Fedex Corp

Latest Results (02.10.2026):

FedEx Corp.'s fourth quarter of fiscal 2026 (quarter ended May 31, 2026) delivered solid revenue and adjusted earnings growth as the company closed the year. Q4 revenue was $25.0 billion, adjusted operating income improved vs. prior year, and FedEx completed the FedEx Freight spin‑off while providing a calendar‑2026 outlook that forecasts continued revenue and earnings growth.

Key Q4 financials (Fiscal Q4 2026)

Revenue: $25.0 billion. GAAP operating income: $1.55 billion (operating margin 6.2%); adjusted operating income: $2.09 billion (8.4% margin). GAAP net income: $1.60 billion; GAAP diluted EPS: $6.60; adjusted diluted EPS: $6.31.

Full-year Fiscal 2026

Revenue: $94.7 billion. GAAP operating income: $5.46 billion (5.8% margin); adjusted operating income: $6.61 billion (7.0% margin). GAAP net income: $4.43 billion; GAAP diluted EPS: $18.55; adjusted diluted EPS: $20.24. Company exceeded $1 billion in transformation-related cost savings for the year.

Segment performance

Federal Express segment drove results with higher U.S. domestic and International Priority package yields and volume; Federal Express Q4 revenue $21.57 billion (up 14% YoY) and operating income $1.65 billion. FedEx Freight results were reported prior to the spin‑off and the business has been separated as of June 1, 2026.

Spin‑off, cash and capital returns

FedEx completed the FedEx Freight spin‑off on June 1, 2026. FedEx Corp.'s ending cash and cash equivalents were $13.3 billion, which includes a ~$4.1 billion cash dividend from the spin‑off. During fiscal 2026 the company returned ~$2.2 billion to shareholders ($776 million repurchases, $1.4 billion dividends); repurchases totaled ~3.3 million shares and ~$1.3 billion remains available under the repurchase authorization.

Outlook (Calendar 2026)

FedEx forecasts ~11% revenue growth for calendar 2026. GAAP diluted EPS from continuing operations is expected to be $16.55 to $17.75 (adjusted diluted EPS $16.90 to $18.10). Effective tax rate ~23% (prior to additional MTM retirement plan adjustments). Capital spending guidance: ~$3.9 billion; pension contributions ~$475 million.

Cost and cash drivers

Q4 and full‑year results reflected cost savings from transformation initiatives, but also headwinds from higher purchased transportation, wage rates and fuel (fuel expense rose materially in the quarter). Capital spending declined to $3.8 billion (6% lower YoY) and capex as a percent of revenue declined to 4.0%, the lowest in company history.

Notable non‑GAAP adjustments and one‑time items

Adjusted results exclude MTM retirement plan accounting adjustments, FedEx Freight spin‑off costs, business optimization costs, fiscal year change costs, asset impairment charges (Q4 noncash aircraft impairment $23 million), and certain regulatory/legacy legal matters. These adjustments materially affect the GAAP vs. adjusted operating income and EPS comparisons shown in the release.