This filing provides recast historical baselines for the new segment structure and discontinued operations. The key forward-looking metric is the calendar 2026 adjusted EPS guidance of $16.90-$18.10 from continuing operations, which was issued in the June 2026 earnings release. Monitor the upcoming Transition Report on Form 10-K for the seven-month period ending December 31, 2026 for actual performance against this guidance.
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Executive Summary
FedEx filed an 8-K with supplemental historical financial information recasting results for the change in fiscal year end (to December 31), the FedEx Freight spin-off as discontinued operations, and new reportable segments (Express U.S. Domestic and Express International). The filing provides recast quarterly data for Q1 and Q2 calendar 2026, showing total revenue of $20.79B and $22.93B respectively, and GAAP diluted EPS from continuing operations of $2.99 and $25.05 (the latter inflated by a $4.49B gain on the retained FedEx Freight investment). This is a routine recast filing, not a new earnings release.
Key Facts
- FedEx changed fiscal year end from May 31 to December 31, effective June 1, 2026
- FedEx Freight spin-off completed June 1, 2026, presented as discontinued operations
- New reportable segments: Express U.S. Domestic and Express International
- Recast Q1 2026 (calendar): total revenue $20.79B, GAAP operating income $919M, GAAP diluted EPS from continuing ops $2.99
- Recast Q2 2026 (calendar): total revenue $22.93B, GAAP operating income $1.33B, GAAP diluted EPS from continuing ops $25.05 (includes $4.49B gain on retained FedEx Freight investment)
- Non-GAAP adjusted diluted EPS from continuing ops: Q1 $3.25, Q2 $4.98
- FedEx Supply Chain sold to CMA CGM Group for $1.4B on October 1, 2026
- FedEx retained a 19.9% ownership interest in FedEx Freight after the spin-off
Financial Impact
No new financial results; recast historical data only. Q2 2026 GAAP EPS of $25.05 includes a $4.49B non-cash gain on the retained FedEx Freight investment ($18.52 per share). Adjusted EPS from continuing ops was $4.98.
Segment Breakdown
| Segment | Revenue |
|---|---|
| Express U.S. Domestic | $14.9B |
| Express International | $7.3B |
Risk Factors
- Stranded costs from the FedEx Freight spin-off may pressure margins until fully addressed through transition services and cost management
- Fuel cost volatility and global trade policy changes remain headwinds for express operations
- The recast financials are unaudited and for informational purposes only, not a restatement
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001048911-26-000126 |
| Document: fdx-20261028.htm | 0001048911-26-000126 |
| Document: 0001048911-26-000126-index-headers.html | 0001048911-26-000126 |
| Document: 0001048911-26-000126-index.html | 0001048911-26-000126 |
| Document: 0001048911-26-000126.txt | 0001048911-26-000126 |
| 8-K Data (Synthetic) | 0001048911-26-000126 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 1d ago | 8-K | No price | awaiting T+60 | awaiting T+60 | No price |
Oct 28, 2026 1d ago | 8-K | $306.37 | awaiting T+60 | awaiting T+60 | $307.82 (+0.47%) |
Oct 26, 2026 3d ago | 8-K | $300.58 | awaiting T+60 | awaiting T+60 | $307.82 (+2.41%) |
Oct 20, 2026 9d ago | Institutional Cluster | $298.23 | awaiting T+60 | awaiting T+60 | $307.82 (+3.22%) |
Oct 1, 2026 28d ago | GOVT-CONTRACT | $290.36 | awaiting T+60 | awaiting T+60 | $307.82 (+6.01%) |
Oct 1, 2026 28d ago | GOVT-CONTRACT | $290.36 | awaiting T+60 | awaiting T+60 | $307.82 (+6.01%) |
Sep 15, 2026 6w ago | Court Ruling | $301.72 | awaiting T+60 | awaiting T+60 | $307.82 (+2.02%) |
Jun 23, 2026 18w ago | 8-K | $316.83 $305.88 | ▼ −3.46% | ▼ −6.29% | $307.82 (−2.84%) |
Jun 8, 2026 20w ago | 8-K | $331.76 $316.27 | ▼ −4.67% | ▼ −8.48% | $307.82 (−7.22%) |
Jun 1, 2026 21w ago | 8-K | $338.17 $333.71 | ▼ −1.32% | ▼ −2.29% | $307.82 (−8.97%) |
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