The raised guidance and strong beat on adjusted EPS signal accelerating operational momentum post the Freight spin-off. Watch for execution on Network 2.0 cost savings and the impact of the January 2027 5.9% rate increase on volume trends.
Price Chart
Executive Summary
FedEx reported Q3 calendar 2026 revenue of $22.855B (+12% YoY) and adjusted diluted EPS of $3.74, beating the consensus estimate of $3.38. The company raised its full-year 2026 adjusted EPS guidance to $18.00-$18.60 from $16.90-$18.10, citing strong package yields, volume growth, and cost savings. Results reflect the post-spin-off structure with FedEx Freight as discontinued operations.
Key Financial Metrics
Key Facts
- Revenue $22.855B, +12% YoY from $20.432B
- Adjusted diluted EPS $3.74 vs consensus $3.38 (beat by 10.7%)
- GAAP diluted EPS $1.21, impacted by $1.2B loss on FedEx Freight investment
- Full-year 2026 adjusted EPS guidance raised to $18.00-$18.60 from $16.90-$18.10
- Revenue growth guidance raised to 12% YoY from 11%
- Express U.S. Domestic segment revenue +10% YoY to $14.710B, operating income +7%
- Express International segment revenue +17% YoY to $7.465B, operating income +15%
- Completed $2.0B in share repurchases (6.3M shares) during June-September
- Completed sale of FedEx Supply Chain for $1.4B on October 1, 2026
- Cash on hand $8.0B, including $2.7B in IEEPA tariff refunds held for customers
Financial Impact
Revenue $22.855B, adjusted EPS $3.74, guidance raised to $18.00-$18.60 adjusted EPS
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Express U.S. Domestic | $14.7B | +10.0% |
| Express International | $7.5B | +17.0% |
Risk Factors
- Fuel costs surged 64% YoY to $1.270B, pressuring margins
- Purchased transportation costs rose 19% YoY, outpacing revenue growth
- GAAP EPS depressed by $1.2B loss on FedEx Freight investment mark-to-market
- Global trade policy changes and tariff uncertainty could impact international volumes
- $2.7B in IEEPA tariff refunds held for customers represents a cash liability
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001048911-26-000128 |
| Document: fdx-20261028.htm | 0001048911-26-000128 |
| Document: 0001048911-26-000128-index-headers.html | 0001048911-26-000128 |
| Document: 0001048911-26-000128-index.html | 0001048911-26-000128 |
| Document: 0001048911-26-000128.txt | 0001048911-26-000128 |
| 8-K Data (Synthetic) | 0001048911-26-000128 |
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%) |
US Market Status
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