FedEx Corporation provides a broad portfolio of transportation, e-commerce, and business services, offering integrated business solutions through its flexible, efficient, and intelligent global network. The company operates primarily through two major service lines: Federal Express and FedEx Freight. Federal Express, which includes the operations of FedEx Ground and FedEx Services after their merger into Federal Express on June 1, 2024, is the world's largest express transportation company and a leading provider of small-package ground delivery services. It offers a range of rapid, reliable, time- and day-definite delivery services to more than 220 countries and territories, contributing significantly to the company's revenue .
- Federal Express - Provides express transportation and small-package ground delivery services, offering rapid, reliable, time- and day-definite delivery to over 220 countries and territories.
- FedEx Ground - Offers small-package ground delivery services.
- FedEx Services - Provides support services integrated into Federal Express operations.
- FedEx Freight - Delivers less-than-truckload (LTL) freight transportation services across North America, focusing on network efficiency and service delivery.
- FedEx Custom Critical - Offers time-critical transportation services.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Frederick W. Smith ExecutiveBoard | Executive Chairman and Chairman of the Board | None | Founder of FedEx; served as CEO from 1998 to May 2022; instrumental in shaping FedEx into a global leader in express transportation. | |
Rajesh Subramaniam ExecutiveBoard | President and Chief Executive Officer | Director at The Procter & Gamble Company; Member of The President’s Export Council, U.S.-India Strategic Partnership Forum, U.S.-India CEO Forum, and U.S.-China Business Council | Over 30 years at FedEx; led global marketing and communications; instrumental in FedEx's digital transformation and e-commerce growth. | View Report → |
Brie A. Carere Executive | Executive Vice President and Chief Customer Officer | Director at ZipRecruiter, Inc. | Over 20 years at FedEx; led global marketing and communications; currently oversees customer experience and strategy. | |
John W. Dietrich Executive | Executive Vice President and Chief Financial Officer | Director at AAR Corp. and First Horizon Corporation | Former CEO of Atlas Air Worldwide Holdings; extensive experience in aviation and finance; joined FedEx as CFO in 2023. | |
Mark R. Allen Executive | Executive Vice President, General Counsel, and Secretary | None | Joined FedEx in 2002; announced plans to step down as General Counsel in September 2024 and retire by December 2024. | |
Sriram Krishnasamy Executive | Executive Vice President, Chief Digital and Information Officer, and Chief Transformation Officer | None | Over 25 years at FedEx; led FedEx Dataworks and the DRIVE transformation program; instrumental in digital transformation and AI initiatives. | |
Tracy B. Brightman Executive | Executive Vice President — Chief People Officer | None | Over 20 years at FedEx; held leadership roles in human resources, legal, and communications; became Chief People Officer in 2023. | |
David P. Steiner Board | Independent Director | Board Member at Vulcan Materials Company | Former CEO of Waste Management, Inc.; expertise in transportation, logistics, and renewable energy; chairs the Governance, Safety, and Public Policy Committee at FedEx. | |
Paul S. Walsh Board | Independent Director | Executive Chairman of McLaren Group Limited; Director at McDonald’s Corporation, Vintage Wine Estates, Inc., and UPL Corporation Ltd.; Advisor to L.E.K. Consulting and TPG Capital LLP | Former CEO of Diageo plc; extensive leadership experience in consumer goods, marketing, and governance; serves as Chairman of the Compensation and Human Resources Committee at FedEx. |
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Given the persistent weakness in the industrial economy and B2B volumes, what concrete steps are you taking beyond cost-cutting to stimulate growth in these areas, and how realistic are your expectations for a moderate recovery in the second half of the fiscal year?
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With the impending $500 million headwind from the termination of the U.S. Postal Service contract, how do you plan to mitigate the impact on your revenue and operations, and what strategies are in place to replace this significant volume loss?
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Despite acknowledging a negative mix shift towards lower-yielding services and increased customer demand for deferred options, how confident are you that your recent pricing actions, including increased demand and fuel surcharges, will be effective in improving yields in a competitive environment where customers are trading down?
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You expect $600 million of savings from Europe as part of DRIVE, but given previous challenges in achieving profitability in that region, what gives you confidence in these projections, and are there contingency plans if these improvements don't materialize?
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In light of the weaker-than-expected top-line performance and challenges in adjusting your network quickly in response to demand shifts, what specific measures are you implementing to enhance your network flexibility, and how will this help prevent future earnings shortfalls if demand changes unexpectedly?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
This company is identified as a primary competitor in the North American LTL freight services market, competing with FedEx Freight's offerings such as Priority, Economy, and Direct services. | |
This company is listed as a key competitor in the LTL freight services market, challenging FedEx Freight's industry-leading transit times and service offerings. | |
This company competes with FedEx Freight in the LTL freight services market, offering similar services to meet customer needs. | |
This company is mentioned as a competitor in the LTL freight services market, competing with FedEx Freight's comprehensive network and service options. | |
This company is noted as a competitor in the LTL freight services market, challenging FedEx Freight's service capabilities. | |
This company is a principal competitor in the U.S. domestic and international package delivery markets, competing on price, frequency, reliability, and geographic coverage. | |
DHL | This company is a major international competitor, challenging FedEx in global package delivery and freight services. |
DPD (a subsidiary of France’s La Poste’s GeoPost) | This company competes with FedEx in international package delivery services, leveraging its parent company's resources. |
General Logistics Systems (a Royal Mail-owned parcel delivery group) | This company is an international competitor in the package delivery market, offering services similar to FedEx. |
USPS | This organization is a competitor in the U.S. domestic package delivery market, providing services that overlap with FedEx's offerings. |
This company is developing in-house delivery capabilities and utilizing independent contractors, posing a competitive threat to FedEx in package delivery. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
ShopRunner, Inc. | 2023 | The acquisition was integrated into FedEx Dataworks to enhance digital and physical customer experiences, but the business underperformed, leading to a $36M goodwill impairment and an $11M asset impairment (totaling $47M) due to base business erosion and unmet revenue and profit targets, with additional challenges from customer data interoperability issues. |
Recent press releases and 8-K filings for FDX.
- 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.
- FedEx achieved its second consecutive year of earnings growth in FY 25 despite headwinds from the USPS contract termination, two fewer operating days, and tariffs, and returned $4.3 billion to shareholders via buybacks and dividends in FY 25.
- Macro trends remain mixed: B2B volumes stay soft (ISM PMI below 50 for 31 of the past 33 months) while B2C strength in June–July is beginning to ease; China tariffs are a $170 million Q1 headwind.
- Transformation initiatives are on track: the Drive program delivered $1.8 billion in cost savings in FY 24 and $2.2 billion in FY 25 toward its $4 billion target , and network2.o now covers 15% of average daily volumes after closing 100 stations and reconfiguring 290.
- The Tricolor network generated $200 million of operating income in 4Q by flexing assets across priority (purple), heavy-freight (orange), and belly-capacity (white) services.
- Capital spending is being sharply reduced—from over $2 billion annually toward $1 billion by FY 26—with $700 million earmarked for network2.o; ongoing investment in a modern fleet continues alongside shareholder returns in line with free cash flow.
- On July 30, 2025, FedEx Corporation issued €500 million aggregate principal amount of its 3.500% Notes due 2032 and €350 million aggregate principal amount of its 4.125% Notes due 2037.
- The euro-denominated notes are unsecured senior obligations issued under the Base Indenture dated October 23, 2015, as supplemented by Supplemental Indenture No. 17 dated July 30, 2025, and are jointly and severally guaranteed by designated FedEx subsidiary guarantors.
- The securities and related guarantees were registered under Form S-3 (Registration No. 333-273320), with offering documents and exhibits incorporated by reference via this Form 8-K.
- On July 23, 2025, FedEx and its subsidiaries entered into an underwriting agreement to issue €500 million of 3.500% Notes due 2032 and €350 million of 4.125% Notes due 2037.
- The offering is underwritten by BNP Paribas, Goldman Sachs & Co. LLC, J.P. Morgan Securities plc and other global banks listed in Schedule B.
- FedEx filed this Form 8-K to incorporate the underwriting agreement as an exhibit into its Form S-3 registration statement for the notes and related guarantees.
- The end of the US de minimis tax loophole for low-cost packages (under $800) drove a 10.7% drop in Asia-to-US air cargo demand in May.
- Low-value e-commerce shipments were hardest hit, plunging 43% month-over-month.
- Tariffs on packages from China to the US initially spiked to 145%, later eased to 30% under a Beijing-Washington deal.
- Low-value shipments surged from 5% of China-US air freight in 2018 to over 50% last year.
- FedEx shares fell after the company withheld full-year guidance, citing uncertainty over US trade policies.
- Q4 FY25 revenue of $22.2 B (+1% YoY) and adjusted operating income of $2.0 B (+8% YoY); Q4 adjusted EPS of $6.07 (+12.2% YoY).
- Delivered $2.2 B of structural cost reductions through DRIVE, achieving the two-year $4 B target and advancing Network 2.0 optimization.
- Returned $4.3 B of cash to shareholders and reduced capex to $4.1 B (4.6% of revenue) in FY25.
- Q1 FY26 guidance: revenue growth of 0–2% and adjusted EPS of $3.40–$4.00.
- Revenue of BRL 1,738,986 thousand, down 28.2% year-on-year, and adjusted EBITDA of BRL 771,412 thousand, down 33.2% y/y.
- Net income of BRL 252,337 thousand in Q4 2025 (-45.9% y/y) and LTM adjusted EBITDA of BRL 3,445,216 thousand, up 12.2% y/y.
- Net debt increased to BRL 4,926,234 thousand (+48.6% y/y) with a Net Debt/LTM EBITDA ratio of 1.43 x.
- 2026 production guidance: TRS production +1.8% to 3,539 thousand tons and sugarcane crushing +3.7% to 22,600 thousand tons.
- Capex guidance for 12M 2026 set at BRL 2,315.5 million, down 15.3% y/y, including BRL 200 million for modernization/expansion.
- S3 Partners founder Bob Sloan warns that stocks with an equal balance of active long and short positions are battleground stocks with historically severe drawdowns and high volatility.
- Examples of battleground stocks cited include Archer Aviation, Kohl's, and C3 AI.
- Stocks with heavy short interest, such as Rivian and Super Micro, could plummet further on negative news due to their skewed short positioning.
- In the energy sector, elevated short interest in companies like Apache sets the stage for a potential short squeeze, especially amid geopolitical uncertainties.
- GAAP diluted EPS of $6.88 and adjusted EPS of $6.07 on $22.2 billion revenue; operating income was $1.79 billion GAAP (adjusted $2.02 billion) with an 8.1% GAAP margin (9.1% adjusted) in Q4 ended May 31, 2025.
- Achieved $2.2 billion in fiscal 2025 DRIVE structural cost reductions and returned $4.3 billion to shareholders through $3.0 billion of stock repurchases and $1.3 billion of dividends.
- Targeting $1 billion of transformation program cost savings in fiscal 2026.
- Forecasting Q1 FY2026 revenue growth of 0–2%, an effective tax rate of ~25%, and EPS of $2.90–$3.50 ($3.40–$4.00 adjusted).
- On June 21, 2025, Frederick W. Smith, FedEx’s founder and Executive Chairman, passed away.
- Effective June 23, 2025, the Board reduced its size to twelve members and appointed R. Brad Martin as Chairman of the Board; he will continue to lead the Audit and Finance Committee.