FedEx Corporation (FDX) Earnings
FedEx Corporation is expected to report next earnings on June 23, 2026 (in NaN days), with a consensus EPS estimate of $5.84. FDX has beaten EPS estimates in 9 of its last 12 reported quarters (average surprise +13.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Mar 19, 2026 | $4.15 | $5.25 | +26.5% | $24.0B | +2.2% |
| Dec 18, 2025 | $4.12 | $4.82 | +17.0% | $23.5B | +3.0% |
| Sep 18, 2025 | $3.60 | $3.83 | +6.4% | $22.2B | +2.8% |
| Jun 24, 2025 | $5.82 | $6.07 | +4.3% | $22.2B | +2.2% |
| Mar 20, 2025 | $4.56 | $4.51 | -1.1% | $22.2B | +1.3% |
| Dec 19, 2024 | $3.95 | $4.05 | +2.5% | $22.0B | -0.7% |
| Sep 19, 2024 | $4.76 | $3.60 | -24.4% | $21.6B | -1.2% |
| Mar 21, 2024 | $3.45 | $3.86 | +11.9% | $21.7B | -1.0% |
| Dec 19, 2023 | $4.18 | $3.99 | -4.5% | $22.2B | -1.7% |
| Sep 20, 2023 | $3.73 | $4.55 | +22.0% | $21.7B | -0.6% |
| Jun 20, 2023 | $4.89 | $4.94 | +1.0% | $21.9B | -3.2% |
| Mar 16, 2023 | $2.73 | $3.41 | +24.9% | $22.2B | -5.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q3 FY2026 · March 19, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Team FedEx delivered strong results with most profitable peak. • Aligned with four strategic priorities: growing in high margin verticals, transforming network, building data and technology advantage, delivering efficiency gains. • Network 2.0 rollout underway, about 35% of eligible volume through optimized facilities by end of month, on track for 65% by next peak, expecting $2 billion cumulative savings by end of 2027. • Collaborated with Dun & Bradstreet to launch retail momentum index. • Implemented autonomous robotic system for trailer unloading. • Plan to spin off FedEx Freight on June 1 remains on track.
Guidance
• Raised FY26 adjusted earnings outlook to $19.30 to $20.10 for diluted share. • Expect 6 to 6.5% consolidated revenue growth for FY26, compared to prior 5 to 6% forecast, with 6 to 7.5% revenue growth in Q4. • FEC midpoint of full year range implies approximately 8% revenue growth year over year, expecting 8% FEC revenue growth in Q4. • FedEx Freight expected fiscal year 26 revenue to be down low single digits year over year, flat to down slightly in Q4 due to LTL industry demand weakness. • FY26 CapEx to be no more than $4.1 billion, down at least $400 million from previous forecast.
Segment performance
Federal Express Corporation (FEC) grew revenue 10% and expanded adjusted operating margin by 50 basis points, marking sixth consecutive quarter of margin expansion, with adjusted operating income growing 18%. FedEx Freight revenue declined 5% pressured by lower shipments, but revenue per shipment and attainment of contractual price increases helped mitigate. FEC grew average daily U.S. domestic volume by 5%, international export volumes inflected positively for first time in fiscal year 26. FedEx Freight shipments declined 6% in line with challenging LTL industry trends.
Risks & headwinds
• Monitoring Middle East situation, with safety of team members top priority, implementing contingencies and operating in alignment with local authorities. • Impact of global trade policy changes, MD11 fleet grounding, and LTL industry trends on financial performance. • Potential impact of fuel price volatility on profitability, with fuel surcharges indexed but still a factor.
Analyst Q&A
Q: Ari Rosa with Citigroup asked about impact of Iran conflict.
A: Raj said team managing network, Middle East relatively small part of revenue, net fuel impact expected muted for FEC in Q4.
Q: Stephanie Moore with Jefferies asked about LTL business investments.
A: Marshall said separation costs increased in Q3 and anticipated in Q4, related to building IT infrastructure and talent for spinoff.
Q: Risha Harney with Deutsche Bank asked about Q4 headwinds and FY27 EPS.
A: Raj mentioned improved forecasting, commercial strategies, and efficiency led to profitable peak, with year-over-year headwinds from variable comp, LTL business, and MD11s.
Q: Scott with Wolf Research asked about sustainability of volume and yield growth.
A: Bree said focused on B2B and B2C, taken profitable market share, with momentum expected to continue but noting lapping of healthcare customers in Q4.
Q: David Vernon with Bernstein asked about impact of tighter air freight market.
A: Tom said no material impact expected in Q4 due to conflict, adjusted pricing accordingly.
Q: Chris Weatherby with Wells Fargo asked about cost savings opportunities.
A: Raj said exceeding billion dollars of savings this year, continuing to find efficiencies through network 2.0 and other initiatives.
Q: Jonathan Chappell with Evercore ISI asked about FedEx Freight margin and revenue drivers.
A: Marshall and John Smith said broader LTL market, focus on improving customer experience, pricing, and sales team, with investor day to share more detail.
Q: Jason Seidel with TD Cowan asked about LTL sequential tailwinds.
A: John Smith said to tune in to investor day on April 8 for go-forward strategy detail.