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FDX · Q4 FY26
Archived report (Q4 FY26). Latest deep dive →
The quarter in brief
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.
Net Income
$1,598M
down 3% y/y
Total Revenue
$25,007M
up 13% y/y
Operating Income
$1,551M
down 13% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Federal Express Segment | $21,570 · +14% |
| FedEx Freight Segment | $2,408 · +5% · spun off 06/01/2026 |
| Other & Eliminations | $1,029 · +9% |
| Total Revenue | $25,007 · +13% |
| Salaries & Benefits | $8,568 · +11% |
| Purchased Transportation | $6,163 · +15% |
| Other Operating | $3,584 · +7% |
| Fuel | $1,434 · +66% |
| Rentals & Landing Fees | $1,245 · +9% |
| Depreciation & Amortization | $1,097 · +4% |
| Maintenance & Repairs | $827 · +3% |
| One-offs ≈ | $538 · separation $311 · optimization $204 · impairment $23 |
| Operating Income | $1,551 · −13% · 6.2% margin |
| Pension MTM & Other, Net * | $697 · retirement plans +707 · other −10 |
| Interest, Net | $140 · +13% |
| Pretax Income | $2,108 · −5% |
| Income Taxes | $510 · −11% · 24.2% rate |
| 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 as an image: FDX, Q4 FY26 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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<figure> <a href="https://whoreportstoday.com/t/fdx/q4-fy26"><img src="https://whoreportstoday.com/t/fdx/q4-fy26/sankey.png" alt="FDX Q4 FY26: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/fdx/q4-fy26">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/fdx/q4-fy26">FDX Q4 FY26 earnings chart (Who Reports Today)</a>
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- This is the last quarter of the old FedEx: Freight was spun off June 1, 2026 (its segment operating income already collapsed −67% to $158M), and the fiscal year end moves from May 31 to December 31.
- Fuel jumped 66% ($1,434M vs $864M) — the biggest operational headwind; purchased transportation +15% grew faster than revenue too.
- $707M of 'other retirement plans, net' below the operating line is a non-cash pension mark-to-market gain — it flatters GAAP net income by about $2.05 per share.
- One-offs totaled $538M: $311M Freight separation costs, $204M business optimization, $23M impairments — management's adjusted operating income of $2.09B strips them.
- Federal Express segment operating income grew 4% to $1,651M on 14% revenue growth — yields and DRIVE cost savings, diluted by the surcharge-heavy mix.
What distorts the picture in this report and what to watch beyond the headlines.
FDX — FedEx Corporation provides transportation, e-commerce, and business services worldwide, primarily through express, ground, and freight delivery networks.
The company is headquartered in Memphis, Tennessee, and operates globally with a large fleet of aircraft and vehicles.
Heads-up
- profit is growing slower than revenue: −3% vs +13% y/y in Q4 FY26
Net income −3% y/y against revenue +13% y/y. In the report's figures: costs grew faster than revenue: fuel +66% y/y. Based on the Q4 FY26 report.
Company filings on SEC EDGAR ↗More reports: FERG · Q2 2026 · FIX · Q3 2026 · FTV · Q3 2026 · GD · Q3 2026 · GE · Q3 2026 · GEV · Q3 2026 · GNRC · Q3 2026 · GWW · Q2 2026 · HII · Q3 2026 · HON · Q3 2026 · all reports