May 2026 (Q4 FY26) — Jun 23, 2026
FedEx Q4 FY26 — FEC drives 14% revenue growth and record cash flow into the Freight spin-off and calendar-year transition
Read the full callFedEx (FDX) earnings
- May 2026
- May 2026 (Q4 FY26)
- May 2026
FedEx earnings: last reported Tue, 23 Jun 2026, for the quarter ended May 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 25,007 | +12.5% YoY | Quarterly, as filed | Quarter to May 2026 | Revenue from operations as filed. |
| Operating margin | 6.2 | −1.9 pts YoY | Operating profit / revenue | Quarter to May 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1,597 | −3.1% YoY | Quarterly, as filed | Quarter to May 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
17 of 17 judged targets kept · 14 open · verdicts reflect calls analysed to May 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FedEx Freight spin-off completion | approximately 18 months from announcement | Nov 2024 | we completed the spin-off of FedEx Freight on June 1, positioning both companies for success as separate focused industry leaders | Achieved |
| 2029 adjusted EPS target (FedEx Corp, excluding Freight) | $25 | Feb 2026 | We remain firmly on track to achieve our Investor Day commitments for 2029 with clear proof points in the quarter. | On Track |
| Amazon large-and-heavy business onboarding completion | complete by the third quarter | Aug 2025 | It is still ramping, and it is not material in this quarter, and we don't anticipate it will be material. | Delayed |
14 of FEDEX CORP's 31 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 28 more targets are in the full ledger.
Claimed
- FEC Q4 revenue +14% YoY with adjusted operating income +13% (+$214M), driven by yield and volume strength across nearly all services
- FEC full-year revenue +9% and adjusted operating income +17% (+$940M on ~$7B revenue growth); 7.7% adjusted operating margin, +60 bps YoY and the highest in 4 years
- FY26 adjusted free cash flow of $4.7B, up $800M YoY, at nearly 100% conversion from adjusted net income; CapEx of $3.8B (4% of revenue, lowest since FedEx was formed)
- Exceeded the $1B FY26 transformation-related savings target; FY26 consolidated adjusted EPS of $20.24 with 7 consecutive quarters of adjusted earnings growth
- International export package volume +5% YoY (2nd consecutive quarter of growth); Tricolor international airfreight average daily pounds +12% YoY; ~$10B health care transportation revenue exiting FY26
Qualified
- FedEx Freight Q4 adjusted operating income fell $114M with adjusted operating margin down 570 bps; Freight was a ~$400M full-year consolidated OI headwind
- Q4 consolidated adjusted operating income grew only 3% as higher variable incentive compensation and direct trade-related costs weighed; Q4 incremental margin only ~8% on mid-teens revenue growth
- Ground economy volume declined ~5% (deliberate low-yield shedding, expected to continue through CY26); international domestic volume -9%
- CY26 outlook carries an $800M variable-comp headwind, a $200M pilot-agreement headwind, and a $2.6B base expense increase; ~$350M of stranded costs remain post-spin
- MD-11 fleet grounding was a significant FY26 headwind; only 4 aircraft returned to service so far (full fleet targeted before peak)
Price
$293.78 +0.08% · +$0.23
Performance +53.4% 1Y
1Y: $191.49 on 17 Oct 2025 → $293.78. High $339.35 (13 Aug 2026), low $191.49 (17 Oct 2025).
- Previous close
- $293.55
- 52-week range
- $191.79 – $339.35
- One year
- +52.13%
Overview
- Symbol
- FDX
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
17 of 17 judged targets kept · 14 open · verdicts reflect calls analysed to May 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FedEx Freight spin-off completion | approximately 18 months from announcement | Nov 2024 | we completed the spin-off of FedEx Freight on June 1, positioning both companies for success as separate focused industry leaders | Achieved |
| 2029 adjusted EPS target (FedEx Corp, excluding Freight) | $25 | Feb 2026 | We remain firmly on track to achieve our Investor Day commitments for 2029 with clear proof points in the quarter. | On Track |
| Amazon large-and-heavy business onboarding completion | complete by the third quarter | Aug 2025 | It is still ramping, and it is not material in this quarter, and we don't anticipate it will be material. | Delayed |
Claimed
- FEC Q4 revenue +14% YoY with adjusted operating income +13% (+$214M), driven by yield and volume strength across nearly all services
- FEC full-year revenue +9% and adjusted operating income +17% (+$940M on ~$7B revenue growth); 7.7% adjusted operating margin, +60 bps YoY and the highest in 4 years
- FY26 adjusted free cash flow of $4.7B, up $800M YoY, at nearly 100% conversion from adjusted net income; CapEx of $3.8B (4% of revenue, lowest since FedEx was formed)
- Exceeded the $1B FY26 transformation-related savings target; FY26 consolidated adjusted EPS of $20.24 with 7 consecutive quarters of adjusted earnings growth
- International export package volume +5% YoY (2nd consecutive quarter of growth); Tricolor international airfreight average daily pounds +12% YoY; ~$10B health care transportation revenue exiting FY26
Qualified
- FedEx Freight Q4 adjusted operating income fell $114M with adjusted operating margin down 570 bps; Freight was a ~$400M full-year consolidated OI headwind
- Q4 consolidated adjusted operating income grew only 3% as higher variable incentive compensation and direct trade-related costs weighed; Q4 incremental margin only ~8% on mid-teens revenue growth
- Ground economy volume declined ~5% (deliberate low-yield shedding, expected to continue through CY26); international domestic volume -9%
- CY26 outlook carries an $800M variable-comp headwind, a $200M pilot-agreement headwind, and a $2.6B base expense increase; ~$350M of stranded costs remain post-spin
- MD-11 fleet grounding was a significant FY26 headwind; only 4 aircraft returned to service so far (full fleet targeted before peak)
The full ledger
Open FEDEX CORP’s full ledger
A free account opens 5 company ledgers a month. All 31 tracked commitments, with each call’s wording and source.
Call summaries
Feb 2026 (Q3 FY26) — Mar 19, 2026
FedEx Corporation Q3 FY26 — Strong FEC Performance Drives Raised FY26 Outlook
Read the full callNov 2025 (Q2 FY26) — Dec 18, 2025
FedEx Q2 FY26 — Strong Performance Amidst Headwinds, Raised EPS Outlook
Read the full callEvery analysed call
FedEx earnings calls (FDX)
Financials
What the filings say
Net profit, year on year: −3% (quarter to may 2026 against may 2025).
| Line item | Aug 2024 | Nov 2024 | Feb 2025 | May 2025 | Aug 2025 | Nov 2025 | Feb 2026 | May 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 21,579 | 21,967 | 22,160 | 22,220 | 22,244 | 23,469 | 24,000 | 25,007 |
| Expenses | 20,499 | 20,915 | 20,868 | 20,427 | 21,058 | 22,091 | 22,652 | 23,456 |
| Operating profit | 1,080 | 1,052 | 1,292 | 1,793 | 1,186 | 1,378 | 1,348 | 1,551 |
| Operating margin | 5.0% | 4.8% | 5.8% | 8.1% | 5.3% | 5.9% | 5.6% | 6.2% |
| Other income | -24 | -71 | -111 | 430 | -52 | -89 | -85 | 556 |
| Profit before tax | 1,056 | 981 | 1,181 | 2,223 | 1,134 | 1,289 | 1,263 | 2,107 |
| Tax rate | 24.8% | 24.5% | 23.0% | 25.9% | 27.3% | 25.8% | 16.4% | 24.2% |
| Net profit | 794 | 741 | 909 | 1,648 | 824 | 956 | 1,056 | 1,597 |
| EPS ($ per share) | 3.24 | 3.06 | 3.79 | — | 3.48 | 4.07 | 4.46 | — |
| Line item | May 2019 | May 2020 | May 2021 | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 32 | 32 | 32 | 32 | 32 | 32 | 32 | 32 |
| Reserves | 24,648 | 25,216 | 29,817 | 32,782 | 35,259 | 38,649 | 41,402 | 44,461 |
| Total liabilities | 36,646 | 55,242 | 58,609 | 61,055 | 61,055 | 59,425 | 59,553 | 67,290 |
| Fixed assets | 30,429 | 33,608 | 35,752 | 38,091 | 40,698 | 41,491 | 41,642 | 42,044 |
| Total assets | 54,403 | 73,537 | 82,777 | 85,994 | 87,143 | 87,007 | 87,627 | 98,937 |
| Line item | May 2019 | May 2020 | May 2021 | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 5,613 | 5,097 | 10,135 | 9,832 | 8,848 | 8,312 | 7,036 | 8,925 |
| Cash from investing | -5,473 | -5,846 | -6,010 | -6,816 | -6,174 | -5,200 | -4,092 | -3,911 |
| Cash from financing | -1,039 | 3,381 | -2,090 | -3,019 | -2,597 | -3,426 | -4,019 | 2,749 |
| Net cash flow | -946 | 2,562 | 2,206 | -190 | -41 | -355 | -999 | 7,809 |
| Capital expenditure | -5,490 | -5,868 | -5,884 | -6,763 | -6,174 | -5,176 | -4,055 | -3,809 |
| Free cash flow | 123 | -771 | 4,251 | 3,069 | 2,674 | 3,136 | 2,981 | 5,116 |
FDX revenue by segment
| Segment | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Federal Express | 85% | 86% | 87% | 85% | 86% | 87% | 88% | 86% | +13.7% |
| Fedex Freight | 11% | 10% | 9% | 10% | 10% | 9% | 8% | 10% | +4.8% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
FDX operating KPIs by quarter
| KPI | Aug 2025 Q1 FY26 | Nov 2025 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Facilities Network 2.0 | ~140We have close to about 140 facilities and integrated 360 stations in the process.Source: earnings call transcript | 355We now have about 24% of our eligible average daily volume flowing through 355 Network 2.0 optimized facilities.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q4 FY2026 · share of revenue
- US 71% ↓ 1 pt
- Non Us 29% ↑ 1 pt
As FDX cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
66 filings between Jan 7, 2026 and Sep 24, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$20.23M
9 sales by 6 insiders
Compensation
not trading decisions- 13
- Award — granted as compensation
- 31
- Option exercise — converted options into shares
- 9
- Tax withheld — shares kept back by the company to cover tax
Also filed: 3 gifts, 1 other.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| ADAMS GINA F. | — | $7.49M | Apr 14, 2026 |
| Brightman Tracy B | — | $6.16M | Apr 15, 2026 |
| SCHWAB SUSAN C | — | $2.14M | Apr 15, 2026 |
| Preet Kawal | — | $1.80M | Apr 14, 2026 |
| WALSH PAUL S | — | $1.64M | Jun 30, 2026 |
| Carere Brie | — | $999.1K | Apr 14, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 24, 2026 | Ramo Joshua Cooper Director | Option exercise | 5,042 | $695.0K |
| Sep 24, 2026 | Ramo Joshua Cooper Director | Tax withheld | 2,436 | $695.2K |
| Aug 28, 2026 | Ellison Marvin R Director | Tax withheld | 2,097 | $695.0K |
| Aug 28, 2026 | Ellison Marvin R Director | Option exercise | 5,042 | $695.0K |
| Aug 17, 2026 | Talwar Vishal EVP CDIO & PRESIDENT FDW | Award | 1,489 | $0 |
| Aug 7, 2026 | Smith Richard W COO INTL - CEO Airline FEC | Other | 253,927 | $0 |
| Jun 30, 2026 | WALSH PAUL S Director | Sale | 5,042 | $1.64M |
| Jun 30, 2026 | WALSH PAUL S Director | Option exercise | 5,042 | $695.0K |
| Jun 25, 2026 | Ray Scott L COO, U.S. & CANADA | Award | 4,734 | $0 |
| Jun 25, 2026 | Carere Brie EVP/Chief Customer Officer | Award | 4,734 | $0 |
| Jun 25, 2026 | Smith Richard W COO INTL - CEO Airline FEC | Award | 4,734 | $0 |
| Jun 25, 2026 | Preet Kawal EVP - Plng, Eng, & Transfmtn | Award | 4,734 | $0 |
| Jun 25, 2026 | Subramaniam Rajesh President/CEO | Award | 14,591 | $0 |
| Jun 25, 2026 | Talwar Vishal EVP CDIO & PRESIDENT FDW | Award | 4,734 | $0 |
| Jun 25, 2026 | MARTIN R BRAD Executive Chairman | Award | 8,711 | $0 |
| Jun 25, 2026 | ADAMS GINA F. EVP GENL COUNSEL/SECTY | Award | 4,734 | $0 |
| Jun 25, 2026 | Brightman Tracy B EVP - Chief People Officer | Award | 4,734 | $0 |
| Jun 25, 2026 | Russ Claude F Interim CFO & Interim CAO | Award | 1,635 | $0 |
| Jun 25, 2026 | EDMUNDS MARK A Director | Award | 187 | $0 |
| May 5, 2026 | Griffith Susan Patricia Director | Option exercise | 1,343 | $331.8K |
| May 5, 2026 | Griffith Susan Patricia Director | Tax withheld | 2,804 | $1.01M |
| May 5, 2026 | Griffith Susan Patricia Director | Option exercise | 2,780 | $680.8K |
| Apr 27, 2026 | GORMAN STEPHEN E Director | Tax withheld | 1,785 | $693.4K |
| Apr 27, 2026 | GORMAN STEPHEN E Director | Option exercise | 4,727 | $693.1K |
| Apr 20, 2026 | Subramaniam Rajesh President/CEO | Option exercise | 12,120 | $2.51M |
| Apr 20, 2026 | Subramaniam Rajesh President/CEO | Tax withheld | 15,984 | $6.27M |
| Apr 20, 2026 | Subramaniam Rajesh President/CEO | Option exercise | 9,185 | $2.40M |
| Apr 15, 2026 | SCHWAB SUSAN C Director | Option exercise | 3,015 | $661.1K |
| Apr 15, 2026 | Brightman Tracy B EVP - Chief People Officer | Option exercise | 7,719 | $1.77M |
| Apr 15, 2026 | Brightman Tracy B EVP - Chief People Officer | Sale | 2,781 | $1.01M |
| Apr 15, 2026 | Brightman Tracy B EVP - Chief People Officer | Option exercise | 2,781 | $812.4K |
| Apr 15, 2026 | Brightman Tracy B EVP - Chief People Officer | Sale | 5,094 | $1.85M |
| Apr 15, 2026 | Brightman Tracy B EVP - Chief People Officer | Sale | 9,084 | $3.30M |
| Apr 15, 2026 | Brightman Tracy B EVP - Chief People Officer | Option exercise | 1,365 | $402.1K |
| Apr 15, 2026 | SCHWAB SUSAN C Director | Sale | 5,795 | $2.14M |
| Apr 15, 2026 | SCHWAB SUSAN C Director | Option exercise | 2,780 | $680.8K |
| Apr 14, 2026 | Smith Richard W COO INTL - CEO Airline FEC | Tax withheld | 2,204 | $808.7K |
| Apr 14, 2026 | Smith Richard W COO INTL - CEO Airline FEC | Option exercise | 3,805 | $619.5K |
| Apr 14, 2026 | Smith Richard W COO INTL - CEO Airline FEC | Gift | 600 | $0 |
| Apr 14, 2026 | Smith Richard W COO INTL - CEO Airline FEC | Gift | 600 | $0 |
| Apr 14, 2026 | Erwin Guy M II CVP Chief Accounting Officer | Option exercise | 1,323 | $303.8K |
| Apr 14, 2026 | Erwin Guy M II CVP Chief Accounting Officer | Option exercise | 1,548 | $351.3K |
| Apr 14, 2026 | Erwin Guy M II CVP Chief Accounting Officer | Option exercise | 1,013 | $230.4K |
| Apr 14, 2026 | Erwin Guy M II CVP Chief Accounting Officer | Tax withheld | 3,920 | $1.44M |
| Apr 14, 2026 | Erwin Guy M II CVP Chief Accounting Officer | Option exercise | 552 | $161.3K |
| Apr 14, 2026 | Erwin Guy M II CVP Chief Accounting Officer | Option exercise | 350 | $103.1K |
| Apr 14, 2026 | Erwin Guy M II CVP Chief Accounting Officer | Option exercise | 177 | $23.2K |
| Apr 14, 2026 | Erwin Guy M II CVP Chief Accounting Officer | Option exercise | 350 | $91.6K |
| Apr 14, 2026 | MARTIN R BRAD Executive Chairman | Tax withheld | 10,326 | $3.79M |
| Apr 14, 2026 | MARTIN R BRAD Executive Chairman | Option exercise | 5,325 | $784.3K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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