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How FedEx (FDX) makes money: Q4 FY26 revenue breakdown
US GAAP · $M · Mar–May 2026 · vs Q4 FY25 · reported 06/23/2026
FedEx Express is an American cargo airline based in Memphis, Tennessee, United States. · Wikipedia
More about the company
As of 2023, it was the world's largest cargo airline in terms of fleet size and freight tons flown. It is the namesake and leading subsidiary of FedEx Corporation, delivering freight and packages to more than 375 destinations over 220 countries and territories across six continents each day.
Key growth driver: Federal Express Segment — the fastest-growing revenue line: $21,570, +14% y/y. · by the Q4 FY26 report
How does FedEx make money?
FedEx brought in $25.0 billion of revenue in Q4 FY26, up 13% year over year. The largest source was Federal Express Segment: $21.6 billion, or 86% of the total, followed by FedEx Freight Segment ($2.41B, 10%); other lines add the remaining 4%. Net income for the quarter was $1.60 billion, down 3% year over year.
Revenue by source, Q4 FY26
- Federal Express Segment$21.6B · 86% · +14%
- FedEx Freight Segment$2.41B · 10% · +5%
- Other & Eliminations$1.03B · 4% · +9%
Shares of $25.0B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is FDX’s next earnings date?
FedEx (FDX) has not announced its next earnings date yet, and no reliable estimate is available. It will appear here once the company sets it.
What time does FDX report? Usually after market close: the last 4 results releases reached the SEC at 4:09 pm, 4:07 pm, 4:10 pm, 4:10 pm ET.
Last report: Jun 23, 2026 (Q4 FY26) — broken down in the Sankey chart below. Who else reports this week →
All figures in $M.
Revenue
$25,007
+13%
Operating income
$1,551
−13%
6.2% margin
Net income
$1,598
−3%
6.4% margin · EPS $6.60
Verdict: a messy transition quarter — revenue +13% to $25,007M on Federal Express strength (+14%), but GAAP operating income fell 13% to $1,551M under fuel +66% and $538M of spin-off/optimization one-offs; adjusted operating income ($2.09B) actually improved, and a $707M pension mark-to-market gain propped up net income.
Adjusted EPS $6.31; FY26 net income $4.4B (+8%). June 1, 2026: FedEx Freight spun off; fiscal year end moves to Dec 31 (7-month transition period).
Source and notation
≈ marks grouped one-offs. Source: FedEx Q4 FY26 press release 8-K (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
Heads-up
- profit is growing slower than revenue: −3% vs +13% y/y in Q4 FY26
Most likely because costs grew faster than revenue (fuel +66% y/y); one-offs totaled $538M: $311M Freight separation costs, $204M business optimization, $23M impairments; $707M of 'other retirement plans, net' below the operating line is a non-cash pension mark-to-market gain. Based on the Q4 FY26 report.
Company filings on SEC EDGAR ↗FDX earnings history: past report dates
| Jun 23, 2026 Tue | 4:07 pmafter market close | May 31, 2026 | ≈$25.0B+13% y/y | ≈$6.64−2% y/y |
| Mar 19, 2026 Thu | 4:10 pmafter market close | Feb 28, 2026 | $24.0B+8% y/y | $4.41+17% y/y |
| Dec 18, 2025 Thu | 4:10 pmafter market close | Nov 30, 2025 | $23.5B+7% y/y | $4.04+33% y/y |
| Sep 18, 2025 Thu | 4:13 pmafter market close | Aug 31, 2025 | $22.2B+3% y/y | $3.46+8% y/y |
| Jun 24, 2025 Tue | 4:12 pmafter market close | May 31, 2025 | ≈$22.2B+1% y/y | ≈$6.81+15% y/y |
| Mar 20, 2025 Thu | 4:10 pmafter market close | Feb 28, 2025 | $22.2B+2% y/y | $3.76+7% y/y |
| Dec 19, 2024 Thu | 4:10 pmafter market close | Nov 30, 2024 | $22.0B−1% y/y | $3.03−15% y/y |
| Sep 19, 2024 Thu | 4:15 pmafter market close | Aug 31, 2024 | $21.6B−0% y/y | $3.21−24% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
FedEx: 5-year financials
| FY2026 | 94,720 | 5,463 | 4,433 | 1,374 |
| FY2025 | 87,926 | 5,217 | 4,092 | 1,339 |
| FY2024 | 87,693 | 5,559 | 4,331 | 1,259 |
| FY2023 | 90,155 | 4,912 | 3,972 | 1,177 |
| FY2022 | 93,512 | 6,245 | 3,826 | 793 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP); the company’s fiscal year doesn’t match the calendar year so years follow the company’s own labels.
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
2/2good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Jul 2026FY2026 10-K cover: a single class — Common Stock $0.10 (NYSE: FDX); other securities are bonds. sec.gov ↗
- Jul 2026Diluted share count −10.8% over FY2021–FY2026; buybacks of $3.0B in FY2025; SBC 0.2% of revenue (XBRL). data.sec.gov ↗
- Jul 2026Per-share dividend: $2.60 in FY2019–FY2021, $3.00 in FY2022, $5.52 in FY2025, $5.80 in FY2026 (XBRL). data.sec.gov ↗
- Feb 2021The consolidated class action over statements following the NotPetya attack on TNT was dismissed with prejudice on 02/04/2021; the plaintiff did not appeal. sec.gov ↗
Scoring: 2.0 with no deductions = 2.0 (single share class, shares −10.8% over 5 years, dividend never cut, NotPetya/TNT suit dismissed by the court in 2021, no SEC cases)
- Share classes
- Single class of common stock (10-K cover: Common Stock $0.10, NYSE).
- Dilution
- Diluted shares −10.8% over FY2021–FY2026, SBC 0.2% of revenue; buybacks of $1.5–3.0B a year.
- Disclosure
- Full 10-K/10-Q reporting.
- Dividends
- Quarterly dividends are regular; held at $2.60 a year in FY2019–FY2021, then raised; no cuts.
- Lawsuits & regulators
- The 2019 class action over the impact of NotPetya on TNT was dismissed with prejudice (02/04/2021), no appeal; no SEC cases.
- Related parties
- No material related-party transactions in the 2026 proxy; the FedEx Freight separation (2026) is a pro rata spin-off to all shareholders.
How the score works · checked as of Sep 2026
FedEx (FDX) earnings: FAQ
How does FedEx make money?
FedEx brought in $25.0 billion of revenue in Q4 FY26, up 13% year over year. The largest source was Federal Express Segment: $21.6 billion, or 86% of the total, followed by FedEx Freight Segment ($2.41B, 10%); other lines add the remaining 4%. Net income for the quarter was $1.60 billion, down 3% year over year.
When is FDX's next earnings date?
FedEx (FDX) has not announced its next earnings date yet.
What time does FDX report earnings?
FedEx usually reports after market close: its latest results release was filed with the SEC at 4:09 pm ET on Jul 21, 2026.
When did FDX last report earnings?
FedEx reported Q4 FY26 results on Jun 23, 2026.
Where can I find FedEx's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to FDX's filings; this page breaks the latest report down in a Sankey chart.
What was FDX's net income in Q4 FY26?
FedEx reported net income of $1,598M for Q4 FY26 (−3% year over year), under US GAAP.
Does FedEx pay dividends?
Yes. In fiscal 2026, FedEx paid $1,374M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing. How we make the breakdowns · Report an error
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