FedEx Corporation Highlights from FedEx Freight Earnings and Calls with Management

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FedEx Corporation Highlights from FedEx Freight Earnings and Calls with Management

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

26 June 2026

FedEx Corporation Overweight

FDX, FDX US

Highlights from FedEx Freight Earnings and Calls with Price (25 Jun 26):$329.44

Management

Airfreight & Surface Transportation /

FedEx Freight’s first standalone print delivered a better-than-expected close to Shipping

FY26, although we believe the considerable confusion around the transition costs Brian P. Ossenbeck, CFA AC

and the TY26E margin bridge (which we attempted to clear up below) will not be (1-212) 622-1023

fully resolved without additional disclosures and details from management. We brian.p.ossenbeck@jpmorgan.com

also expect the benefits of a dual Priority/Economy network will remain a top FAQ Grady Carr

even after management spent time defending it as a competitive advantage that (1-212) 622-1251

grady.carr@jpmchase.com

keeps shippers from switching carriers. Fuel was a widely anticipated but

Brandon Wexler

unquantified tailwind in F4Q26 and is expected to become less of a YoY benefit

(1-212) 622-1956

in 3Q and 4Q which is a negative read-through to LTL peers facing similar brandon.wexler@jpmchase.com

dynamics. Overall, we believe standalone Freight is off to a solid start, with its J.P. Morgan Securities LLC

operational and tech initiatives progressing while also demonstrating service

improvements. However, similar to FDX, we expect there could be an overhang

in the near-term as the market sorts through the various moving pieces related to

the spin and shift to calendar-year reporting while the debate continues on whether

or not the dual network provides a structural advantage.

• First standalone guide frames the transition year. For the seven-month