Total Revenue

Marginal increase from US$22,109 million in Q4 2024 to US$22,220 million in Q4 2025 " " "

**Modest overall growth driven by a significant boost in FedEx Express revenue, partly offset by flat FedEx Freight performance, with additional support from higher Other and Eliminations revenue. This mix is in line with previous periods where improved service mix and deferred service demand had a notable impact. " " " **

FedEx Express Revenue

82% increase YoY, from US$10,417 million in Q4 2024 to US$18,977 million in Q4 2025 " " "

**The dramatic surge is due to strengthened demand for deferred services, higher base yields, and increased U.S. and international export demand. These factors build on Q3 improvements—where similar drivers boosted revenue by $509 million—and reflect a catch-up effect in Q4. " " " " **

FedEx Freight Revenue

Essentially flat, with US$2,306 million in Q4 2024 vs US$2,297 million in Q4 2025 " " "

**Persistent challenges including lower shipments and reduced fuel surcharges kept revenue almost unchanged, mirroring the downward pressure observed in Q3 2025 (a 5% decline) despite potential offsetting factors such as base yield improvements. " " **

Other and Eliminations Revenue

Over 5% increase, from US$833 million in Q4 2024 to US$946 million in Q4 2025 " "

**The increase is attributed to higher yields and increased volume at FedEx Logistics, Inc., continuing the positive momentum seen in previous periods where similar initiatives drove revenue gains. " " **