FedEx raises 2026 adjusted EPS forecast to $18–$18.60

FedEx parcel shipping rates will increase by an average of 5.9%, effective January 4, 2027.

Rhea-AI Filing Summary

FedEx Corporation (FDX) reported third-quarter revenue of $22.9 billion, up 12% from $20.4 billion a year earlier, and GAAP operating income of $1.07 billion, up 10%. GAAP income from continuing operations was $290 million, down from $645 million, including a $1.2 billion loss on its retained FedEx Freight investment. Adjusted operating income was $1.20 billion versus $1.03 billion, while adjusted diluted EPS was $3.74 versus $2.93; GAAP diluted EPS from continuing operations was $1.21 versus $2.73.

FedEx completed $2.0 billion of share repurchases from June through September and completed the FedEx Freight spin-off on June 1, retaining a 19.9% interest. It completed the sale of FedEx Supply Chain to CMA CGM Group on October 1 for approximately $1.4 billion.

For calendar 2026, FedEx raised its revenue-growth forecast to approximately 12% year over year from approximately 11%, and its adjusted diluted EPS forecast to $18.00 to $18.60 from $16.90 to $18.10. The adjusted EPS forecast excludes mark-to-market adjustments for retirement plan accounting and the FedEx Freight investment, gain on extinguishment of debt, and restructuring, exit and other costs. FedEx parcel shipping rates will increase by an average of 5.9%, effective January 4, 2027.

2 points · 0 major

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Rhea-AI Sentiment measures something else, the tone of the wording.

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0 major · 1 point

How the balance works

Positive

• Moderate pointRevenue rose 12% year over year to $22.9 billion.
• Moderate pointGAAP operating income increased 10% to $1.07 billion.

Negative

• Moderate pointIncome from continuing operations fell 55% to $290 million.

Filing Explained

FedEx’s calendar twenty twenty-six reported earnings-per-share forecast leaves out further mark-to-market adjustments that could materially affect results.

The earnings release in this 8-K reports FedEx had $8 billion in cash on hand as of September 30, 2026.

About $2.7 billion of that amount was held for customer refunds, so it was set aside for those refunds rather than general company use.

At September 30, $4.3 billion remained available under the 2026 stock-repurchase authorization, and FedEx said future repurchases would be opportunistic.

The release describes that amount as authorization still available, not as an additional completed buyback.

FedEx’s calendar-2026 reported diluted earnings-per-share forecast is $35.30 to $35.90 per share, excluding further mark-to-market adjustments for retirement-plan accounting and its FedEx Freight investment; the company says those adjustments cannot yet be calculated and could materially affect results.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Revenue: $22.9 billion GAAP operating income: $1.07 billion Income from continuing operations: $290 million +5 more

8 metrics

Revenue $22.9 billion Quarter ended September 30, 2026; 12% year-over-year growth

GAAP operating income $1.07 billion Quarter ended September 30, 2026; 10% year-over-year increase

Income from continuing operations $290 million Quarter ended September 30, 2026; 55% decrease year over year

Diluted EPS from continuing operations $1.21 Quarter ended September 30, 2026; compared with $2.73 in 2025

Adjusted diluted EPS $3.74 Quarter ended September 30, 2026; compared with $2.93 in 2025

Share repurchases $2.0 billion Completed from June through September 2026

Shares repurchased Approximately 6.3 million shares Repurchased from June through September 2026

Calendar 2026 adjusted diluted EPS forecast $18.00 to $18.60 per diluted share Forecast as of October 28, 2026

Key Terms

non-GAAP, accelerated share repurchase, MTM adjustment, deferred income tax benefit

4 terms

non-GAAP financial

"non-GAAP (or “adjusted”) financial measures"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

accelerated share repurchase financial

"accelerated share repurchase transactions"

An accelerated share repurchase is a deal where a company hires a bank to buy back a large block of its own stock immediately on the open market, with the bank later settling the exact number of shares over time. For investors it matters because the immediate reduction in shares outstanding can raise per‑share earnings and often supports the stock price, but it also uses company cash or borrowing and can change liquidity and future growth funding.

MTM adjustment financial

"MTM adjustment for retirement plan accounting"

deferred income tax benefit financial

"deferred income tax benefit on FedEx Supply Chain basis difference"

A deferred income tax benefit is an accounting entry that represents expected future reductions in a company’s tax bills, created when taxable income and accounting income don’t match today. Think of it like a coupon for lower taxes later: it can boost future cash flow and reported profits when redeemed, so investors watch it to assess the sustainability of earnings and the company’s real tax-related financial health.

Earnings Snapshot

Revenue: $22.9 billion · Guidance included

Three months ended September 30, 2026

Revenue $22.9 billion +12% year over year

GAAP operating income $1.07 billion +10% year over year

Income from continuing operations $290 million -55% year over year

Diluted EPS from continuing operations $1.21 Compared with $2.73 in 2025

Adjusted diluted EPS $3.74 Compared with $2.93 in 2025

Guidance

Calendar 2026 forecast: revenue growth of approximately 12% year over year; diluted EPS from continuing operations of $35.30 to $35.90, prior to additional calendar 2026 mark-to-market adjustments for retirement plan accounting; adjusted diluted EPS of $18.00 to $18.60. The adjusted forecast excludes mark-to-market adjustments for retirement plan accounting and the FedEx Freight investment, gain on extinguishment of debt, and restructuring, exit and other costs. Forecasts assume current economic and fuel price expectations and no additional adverse economic, geopolitical or international trade-related developments.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were FDX's third-quarter 2026 revenue and operating income?

FedEx reported $22.9 billion in revenue, up 12% year over year, and $1.07 billion in GAAP operating income, up 10%, for the quarter ended September 30, 2026.

How many shares did FDX repurchase in the third quarter of 2026?

FedEx repurchased approximately 6.3 million shares for $2.0 billion through open-market and accelerated share repurchase transactions from June through September 2026. The decrease in outstanding shares benefited third-quarter results by $0.02 per diluted share. As of September 30, 2026, $4.3 billion remained available under its 2026 authorization.

What was the carrying value of FDX's retained FedEx Freight investment?

FedEx retained a 19.9% ownership interest in FedEx Freight, with a carrying value of $3.3 billion as of September 30, 2026.

What is FDX's calendar 2026 adjusted EPS forecast?

FedEx forecast adjusted diluted EPS of $18.00 to $18.60, compared with its prior forecast of $16.90 to $18.10. The forecast excludes mark-to-market adjustments for retirement plan accounting and the FedEx Freight investment, gain on extinguishment of debt, and restructuring, exit and other costs.

When will FDX's parcel shipping rates increase?

FedEx parcel shipping rates will increase by an average of 5.9%, effective January 4, 2027.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/28/2026 - 04:13 PM EDT Accepted by SEC EDGAR 10/28/2026 - 04:12 PM EDT Learn about SEC filing dates

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 28, 2026

FedEx Corporation

(Exact name of registrant as specified in its charter)

Commission File Number 1-15829

Delaware						62-1721435
(State or other jurisdiction of						(IRS Employer
incorporation)						Identification No.)
942 South Shady Grove Road, Memphis, Tennessee						38120
(Address of principal executive offices)						(ZIP Code)

Registrant’s telephone number, including area code: (901) 818-7500

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $0.10 per share

FDX

New York Stock Exchange

1.625% Notes due 2027

FDX 27

New York Stock Exchange

0.450% Notes due 2029

FDX 29A

New York Stock Exchange

0.450% Notes due 2029

FDX 29B

New York Stock Exchange

4.000% Notes due 2030

FDX 30A

New York Stock Exchange

1.300% Notes due 2031

FDX 31B

New York Stock Exchange

3.500% Notes due 2032

FDX 32

New York Stock Exchange

0.950% Notes due 2033

FDX 33

New York Stock Exchange

0.950% Notes due 2033

FDX 33A

New York Stock Exchange

4.625% Notes due 2034

FDX 34A

New York Stock Exchange

4.125% Notes due 2037

FDX 37

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

EXPLANATORY NOTE

The information in this Report, including Exhibit 99.1, is being furnished pursuant to Item 2.02 of Form 8-K and General Instruction B.2 thereunder. Such information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

SECTION 2. FINANCIAL INFORMATION.

Item 2.02. Results of Operations and Financial Condition.

Attached as Exhibit 99.1 and incorporated herein by reference is a copy of FedEx Corporation’s press release, dated October 28, 2026, announcing its financial results for the fiscal quarter ended September 30, 2026.

SECTION 9. FINANCIAL STATEMENTS AND EXHIBITS.

Item 9.01. Financial Statements and Exhibits.

(d)    Exhibits.

Exhibit Number						Description
99.1						Press Release of FedEx Corporation dated October 28, 2026.
104						Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FedEx Corporation

Date: October 28, 2026

By:

/s/ Claude F. Russ

Claude F. Russ

Enterprise Vice President, Finance and

Interim Chief Financial Officer and

Interim Chief Accounting Officer

FedEx Reports Strong Third Quarter Results

Completed $2 Billion of Share Repurchases in June-September Period

Raises Full-year Calendar 2026 Earnings Outlook

MEMPHIS, Tenn., October 28, 2026 ... FedEx Corp. (NYSE: FDX) today reported the following consolidated results for the quarter ended September 30 (adjusted measures exclude the items listed below):

Three Months Ended

(Continuing Operations)

September 30, 2026

September 30, 2025

As Reported (GAAP)

Adjusted (non-GAAP)

As Reported (GAAP)

Adjusted (non-GAAP)

Revenue

$22.9 billion

$22.9 billion

$20.4 billion

$20.4 billion

Operating income

$1.07 billion

$1.20 billion

$0.97 billion

$1.03 billion

Operating margin

4.7%

5.3%

4.8%

5.1%

Net income

$0.29 billion

$0.90 billion

$0.65 billion

$0.69 billion

Diluted EPS

$1.21

$3.74

$2.73

$2.93

This year’s and last year’s quarterly consolidated results have been adjusted for:

			Three Months Ended
Impact per diluted share			September 30, 2026						September 30, 2025
Loss on short-term investment			$5.18						$—
Gain on extinguishment of debt			(1.97)						—
Restructuring, exit and other costs			(0.68)						0.20

Consolidated operating results improved in the third quarter, driven by increased package base yields, higher package volumes, and continued structural cost reductions from business optimization initiatives. These factors were partially offset by increased purchased transportation rates, higher wage rates and variable compensation expenses, and the financial impact of global trade policy changes.

“As our strong operating results and adjusted free cash flow demonstrate, FedEx is winning across high-value market segments while we optimize our network, driving an increase to our full-year outlook,” said Raj Subramaniam, FedEx Corp. president and chief executive officer. “As we advance our transformation, we

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remain committed to disciplined operational execution to reduce our cost-to-serve while focusing on profitable growth. We have the right strategy in place to continue to be the world’s premier B2B parcel and air freight provider, leverage our digital insights to unlock new markets, and use disciplined capital allocation to create additional stockholder value.”

Express U.S. Domestic segment operating income increased during the quarter, driven by higher package yields, increased package volume, improved service mix, and continued cost savings from transformation initiatives. These factors were partially offset by increased purchased transportation rates, and higher salaries and benefits expenses.

Express International segment operating results increased during the quarter, primarily due to increased base yields, higher international export volume, and increased freight weight. These factors were partially offset by higher wage rates, increased purchased transportation rates, and the financial impact of global trade policy changes.

FedEx Freight Spin-Off

FedEx completed the spin-off of FedEx Freight on June 1, 2026, retaining a 19.9% ownership interest in FedEx Freight. FedEx recognized a loss of $1.2 billion during the quarter within “Gain/(loss) on short-term investment” on the income statement. The carrying value of this equity security totaled $3.3 billion at September 30, 2026 and is recorded within “Short-term investment” in the condensed consolidated balance sheets.

FedEx utilized cash proceeds from the approximately $4.1 billion dividend received from FedEx Freight following the spin-off, as well as cash on hand, to fund cash tender offers for approximately $4.9 billion aggregate principal amount of outstanding debt securities, resulting in a non-GAAP, pre-tax gain of $627 million.

FedEx Supply Chain Sale

On October 1, 2026, FedEx completed the sale of its subsidiary FedEx Supply Chain to CMA CGM Group for a purchase price of approximately $1.4 billion. The transaction represents another important step in the ongoing transformation of FedEx, advancing its strategy to simplify its portfolio, sharpen its focus, and concentrate resources on the areas where the company is best positioned to create long-term value.

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2027 Rate Increases

As previously announced, effective January 4, 2027, FedEx parcel shipping rates will increase by an average of 5.9%. Details related to these and additional changes to rates and surcharges are available at fedex.com/en-us/shipping/rate-changes.html.

Cash and Capital Returns

Cash on-hand as of September 30, 2026 was $8 billion, which included approximately $2.7 billion in IEEPA tariff refunds held for refund to customers.

FedEx completed $2.0 billion in stock repurchases via open market and accelerated share repurchase transactions in June through September. Approximately 6.3 million shares were repurchased, with the decrease in outstanding shares benefiting third quarter results by $0.02 per diluted share. FedEx will continue to be opportunistic with stock repurchases. As of September 30, 2026, $4.3 billion remained available for repurchases under the company’s 2026 stock repurchase authorization.

“Our solid third quarter results and higher 2026 financial outlook reflect the focused execution of our strategy, demonstrating momentum toward our 2029 financial targets,” said Claude Russ, FedEx Corp. enterprise vice president and interim chief financial officer. “Our decision to repurchase $2 billion of FedEx stock displays our conviction in achieving our 2029 financial targets and our commitment to deploy our strong free cash flow to increase stockholder returns.”

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Outlook

For calendar year 2026, FedEx is revising its forecast as follows:

Financial Metric			Forecast Value1			Additional Details & Exclusions
Revenue Growth			~12% YoY			Compared to the prior forecast of ~11%.
Diluted EPS (Continuing Operations)			$35.30 to $35.90			Compared to the prior forecast of $16.55 to $17.75 per diluted share, which excluded impacts related to MTM accounting for the FedEx Freight investment and gain on extinguishment of debt. Prior to additional CY26 MTM adjustments for retirement plan accounting.
Adjusted Diluted EPS (Continuing Operations)			$18.00 to $18.60			Compared to the prior forecast of $16.90 to $18.10 per diluted share. Also excludes MTM adjustments for retirement plan accounting, adjustments related to MTM accounting for the FedEx Freight investment, gain on extinguishment of debt, and restructuring, exit and other costs.
Effective Tax Rate (ETR)			~22.5%			Compared to the prior forecast of ~23%. Prior to MTM adjustments for retirement plan accounting, adjustments related to MTM accounting for the FedEx Freight investment, and a $263 million deferred income tax benefit on FedEx Supply Chain basis difference.
Pension Contributions			$475 million			Unchanged from the prior forecast.
Capital Spending			$3.9 billion			Unchanged from the prior forecast. Prioritizes investments in network optimization and efficiency improvement, including fleet and facility modernization and automation.

(1) As of October 28, 2026

These forecasts assume FedEx’s current economic forecast and fuel price expectations, and no additional adverse economic, geopolitical, or international trade-related developments. FedEx’s ETR and EPS forecasts are based on current law and related regulations and guidance.

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Corporate Overview

FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenue of $90 billion, the company offers integrated business solutions utilizing its flexible, efficient, and intelligent global network. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its more than 450,000 employees to remain focused on safety, the highest ethical and professional standards and the needs of their customers and communities. FedEx is committed to connecting people and possibilities around the world responsibly and resourcefully, with a goal to achieve carbon-neutral operations by 2040. To learn more, please visit fedex.com/about.

Additional information and operating data are contained in the company’s annual report, Form 10-K, Form 10-Qs, Form 8-Ks and Statistical Books. These materials, as well as a webcast of the earnings release conference call to be held at 5:30 p.m. EDT on October 28, are available on the company’s website at investors.fedex.com. A replay of the conference call webcast will be posted on our website following the call.

The Investor Relations page of our website, investors.fedex.com, contains a significant amount of information about FedEx, including our SEC filings and financial and other information for investors. The information that we post on our Investor Relations website could be deemed to be material information. We encourage investors, the media and others interested in the company to visit this website from time to time, as information is updated and new information is posted.

Certain statements in this press release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements regarding expected cost savings, future financial targets, business strategies, management’s views with respect to future events and financial performance, and the assumptions underlying such expected cost savings, targets, strategies, and statements. Forward-looking statements include those preceded by, followed by or that include the words “will,” “may,” “could,” “would,” “should,” “believes,” “expects,” “forecasts,” “anticipates,” “plans,” “estimates,” “targets,” “projects,” “intends,” “determined to,” or similar expressions. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions in the global markets in which we operate; uncertainty and additional volatility in the global trade environment; our ability to successfully implement our business strategies and global transformation program and network optimization initiatives, including Network 2.0 and Tricolor, effectively

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respond to changes in market dynamics, and achieve the anticipated benefits of such strategies and actions; our ability to achieve our cost reduction initiatives and financial performance goals, including our 2029 financial performance targets; our ability to achieve the anticipated benefits of the tax-free full separation of the FedEx Freight business into a new publicly traded company (the “FedEx Freight Spin-Off”); the possibility of disruption, including changes to existing business relationships, disputes, litigation, or unanticipated costs in connection with the FedEx Freight Spin-Off; the timing and amount of any costs or benefits or any specific outcome, transaction, or change (of which there can be no assurance), or the terms, timing, and structure thereof, related to our global transformation program and other ongoing reviews and initiatives; a significant data breach or other disruption to our technology infrastructure; damage to our reputation or loss of brand equity; our ability to meet our labor and purchased transportation needs while controlling related costs; failure of third-party service providers to perform as expected, or disruptions in our relationships with those providers or their provision of services to FedEx; the effect of any international conflicts or terrorist activities, including as a result of the current conflicts between Russia and Ukraine and in the Middle East; evolving or new U.S. domestic or international laws and government regulations, policies, and actions, including regulatory and/or legal compliance requirements that can affect our ability to efficiently or fully utilize our aircraft; changes in fuel prices or currency exchange rates, including significant increases in fuel prices as a result of the ongoing conflicts between Russia and Ukraine and in the Middle East and other geopolitical and regulatory developments; the effect of intense competition; our ability to match capacity to shifting volume levels; an increase in self-insurance accruals and expenses; failure to receive or collect expected insurance coverage; loss or delay in the collection of accounts receivable, including those related to tariffs in light of recent judicial rulings; the effect of technology developments, including autonomous technology and artificial intelligence; our ability to effectively operate, integrate, leverage, and grow acquired businesses and complete and realize the anticipated benefits of acquisitions and other strategic transactions including FedEx's investment in InPost, as a consortium member, and related commercial agreements; noncash impairment charges related to our goodwill and certain deferred tax assets; the future rate of e-commerce growth; future guidance, regulations, interpretations, challenges, or judicial decisions related to tariffs and our tax positions; labor-related disruptions; legal challenges or changes related to service providers contracted to conduct certain linehaul and pickup-and-delivery operations and the drivers providing services on their behalf and the coverage of U.S. employees at Federal Express Corporation under the Railway Labor Act of 1926, as amended; our ability to quickly and effectively restore operations following adverse weather or a localized disaster or disturbance in a key geography; the effects of a widespread outbreak of an illness or any other communicable disease or public health crises; any liability resulting from and the costs of defending against litigation, including refunds of tariffs; our ability to achieve or demonstrate progress on our goal of carbon-neutral operations by 2040; successful completion

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of future stock repurchases; and other factors which can be found in FedEx Corp.’s and its subsidiaries’ press releases and FedEx Corp.’s filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended May 31, 2026 and subsequent Quarterly Reports on Form 10-Q. Any forward-looking statement speaks only as of the date on which it is made. We do not undertake or assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Media Contact:

Caitlin Maier

901-434-8100

mediarelations@fedex.com

Investor Relations Contact:

Jeni Hollander

901-818-7200

ir@fedex.com

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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

TO GAAP FINANCIAL MEASURES

Results for the three months ended September 30, 2026 and 2025

The company reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP” or “reported”). We have supplemented the reporting of our financial information determined in accordance with GAAP with certain non-GAAP (or “adjusted”) financial measures, including our adjusted consolidated operating income and margin, income taxes, net income and diluted earnings per share, adjusted Express U.S. Domestic segment operating income and margin, and adjusted Express International segment operating income and margin for the 3-months ended September 30, 2026 and 2025. These financial measures are based on continuing operations and have been adjusted to exclude the effects of the following items (as applicable):

•Gain/Loss on retained investment in FedEx Freight: On June 1, 2026, FedEx completed the spin-off of FedEx Freight into an independent, publicly traded company (the “Spin-Off”). Following the Spin-Off, we retained a 19.9% ownership interest in FedEx Freight, which is accounted for as an equity security and recorded at fair value. Changes in fair value are recognized through net income.

•Gain on extinguishment of debt: On July 14, 2026, FedEx utilized the cash proceeds from the dividend received from FedEx Freight in connection with the Spin-Off, as well as cash on hand, to complete cash tender offers for certain outstanding debt securities. The gain on partial extinguishment is net of a proportional amount of the related unamortized discount, premium and debt issuance costs attributable to the repurchased securities.

•Restructuring, exit and other costs incurred: These costs relate to the multi-year restructuring, business realignment, and exit activities designed to improve operating efficiency, reduce costs, or optimize FedEx’s business portfolio. These costs also include those related to the Spin-Off and FedEx’s change in fiscal year end from May 31 to December 31. These costs were primarily related to severance, incentive payments to contracted service providers, and professional services.

◦Deferred income tax benefit on FedEx Supply Chain basis difference: A $263 million deferred income tax benefit has been recorded for the difference in the U.S. income tax and US GAAP book basis with respect to the FedEx Supply Chain business that was classified to held for sale in the third quarter.

The income tax effect of these costs is calculated based upon the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment. The impact of these non-GAAP items on the company's

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effective tax rate represents the difference in the effective tax rate calculated with and without the non-GAAP adjustment.

We believe these adjusted financial measures facilitate analysis and comparisons of our ongoing business operations because they exclude items that may not be indicative of, or are unrelated to, the company's and our business segments' core operating performance, and may assist investors with comparisons to prior periods and assessing trends in our underlying businesses. These adjustments are consistent with how management views our businesses. Management uses these non-GAAP financial measures in making financial, operating, and planning decisions and evaluating the company's and each business segments' ongoing performance.

Our non-GAAP financial measures are intended to supplement and should be read together with, and are not an alternative or substitute for, and should not be considered superior to, our reported financial results. Accordingly, users of our financial statements should not place undue reliance on these non-GAAP financial measures. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. As required by SEC rules, the tables below present a reconciliation of our presented non-GAAP financial measures to the most directly comparable GAAP measures.

Calendar 2026 Earnings Per Share and Effective Tax Rate Forecasts

Our calendar 2026 EPS forecast is a non-GAAP financial measure because it excludes MTM adjustments for retirement plan accounting, MTM accounting for the FedEx Freight investment, gain on extinguishment of debt, and estimated restructuring, exit and other costs.

Our calendar 2026 ETR forecast is a non-GAAP financial measure because it excludes the effect of MTM adjustments for retirement plan accounting, MTM accounting for the FedEx Freight investment, and a $263 million deferred income tax benefit on FedEx Supply Chain basis difference.

We have provided these non-GAAP financial measures for the same reasons that were outlined above for historical non-GAAP measures. The adjustments reflected in our calendar 2026 EPS and ETR forecasts are excluded for the same reasons described above for the corresponding historical non-GAAP measures.

We are unable to predict the amount of the additional MTM adjustments for retirement plan accounting and MTM accounting for the FedEx Freight investment, as they are significantly affected by changes in interest rates and the financial markets, so such adjustments are not included in our calendar 2026 EPS and ETR forecasts. For this reason, a full reconciliation of our calendar 2026 EPS

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and ETR forecasts to the most directly comparable GAAP measures is impracticable. It is reasonably possible, however, that our calendar 2026 MTM adjustments for retirement plan accounting and MTM accounting for the FedEx Freight investment could have a material effect on our calendar 2026 consolidated financial results and ETR.

The table below titled “Calendar 2026 Diluted Earnings Per Share Forecast” outlines the effects of the items that are excluded from our calendar 2026 EPS forecast, other than additional MTM adjustments for retirement plan accounting and MTM accounting for the FedEx Freight investment.

THREE MONTHS ENDED SEPTEMBER 30, 2026

FedEx Corporation

																											Diluted Earnings Per Share
			Operating												Income Taxes(1)						Net Income(2)
In millions, except per share amounts			Income						Margin
GAAP measure			$	1,067					4.7		%				$	134					$	290					$	1.21
Loss on short-term investment(3)			—						—		%				—						1,238						5.18
Gain on extinguishment of debt(3)			—						—		%				(159)						(468)						(1.97)
Restructuring, exit and other costs(4)			130						0.6		%				294						(164)						(0.68)
Non-GAAP measure			$	1,197					5.3		%				$	269					$	896					$	3.74

Express U.S. Domestic Segment

			Operating
In millions			Income						Margin
GAAP measure			$	946					6.4		%
Restructuring, exit and other costs			26						0.2		%
Non-GAAP measure			$	972					6.6		%

Express International Segment

			Operating
In millions			Income						Margin
GAAP measure			$	220					2.9		%
Restructuring, exit and other costs			77						1.0		%
Non-GAAP measure			$	297					3.9		%

10

THREE MONTHS ENDED SEPTEMBER 30, 2025

FedEx Corporation

																											Diluted Earnings Per Share
			Operating												Income Taxes(1)						Net Income(2)
In millions, except per share amounts			Income						Margin
GAAP measure			$	972					4.8		%				$	269					$	645					$	2.73
Restructuring, exit and other costs(4)			61						0.3		%				13						48						0.20
Non-GAAP measure			$	1,033					5.1		%				$	282					$	693					$	2.93

Express U.S. Domestic Segment

			Operating
In millions			Income						Margin
GAAP measure			$	884					6.6		%
Restructuring, exit and other costs			21						0.2		%
Non-GAAP measure			$	905					6.8		%

Express International Segment

			Operating
In millions			Income						Margin
GAAP measure			$	192					3.0		%
Restructuring, exit and other costs			4						0.1		%
Non-GAAP measure			$	196					3.1		%

11

CALENDAR 2026 DILUTED EARNINGS PER SHARE FORECAST

									Diluted Earnings Per Share
In millions, except per share amounts			Adjustments
Diluted earnings per share from continuing operations (GAAP)(5)									$35.30 to $35.90
Restructuring, exit and other costs			$579
Gain on short-term investment			(3,254)
MTM adjustment for retirement plan accounting			(788)
Gain on extinguishment of debt			(627)
Total adjustments			$(4,090)
Income tax effect(1)			(50)
Net of tax effect			$(4,140)						(17.30)
Diluted earnings per share with adjustments (non-GAAP)(5)									$18.00 to $18.60

Notes:

(1)						Income taxes are based on the approximate statutory tax rates applicable to each transaction. FedEx Corporation three months ended September 30, 2026, Income Taxes for “Restructuring, exit and other costs” includes a $263 million deferred income tax benefit on a FedEx Supply Chain basis difference. This benefit is also included in the “Income tax effect” line item above.
(2)						Effect of “total other (expense) income” on net income from continuing operations is not shown.
(3)						These expenses were recognized at Corporate, other, and eliminations.
(4)						These expenses were recognized at Express U.S. Domestic, Express International, and Corporate, other, and eliminations.
(5)						Additional MTM adjustments for retirement plan accounting and adjustments related to MTM accounting for the FedEx Freight investment, which are impracticable to calculate at this time, are excluded.

12

FEDEX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

			Three Months Ended																		Nine Months Ended
In millions, except per share amounts			September 30, 2026						September 30, 2025						Percent Change						September 30, 2026						September 30, 2025						Percent Change
Revenue:
Express U.S. Domestic segment			$	14,710					$	13,392					10						$	43,190					$	38,636					12
Express International segment			7,465						6,363						17						21,371						18,509						15
Corporate, other, and eliminations(1)			680						677						—						2,012						2,059						(2)
Total Revenue			22,855						20,432						12						66,573						59,204						12
Operating Expenses:
Salaries and employee benefits			7,434						7,078						5						22,503						20,508						10
Purchased transportation			6,455						5,419						19						17,953						15,508						16
Rentals and landing fees			1,183						1,129						5						3,499						3,293						6
Fuel			1,270						774						64						3,434						2,257						52
Depreciation and amortization			967						972						(1)						2,949						2,912						1
Maintenance and repairs			794						784						1						2,264						2,218						2
Other, net			3,685						3,304						12						10,658						9,888						8
Total Operating Expenses			21,788						19,460						12						63,260						56,584						12
Operating income (loss):
Express U.S. Domestic segment			946						884						7						3,205						2,646						21
Express International segment			220						192						15						447						326						37
Corporate, other, and eliminations(1)			(99)						(104)						5						(339)						(352)						4
Total Operating Income			1,067						972						10						3,313						2,620						26
Other (Expense) Income:
Gain/(loss) on short-term investment			(1,238)						—						NM						3,254						—						NM
Interest, net			(66)						(125)						(47)						(304)						(364)						(16)
Other, non-operating, net			661						67						887						1,583						545						191
Total Other (Expense) Income			(643)						(58)						1009						4,533						181						2405
Income Before Income Taxes			424						914						(54)						7,846						2,801						180
Provision for Income Taxes			134						269						(50)						763						706						8
Income from continuing operations			290						645						(55)						7,083						2,095						238
Income from discontinued operations, net of taxes			—						275						NM						112						1,034						(89)
Net Income			$	290					$	920					(68)						$	7,195					$	3,129					130
Continuing operations			$	1.21					$	2.73					(56)						$	29.42					$	8.76					236
Discontinued operations			—						1.16						NM						0.47						4.32						(89)
Diluted Earnings Per Share			$	1.21					$	3.89					(69)						$	29.89					$	13.08					129
Weighted Average Common and
Common Equivalent Shares			239						237						1						240						239						1
Capital Expenditures			$	844					$	587					44						$	2,859					$	2,720					5

(1) – Includes the FedEx Office, FedEx Supply Chain, and FedEx Dataworks operating segments.

13

FEDEX CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

In millions, except share amounts			September 30, 2026						December 31, 2025
ASSETS
CURRENT ASSETS
Cash and cash equivalents			$	7,961					$	6,531
Receivables, less allowances			10,886						11,957
Short-term investment			3,254						—
Prepaid expenses and other			2,256						1,361
Spare parts, supplies, and fuel, less allowances			646						615
Current assets of discontinued operations			—						1,111
Total current assets			25,003						21,575
PROPERTY AND EQUIPMENT, NET			39,686						38,736
OTHER LONG-TERM ASSETS
Operating lease right-of-use assets, net			14,407						14,715
Goodwill and other assets			11,329						10,448
Equity method investment			2,501						—
Non-current assets of discontinued operations			—						4,837
Total other long-term assets			28,237						30,000
TOTAL ASSETS			$	92,926					$	90,311
LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT
CURRENT LIABILITIES
Accrued and other liabilities			$	9,651					$	8,509
Accounts and notes payable			6,959						4,355
Accrued salaries and employee benefits			2,230						2,610
Current liabilities of discontinued operations			—						711
Total current liabilities			18,840						16,185
LONG-TERM DEBT, LESS CURRENT PORTION			17,304						20,302
OTHER LONG-TERM LIABILITIES
Operating lease liabilities			12,262						12,671
Self-insurance accruals			4,320						4,163
Deferred income taxes			3,011						3,486
Other liabilities			2,621						2,480
Non-current liabilities of discontinued operations			—						1,743
Total other long-term liabilities			22,214						24,543
COMMITMENTS AND CONTINGENCIES
COMMON STOCKHOLDERS' INVESTMENT
Common stock, $0.10 par value, 800 million shares authorized			32						32
Additional paid-in capital			4,861						4,418
Retained earnings			49,677						43,110
Accumulated other comprehensive loss			(1,766)						(1,342)
Treasury stock, at cost			(18,236)						(16,937)
Total common stockholders' investment			34,568						29,281
TOTAL LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT			$	92,926					$	90,311

14

FEDEX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

			Nine Months Ended
In millions			September 30, 2026						September 30, 2025
Operating Activities:
Net income			$	7,195					$	3,129
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization			3,142						3,215
Other noncash items, net			2,205						2,385
Gain on short-term investment			(3,254)						—
Gain from early extinguishment of debt			(627)						—
Changes in operating assets and liabilities, net			(1,213)						(2,091)
Cash provided by operating activities			7,448						6,638
Investing Activities:
Purchase of equity method investment			(2,501)						—
Capital expenditures			(3,045)						(2,925)
Purchase of investments			(512)						(149)
Proceeds from sale of investments			438						88
Proceeds from asset dispositions and other investing activities, net			44						89
Cash used in investing activities			(5,576)						(2,897)
Financing Activities:
Proceeds from debt issuances			8,943						997
Principal payments on debt			(7,142)						(741)
Proceeds from stock issuances			1,010						102
Dividends paid			(979)						(1,008)
Purchases of common stock			(2,000)						(1,732)
Distribution attributable to the Spin-Off			(251)						—
Other, net			(67)						(31)
Cash used in financing activities			(486)						(2,413)
Effect of exchange rate changes on cash			(56)						204
Net increase in cash and cash equivalents			1,330						1,532
Cash and cash equivalents from continuing operations at beginning of period			6,531						4,854
Cash and cash equivalents from discontinued operations at beginning of period			100						76
Cash and cash equivalents at end of period			$	7,961					$	6,462

Note: The condensed consolidated statements of cash flows herein have not been recast to reflect discontinued operations for any periods presented.

15

EXPRESS U.S. DOMESTIC SEGMENT

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

			Three Months Ended																		Nine Months Ended
In millions			September 30, 2026						September 30, 2025						Percent Change						September 30, 2026						September 30, 2025						Percent Change
Revenue:
U.S. Package:
U.S. priority			$	3,142					$	2,826					11						$	9,121					$	8,144					12
U.S. deferred			1,406						1,302						8						4,219						3,794						11
U.S. ground			9,545						8,748						9						28,086						25,338						11
Total package revenue			14,093						12,876						9						41,426						37,276						11
U.S. Freight			366						315						16						1,032						900						15
Other			251						201						25						732						460						59
Total revenue			14,710						13,392						10						43,190						38,636						12
Operating expenses:
Salaries and employee benefits			4,624						4,471						3						14,200						12,914						10
Purchased transportation			4,473						3,778						18						12,372						10,718						15
Rentals and landing fees			687						674						2						2,041						1,979						3
Fuel			410						263						56						1,129						773						46
Depreciation and amortization			647						656						(1)						1,954						1,960						—
Maintenance and repairs			529						498						6						1,500						1,405						7
Other, net			2,394						2,168						10						6,789						6,241						9
Total operating expenses			13,764						12,508						10						39,985						35,990						11
Operating income			$	946					$	884					7						$	3,205					$	2,646					21
Operating margin			6.4%						6.6%						(20)		bp				7.4%						6.8%						60		bp

16

EXPRESS U.S. DOMESTIC SEGMENT

OPERATING STATISTICS

(Unaudited)

			Three Months Ended																		Nine Months Ended
In thousands, except yield amounts			September 30, 2026						September 30, 2025						Percent Change						September 30, 2026						September 30, 2025						Percent Change
PACKAGE STATISTICS
Avg. daily package volume (ADV)(1):
U.S. priority			1,742						1,681						4						1,696						1,629						4
U.S. deferred			1,056						1,074						(2)						1,069						1,052						2
U.S. ground commercial			4,521						4,370						3						4,404						4,244						4
U.S. ground home delivery/economy			7,051						6,969						1						6,968						6,773						3
Total U.S. domestic ADV			14,370						14,094						2						14,137						13,698						3
Revenue per package (yield):
U.S. priority			$	28.18					$	26.27					7						$	28.15					$	26.17					8
U.S. deferred			20.81						18.96						10						20.66						18.88						9
U.S. ground			12.89						12.05						7						12.93						12.04						7
U.S. domestic composite			$	15.32					$	14.28					7						$	15.34					$	14.25					8
FREIGHT STATISTICS
Average daily freight pounds:
U.S. freight			2,426						2,202						10						2,275						2,208						3
Revenue per pound (yield):
U.S. freight			$	2.36					$	2.23					6						$	2.38					$	2.13					12
Operating days			64						64						—						191						191						—

(1) – ADV is calculated on a 5-day-per-week basis.

17

EXPRESS INTERNATIONAL SEGMENT

CONDENSED STATEMENTS OF INCOME

(Unaudited)

			Three Months Ended																		Nine Months Ended
In millions			September 30, 2026						September 30, 2025						Percent Change						September 30, 2026						September 30, 2025						Percent Change
Revenue:
Intl Package:
International priority			$	2,677					$	2,325					15						$	7,744					$	6,607					17
International economy			1,680						1,403						20						4,747						4,201						13
International domestic(1)			1,156						1,166						(1)						3,478						3,354						4
Total package revenue			5,513						4,894						13						15,969						14,162						13
Freight:
International priority			784						588						33						2,183						1,752						25
International economy			658						538						22						1,835						1,549						18
Total freight revenue			1,442						1,126						28						4,018						3,301						22
Other			510						343						49						1,384						1,046						32
Total revenue			7,465						6,363						17						21,371						18,509						15
Operating expenses:
Salaries and employee benefits			2,408						2,190						10						6,988						6,321						11
Purchased transportation			1,893						1,588						19						5,380						4,635						16
Rentals and landing fees			390						356						10						1,143						1,020						12
Fuel			859						510						68						2,303						1,482						55
Depreciation and amortization			294						292						1						904						877						3
Maintenance and repairs			236						261						(10)						678						733						(8)
Other, net			1,165						974						20						3,528						3,115						13
Total operating expenses			7,245						6,171						17						20,924						18,183						15
Operating income			$	220					$	192					15						$	447					$	326					37
Operating margin			2.9		%				3.0		%				(10)		bp				2.1		%				1.8		%				30		bp

(1) – International Domestic revenue relates to international intra-country operations.

18

EXPRESS INTERNATIONAL SEGMENT

OPERATING STATISTICS

(Unaudited)

			Three Months Ended																		Nine Months Ended
In thousands, except yield amounts			September 30, 2026						September 30, 2025						Percent Change						September 30, 2026						September 30, 2025						Percent Change
PACKAGE STATISTICS
Avg. daily package volume (ADV)(1):
International priority			563						569						(1)						566						555						2
International economy			625						532						17						599						538						11
International domestic(2)			1,640						1,846						(11)						1,679						1,848						(9)
Total International ADV			2,828						2,947						(4)						2,844						2,941						(3)
Revenue per package (yield):
International priority			$	74.27					$	63.87					16						$	71.62					$	62.30					15
International economy			41.98						41.23						2						41.46						40.87						1
International domestic(2)			11.02						9.87						12						10.85						9.50						14
Composite package yield			$	30.46					$	25.96					17						$	29.39					$	25.21					17
FREIGHT STATISTICS
Average daily freight pounds:
International priority			5,472						4,782						14						5,241						4,658						13
International economy			13,333						11,514						16						12,772						11,424						12
Total average daily freight pounds			18,805						16,296						15						18,013						16,082						12
Revenue per pound (yield):
International priority			$	2.24					$	1.92					17						$	2.18					$	1.97					11
International economy			0.77						0.73						5						0.75						0.71						6
Composite freight yield			$	1.20					$	1.08					11						$	1.17					$	1.08					8
Operating days			64						64						—						191						191						—

(1) – ADV is calculated on a 5-day-per-week basis.

(2) – International Domestic Statistics relate to international intra-country operations.

19

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