Wells Cargo: Wetherbee's Freight Weekly

Research evidence excerpt

Wells Cargo: Wetherbee's Freight Weekly

Equity Research

Industry Update — June 18, 2026

Logistics

Parcel

Rail

Trucking

Last Call...FedEx Bogeys

Our Call Christian Wetherbee

Next week FedEx will be in focus with F4Q results and C26 guidance. This transition Equity Analyst | Wells Fargo Securities, LLC

Christian.Wetherbee@wellsfargo.com | 212-214-8053

quarter presents modeling challenges as Express and Freight split and FY becomes CY. We

Robert H. Salmon, CFAthink F4Q is more important than the guide, but highlight bogeys for both.

Equity Analyst | Wells Fargo Securities, LLC

Robert.H.Salmon@wellsfargo.com | 212-214-5016

~$9-$10 FEC EPS Bogey for Stub Period - Our conversations suggest that expectations Ryan Deveikis

for F4Q EPS is in the $6.25+ range, as Express incremental margins should benefit from Associate Equity Analyst | Wells Fargo Securities, LLC

still solid volume growth, revenue quality initiatives and the resumption of Network 2.0 Ryan.Deveikis@wellsfargo.com | 212-214-8040

integration. The Jun-Dec period is more challenging to model for standalone FEC, but Matthew Hortopan

expectations appear to be in the $9-$10 EPS range. This bridges to ~$17-$18 for FEC Associate Equity Analyst | Wells Fargo Securities, LLC

C26 EPS. For C27, we believe an acceleration to ~$22 is possible. Matthew.F.Hortopan@wellsfargo.com | 212-214-5009

Positioning Skews Long, but Complexity Cools Enthusiasm - We think FedEx remains • Resetting the Value Proposition

a name many investors are constructive on and with higher than consensus/guide • FDX: F4Q26 Earnings Preview

expectations for F4Q, the bar is not necessarily low. That said, the lack of historical CY or • Wetherbee's Freight Weekly (Week 22)

standalone segment data has made modeling tougher and created a void of expectations.