.0 bn | 87.1 bn | 87.0 bn | 87.6 bn | 98.9 bn | SEC (XBRL)· 20 Jul 2026verified |
| Accounts payable | 3.8 bn | 4.0 bn | 3.8 bn | 3.2 bn | 3.7 bn | 5.0 bn | SEC (XBRL)· 28 Oct 2026verified |
| Short-term debt | 146.0 m | 82.0 m | 126.0 m | 68.0 m | 0 | 745.0 m | SEC (XBRL)· 20 Jul 2026verified |
| Long-term debt | 19.4 bn | 19.8 bn | 19.8 bn | 19.8 bn | 19.2 bn | 23.3 bn | SEC (XBRL)· 20 Jul 2026verified |
| Current liabilities | 13.7 bn | 14.3 bn | 13.6 bn | 13.4 bn | 15.4 bn | 18.9 bn | SEC (XBRL)· 20 Jul 2026verified |
| Equity | 24.2 bn † | 24.9 bn † | 26.1 bn † | 27.6 bn † | 28.1 bn † | 31.6 bn † | SEC (XBRL)· 20 Jul 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 10.1 bn | 9.8 bn | 8.8 bn | 8.3 bn | 7.0 bn | 8.9 bn | SEC (XBRL)· 20 Jul 2026verified |
| Capex | 5.9 bn | 6.8 bn | 6.2 bn | 5.2 bn | 4.1 bn | 3.8 bn | SEC (XBRL)· 20 Jul 2026verified |
| Free cash flow | 4.3 bn ≈ | 3.1 bn ≈ | 2.7 bn ≈ | 3.1 bn ≈ | 3.0 bn ≈ | 5.1 bn ≈ | SEC (XBRL)· 20 Jul 2026derived |
| Investing cash flow | -6.0 bn | -6.8 bn | -6.2 bn | -5.2 bn | -4.1 bn | -3.9 bn | SEC (XBRL)· 20 Jul 2026verified |
| Financing cash flow | -2.1 bn | -3.0 bn | -2.6 bn | -3.4 bn | -4.0 bn | 2.7 bn | SEC (XBRL)· 20 Jul 2026verified |
| Dividends paid | 686.0 m | 793.0 m | 1.2 bn | 1.3 bn | 1.3 bn | 1.4 bn | SEC (XBRL)· 20 Jul 2026verified |
| Share repurchases | — | 2.2 bn | 1.5 bn | 2.5 bn | 3.0 bn | 796.0 m | SEC (XBRL)· 20 Jul 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 61 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 74.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation59
- Returns65
- Quality77
- Balance sheet73
- Growth28
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 76.22 – 507.62 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)338.01 – 502.89 (Mid 402.06)WACC 9.2% · starting FCFF 5.9 bn USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -8.9%
- Peers: EV/EBITDA267.33 – 507.62 (Mid 306.66)9 companies used · median multiple 6.7x · quartiles 5.8x – 11.5xAAL, ALGT, ALK, CPA, DAL, LUV, RJET, SKYW, UAL
- Peers: P/E166.23 – 397.42 (Mid 181.91)9 companies used · median multiple 9.8x · quartiles 9.0x – 21.4xAIRT, CPA, DAL, FDXF, LUV, RJET, RYAAY, SKYW, UAL
- Dividend discount (DDM)76.22 – 102.50 (Mid 87.43)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 61/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 14.6% | 73 (vs peers) | 10% |
| Net margin · Quality | 4.7% | 60 (vs peers) | 6% |
| FCF conversion · Quality | 115.4% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 1.7% | 14 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 6.2% | 41 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | -0.6x | 91 (vs peers) | 10% |
| Interest coverage · Balance sheet | 5.6x | 64 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.3x | 44 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 17.1x | 45 (vs peers) | 10% |
| EV/EBITDA · Valuation | 7.0x | 50 (vs peers) | 10% |
| FCF yield · Valuation | 6.9% | 86 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 2.9% | 42 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 26.9% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet73/100 · 3/3 factors with a value
- Growth28/100 · 2/2 factors with a value
- Quality77/100 · 3/3 factors with a value
- Returns65/100 · 2/2 factors with a value
- Valuation59/100 · 3/3 factors with a value
Memo
FedEx Corporation (FDX). Latest full fiscal year: 2026; data up to 2026-09-30.
Figures computed from the financial statements: revenue 94.7 bn USD in 2026; YoY growth 7.7%; net margin 4.7%; ROE 14.2%; net debt/EBITDA -0.6x.
The estimated value range is 216.78–450.15 USD per share (median of 4 methods, agreement: low); assumptions are illustrative. Against the central value of 244.28 USD, the price of 318.02 USD leaves a potential of -23.2% (value / price − 1) and a margin of safety of -30.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 61/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 14.6%
- FCF conversion: 115.4%
- Net debt / EBITDA: -0.6x
- FCF yield: 6.9%
- Payout ratio (FCF): 26.9%
What contradicts it
- Revenue CAGR 3Y: 1.7%
- The valuation methods diverge
Versus the vertical median
Air transportation (SIC 451x) · same industry group (3-digit SIC) · compared with 17 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LTMLATAM Airlines Group S.A. | 27,436.0 bn | 19,289.5 | 141.1% | 10.2% | +11.2% | −1% / unavailable |
| FDXFedEx Corporation | 74.5 bn | 17.1 | 14.2% | 4.7% | +7.7% | +56% / +60% |
| RYAAYRyanair Holdings plc | 61.6 bn | 40.6 | — | — | +3.8% | −13% / +25% |
| DALDelta Air Lines, Inc. | 54.8 bn | 16.6 | 15.9% | 4.6% | +2.8% | +30% / +126% |
| UALUnited Airlines Holdings, Inc. | 34.8 bn | 9.8 | 22.3% | 5.5% | +3.5% | +5% / +172% |
| LUVSouthwest Airlines Co | 21.3 bn | 21.4 | 13.9% | 3.3% | +2.1% | +25% / +70% |
| FDXFFedEx Freight Holding Company, Inc. | 19.5 bn | 29.7 | 88.0% | 7.4% | −1.1% | unavailable / unavailable |
| AALAmerican Airlines Group Inc. | 9.0 bn | — | — | -0.8% | +0.8% | −3% / +10% |
| CPACopa Holdings, S.A. | 6.0 bn | 9.0 | 26.1% | 18.6% | +5.0% | +20% / +57% |
| ALKAlaska Air Group, Inc. | 4.5 bn | — | -4.6% | -1.2% | +21.3% | −7% / +6% |
| SKYWSkywest Inc | 3.1 bn | 8.0 | 15.1% | 9.7% | +15.0% | −19% / +74% |
| ALGTAllegiant Travel Co | 2.2 bn | 56.7 | 1.8% | 0.9% | +3.7% | +7% / +19% |
| ULCCFrontier Group Holdings, Inc. | 1.6 bn | — | -175.4% | -8.9% | −1.4% | +55% / +81% |
| JBLUJetblue Airways Corp | 1.3 bn | — | -55.4% | -10.0% | −2.3% | −22% / −19% |
| RJETRepublic Airways Holdings Inc. | 958.4 m | 9.6 | 7.5% | 4.6% | +13.7% | +2% / +90% |
| AIRTAir T, Inc. | 77.0 m | 1.2 | 210.7% | 17.2% | +12.1% | +44% / +77% |
| FJETStarfighters Space, Inc. | 46.8 m | — | -94.2% | — | unavailable | unavailable / unavailable |
| AZULAzul SA | — | — | — | 0.6% | +10.8% | unavailable / unavailable |
1- and 3-year price returns: for FDX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 186.34 Total return -40% · Per year -40% | 329.89 Total return 6% · Per year 6% | 497.55 Total return 59% · Per year 59% |
| 3 years | 170.67 Total return -42% · Per year -17% | 340.94 Total return 13% · Per year 4% | 566.03 Total return 85% · Per year 23% |
| 5 years | 156.32 Total return -44% · Per year -11% | 352.35 Total return 21% · Per year 4% | 643.93 Total return 116% · Per year 17% |
- Exit P/E± 85.23
- Net margin± 59.66
- Annual revenue growth± 50.35
- Annual dilution± 5.01
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 21 Jul 2026; since then the company filed 10-Q (28 Oct 2026), 8-K (28 Oct 2026 · results).
In brief
FedEx Corporation provides express transportation, package delivery and logistics services worldwide through an integrated air and ground network. In 2026 the company spun off its LTL freight business and moves to a calendar fiscal year, amid elevated transformation costs and volumes affected by trade tariffs. Consolidated revenue was 94.72 billion dollars in the fiscal year ended May 31, 2026 1. Consolidated operating margin stood at 5.8% 1.
SWOT
Strengths
- The integrated global network, which is hard to replicate, is the main advantage, supported by a large air fleet and an extensive drop-off footprint.
- The FedEx brand and the ability to manage its service portfolio as a whole allow capital to be directed to high-return investments.
- Investment in digital technology and artificial intelligence gives visibility over flows and lowers the cost to serve.
Weaknesses
- A high fixed-cost structure, especially in the air network, makes it hard to adjust quickly to lower volumes.
- Transformation and separation costs remained high and weighed on consolidated margin in fiscal 2026.
Opportunities
- If the Network 2.0 and Tricolor transformation is completed on time, operational efficiency could improve considerably.
- Selling non-core assets and recovering tariff refunds could provide resources to reduce debt.
- Growth in cross-border e-commerce could support volumes in international delivery.
Threats
- Trade tariffs and restrictions on global commerce could reduce the volume of goods shipped and raise costs.
- Volatile fuel prices linked to geopolitical conflicts could hit margins if surcharges do not compensate.
- Price competition and wage pressure could limit the ability to sustain profitability.
Risks
- Dependence on the economic cyclehigh
Volumes depend directly on goods production and trade, and a global slowdown could quickly reduce demand.
- Trade policy and tariffshigh
New tariffs or retaliation could reduce shipped volumes and complicate recovery of amounts already paid.
- Execution of transformationmedium
If optimization programs do not reach their goals on time and at the estimated cost, expected savings could be delayed.
- Data security and technologymedium
A major breach or disruption of IT infrastructure could affect operations and the reputation of the brand.
- Fuel costmedium
Sudden fuel price increases could exceed surcharges and compress margins.
Investment thesis
What would need to be true (bull case)
- The hard-to-replicate global network and better package pricing could support revenue growth if volumes stabilise.
- Optimization programs and the separation of FedEx Freight could improve long-term profitability if costs fall.
- Recovery of tariff refunds and asset sales could strengthen the balance sheet and fund the transformation.
What would break the thesis
- If tariffs and inflation continue to reduce volumes, margins could stay under pressure in the short term.
- Transformation and separation costs could remain higher for longer than estimated.
- Uncertainty over tariff refunds and related litigation could affect results in the coming periods.
What to watch
- Results of the transition period and guidance for calendar 2026Transition Report 2026
- Completion of the FedEx Supply Chain sale to CMA CGMEnd of 2026
- Actual tariff refunds received and their accountingNext quarterly report
- Progress of Network 2.0 in the United States and of the Tricolor programEnd of calendar 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 21 Jul 2026; since then the company filed 10-Q (28 Oct 2026), 8-K (28 Oct 2026 · results).
The business
FedEx Corporation is a global transportation and logistics company offering express delivery, e-commerce and business solutions built on a flexible, efficient and intelligent network 1. Effective June 1, 2026, the company completed the separation of FedEx Freight, which is no longer consolidated and is presented as discontinued operations 12. Its network includes about 700 aircraft and serves more than 220 countries and territories 1.
The company operates largely through Federal Express, which combines its air and ground networks under the FedEx brand 1. Since June 2024 FedEx Ground and FedEx Corporate Services have merged into Federal Express, and the Network 2.0 program is modernizing the surface network in the United States and Canada 1. Strategy emphasizes return on invested capital and a lower cost to serve 1.
From the first quarter of the transition period the company reports two new segments, Express U.S. Domestic and Express International, with FedEx Logistics moved into the international segment 12. On July 1, 2026 FedEx also announced the sale of FedEx Supply Chain to CMA CGM Group for 1.4 billion dollars, expected to close in the second half of calendar 2026 2.
Segments
Express International
This segment provides express and freight delivery to more than 220 countries and territories, including services delivering in one to five business days. FedEx Logistics, covering customs brokerage and freight forwarding, was moved into this segment 1.
Market context
The express transportation market is highly cyclical and depends on the volume of global trade and goods production 1. The company reported consolidated revenue growth of 8% in fiscal 2026, supported by better pricing and higher U.S. domestic package volumes 1. An average list price increase of 5.9% took effect on January 5, 2026 1.
Trends
- Trade tariffs and IEEPA refundsmixed
The Supreme Court invalidated IEEPA tariffs in February 2026, and FedEx filed refund claims of 3.3 billion dollars, of which about 800 million dollars had been received in cash 1. The final impact remains uncertain but could be significant if refunds are recovered in full 1.
- Network transformation and its costsmixed
The Network 2.0 and Tricolor programs aim at efficiency and lower structural costs, yet generated business optimization expenses of 366 million dollars in fiscal 2026 1. If implementation slips, the expected savings could be delayed.
- Macroeconomic weakness and inflationheadwind
The company expects inflation and elevated interest rates to keep weighing on results for the rest of calendar 2026, alongside lower imports of consumer goods 1. This pressure could reduce volumes if consumer demand does not recover.
- Fuel prices and surchargesmixed
Higher fuel prices raised revenue through surcharges but also increased fuel costs 1. The company has largely offset this through indexed surcharges, but if those cannot be maintained, results could be affected.
Competitive position
Competition includes package and international transport operators, and price pressure may reduce the ability to keep fuel surcharges in place 1. If customers shift toward cheaper services, profitability could decline.
- United Parcel ServiceUPS
Direct competitor in package delivery and express transport; its own figures are not included in the analysed sources.
- DHL Group
International express transport and logistics operator with a strong presence outside the United States.
- Regional delivery operators
Companies competing on urban and last-mile delivery, especially in dense areas.
- Air and ocean freight forwarders
Freight companies competing with the FedEx Logistics division on shipping services.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- FedEx Freight delivers a much-needed quarterly beat. Where we stand on shares nowCNBC World · 30 Oct 2026 · EN
- Cramer sees opportunity amid tech turmoil and predicts a holiday win for FedExCNBC — Top News · 29 Oct 2026 · EN
- FedEx beats expectations, raises outlook in first report since calendar adjustmentCNBC — Top News · 28 Oct 2026 · EN
- Over $963,000 worth of graded Pokémon and sports cards were stolen from FedexThe Verge · 20 Oct 2026 · EN
- В Калифорнии из грузовика FedEx украли коллекционные карточки на $1 млнRBC News (RU business+politics) · 20 Oct 2026 · RU
- Cei doi panda făcuți cadou de Xi lui Trump au ajuns în SUA. Ping Ping și Fu Shuang au călătorit în condiții speciale cu un avion FedExAntena 3 CNN · 27 Sept 2026 · RO
- VIDEO: Cei doi panda făcuți cadou de Xi lui Trump au ajuns în SUA. Ping Ping și Fu Shuang au călătorit în condiții speciale cu un avion FedEx - Antena 3Antena 3 CNN · 27 Sept 2026 · RO
- 2 Giant Pandas Fly 15 Hours Nonstop From China To Atlanta On FedEx Boeing 777FSimple Flying · 27 Sept 2026 · EN
- Here are FedEx deadlines to ensure holiday gifts arrive by ChristmasSurge — GDELT DOC · 23 Sept 2026 · RO
- ‘The Fuel for AI’ at FedExYahoo Finance — News · 21 Sept 2026 · EN
- Miliardarul polonez pe care pariază FedEx pentru cucerirea pieței europene de coleteProfit.ro · 20 Sept 2026 · RO
- FedEx Freight CTO absorbs commercial role amid shakeupYahoo Finance — News · 15 Sept 2026 · EN
- FedEx Freight expands CTO’s role to cover commercial strategy following CCO ousterYahoo Finance — News · 14 Sept 2026 · EN
- Jim Cramer Waits for Oil to Fall Before Adding to FedEx Freight (FDXF)Yahoo Finance — News · 12 Sept 2026 · EN
- What the Numbers Tell About FedEx Freight (FDXF) Following Spin-OffYahoo Finance — News · 11 Sept 2026 · EN
- How Is FedEx’s Stock Performance Compared to Other Logistics StocksYahoo Finance — News · 10 Sept 2026 · EN
- FedEx Conference: AI, Data and Network 2.0 Drive Cost Cuts and Supply-Chain GrowthYahoo Finance — News · 08 Sept 2026 · EN
- Vintage Livery On Modern Routes: Track FedEx's Retro Boeing 777-200 'Rosie'Simple Flying · 08 Sept 2026 · EN
- FedEx Freight fires chief commercial officer following internal probeYahoo Finance — News · 02 Sept 2026 · EN
- Scottie Scheffler rallies to win second FedEx Cup title to join elite companyThe Japan Times · 31 Aug 2026 · EN
SEC filings
- Quarterly report28 Oct 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Current report26 Oct 2026Departure or appointment of officers · Financial statements and exhibits
- Current report29 Sept 2026Shareholder vote · Other events · Financial statements and exhibits
- Current report14 Sept 2026Other events · Financial statements and exhibits
- Proxy statement17 Aug 2026
- Current report24 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Current report21 Jul 2026Results of operations · Financial statements and exhibits
- Annual report20 Jul 2026
Sources
- [1] Form 10-K, fiscal year ended 2026-05-31 · SEC / FedEx Corporation · 20 Jul 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / FedEx Corporation · 21 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.