聯邦快遞公佈2026財年Q4收入250億美元升13%，全年經調整EPS 20.24美元，並完成Freight分拆

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fdx-earningsreleasefy2026q4.htm
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Document

FedEx Reports Strong Fourth Quarter and Full-Year Results
Delivered Significant Revenue and Earnings Growth Year-over-Year
Introduces CY 2026 Outlook
Expects Continued Revenue and Earnings Growth Momentum in
June-through-December Transition Year

MEMPHIS, Tenn., June 23, 2026 ... FedEx Corp. (NYSE: FDX) today reported the following consolidated results for the fourth quarter ended May 31 (adjusted measures exclude the items listed below):

Fiscal 2026Fiscal 2025
As Reported (GAAP)Adjusted (non-GAAP)As Reported (GAAP)Adjusted (non-GAAP)
Revenue$25.0 billion$25.0 billion$22.2 billion$22.2 billion
Operating income$1.55 billion$2.09 billion$1.79 billion$2.02 billion
Operating margin6.2%8.4%8.1%9.1%
Net income$1.60 billion$1.53 billion$1.65 billion$1.46 billion
Diluted EPS$6.60$6.31$6.88$6.07

This year’s and last year’s quarterly consolidated results have been adjusted for:

Fiscal 2026Fiscal 2025
Impact per diluted shareFourth QuarterFull YearFourth QuarterFull Year
Mark-to-market (MTM) retirement plans accounting adjustments($2.05)($2.08)($1.63)($1.60)
FedEx Freight spin-off costs0.97 2.46 0.11 0.18 
Business optimization costs0.66 1.19 0.39 2.37 
Fiscal year change costs0.04 0.11 — — 
Asset impairment charges0.07 0.08 0.07 0.06 
International regulatory and legacy FedEx Ground legal matters— (0.07)0.26 0.37 

Consolidated adjusted operating income improved in the fourth quarter, reflecting continued strength in U.S. Domestic and International Priority package yields, cost savings from transformation initiatives, and increased U.S. Domestic and International export package volume.

“Team FedEx delivered an impressive finish to a strong fiscal year, providing excellent service to our customers and successfully executing on our transformation initiatives,” said Raj Subramaniam, FedEx Corp. president and chief executive officer. “Our profitable growth strategy is working. We are building momentum across our global 
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industrial network, driving structural improvements and winning in high-value growth markets. With the successful spin-off of FedEx Freight, we are entering this next chapter positioned to grow while further optimizing our network, lowering our cost to serve, creating meaningful long-term value, and driving robust free cash flow.”

Fourth Quarter Results

Federal Express segment operating results improved during the quarter, driven by higher U.S. Domestic and International Priority package yields, continued cost savings from transformation initiatives, and increased U.S. domestic and international export package volume. These factors were partially offset by increased purchased transportation and wage rates, higher variable incentive compensation expenses, and the financial impacts of global trade policy changes.

Fourth quarter results include a noncash impairment charge of $23 million ($0.07 per diluted share) from the decision to permanently retire 10 aircraft. Last year's fourth quarter results included a noncash impairment charge of $21 million ($0.07 per diluted share) from the decision to permanently retire 12 aircraft, plus eight related engines. These retirements are aligned with the company's fleet reduction and modernization strategy as the company continues to improve its global network efficiency and better align air network capacity with anticipated demand.

Full-Year Results

For the full fiscal year, FedEx Corporation reported the following consolidated results (adjusted measures exclude the items listed above for the applicable fiscal year):

Fiscal 2026Fiscal 2025
As Reported (GAAP)Adjusted (non-GAAP)As Reported (GAAP)Adjusted (non-GAAP)
Revenue$94.7 billion$94.7 billion$87.9 billion$87.9 billion
Operating income$5.46 billion$6.61 billion$5.22 billion$6.12 billion
Operating margin5.8%7.0%5.9%7.0%
Net income$4.43 billion$4.84 billion$4.09 billion$4.43 billion
Diluted EPS$18.55$20.24$16.81$18.19

Results reflect lower structural costs as the company exceeded its goal of $1 billion of transformation-related cost savings during the year. 

Capital spending for fiscal 2026 totaled $3.8 billion, a decrease of $246 million, or 6%, compared with fiscal 2025. Capital spending as a percentage of revenue declined to 4.0%, the lowest annual level in FedEx Corporation history.

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FedEx Freight Spin-off Completed

The spin-off of FedEx Freight into a new publicly traded company was finalized on June 1, 2026. In connection with the spin-off, FedEx Freight paid a cash dividend of approximately $4.1 billion to FedEx Corporation from the proceeds of the $3.7 billion senior notes offering completed in February 2026 and borrowings under its delayed-draw term loan facility. 

FedEx Freight will host a call to discuss the company's fourth quarter results on June 25, 2026.

Fiscal Year Change

In January 2025, the FedEx Board of Directors approved a change in the company’s fiscal year end from May 31 to December 31. The fiscal year change became effective for the period beginning June 1, 2026.

Cash and Capital Returns

The ending cash and cash equivalents balance of $13.3 billion includes a $4.1 billion cash dividend from the FedEx Freight spin-off. The dividend will be utilized in a manner consistent with preserving the tax-free nature of the transaction. In addition, the reported cash balance includes approximately $800 million in IEEPA tariff refunds held for refund to customers.

During fiscal 2026, FedEx returned approximately $2.2 billion to stockholders through the combination of $776 million of stock repurchases and $1.4 billion of dividend payments. Repurchases during fiscal 2026 totaled approximately 3.3 million shares, or 1.4% of the shares outstanding at the beginning of the year, and increased fourth quarter and full-year earnings by $0.09 and $0.21 per share, respectively. As of May 31, 2026, $1.3 billion remained under the company's 2024 stock repurchase authorization. 

For calendar 2026, FedEx remains committed to returning capital to stockholders, including the previously announced 5% increase in the annual dividend on its common stock, after adjusting for the FedEx Freight spin-off. The company also intends to repurchase up to $1 billion worth of shares opportunistically, leveraging continued balance sheet flexibility and free cash flow generation to offset dilution from equity compensation. 

“Our fourth quarter and full-year results reflect the tenacity of the FedEx team to deliver steady adjusted operating income improvement year-over-year while navigating significant headwinds,” said Claude Russ, FedEx Corp. enterprise vice president, finance and interim chief financial officer. “As we look ahead, continued revenue and earnings growth momentum in our transition year positions us to unlock significant stockholder value through a resolute focus on driving unprecedented free cash flow growth.”
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Outlook

For calendar year 2026, FedEx Corporation is forecasting:

Financial Metric(1)
Forecast ValueAdditional Details & Exclusions
Revenue Growth~11% YoY

Diluted EPS(Continuing Operations)$16.55 to $17.75Prior to CY 2026 additional MTM adjustments for retirement plan accounting, and adjustments related to MTM accounting for the FedEx Freight investment and utilization of the FedEx Freight spin-off dividend.

Adjusted Diluted EPS(Continuing Operations)$16.90 to $18.10Also excludes MTM adjustments for retirement plan accounting, estimated costs related to the spin-off of FedEx Freight and business optimization initiatives, asset impairment charges, and costs related to the fiscal year change. 

Effective Tax Rate(ETR)~23%Prior to CY 2026 additional MTM adjustments for retirement plan accounting, and adjustments related to MTM accounting for the FedEx Freight investment and utilization of the FedEx Freight spin-off dividend.

Pension Contributions$475 million

Capital Spending$3.9 billionPrioritizes investments in network optimization and efficiency improvement, including fleet and facility modernization and automation.

(1) The baseline for the calendar year 2026 financial metrics is the calendar year 2025 preliminary recasted results from continuing operations, which reflects FedEx Freight as discontinued operations. See Calendar 2025 Diluted Earnings Per Share from Continuing Operations information on page 15.

These forecasts assume the company's current economic forecast and fuel price expectations, successful completion of planned stock repurchases, and no additional adverse economic, geopolitical, or international trade-related developments. FedEx’s ETR and EPS forecasts are based on current law and related regulations and guidance.

Corporate Overview

FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. The company offers integrated business solutions utilizing its flexible, efficient, and intelligent global network. 
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Consistently ranked among the world's most admired and trusted employers, FedEx inspires its employees to remain focused on safety, the highest ethical and professional standards and the needs of their customers and communities. FedEx is committed to connecting people and possibilities around the world responsibly and resourcefully, with a goal to achieve carbon-neutral operations by 2040. To learn more, please visit fedex.com/about.

Additional information and operating data are contained in the company’s annual report, Form 10-K, Form 10-Qs, Form 8-Ks and Statistical Books. These materials, as well as a webcast of the earnings release conference call to be held at 5:00 p.m. EDT on June 23, 2026, are available on the company’s website at investors.fedex.com. A replay of the conference call webcast will be posted on our website following the call.

The Investor Relations page of our website, investors.fedex.com, contains a significant amount of information about FedEx, including our SEC filings and financial and other information for investors. The information that we post on our Investor Relations website could be deemed to be material information. We encourage investors, the media and others interested in the company to visit this website from time to time, as information is updated and new information is posted.

Certain statements in this press release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act, such as statements regarding expected cost savings, the optimization of our network through Network 2.0, future financial targets, business strategies, management’s views with respect to future events and financial performance, and the assumptions underlying such expected cost savings, targets, strategies, and statements. Forward-looking statements include those preceded by, followed by or that include the words “will,” “may,” “could,” “would,” “should,” “believes,” “expects,” “forecasts,” “anticipates,” “plans,” “estimates,” “targets,” “projects,” “intends,” “determined to,” or similar expressions. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions in the global markets in which we operate; uncertainty and additional volatility in the global trade environment; our ability to successfully implement our business strategies and global transformation program and network optimization initiatives, including Network 2.0 and Tricolor, effectively respond to changes in market dynamics, and achieve the anticipated benefits of such strategies and actions; our ability to achieve our cost reduction initiatives and financial performance goals, including our 2029 financial performance targets; our ability to achieve the anticipated benefits of the tax-free full separation of the FedEx Freight business into a new publicly traded company (the “FedEx Freight Spin-Off”); the possibility of disruption, including changes to existing business relationships, disputes, litigation, or unanticipated costs in connection with the FedEx Freight Spin-Off; the timing and amount of any costs or benefits or any specific outcome, transaction, or change (of which there can be no assurance), or the terms, timing, and structure thereof, related to our global transformation program and other ongoing reviews and initiatives; a significant data breach or other disruption to our technology infrastructure; 
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damage to our reputation or loss of brand equity; our ability to meet our labor and purchased transportation needs while controlling related costs; failure of third-party service providers to perform as expected, or disruptions in our relationships with those providers or their provision of services to FedEx; the effect of any international conflicts or terrorist activities, including as a result of the current conflicts between Russia and Ukraine and in the Middle East; evolving or new U.S. domestic or international laws and government regulations, policies, and actions, including regulatory and/or legal compliance requirements that can affect our ability to efficiently or fully utilize our aircraft; changes in fuel prices or currency exchange rates, including significant increases in fuel prices as a result of the ongoing conflicts between Russia and Ukraine and in the Middle East and other geopolitical and regulatory developments; the effect of intense competition; our ability to match capacity to shifting volume levels; an increase in self-insurance accruals and expenses; loss or delay in the collection of accounts receivable, including those related to tariffs in light of recent judicial rulings; the effect of technology developments, including autonomous technology and artificial intelligence; failure to receive or collect expected insurance coverage; our ability to effectively operate, integrate, leverage, and grow acquired businesses and complete and realize the anticipated benefits of acquisitions and other strategic transactions including FedEx's investment in InPost, as a consortium member, and related commercial agreements; noncash impairment charges related to our goodwill and certain deferred tax assets; the future rate of e-commerce growth; future guidance, regulations, interpretations, challenges, or judicial decisions related to tariffs and our tax positions; labor-related disruptions; legal challenges or changes related to service providers contracted to conduct certain linehaul and pickup-and-delivery operations and the drivers providing services on their behalf and the coverage of U.S. employees at Federal Express Corporation under the Railway Labor Act of 1926, as amended; our ability to quickly and effectively restore operations following adverse weather or a localized disaster or disturbance in a key geography; the effects of a widespread outbreak of an illness or any other communicable disease or public health crises; any liability resulting from and the costs of defending against litigation, including refunds of tariffs; our ability to achieve or demonstrate progress on our goal of carbon-neutral operations by 2040; successful completion of stock repurchases; and other factors which can be found in FedEx Corp.’s and its subsidiaries’ press releases and FedEx Corp.’s filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended May 31, 2025 and subsequent Quarterly Reports on Form 10-Q. Any forward-looking statement speaks only as of the date on which it is made. We do not undertake or assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Media Contact:
Caitlin Maier
901-434-8100
[email protected]

Investor Relations Contact:
Jeni Hollander
901-818-7200
[email protected]
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES 
TO GAAP FINANCIAL MEASURES

Fourth Quarter and Full-Year Fiscal 2026 and Fiscal 2025 Results

The company reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP” or “reported”). We have supplemented the reporting of our financial information determined in accordance with GAAP with certain non-GAAP (or “adjusted”) financial measures, including our adjusted fourth quarter and adjusted full-year fiscal 2026 and 2025 consolidated operating income and margin, net income, and diluted earnings per share, adjusted fourth quarter and adjusted full-year fiscal 2026 and 2025 Federal Express segment operating income and margin, and adjusted fourth quarter and adjusted full-year fiscal 2026 and 2025 FedEx Freight segment operating income and margin. These financial measures have been adjusted to exclude the impact of the following items (as applicable):

•MTM adjustments for retirement plan accounting incurred in fiscal 2026 and 2025;
•Costs related to the spin-off of FedEx Freight incurred in fiscal 2026 and 2025;
•Business optimization costs incurred in fiscal 2026 and 2025;
•Costs related to the change in the company's fiscal year-end incurred in fiscal 2026;
•Asset impairment charges incurred in fiscal 2026 and fiscal 2025; and
•Adjustments related to international regulatory and legacy FedEx Ground legal matters incurred in fiscal 2026 and 2025.

In December 2024, FedEx announced that its Board of Directors decided to pursue a full separation of FedEx Freight through the capital markets, creating a new publicly traded company. The transaction was implemented through the spin-off of shares of the new company to FedEx stockholders on June 1, 2026, and is intended to be tax-free for U.S. federal income tax purposes for FedEx stockholders. We incurred costs related to the spin-off of FedEx Freight in the fourth quarter and full-year fiscal 2026 and fiscal 2025. These costs were primarily related to professional fees.

Our business optimization costs relate to the following transformation initiatives aimed to improve long-term profitability, drive efficiency within and between our transportation segments, lower our overhead and support costs, and transform our digital capabilities: our Network 2.0 program, our international operational transformation programs, the Europe workforce reduction plan, and DRIVE initiatives commenced in prior years. We incurred costs related to these business optimization initiatives in the fourth quarter and full-year fiscal 2026 and fiscal 2025. These costs were primarily related to severance, incentive payments to our contracted service providers, and professional services.

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In January 2025, FedEx announced that its Board of Directors approved a change in the company's fiscal year end from May 31 to December 31, which became effective June 1, 2026. The company incurred costs related to the fiscal year change in the fourth quarter and full-year fiscal 2026. These costs were primarily related to professional fees.

The charges incurred in fiscal year 2025 in connection with an international regulatory matter were extraordinary in nature and did not represent recurring expenses in our ordinary course of business. For full-year fiscal 2026 financial measures, this item was reduced by a gain recognized in fiscal 2026 in connection with the partial reversal of the associated loss accrual. In addition, there were charges incurred in prior fiscal years 2023 and 2024 in connection with a legacy FedEx Ground legal matter. For full-year 2025 financial measures, this item was reduced by a gain recognized in fiscal 2025 in connection with the partial reversal of the associated loss accrual.

Costs related to the spin-off of FedEx Freight, business optimization costs, costs related to the change in the company's fiscal year-end, asset impairment charges, adjustments related to international regulatory and legacy FedEx Ground legal matters, as well as MTM adjustments for retirement plan accounting, are excluded from our fourth quarter and full-year fiscal 2026 and 2025 consolidated, Federal Express segment, and FedEx Freight segment non-GAAP financial measures, as applicable, because they are unrelated to our core operating performance and/or to assist investors with assessing trends in our underlying businesses.

The income tax effect of these costs is calculated based upon the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment. The impact of these non-GAAP items on the company's effective tax rate represents the difference in the effective tax rate calculated with and without the non-GAAP adjustment. 

We believe these adjusted financial measures facilitate analysis and comparisons of our ongoing business operations because they exclude items that may not be indicative of, or are unrelated to, the company's and our business segments' core operating performance, and may assist investors with comparisons to prior periods and assessing trends in our underlying businesses. These adjustments are consistent with how management views our businesses. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and evaluating the company's and each business segments' ongoing performance. 

Our non-GAAP financial measures are intended to supplement and should be read together with, and are not an alternative or substitute for, and should not be considered superior to, our reported financial results. Accordingly, users of our financial statements should not place undue reliance on these non-GAAP financial measures. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. As required by SEC rules, the 
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tables below present a reconciliation of our presented non-GAAP financial measures to the most directly comparable GAAP measures. 

Calendar 2026 Forecast and Calendar 2025 Earnings Per Share and Effective Tax Rate 

We have provided forecasts for calendar 2026 earnings per share and adjusted earnings per share, which are derived from calendar year 2025 preliminary recasted results from continuing operations, which reflects FedEx Freight as discontinued operations. Our calendar 2026 earnings per share and adjusted earnings per share forecast and calendar 2025 earnings per share and adjusted earnings per share are non-GAAP financial measures because they exclude calendar 2026 and 2025 MTM adjustments for retirement plan accounting, calendar 2026 estimated or calendar 2025 costs related to business optimization initiatives, calendar 2025 adjustments related to international regulatory and legacy FedEx Ground legal matters, calendar 2026 estimated costs related to the spin-off of FedEx Freight, calendar 2026 and 2025 asset impairment charges, and calendar 2026 and 2025 costs related to the fiscal year change. Our calendar 2026 ETR forecast and calendar 2025 ETR are non-GAAP financial measures because they exclude the effect of calendar 2026 and 2025 MTM adjustments for retirement plan accounting, and adjustments related to the MTM accounting for the FedEx Freight investment and the utilization of the FedEx Freight spin-off dividend.

We have provided these non-GAAP financial measures for the same reasons that were outlined above for historical non-GAAP measures. Actual and estimated costs related to business optimization initiatives, actual and estimated costs related to the spin-off of FedEx Freight, asset impairment charges, and costs related to the fiscal year change, as well as MTM adjustments for retirement plan accounting, are excluded from our calendar 2026 and 2025 earnings per share forecasts for the same reasons described above for historical non-GAAP measures.

We are unable to predict the amount of additional calendar 2026 MTM adjustments for retirement plan accounting, and adjustments related to MTM accounting for the FedEx Freight investment and utilization of the FedEx Freight spin-off dividend, as they are significantly affected by changes in interest rates and the financial markets, so such additional adjustments are not included in our calendar 2026 earnings per share and ETR forecasts. For this reason, a full reconciliation of our calendar 2026 earnings per share and ETR forecasts to the most directly comparable GAAP measures is impracticable. It is reasonably possible, however, that our additional calendar 2026 MTM adjustments for retirement plan accounting, and adjustments related to MTM accounting for the FedEx Freight investment and utilization of the FedEx Freight spin-off dividend, could have a material effect on our calendar 2026 consolidated financial results and ETR.

The table included below titled “Calendar 2026 Forecasted Diluted Earnings Per Share from Continuing Operations” outlines the effects of the items that are excluded 
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from our calendar 2026 earnings per share forecast, other than the additional MTM adjustments for retirement plan accounting, and adjustments related to MTM accounting for the FedEx Freight investment and utilization of the FedEx Freight spin-off dividend. The table included below titled “Calendar 2025 Diluted Earnings Per Share from Continuing Operations” outlines the effects of the items that are excluded from our calendar 2025 earnings per share. 
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Fourth Quarter Fiscal 2026

FedEx Corporation

Diluted Earnings Per Share
OperatingIncome Taxes1
Net Income2

Dollars in millions, except EPSIncomeMargin
GAAP measure$1,551 6.2 %$510 $1,598 $6.60 
MTM retirement plans accounting adjustment3
— — (150)(497)(2.05)
FedEx Freight spin-off costs4
298 1.2 %62 238 0.97 
Business optimization costs5
204 0.8 %45 159 0.66 
Asset impairment charges6
23 0.1 %5 18 0.07 
Fiscal year change costs5
13 0.1 %3 10 0.04 

Non-GAAP measure$2,089 8.4 %$475 $1,526 $6.31 

Federal Express Segment

Operating
Dollars in millionsIncomeMargin
GAAP measure$1,651 7.7 %
Business optimization costs208 1.0 %
FedEx Freight spin-off costs26 0.1 %
Asset impairment charges23 0.1 %
Fiscal year change costs6 — 
Non-GAAP measure$1,914 8.9 %

FedEx Freight Segment

Operating
Dollars in millionsIncomeMargin
GAAP measure$158 6.6 %
FedEx Freight spin-off costs205 8.5 %
Non-GAAP measure$363 15.1 %

Note: tables may not sum to totals due to rounding.
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Full-Year Fiscal 2026

FedEx Corporation

Diluted Earnings Per Share
OperatingIncome Taxes1
Net Income2

Dollars in millions, except EPSIncomeMargin

GAAP measure$5,463 5.8 %$1,360 $4,433 $18.55 
MTM retirement plans accounting adjustment3
— — (150)(497)(2.08)
FedEx Freight spin-off costs4
738 0.8 %155 589 2.46 
Business optimization costs5
366 0.4 %81 285 1.19 
Fiscal year change costs5
33 — 7 26 0.11 
Asset impairment charges6
23 — 5 18 0.08 
International regulatory and legacy FedEx Ground legal matters6
(12)— 4 (16)(0.07)
Non-GAAP measure$6,611 7.0 %$1,462 $4,838 $20.24 

Federal Express Segment

Operating
Dollars in millionsIncomeMargin
GAAP measure$5,912 7.2 %
Business optimization costs303 0.4 %
FedEx Freight spin-off costs70 0.1 %
Asset impairment charges23 — 
Fiscal year change costs22 — 
International regulatory and legacy FedEx Ground legal matters(12)— 
Non-GAAP measure$6,318 7.7 %

FedEx Freight Segment

Operating
Dollars in millionsIncomeMargin
GAAP measure$616 7.0 %
FedEx Freight spin-off costs492 5.6 %
Non-GAAP measure$1,108 12.6 %

Note: tables may not sum to totals due to rounding.
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Fourth Quarter Fiscal 2025

FedEx Corporation

Diluted Earnings Per Share
OperatingIncome Taxes1
Net Income2

Dollars in millions, except EPSIncomeMargin
GAAP measure$1,793 8.1 %$575 $1,648 $6.88 
MTM retirement plans accounting adjustment3
— — (125)(390)(1.63)
Business optimization costs5
123 0.6 %29 93 0.39 
International regulatory and legacy FedEx Ground legal matters6
50 0.2 %(11)61 0.26 
FedEx Freight spin-off costs4
33 0.1 %7 27 0.11 
Asset impairment charges6
21 0.1 %5 16 0.07 
Non-GAAP measure$2,020 9.1 %$480 $1,455 $6.07 

Federal Express Segment

Operating
Dollars in millionsIncomeMargin
GAAP measure$1,586 8.4 %
International regulatory and legacy FedEx Ground legal matters50 0.3 %
Business optimization costs43 0.2 %
Asset impairment charges21 0.1 %
Non-GAAP measure$1,700 9.0 %

Note: tables may not sum to totals due to rounding.
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Full-Year Fiscal 2025

FedEx Corporation

Diluted Earnings Per Share
OperatingIncome Taxes1
Net Income2

Dollars in millions, except EPSIncomeMargin
GAAP measure$5,217 5.9 %$1,349 $4,092 $16.81 
MTM retirement plans accounting adjustment3
—— (125)(390)(1.60)
Business optimization costs5
756 0.9 %178 577 2.37 
International regulatory and legacy FedEx Ground legal matters6
88 0.1 %(2)90 0.37 
FedEx Freight spin-off costs4
38 — 13 44 0.18 
Asset impairment charges6
21 — 5 16 0.06 
Non-GAAP measure$6,120 7.0 %$1,418 $4,429 $18.19 

Federal Express Segment

Operating
Dollars in millionsIncomeMargin
GAAP measure$4,885 6.5 %
Business optimization costs384 0.5 %
International regulatory and legacy FedEx Ground legal matters88 0.1 %
Asset impairment charges21 — 
Non-GAAP measure$5,378 7.1 %

Note: tables may not sum to totals due to rounding.
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Calendar 2026 Forecasted Diluted Earnings Per Share from Continuing Operations

Diluted Earnings Per Share from Continuing Operations

Dollars in millions, except EPS
Adjustments    

Earnings per diluted share from continuing operations (GAAP)7
$16.55 to $17.75

MTM retirement plans accounting adjustment($639)
Business optimization costs
660 
FedEx Freight spin-off costs50 
Aircraft impairment charges23 
Fiscal year change costs19 
Total adjustments$113 
Income tax effect1
(23)
Net of tax effect
$90 0.35

Diluted earnings per share from continuing operations with adjustments (non-GAAP)7
$16.90 to $18.10

Calendar 2025 Diluted Earnings Per Share from Continuing Operations

Diluted Earnings Per Share from Continuing Operations

Dollars in millions, except EPSAdjustments
Earnings per diluted share from continuing operations (GAAP)8
$14.80

MTM retirement plans accounting adjustment3
($418)
Business optimization costs5
344 
International regulatory and legacy FedEx Ground legal matter6
76 
Aircraft impairment charges6
21 
Fiscal year change costs5
14 
Total adjustments$37 
Income tax effect1
13 
Net of tax effect
$50 0.20

Diluted earnings per share from continuing operations with adjustments (non-GAAP)8
$15.00

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Notes:

1Income taxes are based on the approximate statutory tax rates applicable to each transaction.
2Effect of “total other (expense) income” on net income amount not shown.
3These adjustments reflect the May 31 fiscal year-end adjustment to the valuation of the company's defined benefit pension and other postretirement plans, as recorded.
4These expenses were recognized at Federal Express, FedEx Freight, and Corporate, other, and eliminations.
5These expenses were recognized at Federal Express and Corporate, other, and eliminations.
6These expenses were recognized at Federal Express.
7Additional MTM adjustments for retirement plan accounting for calendar 2026, and adjustments related to MTM accounting for the FedEx Freight investment and the utilization of the FedEx Freight spin-off dividend, which are impracticable to calculate at this time, are excluded.
8The baseline for the calendar 2026 financial metrics is calendar year 2025 preliminary recasted results from continuing operations, which reflects FedEx Freight as discontinued operations. FedEx expects to file a Current Report on Form 8-K including recasted and resegmented financial statements for calendar 2024 and 2025, reflecting FedEx Freight as discontinued operations, by mid-August 2026.

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FEDEX CORP. FINANCIAL HIGHLIGHTS
Fourth Quarter Fiscal 2026
(In millions, except earnings per share) 
(Unaudited)

Three Months Ended May 31,Twelve Months Ended May 31,
20262025Percent Change20262025Percent Change
Revenue:
Federal Express Segment$21,570 $18,977 14 $82,273 $75,304 9 
FedEx Freight segment2,408 2,297 5 8,795 8,892 (1)
Other and eliminations(1)
1,029 946 9 3,652 3,730 (2)
Total Revenue25,007 22,220 13 94,720 87,926 8 
Operating Expenses:
Salaries and employee benefits8,568 7,689 11 33,844 31,232 8 
Purchased transportation6,163 5,359 15 23,620 21,768 9 
Rentals and landing fees1,245 1,140 9 4,883 4,647 5 
Depreciation and amortization1,097 1,057 4 4,369 4,264 2 
Fuel1,434 864 66 4,052 3,775 7 
Maintenance and repairs827 802 3 3,330 3,245 3 
Separation and other costs311 33 842 771 38 1929 
Business optimization costs
204 123 66 366 756 (52)
Asset impairment23 21 10 23 21 10 
Other(4)
3,584 3,339 7 13,999 12,963 8 
Total Operating Expenses23,456 20,427 15 89,257 82,709 8 
Operating income (loss):
Federal Express segment1,651 1,586 4 5,912 4,885 21 
FedEx Freight segment158 477 (67)616 1,489 (59)
Corporate, other, and eliminations(1)
(258)(270)(4)(1,065)(1,157)(8)
Total Operating Income1,551 1,793 (13)5,463 5,217 5 
Other (Expense) Income:
Interest, net(140)(124)13 (533)(426)25 
Other retirement plans, net
707 564 25 885 713 24 
Other, net
(10)(10)— (22)(63)(65)
Total Other (Expense) Income557 430 30 330 224 47 
Income Before Income Taxes2,108 2,223 (5)5,793 5,441 6 
Provision for Income Taxes
510 575 (11)1,360 1,349 1 
Net Income$1,598 $1,648 (3)$4,433 $4,092 8 
Diluted Earnings Per Share$6.60 $6.88 (4)$18.55 $16.81 10 
Weighted Average Common and Common Equivalent Shares241 238 1 239 243 (2)
Capital Expenditures$1,474 $1,473 — $3,809 $4,055 (6)

1 – Includes the FedEx Office, FedEx Logistics, and FedEx Dataworks operating segments.

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17

FEDEX CORP. CONDENSED CONSOLIDATED BALANCE SHEETS
Fourth Quarter Fiscal 2026
(In millions)
(Unaudited)

Year Ended May 31,
20262025
ASSETS
Current Assets
Cash and cash equivalents$13,311 $5,502 

Receivables, less allowances12,672 11,368 
Spare parts, supplies, and fuel, less allowances669 602 
Prepaid expenses and other1,251 914 
Total current assets27,903 18,386 
Property and Equipment, at Cost90,926 87,622 
Less accumulated depreciation and amortization48,882 45,980 
Net property and equipment42,044 41,642 
Other Long-Term Assets
Operating lease right-of-use assets, net16,822 16,453 
Goodwill6,733 6,603 
Other assets5,435 4,543 
Total other long-term assets28,990 27,599 
$98,937 $87,627 
LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT
Current Liabilities
Current portion of long-term debt$1,676 $1,428 
Accrued salaries and employee benefits3,759 2,731 
Accounts payable4,327 3,692 
Operating lease liabilities2,680 2,565 
Accrued expenses5,725 4,995 
Short-Term Borrowings745 — 
Total current liabilities18,912 15,411 
Long-Term Debt, Less Current Portion23,293 19,151 
Other Long-Term Liabilities
Deferred income taxes3,664 4,205 
Pension, postretirement healthcare, and other benefit obligations1,625 1,698 
Self-insurance accruals4,413 4,033 
Operating lease liabilities14,549 14,272 
Other liabilities834 783 
Total other long-term liabilities25,085 24,991 
Commitments and Contingencies
Common Stockholders' Investment
Common stock, $0.10 par value, 800 million shares authorized32 32 
Additional paid-in capital4,717 4,290 
Retained earnings44,461 41,402 
Accumulated other comprehensive loss(1,227)(1,362)
Treasury stock, at cost(16,336)(16,288)
Total common stockholders' investment31,647 28,074 
$98,937 $87,627 

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18

FEDEX CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Fourth Quarter Fiscal 2026
 (In millions)
 (Unaudited)

Year Ended May 31,
20262025
Operating Activities:
Net income$4,433 $4,092 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization4,369 4,264 
Other, net3,651 3,395 
Changes in operating assets and liabilities, net(3,528)(4,715)
Cash provided by operating activities8,925 7,036 
Investing Activities:
Capital expenditures(3,809)(4,055)
Purchase of investments(682)(262)
Proceeds from sale of investments483 110 
Proceeds from asset dispositions and other investing activities, net97 115 
Cash used in investing activities(3,911)(4,092)
Financing Activities:
Proceeds from debt issuances5,289 — 
Short-term borrowings, net742 — 
Principal payments on debt(2,049)(157)
Proceeds from stock issuances992 524 
Dividends paid(1,374)(1,339)
Purchases of common stock(796)(3,017)
Other(55)(30)
Cash used in financing activities2,749 (4,019)
Effect of exchange rate changes on cash46 76 
Net increase (decrease) in cash and cash equivalents7,809 (999)
Cash and cash equivalents at beginning of period5,502 6,501 
Cash and cash equivalents at end of period$13,311 $5,502 

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19

FEDERAL EXPRESS SEGMENT FINANCIAL HIGHLIGHTS
Fourth Quarter Fiscal 2026
(Dollars in millions)
(Unaudited)

Three Months Ended May 31,Twelve Months Ended May 31,
2026
2025Percent Change20262025Percent Change
Revenue:
Package:
U.S. priority$3,092$2,72014 $11,603$10,52010 
U.S. deferred1,4411,27113 5,7005,00714 
U.S. ground9,6488,58912 37,33533,88710 
Total U.S. domestic package revenue14,18112,58013 54,63849,41411 
International priority2,6372,20320 9,6398,73710 
International economy1,5721,4489 5,9255,8611 
Total international export package revenue4,2093,65115 15,56414,5987 
International domestic(1)
1,1801,1156 4,7254,4955 
Total package revenue19,57017,34613 74,92768,5079 
Freight:
U.S.34829817 1,2521,536(18)
International priority72160320 2,5602,32010 
International economy59651316 2,2441,97514 
Total freight revenue1,6651,41418 6,0565,8314 
Other33521754 1,29096634 
Total revenue21,57018,97714 82,27375,3049 
Operating expenses:
Salaries and employee benefits6,8946,17112 27,46525,0919 
Purchased transportation5,5944,91014 21,81219,9749 
Rentals and landing fees1,0559649 4,1533,9395 
Depreciation and amortization943943— 3,7993,7222 
Fuel1,27575070 3,5653,3168 
Maintenance and repairs7266935 2,9062,7994 
Business optimization costs20843384 303384(21)
Separation and other costs32—NM92—NM
Asset impairment charges232110 232110 
Intercompany allocations(185)(200)(8)(853)(791)8 
Other3,3543,0968 13,09611,9649 
Total operating expenses19,91917,39115 76,36170,4198 
Operating income$1,651$1,5864 $5,912$4,88521 
Operating margin7.7%8.4%(70) bp7.2%6.5%70  bp

1 – International Domestic statistics relate to international intra-country operations.

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20

FEDERAL EXPRESS SEGMENT OPERATING HIGHLIGHTS
Fourth Quarter Fiscal 2026
(Unaudited)

Three Months Ended May 31,Twelve Months Ended May 31,
20262025Percent Change20262025Percent Change
PACKAGE STATISTICS
Avg. daily package volume (ADV) (000s)(1):

U.S. priority1,7001,6443 1,6781,6094 
U.S. deferred1,0841,0632 1,1361,0528 
U.S. ground commercial4,4194,2304 4,3294,2522 
U.S. ground home delivery/economy7,0226,8892 7,4427,0416 
Total U.S. domestic ADV14,22513,8263 14,58513,9545 
International priority5795613 572584(2)
International economy5925547 5735534 
Total international export ADV1,1711,1155 1,1451,1371 
International domestic(2)
1,6871,853(9)1,8281,910(4)
Total ADV17,08316,7942 17,55817,0013 
Revenue per package (yield):
U.S. priority$28.41$25.8510 $27.22$25.746 
U.S. deferred20.7718.6811 19.7518.755 
U.S. ground13.1812.079 12.4911.816 
U.S. domestic composite15.5814.2210 14.7513.946 
International priority71.1261.3316 66.3458.8913 
International economy41.5340.892 40.7541.74(2)
International export composite56.1751.1810 53.5450.556 
International domestic(2)
10.939.4016 10.189.2610 
Composite package yield$17.90$16.1411 $16.80$15.866 
FREIGHT STATISTICS
Average daily freight pounds (000s):
U.S.2,2722,2342 2,1463,137(32)
International priority5,1744,7309 4,9624,6517 
International economy12,83111,30114 12,01711,3656 
Total average daily freight pounds20,27718,26511 19,12519,153— 
Revenue per pound (yield):
U.S.$2.40$2.0915 $2.30$1.9319 
International priority2.181.9910 2.031.964 
International economy0.730.713 0.740.689 
Composite freight yield$1.28$1.216 $1.25$1.204 
Operating weekdays6464— 254254— 

1 – ADV is calculated on a 5-day-per-week basis.
2 – International Domestic statistics relate to international intra-country operations.

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21

FEDEX FREIGHT SEGMENT FINANCIAL AND OPERATING HIGHLIGHTS
Fourth Quarter Fiscal 2026
(Dollars in millions)
(Unaudited)

Three Months Ended May 31,Twelve Months Ended May 31,
20262025Percent Change20262025Percent Change
FINANCIAL HIGHLIGHTS
Revenue$2,408$2,2975 $8,795$8,892(1)
Operating expenses:
Salaries and employee benefits1,0569669 3,9913,8653 
Purchased transportation2162055 807807— 
Rentals77727 3012875 
Depreciation and amortization1158142 4504168 
Fuel15811340 4854576 
Maintenance and repairs7177(8)314332(5)
Separation and other costs205—NM492—NM
Intercompany charges112140(20)561573(2)
Other24016645 77866617 
Total operating expenses2,2501,82024 8,1797,40310 
Operating income$158$477(67)$616$1,489(59)
Operating margin6.6%20.8%(1420) bp7.0%16.7%(970) bp

OPERATING STATISTICS
Operating weekdays6464— 252252— 
Average daily shipments (000s):
Priority60.263.4(5)59.561.8(4)
Economy26.528.7(8)26.628.3(6)
Total average daily shipments86.792.1(6)86.190.1(4)
Weight per shipment (lbs):
Priority941937— 933941(1)
Economy9658829 9258736 
Composite weight per shipment9489203 9319201 
Revenue per shipment:
Priority$397.06$357.8611 $370.90$358.843 
Economy456.39404.9813 421.78405.534 
Composite revenue per shipment$415.22$372.5511 $386.63$373.524 
Revenue per hundredweight:
Priority$42.21$38.1811 $39.7438.134 
Economy47.2845.923 45.6046.46(2)
Composite revenue per hundredweight$43.79$40.498 $41.54$40.612 

22