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FedEx (FDX) investor relations material
FedEx Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary18 Dec, 2025
Executive summary
Achieved 7% year-over-year revenue growth to $23.5 billion in Q2, with adjusted EPS up 19% to $4.82 and net income rising 29% to $956 million, despite headwinds from MD-11 fleet grounding, air traffic constraints, and global trade policy changes.
Transformation initiatives (Network 2.0, Tricolor, cost reductions, digital investments, and AI adoption) drove resilience and profitability improvements.
On track to spin off FedEx Freight as a separate public company by June 1, 2026, with leadership in place, regulatory filings submitted, and credit agreements amended to permit the separation.
Amended $1.75 billion Three-Year and Five-Year Credit Agreements, extending maturities and allowing for the Freight spin-off.
Strong performance in U.S. domestic package services and B2B verticals, with new business wins in healthcare and automotive.
Financial highlights
Q2 consolidated revenue was $23.5 billion, up 7% year-over-year; adjusted operating income grew 17% to $1.6 billion; adjusted EPS rose 19% to $4.82.
FEC revenue up 8% to $20.4 billion, adjusted operating income up 24%, and margin expanded by 100 basis points.
FedEx Freight revenue declined 2% to $2.1 billion; adjusted operating income down 22% to $242 million.
Adjusted operating margin improved to 6.9% from 6.3% last year; cash on hand at quarter-end was $6.6 billion.
Completed $276 million in share repurchases, reducing outstanding shares and benefiting EPS.
Outlook and guidance
FY 2026 adjusted EPS outlook raised to $17.80–$19.00, with consolidated revenue growth expected at 5–6%.
FEC revenue forecast to grow 7% at midpoint; FedEx Freight revenue expected to be flat to slightly down.
Capital spending expected at $4.5 billion, with $1 billion in permanent cost reductions targeted.
Effective tax rate projected at approximately 25% for FY 2026.
$900 million full-year headwind from variable compensation, LTL softness, and MD-11 grounding, partially offset by $1 billion in transformation savings.
Explain Freight's Q2 operating income decline
Quantify the EPS benefit from Q2 share repurchases
What specific initiatives drive Federal Express's cost savings?
MD-11 fleet return timeline and Q3 cost impact
Freight spin-off costs vs. LTL market weakness impact
Network 2.0: Pace to 65% volume, FY27 margin impact
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Investor Day 202612 Feb, 2026
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Frequently asked questions
All in a night's work
FedEx is a global logistics and transportation company that specializes in express delivery services. With a vast network spanning over 220 countries and territories, FedEx offers reliable and efficient shipping solutions for businesses and individuals worldwide. The company utilizes a combination of air and ground transportation, advanced technology, and logistics expertise to deliver packages and freight quickly and securely. FedEx's services include express shipping, ground transportation, international shipping, freight forwarding, and e-commerce solutions, serving as a vital link in the global supply chain.
A clear vision from the very beginning
FedEx, short for Federal Express, was founded by Frederick W. Smith in 1971. Smith, a Yale University graduate, conceived the idea of an overnight delivery service during his time at college. He envisioned a company that would revolutionize the logistics industry by providing fast, reliable, and efficient delivery of packages. To bring his vision to life, Smith secured $4 million in venture capital and officially launched FedEx on April 17, 1973, initially serving 25 cities in the United States.
From a small outfit to a behemoth of the courier industry
In its early years, FedEx faced significant challenges, including financial struggles and operational hurdles. However, the company persevered and gradually expanded its services and network, utilizing a hub-and-spoke model that centralized sorting and distribution. This approach allowed FedEx to streamline operations and deliver packages more efficiently. The introduction of the company's overnight delivery service in 1978 further propelled its growth.
Over the years, FedEx expanded its global presence through strategic acquisitions and organic growth, establishing itself as a leader in the international express shipping industry. Today, FedEx operates a vast network that spans across the globe, utilizing a fleet of aircraft, trucks, and advanced technologies to move millions of packages daily. The company offers a range of services, including express shipping, ground transportation, freight forwarding, and e-commerce solutions.
A deep moat
FedEx, as well as other shipping companies, possess a robust moat due to the significant barriers to entry and the complexity involved in building a global logistics network. The high capital requirements and economies of scale involved in establishing a comprehensive network that spans across countries and continents act as significant barriers to entry for potential competitors. Furthermore, shipping companies benefit from long-term contracts and established relationships with customers, built on reliability, efficiency, and trust.
The complex logistics and regulatory requirements, combined with the sheer volume of shipments handled, create a formidable moat for shipping companies, making it challenging for new entrants to replicate their scale, efficiency, and customer base. This in turn means that FedEx, UPS, and Deutsche Post (DHL) have formed what can be described as a triumvirate, handling a bulk of the world's courier logistics.
Other indirect competitors include companies such as Maersk, even if their focus is primarily on shipment through containers rather than traditional mail and packages.
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