FedEx Corp.: Bull & Bear — Debating Freight 2026

Research evidence excerpt

FedEx Corp.: Bull & Bear — Debating Freight 2026

Equity Research

12 June 2026

FedEx Corp.

Bull & Bear — Debating Freight

We launch our standalone forecast on Federal Express and FDX OVERWEIGHT

highlight why the company’s shares remain one of our top Unchanged

North America

long-term ideas given market share gains from higher cost Transportation POSITIVE

Unchanged

competitors, improving network efficiencies and material free Price Target USD 425.00

lowered -6% from USD 450.00cash flow potential.

Price (10-Jun-26) USD 319.25

Potential Upside/Downside +33.1%

Source: Bloomberg, Barclays Research

THE EXTEL SURVEY IS CLOSING SOON Market Cap (USD mn) 76175

Shares Outstanding (mn) 238.61

Free Float (%) 91.50 Support our industry-leading

52 Wk Avg Daily Volume (mn) 1.9

analysts with 5-Star votes in Dividend Yield (%) 1.44

the 2026 Extel All-America Return on Equity TTM (%) 15.87 Current BVPS (USD) 124.91

Source: Bloomberg Research Survey.

Price Performance Exchange-NYSE

Vote Now View Analysts 52 Week range USD 341.14-174.01

We appreciate your 5 Star Vote in the Airfreight & Surface Transportation category.

Improving macro fundamentals could combine with Federal Express’s network

integration, higher pricing and market share gains in the lucrative B2B segment to drive

significant earnings and valuation upside. FDX shares remain one of our top ideas within

Source: IDC

our transportation coverage as we launch our standalone company forecast today. In two Link to Barclays Live for interactive charting

weeks, Federal Express will report results through FY2026 and likely provide an outlook for the

remainder of CY26 (a seven month period) for the global package business following the spin of

North America Transportation

FedEx Freight earlier this month.