$FDX · FEDEX CORP
FedEx filed an 8-K with Exhibit 99.1 providing unaudited supplemental historical financial information recast to reflect three structural changes: the June 1, 2026 spin-off of FedEx Freight (now in discontinued operations), the change in fiscal year-end from May 31 to December 31, and a new two-segment structure (Express U.S. Domestic and Express International). The recast data covers calendar quarters ended March 31 and June 30, 2026. This is not a restatement of prior financials and does not contain new quarterly results.
- Q1 FY2026 (calendar) revenue was $20.788B with operating income of $919M across continuing operations.
- Express U.S. Domestic segment posted 6.5% operating margin on $13.553B revenue; Express International margin was 1.8% on $6.571B.
- FedEx completed the FedEx Freight spin-off on June 1, 2026 and sold FedEx Supply Chain to CMA CGM for $1.4B on October 1, 2026.
- Fiscal year-end changed from May 31 to December 31; a seven-month transition period runs June–December 2026.
- Diluted EPS from continuing operations was $2.99 in Q1; total diluted EPS including discontinued ops was $3.22.
Extended-hours trading shows FDX at $296.80, down 2.55% vs the regular close of $304.58. The filing is a supplemental historical recast rather than fresh quarterly results, so the after-hours move may reflect broader market or other concurrent news rather than a direct reaction to this 8-K.
This filing gives investors their first apples-to-apples view of the slimmed-down FedEx after the Freight spin-off, revealing Express International's thin 1.8% margin as a key pressure point.
FedEx's spin-off of its LTL freight business and sale of Supply Chain mirror a broader logistics-industry trend toward asset-light, focused parcel/express models. The recast segments (Express U.S. Domestic and Express International) align reporting with how UPS and DHL present their core operations.
Stranded costs from the FedEx Freight spin-off — shared-service expenses previously allocated to Freight that now remain with FedEx — must be reduced through transition services agreements and cost management, with no guarantee of full mitigation. Forward-looking statements flag risks around Network 2.0/Tricolor execution, fuel price volatility, and global trade uncertainty.