EarningsQ4 2026 Earnings Report

FedEx (FDX) Q4 2026 Earnings Report

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Previous Report: Q3 2026

MX:FDX Q4 2026 EPS Results

Actual EPS$121.15

Consensus EPS$64.52

Beat/MissBeat by +$56.62

One Year Ago EPS$89.42

MX:FDX Q4 2026 Revenue Results

Actual Revenue$457.49B

Expected Revenue$381.05B

Beat/MissBeat by +$76.44B

YoY Revenue Growth+12.54%

Earnings Announcement Details

QuarterQ4 2026

Date06/23/2026

TimeAfter Close

Conference CallTuesday, June 23, 2026

MX:FDX Upcoming Earnings

FedEx's next earnings date is estimated for October 28, 2026, based on past reporting schedules.

Q4 2026 Earnings Call Audio

MX:FDX Q4 2026 Earnings Call

0:00 / 0:00

Q4 2026 Earnings Slide Deck

Q4 2026 Earnings Call Summary

Q4 2026

Earnings Call Date:Jun 23, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call conveyed materially positive operating and financial momentum driven by FedEx Express: double-digit revenue/yield strength in Q4, margin expansion at FEC, strong free cash flow, an improved outlook for the transition year, progress on Network 2.0 and transformation savings, and solid execution in high-value verticals (health care, data center, industrial). Offsetting factors include underperformance and margin pressure from FedEx Freight (now spun off), MD-11 grounding and related retirements, notable inflationary and labor-related cost headwinds (including variable compensation and pilot agreement impacts), stranded costs from the spin, and pockets of volume decline in lower-yield segments. On balance, the company emphasized durable profitable growth, solid cash generation, and a confident outlook for CY2026 and CY2029 targets.

Company Guidance

FedEx guided to calendar‑year 2026 consolidated revenue growth of ~11% (CY25 revenue baseline ≈ $82B) including ~3 percentage points of fuel‑surcharge benefit, and adjusted EPS of $16.90–$18.10 (midpoint $17.50), implying ~20% adjusted EPS growth for the June–Dec transition period; they expect ~10% revenue growth in the June–Dec stub with consolidated adjusted operating income of $3.8B (up ~19% YoY) and an estimated $11.30 of adjusted EPS for that period. Management’s CY26 bridge targets continuing‑operations adjusted operating income of $5.8B (midpoint) from a CY25 starting point of ~$5.0B that includes ~$350M of stranded costs, and assumes FEC volume net tailwind of ~$600M, FEC yield tailwind of ~$3.7B, base expense headwind of ~$2.6B, a variable‑comp headwind of ~$800M (only ~$100M incremental in the remaining 7 months), a ~$200M pilot‑agreement headwind and a ~$100M benefit from removing stranded costs (with ~30% of remaining stranded costs to be removed this year). They plan CY26 CapEx ≈ $3.9B (FY26 CapEx was $3.8B, CapEx/revenue ~4%), expect to contribute ~$475M to pensions (105% funded as of May 31), reported FY26 adjusted free cash flow of $4.7B and reaffirmed a $6B adjusted FCF target for CY29, and indicated capital actions including a 5% dividend increase (post‑spin) and up to $1B of opportunistic share repurchases in the remainder of CY26.

Consolidated Revenue and Operating Income Growth

Full-year FY2026 consolidated revenue and adjusted operating income both grew 8% year-over-year; consolidated adjusted operating income improved $491 million (8%) for the full year.

FedEx Express (FEC) Strong Performance

FEC full-year revenue grew 9% and adjusted operating income rose 17% year-over-year; FEC delivered a 7.7% adjusted operating margin (60 basis points expansion YoY), the highest in four years.

Quarterly Momentum (Q4 FY2026)

Q4 consolidated revenue increased 13% and adjusted operating income increased 3% YoY; FEC Q4 revenue rose 14% and FEC Q4 adjusted operating income increased 13%.

Strong Pricing / Yield Performance

FEC package yield increased 11% in Q4; U.S. domestic yields rose 10% and international export package yields rose 10% in Q4. Management expects a $3.7 billion yield tailwind for CY 2026.

Free Cash Flow and EPS Strength

FY2026 adjusted free cash flow was $4.7 billion (up $800 million vs FY2025) with nearly 100% conversion from adjusted net income; FY2026 adjusted EPS was $20.24 and Q4 adjusted EPS was $6.31.

Positive Outlook and Transition-Year Guidance

Initiated CY 2026 adjusted EPS guidance of $16.90–$18.10 (midpoint $17.50), implying ~20% adjusted EPS growth in the June–December transition period; management expects ~11% consolidated revenue growth for CY 2026 (including ~3 percentage points from fuel surcharge).

Network Transformation and Structural Cost Savings

Exceeded the initial $1 billion transformation-related savings target for the year and reported progress on Network 2.0: ~45% of eligible volume will flow through ~490 optimized stations by month-end, rising to 65% before peak; targeting $2 billion in savings by end of CY2027.

Operational Wins and Market Share Gains

Completed FedEx Freight spin-off (June 1); achieved 12 consecutive quarters of international revenue share gains in Europe; Tricolor strategy drove international air freight and export freight growth (average daily pounds up 12% YoY).

Investments and Strategic Growth Verticals

Launched FedEx Life Sciences; exited FY2026 with nearly $10 billion in health care transportation revenue; double-digit revenue growth in AI and data center verticals and ongoing investments in a strategic road hub in Duiven, Netherlands.

Capital Allocation and Balance Sheet Discipline

FY2026 CapEx was $3.8 billion (4% of revenue), $300 million below prior outlook and the lowest CapEx-as-revenue level since company formation; pension 105% funded as of May 31; dividend increased 5% post-spin and up to $1 billion in opportunistic share repurchases planned for remainder of CY2026.

MX:FDX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Oct 28, 2026	2026 (Q5)	- / -	56.42	―
Jun 23, 2026	2026 (Q4)	64.52 / 121.15	89.424	35.47% (+31.72)
Mar 19, 2026	2026 (Q3)	109.09 / 77.35	66.446	16.41% (+10.90)
Dec 18, 2025	2026 (Q2)	60.65 / 71.00	59.659	19.01% (+11.34)
Sep 18, 2025	2026 (Q1)	53.07 / 56.42	53.036	6.38% (+3.38)
Jun 25, 2025	2025 (Q4)	85.78 / 89.42	79.691	12.21% (+9.73)
Mar 20, 2025	2025 (Q3)	67.12 / 66.45	56.86	16.86% (+9.59)
Dec 19, 2024	2025 (Q2)	58.87 / 59.66	58.78	1.49% (+0.88)
Sep 19, 2024	2025 (Q1)	64.78 / 53.04	67.031	-20.88% (-14.00)
Jun 25, 2024	2024 (Q4)	78.58 / 79.69	72.776	9.50% (+6.92)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed