FedEx

FedEx delivers packages and freight in the United States and around the world. It has two reportable segments. Express U.S. Domestic gives priority, deferred and ground package services in the United States, and Express International gives international package, freight and domestic services in other countries.

In the three months to September 30, 2026, Express U.S. Domestic had revenue of $14,710 million and Express International $7,465 million, of total revenue of $22,855 million. FedEx Office and FedEx Dataworks are smaller businesses. On June 1, 2026, FedEx spun off its less-than-truckload business, FedEx Freight, and it keeps 19.9% of FedEx Freight's shares.

It sold FedEx Supply Chain on October 1, 2026. FedEx changed its fiscal year end from May 31 to December 31, so it reports the seven months from June 1 to December 31, 2026 as a transition period. The head office is in Memphis, Tennessee. Raj Subramaniam is President and Chief Executive Officer.

FedEx trades above its intrinsic value because investors pay for its cost cuts, its higher package prices and its share buybacks after the spin-off of FedEx Freight. In Q3 2026, revenue rose 12% to $22.9 billion and adjusted EPS rose to $3.74 from $2.93. FedEx raised its outlook for adjusted EPS for calendar 2026 to $18.00 to $18.60, and it bought back $2.0 billion of shares from June to September 2026.

For the shares to earn this price, three things must be true. The Network 2.0 program must cut structural costs by $1.0 billion by the end of 2026 as planned, so that margins rise. Express International, with an adjusted operating margin of only 3.9% in Q3 2026, must earn more when trade rules change.

The 5.9% average rate increase of January 4, 2027 must hold while volumes grow. The report on the transition period, expected in early 2027, is the next test, and it is the first under the new chief financial officer, Jamere Jackson. Weak trade volumes, higher wages or lower prices can make the premium hard to keep.

1. Oct 28, 2026Passed

   Q3 2026 results: margins after the spin-offHigher adjusted operating income and adjusted EPS pass; lower adjusted operating income fails.Outcome: Adjusted operating income rose to $1.20 billion and adjusted EPS to $3.74, and FedEx raised its 2026 outlook.
2. Jan 28, 2027 · est.Pending

   Transition period results and 2027 outlookAdjusted EPS for calendar 2026 within or above $18.00 to $18.60 and $1.0 billion of Network 2.0 savings pass; a lower result fails.
3. Jun 2028 · est.Pending

   Disposal of the FedEx Freight sharesA tax-free disposal of the 19.9% stake that repays debt or returns cash pass; a delay or a tax cost fails.

Every passed and failed checkpoint across all picks

• October 28, 2026FedEx reported results for the quarter ended September 30, 2026. Revenue rose 12% to $22.9 billion, and adjusted operating income rose to $1.20 billion from $1.03 billion. Diluted EPS from continuing operations was $1.21, after a loss of $5.18 per share on the FedEx Freight shares, and adjusted EPS was $3.74, against $2.93. FedEx raised its calendar 2026 outlook for adjusted EPS to $18.00 to $18.60 and said that parcel rates rise by an average of 5.9% on January 4, 2027. It bought back about 6.3 million shares for $2.0 billion from June to September 2026.
• October 26, 2026FedEx named Jamere Jackson, the Chief Financial Officer of AutoZone, as Executive Vice President and Chief Financial Officer from November 30, 2026. He follows Claude Russ, the interim Chief Financial Officer since June 1, 2026.
• October 1, 2026FedEx completed the sale of FedEx Supply Chain to CMA CGM Group for about $1.4 billion.

Last earnings

October 28, 2026 (8-K on sec.gov)

Next earnings

Expected about January 28, 2027. The company has not confirmed the date.

• 8-KChange of directors or officersFiled November 9, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 28, 2026 · fdx-20260930
• 8-KEarnings releaseFiled October 28, 2026 · fdx-20261028
• 8-KEarnings releaseFiled October 28, 2026 · fdx-20261028
• 8-KChange of directors or officersFiled October 26, 2026 · Read it on sec.gov
• 8-KShareholder vote results and Other company newsFiled September 29, 2026 · Read it on sec.gov
• 8-KOther company newsFiled September 14, 2026 · Read it on sec.gov
• 8-KChange of directors or officersFiled July 24, 2026 · Read it on sec.gov
• 8-KEarnings releaseFiled July 21, 2026 · fdx-20260721
• 10-KAnnual report for the period ended May 31, 2026Filed July 20, 2026 · fdx-20260531

Every filing on SEC EDGAR (CIK 1048911)

• International trade drives Express International. New tariffs or other trade rules can lower volumes and margins, as they did in 2025 and 2026.
• Wages are the largest cost. A new contract for the pilots took effect on June 29, 2026, with an initial pay increase of 40% and a one-time payment of $625 million. Purchased transportation rates also rose in Q3 2026.
• FedEx competes with UPS, the U.S. Postal Service, Amazon and regional carriers. Lower prices or the loss of large customers can reduce margins.
• FedEx records its FedEx Freight shares at market value. Their price changes move GAAP EPS, as with the loss of $1.2 billion in Q3 2026.
• The cash of $8.0 billion at September 30, 2026 includes about $2.7 billion of tariff refunds that FedEx holds for customers.

FedEx funds itself with senior notes in U.S. dollars and euros, finance leases, cash flow and a commercial paper program. At September 30, 2026, long-term debt on the balance sheet was $19,355 million: $17,304 million long-term and $2,051 million current. Read more

Dividend yield

1.5% (last 12 months, at today’s price of $318.84)

Paid per share

$4.7768 in the last 12 months (4 payments)

Current annual rate

$4.88 ($1.22 × 4 a year)

Payout ratio

25% of the last fiscal year’s earnings (the year that ended May 31, 2026)

Latest ex-dividend date

September 14, 2026, $1.22 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 16.2% a year. Over the last 10 years, the dividend grew by about 16.4% a year.

Source: company filings and market data, read on November 10, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.