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?
Research analysts who have asked questions during FEDEX earnings calls.
Brandon Oglenski
Barclays
6 questions for FDX
Brian Ossenbeck
JPMorgan Chase & Co.
6 questions for FDX
Christian Wetherbee
Wells Fargo
6 questions for FDX
Jonathan Chappell
Evercore ISI
6 questions for FDX
Jordan Alliger
Goldman Sachs
6 questions for FDX
Scott Group
Wolfe Research
6 questions for FDX
Daniel Imbro
Stephens Inc.
5 questions for FDX
Jason Seidl
TD Cowen
5 questions for FDX
Bascome Majors
Susquehanna Financial Group
4 questions for FDX
Conor Cunningham
Melius Research
4 questions for FDX
David Vernon
Sanford C. Bernstein & Co., LLC
4 questions for FDX
Ken Hoexter
BofA Securities
4 questions for FDX
Ariel Rosa
Citigroup
3 questions for FDX
J. Bruce Chan
Stifel
3 questions for FDX
Richa Harnain
Deutsche Bank
3 questions for FDX
Thomas Wadewitz
UBS
3 questions for FDX
Tom Wadewitz
UBS Group
3 questions for FDX
Ravi Shanker
Morgan Stanley
2 questions for FDX
Elliot Alper
TD Cowen
1 question for FDX
Richa Harned
Deutsche Bank
1 question for FDX
Stephanie Moore
Jefferies
1 question for FDX
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.
- 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%.
- 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.
- 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.
- 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.
- 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
- 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.
- 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.
- 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.
- 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.
- 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.