FedEx Corp.: Calibrating New Seasonality Under Calendar Reporting

Research evidence excerpt

FedEx Corp.: Calibrating New Seasonality Under Calendar Reporting

Equity Research

North America Transportation

9 July 2026

FedEx Corp.

Calibrating New Seasonality Under

Calendar Reporting

With FedEx now set to report results on a calendar-year basis FDX OVERWEIGHT

(from the previous May fiscal year end), we provide our best Unchanged

North America

attempt at transforming our FY-based forecasts into the new Transportation POSITIVE

Unchanged

reporting structure ahead of more disclosure expected next Price Target USD 425.00

Unchangedmonth; please also see attached model.

Price (08-Jul-26) USD 309.76

Potential Upside/Downside +37.2%New disclosure expected next month should help  Barclays FDX Model Source: Bloomberg, Barclays Research

investors underwrite a strong earnings outlook for the

Company financial model now

Federal Express package business; in the meantime we including tab for translating FY-

provide our best attempt at calendarizing our FY-based based forecasts to CY reporting Market Cap (USD mn) 73910

Shares Outstanding (mn) 238.61forecasts (see attached model). As discussed following

Free Float (%) 91.48FedEx's recent FY 4Q26 earnings report (see "FDX: FY4Q26,

52 Wk Avg Daily Volume (mn) 1.9Review" published 24 June 2026), limited CY-based disclosure makes it challenging to forecast

Dividend Yield (%) 1.58the company's results under the new calendar-based methodology. As such, we have

Return on Equity TTM (%) 14.85maintained FY-based forecasts for the time being, and with this note introduce somewhat more

Current BVPS (USD) 132.63refined (albeit error-prone) seasonal factors to translate our estimates into calendar reporting

Source: Bloomberg

periods. The result of our analysis (discussed further below) are CY seasonal factors that differ