FEDEX (FDX) Company Report

Guidance Update: FedEx expects fiscal Q2 adjusted EPS above $4.05, sending shares up 5–5.8%.
Revenue Mix: In fiscal 2025, Federal Express made up 86% of revenue, FedEx Freight 10%, and other services the remainder.
Financial Health Concerns: Altman Z-Score of 2.53 places the company in a grey area for potential distress; ROIC of 6.29% remains below WACC.
Profitability Metrics: Operating margin at 6.87%, net margin 4.65%, and EBITDA margin 11.96%.

Nov 11, 2025, 6:09 PM

Bloomberg

FedEx outlines network transformation, cost reduction, and resilience at Baird 55th Annual Global Industrial Conference

FDX

FedEx President and CEO Raj Subramaniam highlighted the company’s $2 trillion global commerce network connecting 3 million shippers to 225 million consumers, underscoring its strategic value and cultural resilience.
For the first time in its history, FedEx reduced absolute structural costs and achieved higher operating income despite revenue declines by modernizing its U.S. (Network 2.0) and international (Tricolor) networks and unifying operations under “One FedEx”.
The company expects a $1 billion FY2025 profit headwind from trade policy, including $700 million due to lower international revenue, but cites a 22 % increase in U.S. outbound air freight and AI-driven customs classification as competitive advantages.
In response to the MD-11 grounding, FedEx voluntarily grounded its 28 MD-11s for inspection, leveraging 25 operational aircraft, spare jets, route optimization, and commercial partnerships to sustain peak-season service.
FedEx’s planned spin-off of FedEx Freight aims to unlock shareholder value by creating two specialized, capital-focused companies with dedicated leadership to better serve their respective markets.

Nov 11, 2025, 4:50 PM

Transcript

Elite Express reports Q3 2025 results

FDX

Earnings

First earnings release since IPO, delivered first quarterly gross profit of $6,817 versus a loss of $29,789 in Q3 2024.
Revenue of $633,865 for Q3 2025, up 7.4% year-over-year, driven by activity-based revenue growth.
Net loss widened to $185,881 in Q3 2025 from $76,526 in Q3 2024.
General and administrative expenses rose 285.9% to $151,600, reflecting costs of being a newly public company.
CEO plans to expand fleet, leverage technology, and diversify beyond FedEx to drive long-term growth.

Oct 14, 2025, 10:10 AM

Press Release

FedEx stock downgraded amid Freight segment headwinds

FDX

Demand Weakening

JPMorgan downgraded FedEx to Neutral from Overweight, cutting its price target to $274 over structural challenges in its less-than-truckload Freight segment.
The LTL Freight business faces soft demand, overcapacity, and profitability pressures, particularly in Europe following the TNT Express acquisition.
Freight represents 10% of FedEx’s revenue, while the core Federal Express segment accounts for 86%.
Analysts retain a Moderate Buy consensus with 12 Buys, 6 Holds, and 2 Sells despite the downgrade.

Oct 8, 2025, 8:11 AM

CNBC

FedEx AGM 2025 approves governance proposals and highlights $4.3B capital return

FDX

Proxy Vote Outcomes

Share Buyback

13 directors re-elected, advisory vote on named executive officer pay approved, Ernst & Young ratified as auditor, omnibus stock plan amendment passed, and independent chairman proposal rejected
Achieved $1.8 billion of structural cost reductions in FY24 and $2.2 billion in FY25, totaling $4 billion since FY23 under DRIVE transformation
Returned approximately $4.3 billion to stockholders in FY25 through disciplined CapEx management
Secured over 3 million gallons of blended sustainable aviation fuel at LAX—the largest SAF purchase by a U.S. cargo airline as of May 2025

Sep 29, 2025, 1:00 PM

Transcript

FedEx reports Q1 FY26 results

FDX

Earnings

Share Buyback

Guidance Update

Delivered $22.2B consolidated revenue (+3% YoY) and $3.83 adjusted EPS (+6% YoY).
Achieved $1.30B adjusted operating income (+7% YoY) with a 5.8% margin, and recorded $200M in transformation cost savings.
Federal Express segment adjusted operating income reached $1.16B (+17% YoY), while FedEx Freight revenue declined to $2.26B (-3% YoY) with $369M of adjusted operating income (-16% YoY).
Returned capital via $345M of dividends and $500M of share repurchases during the quarter.
Reaffirmed FY26 outlook: 4–6% revenue growth and $17.20–$19.00 adjusted EPS, incorporating ~$1B in transformation savings against global trade and USPS headwinds.

Sep 18, 2025, 9:30 PM

Presentation

FedEx reports Q1 2026 results

FDX

Earnings

Guidance Update

Share Buyback

FedEx delivered Q1 adjusted EPS of $3.83, up 6% y/y, with revenue up 3% and adjusted operating income rising 7%, driving 20 bps of margin expansion.
At Federal Express Corp (FEC), revenue grew 4%, adjusted operating income increased 17% with a 70 bp margin expansion, while FedEx Freight saw a $70 M profit decline and 250 bp margin contraction.
Full-year FY26 adjusted EPS is guided at $17.20–$19.00, with 4–6% revenue growth anticipated, incorporating $1 B of transformation savings, offset by $1 B global trade and $160 M USPS contract headwinds.
Capital allocation includes $500 M of Q1 share repurchases (with $1.6 B remaining), an increased dividend, $623 M Q1 CapEx (on track for $4.5 B annual), and plans to reduce pension contributions; FedEx Freight spin-off remains on track for June 2026 as NYSE: FDXF.

Sep 18, 2025, 9:30 PM

Transcript

FedEx reports Q1 FY26 results

FDX

Earnings

Guidance Update

Share Buyback

FedEx delivered $22.2B in revenue (+3% YoY), $1.30B in adjusted operating income (+7% YoY), and $3.83 adjusted EPS (+6% YoY).
Federal Express segment revenue rose 4% to $19.1B with adjusted operating income up 17% at $1.16B, while FedEx Freight revenue declined 3% to $2.26B and adjusted operating income fell 16% to $369M.
Capital allocation remained disciplined, with Q1 CapEx of $623M, dividends paid of $345M, and $500M in share repurchases; the company reaffirmed a FY26 CapEx target of $4.5B.
For FY26, FedEx expects 4%–6% revenue growth, $17.20–$19.00 in adjusted EPS, and an effective tax rate of ~25%.
The planned spin-off of FedEx Freight remains on track for June 2026, with an expected NYSE listing under ticker FDXF.

Sep 18, 2025, 9:30 PM

Presentation

FedEx Corp reports Q1 FY2026 earnings growth

FDX

Earnings

Share Buyback

Guidance Update

FedEx Corp delivered 3% revenue growth in Q1 FY26 to $22.2 B, with adjusted operating income of $1.30 B and adjusted diluted EPS of $3.83, up from $21.6 B, $1.21 B and $3.60 in Q1 FY25.
Completed $500 M of share repurchases (2.2 M shares) during the quarter, leaving $1.6 B available under the company’s 2024 authorization.
FedEx Freight spin-off remains on schedule for tax-efficient separation by June 2026.
Fiscal 2026 outlook: 4–6% revenue growth; non-GAAP diluted EPS of $14.20–$16.00 (pre-MTM retirement adjustments) and $17.20–$19.00 (excluding other specified costs); and an ~25% effective tax rate before MTM adjustments.

Sep 18, 2025, 8:13 PM

8-K

Xos reports Q2 2025 record revenue and deliveries

FDX

Earnings

Guidance Update

Revenue Acceleration/Inflection

Delivered 135 units and generated $18.4 million in Q2 2025, up from 90 units and $15.5 million a year earlier, marking the highest quarterly deliveries and revenues in company history.
Recorded the lowest operating loss since going public at $7.1 million and cut operating expenses by $4.7 million year-over-year, a 35% reduction.
Achieved $4.6 million in net cash provided by operating activities and positive free cash flow for the second time, both the highest levels on record.
Maintained 2025 outlook with revenue of $50.2 million to $65.8 million, unit deliveries of 320 to 420, and non-GAAP operating loss of $24.4 million to $26.9 million.

Aug 13, 2025, 8:03 PM

Press Release

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