FedEx Corporation Highlights from Sell-Side Meeting with FedEx Freight Management

研报英文原文证据摘录

FedEx Corporation Highlights from Sell-Side Meeting with FedEx Freight Management

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

11 May 2026

FedEx Corporation Neutral

FDX, FDX US

Highlights from Sell-Side Meeting with FedEx Freight Price (11 May 26):$378.90

Management

Airfreight & Surface Transportation /

We attended the sell-side group meeting in New York earlier today which featured Shipping

a Q&A with CFO Marshall Witt, COO Mike Lyons and CTO Mike Rodgers. Brian P. Ossenbeck, CFA AC

Management largely reiterated the framework laid out at the April 8 Investor Day (1-212) 622-1023

(details here), including a focus on disciplined pricing and profitable growth. brian.p.ossenbeck@jpmorgan.com

Rodgers confirmed the technology transformation is tracking on plan with 90% of Grady Carr

systems already cut over ahead of June 1, including the LTL pricing platform (1-212) 622-1251

grady.carr@jpmchase.com

launched over the weekend. The most common questions centered on the

Brandon Wexler

operational and margin dynamics between Priority and Economy, the mix and

(1-212) 622-1956

weight per shipment profile relative to peers, and the cadence and financial brandon.wexler@jpmchase.com

implications of the unbundling process. Overall, we viewed the session as J.P. Morgan Securities LLC

constructive in addressing a number of open questions from Investor Day, and we

came away with a greater appreciation for the scope of tech and commercial

execution required and so far delivered ahead of the June 1 separation.

Management is still determining which metrics to provide as a standalone

company, we believe providing financial details for Priority and Economy could

help Freight alleviate concerns that the unique focus on Economy creates a

structural margin headwind compared to peers.