FedEx Corporation: Highlights from F4Q26 Earnings and Calls with Management

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FedEx Corporation: Highlights from F4Q26 Earnings and Calls with Management

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

24 June 2026

FedEx Corporation Overweight

FDX, FDX US

Highlights from F4Q26 Earnings and Calls with Price (23 Jun 26):$317.24

Management

Airfreight & Surface Transportation /

We expect the initial negative reaction to the final consolidated FedEx print largely Shipping

reflects FedEx Corp (FEC) earnings, which ultimately fell short of high Brian P. Ossenbeck, CFA AC

expectations this quarter but are expected to pick back up during the seven month (1-212) 622-1023

transition year. Fuel was a widely expected tailwind for FEC and while brian.p.ossenbeck@jpmorgan.com

management noted that higher fuel prices did not help margins, higher fuel Grady Carr

surcharge tables did and will be reflected in the HSD base rate improvement in (1-212) 622-1251

grady.carr@jpmchase.com

CY26. The transition year guidance for FEC was consistent with our preview and

Brandon Wexler

came in higher than most expected, but we recognize FDX could experience an

(1-212) 622-1956

overhang during the time it will take for the market to sort through the different brandon.wexler@jpmchase.com

moving pieces of the Freight spin-off and shift to a calendar year reporting period. J.P. Morgan Securities LLC

FedEx Freight results were stronger than expected during F4Q26 which should be

viewed favorably against more cautious sentiment, although the company faces a

similar situation as FEC when guiding to a new calendar reporting structure as part

of a separate call on Thursday. Overall, we believe the post-spin thesis for our

recent upgrade is still intact as FEC gains profitable B2B share, continues to work

through a turnaround in Europe, and deploys excess capital following the recent