Transportation & Logistics: Weekly Fast Track: Thoughts on Sale of FDX Supply Chain, First Look at June Imports

Research evidence excerpt

Transportation & Logistics: Weekly Fast Track: Thoughts on Sale of FDX Supply Chain, First Look at June Imports

J P M O R G A N North America Equity Research

03 July 2026

Transportation & Logistics

Weekly Fast Track: Thoughts on Sale of FDX Supply

Chain, First Look at June Imports

This weekly publication highlights current transports and logistics trends across a Airfreight & Surface Transportation /

wide range of truckload, intermodal, LTL, ocean, and airfreight market metrics. Shipping

The rail section also includes a report card that simplifies how the network is Brian P. Ossenbeck, CFA AC

performing relative to history and peers while also tracking carload trends versus (1-212) 622-1023

consensus expectations. brian.p.ossenbeck@jpmorgan.com

Grady Carr

Key topics of the week: Ocean rate, import update. CMA CGM announced the (1-212) 622-1251

grady.carr@jpmchase.com

purchase of FedEx Supply Chain for $1.4B earlier this week and while there are

Brandon Wexlerlimited details available, we estimate the contract logistics unit represented less

(1-212) 622-1956

than 2% of FY26 revenue (ex-Freight) or $1.7B. This business line is likely the brandon.wexler@jpmchase.com

largest part of the “other and corporate” revenue and we estimate it operates at a J.P. Morgan Securities LLC

5-7% EBITDA margin. Valuation details of the deal were not disclosed, but we

estimate a purchase multiple of 12-16x FY26 EV/EBITDA which is supportive for

GXO currently trading at 8x consensus 2027 EBITDA. We estimate preliminary

June imports were 2.40mm TEUs, up +8.2% YoY and -1.2% MoM which is

+40bps above normal seasonality from May to June. This brings 1H26 preliminary

import data to flat YoY as the last two months have brought meaningful YoY

expansion from lapping the implementation of tariffs.