FDX & FDXF - What to Expect With This Week's Reports

Research evidence excerpt

FDX & FDXF - What to Expect With This Week's Reports

Airfreight & Surface Transportation

FLASH

FLASH: FDX & FDXF - What to Expect With This June 21, 2026

Week's Reports

●FDX and FDXF Reports and Calls. FDX and FDXF are both scheduled to

report F4Q results this week. FDX’s report and call are scheduled for 6/23. We

expect FDX to report consolidated F4Q results, and provide standalone C26

EPS guidance. Meanwhile, FDXF’s F4Q report and call are scheduled for 6/25.

We expect FDXF to provide forward commentary rather than provide explicit Scott Group

EPS guidance. sgroup@wolferesearch.com

(646) 845-0721

●Our FDX Expectations. We're modeling consolidated F4Q EPS of $6.08, View Scott’s Research

implying F26 EPS of $20.00, towards the high-end of management's $19.30- View Comp Table

$20.10 guidance range. Looking ahead, the model will get very noisy for several Jacob Lacks

months as FDX starts reporting standalone results and transitions to a calendar jlacks@wolferesearch.com

(646) 845-0726

year. That said, we expect FDX to provide C26 remain-co guidance, and we're

modeling $18.35 of EPS for the year (+22% y/y). This includes our estimates for Ivan Yi

iyi@wolferesearch.com

other income related to FDX's minority stake in FDXF. Along with this guidance, (646) 845-0724

we expect FDX will share its results for the first 5 months of C26 and hopefully Cole Couzens

provide baseline C25 EPS. We also expect some commentary on Domestic vs. ccouzens@wolferesearch.com

Int'l margins with the report. We expect FDX to provide more detailed historical Preston Webb

quarterly financials around August. pwebb@wolferesearch.com

●Our FDXF Expectations. We're modeling F4Q FDXF EBIT of $346M, and

F4Q EPS of $1.49. Similar to FDX, we expect forward FDXF estimates to