FedEx Corp.: 4QFY26, Initial Thoughts

研报英文原文证据摘录

FedEx Corp.: 4QFY26, Initial Thoughts

Equity Research

North America Transportation

23 June 2026

FedEx Corp.

4QFY26, Initial Thoughts

First LookCore Federal Express results and guidance for FY2026 were a

touch below our bullish forecasts, but volume and yield

growth remain robust, likely supporting a stronger discussion FDX OVERWEIGHT North America

Transportationof revenue trends on tonight’s earnings call and driving a POSITIVE

Price Target USD 425.00

more favorable long-term margin outlook. Price (23-Jun-26) USD 317.24

Potential Upside/Downside +34.0%

Source: Bloomberg, Barclays Research

Fiscal fourth quarter results were stronger for the recently spun FedEx Freight business,

while core Federal Express results came in a bit below; but management is guiding to +16%

CY2026 EPS expansion. The earnings call tonight will likely highlight a more favorable North America Transportation

macro backdrop for Domestic and International package demand. We suspect most Brandon R. Oglenski

investors and analysts will require a bit more time to dissect Federal Express results and forward +1 212 526 8903

guidance tonight as the company provides its first outlook post the FedEx Freight spin and brandon.oglenski@barclays.com

BCI, USadjusts to a calendar reporting structure going forward. As such, our initial read of results is a

stronger outcome at FedEx Freight (FDXF) with operating earnings coming in at $363 to our Eric Morgan, CFA

$318mm forecast (adjusted, but not pro forma for the spin) or a 15.1% operating margin, 160bps +1 212 526 9642

ahead of our prior forecast. For the core Federal Express Domestic and International package eric.morgan@barclays.com

BCI, USbusiness (FDX), adjusted operating earnings were a bit light of our forecast at $1.9bn (vs. our