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FedEx Freight (FDXF) recasts 2025 results with $1.06B profit

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(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

FedEx Freight Holding Company, Inc., recently spun off from FedEx Corporation on June 1, 2026, changed its fiscal year-end from May 31 to December 31 and revised the presentation of certain income statement line items. Historical costs in “Fuel,” “Rentals,” “Maintenance and repairs,” and parts of “Other” are now grouped into “Operating supplies and expenses,” with remaining “Other” amounts shown as “Insurance and claims” and “Operating taxes and licenses.” These reclassifications do not change total revenue, total operating expenses, operating income, net income, or earnings per share.

For the twelve months ended December 31, 2025, revenue was $8,778 million compared with $9,092 million in 2024. Operating income was $1,022 million versus $1,532 million, and net income was $1,059 million versus $1,440 million. Basic and diluted earnings per share were $7.08 in 2025 and $9.63 in 2024, based on 149,505,248 weighted-average shares outstanding in both years. 2025 operating expenses include $206 million of “Separation and other” costs. Other income was driven largely by related party interest income of $373 million in 2025 and $379 million in 2024.

Operating statistics show 2025 total shipments of 22.36 million and total tonnage of 10.31 million, versus 23.07 million shipments and 10.71 million tons in 2024. Composite revenue per shipment was $374.55 in 2025 and $375.99 in 2024, while composite revenue per hundredweight was $40.62 and $40.49, respectively. FedEx Freight also presents non-GAAP yield measures excluding fuel surcharges, including composite revenue per shipment excluding fuel surcharges of $314.15 in 2025 and $313.80 in 2024, to highlight underlying pricing trends.

Positive

  • None.

Negative

  • None.
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, and exhibit attachments filed with this report.
2025 Revenue $8,778 million Twelve months ended December 31, 2025
2024 Revenue $9,092 million Twelve months ended December 31, 2024
2025 Net income $1,059 million Twelve months ended December 31, 2025
2025 EPS basic and diluted $7.08 Based on 149,505,248 weighted-average shares in 2025
Separation and other expense 2025 $206 million Operating expenses for the year ended December 31, 2025
Total assets 12/31/2025 $5,988 million Consolidated balance sheet at December 31, 2025
Total equity 12/31/2025 $1,900 million Equity section at December 31, 2025
Composite revenue per shipment 2025 $374.55 Full-year 2025 composite revenue per shipment (GAAP)
Spin-Off regulatory
"Following its spin-off from FedEx Corporation into an independent, publicly traded company"
A spin-off happens when a company creates a new, independent business by separating part of itself, like splitting off a division into its own company. This often happens so the new company can focus better on its own goals or attract different investors. It matters because it can lead to more growth opportunities and clearer focus for both companies.
Operating supplies and expenses financial
"will be aggregated and presented within “Operating supplies and expenses.”"
Revenue per hundredweight financial
"Revenue per hundredweight (excluding fuel surcharges): Priority | $ 32.35"
Revenue per hundredweight, often written as revenue per cwt, measures how much money a company earns for every 100 pounds of a commodity it sells, such as milk, grain, or meat. Investors use it like a price-per-unit gauge — similar to dollars per gallon at the pump — to compare producers, track pricing trends, and assess how changes in volume or costs will affect profits.
Non-GAAP financial measures financial
"FedEx Freight presents certain non-GAAP financial measures, including revenue per shipment excluding fuel surcharges"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Fuel surcharges financial
"These measures exclude fuel surcharge revenue which is largely driven by fluctuations in fuel prices"
Fuel surcharges are extra fees that transport, shipping, and travel companies add to bills to cover rises in fuel costs; they act like a temporary add-on to regular prices when energy becomes more expensive. Investors watch them because surcharges can protect a company’s profit margin when fuel prices climb but may also reduce demand or complicate revenue comparisons, so changes in surcharges affect cash flow, margins and forecasting.
Revenue 2025 $8,778 million vs $9,092 million in 2024
Net income 2025 $1,059 million vs $1,440 million in 2024
EPS 2025 basic and diluted $7.08 vs $9.63 in 2024
Operating income 2025 $1,022 million vs $1,532 million in 2024

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FAQ

How did FedEx Freight (FDXF) perform financially in 2025?
FedEx Freight reported $8,778 million in revenue and $1,059 million in net income for 2025. Basic and diluted EPS were $7.08, compared with 2024 revenue of $9,092 million, net income of $1,440 million, and EPS of $9.63.

What fiscal year change did FedEx Freight (FDXF) make after its spin-off?
Following its June 1, 2026 spin-off from FedEx Corporation, FedEx Freight changed its fiscal year-end from May 31 to December 31. It also revised certain income statement line items, without affecting total revenue, operating income, net income, or earnings per share previously reported.

What were FedEx Freight (FDXF)'s shipment and tonnage levels in 2025?
For 2025, FedEx Freight handled 22,362,881 total shipments and total tonnage of 10,309,718. Tonnage per day was 40,750, based on 253 operating days, compared with 2024 shipments of 23,071,534 and tonnage of 10,712,940 over 254 operating days.

How does FedEx Freight (FDXF) use non-GAAP yield metrics?
FedEx Freight reports non-GAAP measures such as revenue per shipment and per hundredweight excluding fuel surcharges. Management states these help clarify underlying yield trends by removing fuel-driven volatility; for 2025, composite revenue per shipment excluding fuel surcharges was $314.15 versus $313.80 in 2024.

What does FedEx Freight (FDXF)'s balance sheet show at December 31, 2025?
At December 31, 2025, FedEx Freight reported total assets of $5,988 million and total equity of $1,900 million. Current liabilities were $2,149 million, long-term liabilities $1,939 million, and cash $100 million, with net property and equipment of $2,820 million.

What one-time or unusual costs affected FedEx Freight (FDXF) in 2025?
Within 2025 operating expenses, FedEx Freight reported $206 million under “Separation and other.” This category did not appear in 2024, and is separate from recurring items like salaries, operating supplies and expenses, purchased transportation, depreciation, insurance and claims, and operating taxes and licenses.
FALSE000208224700020822472026-08-062026-08-06

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): August 6, 2026
FedEx Freight Holding Company, Inc.
(Exact name of registrant as specified in its charter)
Commission File Number 001-43059
Delaware
39-3560171
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
8285 Tournament Drive
38125
Memphis, Tennessee
(ZIP code)
(Address of principal executive offices)
 (901) 560-0784
(Registrant’s telephone number, including area code)
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 classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.10 per shareFDXFNew 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.
Following its spin-off from FedEx Corporation into an independent, publicly traded company on June 1, 2026 (the “Spin-Off”), FedEx Freight Holding Company, Inc. (“FedEx Freight”) has changed its fiscal year-end from May 31 to December 31.
Following the Spin-Off, FedEx Freight is also revising the presentation of certain income statement line items. Costs previously reported within “Fuel,” “Rentals,” and “Maintenance and repairs,” and certain costs previously reported within “Other,” will be aggregated and presented within “Operating supplies and expenses.” In addition, the remaining amounts previously included within “Other” will be presented separately as “Insurance and claims” and “Operating taxes and licenses,” respectively. These changes will have no impact on previously reported total revenue, total operating expenses, operating income, net income, or earnings per share.
Attached as Exhibit 99.1 and incorporated herein by reference are unaudited, recast full-year and quarterly financial and operating results of FedEx Freight for the calendar years ended December 31, 2025 and December 31, 2024 to reflect this presentation. The recast financial information furnished in Exhibit 99.1 has been derived from previously issued historical financial statements and does not represent a restatement or reissuance of those financial statements. This historical information may not be indicative of what would have been realized had FedEx Freight been an independent standalone entity for the periods presented and is not necessarily indicative of FedEx Freight’s future results of operations, comprehensive income, financial position, or cash flows.
SECTION 9. FINANCIAL STATEMENTS AND EXHIBITS.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.

Exhibit NumberDescription
99.1
Unaudited historical financial and operating results.
104Cover 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 FREIGHT HOLDING COMPANY, INC.
Date: August 6, 2026
By:/s/ Guy M. Erwin II
Guy M. Erwin II
Senior Vice President and Chief Accounting Officer


1
Exhibit 99.1
FEDEX FREIGHT HOLDING COMPANY, INC.
ANNUAL CONSOLIDATED STATEMENTS OF INCOME
(In millions, except earnings per share)
(Unaudited)
Twelve Months Ended
December 31,
2025
2024
Revenue
$8,778
$9,092
Operating expenses:
Salaries, wages, and benefits
4,206
4,153
Operating supplies and expenses
1,845
1,881
Purchased transportation
803
820
Depreciation and amortization
472
494
Insurance and claims
155
150
Operating taxes and licenses
69
62
Separation and other
206
—
Total operating expenses
7,756
7,560
Operating income
1,022
1,532
Other income:
Related party interest income
373
379
Other, net
9
6
Total other income
382
385
Income before income taxes
1,404
1,917
Provision for income taxes
345
477
Net income
$1,059
$1,440
Earnings per share:
Basic
$7.08
$9.63
Diluted
$7.08
$9.63
Weighted-average shares outstanding:
Basic(1)
149,505,248
149,505,248
Diluted(1)
149,505,248
149,505,248
(1)
Prior to the Spin-Off, the Company effected a recapitalization whereby its 100 issued and outstanding shares of common stock
were reclassified and converted into 149,505,248 shares of common stock. All historical share and per-share amounts presented
herein have been retrospectively adjusted to reflect this recapitalization.
2
FEDEX FREIGHT HOLDING COMPANY, INC.
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
(In millions, except earnings per share)
(Unaudited)
Three Months Ended
March 31,
2025
June 30,
2025
September 30,
2025
December 31,
2025
Revenue
$2,162
$2,289
$2,259
$2,068
Operating expenses:
Salaries, wages, and benefits
1,009
1,050
1,084
1,063
Operating supplies and expenses
460
450
471
464
Purchased transportation
206
201
200
196
Depreciation and amortization
124
98
125
125
Insurance and claims
36
37
42
40
Operating taxes and licenses
17
17
17
18
Separation and other
—
—
30
176
Total operating expenses
1,852
1,853
1,969
2,082
Operating income
310
436
290
(14)
Other income:
Related party interest income
90
94
98
91
Other, net
5
(1)
3
2
Total other income
95
93
101
93
Income before income taxes
405
529
391
79
Provision for income taxes
90
135
100
20
Net income
$315
$394
$291
$59
Earnings per share:
Basic
$2.11
$2.63
$1.95
$0.39
Diluted
$2.11
$2.63
$1.95
$0.39
Weighted-average shares outstanding:
Basic(1)
149,505,248
149,505,248
149,505,248
149,505,248
Diluted(1)
149,505,248
149,505,248
149,505,248
149,505,248
(1)
Prior to the Spin-Off, the Company effected a recapitalization whereby its 100 issued and outstanding shares of common stock
were reclassified and converted into 149,505,248 shares of common stock. All historical share and per-share amounts presented
herein have been retrospectively adjusted to reflect this recapitalization.
3
FEDEX FREIGHT HOLDING COMPANY, INC.
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
(In millions, except earnings per share)
(Unaudited)
Three Months Ended
March 31,
2024
June 30,
2024
September 30,
2024
December 31,
2024
Revenue
$2,292
$2,355
$2,313
$2,132
Operating expenses:
Salaries, wages, and benefits
1,016
1,035
1,058
1,044
Operating supplies and expenses
471
481
473
456
Purchased transportation
216
205
200
199
Depreciation and amortization
118
126
125
125
Insurance and claims
34
48
31
37
Operating taxes and licenses
16
13
17
16
Separation and other
—
—
—
—
Total operating expenses
1,871
1,908
1,904
1,877
Operating income
421
447
409
255
Other income:
Related party interest income
84
91
105
99
Other, net
—
(1)
5
2
Total other income
84
90
110
101
Income before income taxes
505
537
519
356
Provision for income taxes
129
132
128
88
Net income
$376
$405
$391
$268
Earnings per share:
Basic
$2.51
$2.71
$2.62
$1.79
Diluted
$2.51
$2.71
$2.62
$1.79
Weighted-average shares outstanding:
Basic(1)
149,505,248
149,505,248
149,505,248
149,505,248
Diluted(1)
149,505,248
149,505,248
149,505,248
149,505,248
(1)
Prior to the Spin-Off, the Company effected a recapitalization whereby its 100 issued and outstanding shares of common stock
were reclassified and converted into 149,505,248 shares of common stock. All historical share and per-share amounts presented
herein have been retrospectively adjusted to reflect this recapitalization.
4
FEDEX FREIGHT HOLDING COMPANY, INC.
ANNUAL OPERATING STATISTICS
(Unaudited)
Twelve Months Ended
December 31,
2025
2024
Operating Statistics
Operating days
253
254
Total shipments
22,362,881
23,071,534
Total tonnage
10,309,718
10,712,940
Tonnage per day
40,750
42,177
Average daily shipments:
Priority
60,784
62,249
Economy
27,607
28,584
Total average daily shipments
88,391
90,833
Weight per shipment (pounds):
Priority
933
955
Economy
897
870
Composite weight per shipment
922
929
Average length of haul (miles):
Priority
920
921
Economy
1,163
1,157
Composite average length of haul
994
990
Yield Statistics
Revenue per shipment:
Priority
$359.77
$361.48
Economy
407.09
407.58
Composite revenue per shipment
$374.55
$375.99
Revenue per shipment (excluding fuel surcharges):
Priority
$301.99
$302.02
Economy
340.91
339.43
Composite revenue per shipment (excluding fuel surcharges)
$314.15
$313.80
Revenue per hundredweight:
Priority
$38.54
$37.83
Economy
45.39
46.83
Composite revenue per hundredweight
$40.62
$40.49
Revenue per hundredweight (excluding fuel surcharges):
Priority
$32.35
$31.61
Economy
38.01
39.00
Composite revenue per hundredweight (excluding fuel surcharges)
$34.07
$33.79
See “Non-GAAP Financial Measures” for reconciliations of and additional information regarding non-GAAP financial measures.
5
FEDEX FREIGHT HOLDING COMPANY, INC.
QUARTERLY OPERATING STATISTICS
(Unaudited)
Three Months Ended
March 31,
2025
June 30,
2025
September 30,
2025
December 31,
2025
Operating Statistics
Operating days
63
64
64
62
Total shipments
5,546,266
5,884,673
5,741,922
5,190,020
Total tonnage
2,555,099
2,706,492
2,658,064
2,390,063
Tonnage per day
40,557
42,289
41,532
38,549
Average daily shipments:
Priority
60,350
63,352
61,763
57,561
Economy
27,686
28,596
27,954
26,149
Total average daily shipments
88,036
91,948
89,717
83,710
Weight per shipment (pounds):
Priority
938
936
931
928
Economy
884
885
914
906
Composite weight per shipment
921
920
926
921
Average length of haul (miles):
Priority
922
918
920
919
Economy
1,162
1,160
1,161
1,169
Composite average length of haul
994
990
994
996
Yield Statistics
Revenue per shipment:
Priority
$357.21
$356.95
$361.80
$363.45
Economy
404.35
405.58
408.09
410.62
Composite revenue per shipment
$372.03
$372.07
$376.23
$378.19
Revenue per shipment (excluding fuel surcharges):
Priority
$301.26
$301.99
$301.43
$303.39
Economy
339.20
342.02
339.69
342.85
Composite revenue per shipment (excluding fuel surcharges)
$313.19
$314.44
$313.35
$315.72
Revenue per hundredweight:
Priority
$38.06
$38.14
$38.85
$39.17
Economy
45.73
45.85
44.66
45.32
Composite revenue per hundredweight
$40.38
$40.45
$40.64
$41.06
Revenue per hundredweight (excluding fuel surcharges):
Priority
$32.10
$32.27
$32.37
$32.70
Economy
38.36
38.67
37.18
37.84
Composite revenue per hundredweight (excluding fuel surcharges)
$33.99
$34.18
$33.84
$34.28
See “Non-GAAP Financial Measures” for reconciliations of and additional information regarding non-GAAP financial measures.
6
FEDEX FREIGHT HOLDING COMPANY, INC.
QUARTERLY OPERATING STATISTICS
(Unaudited)
Three Months Ended
March 31,
2024
June 30,
2024
September 30,
2024
December 31,
2024
Operating Statistics
Operating days
64
64
64
62
Total shipments
5,759,952
5,999,831
5,882,888
5,428,863
Total tonnage
2,718,977
2,807,776
2,707,319
2,478,868
Tonnage per day
42,484
43,872
42,302
39,982
Average daily shipments:
Priority
61,921
64,002
62,868
60,141
Economy
28,078
29,746
29,052
27,421
Total average daily shipments
89,999
93,748
91,920
87,562
Weight per shipment (pounds):
Priority
973
968
948
932
Economy
881
867
862
872
Composite weight per shipment
944
936
920
913
Average length of haul (miles):
Priority
917
917
922
927
Economy
1,150
1,149
1,160
1,169
Composite average length of haul
985
985
992
1,000
Yield Statistics
Revenue per shipment:
Priority
$365.63
$362.26
$361.11
$356.63
Economy
413.53
403.51
407.50
405.93
Composite revenue per shipment
$380.57
$375.35
$375.77
$372.07
Revenue per shipment (excluding fuel surcharges):
Priority
$302.42
$301.54
$303.12
$300.96
Economy
340.95
334.60
341.15
341.37
Composite revenue per shipment (excluding fuel surcharges)
$314.44
$312.03
$315.14
$313.61
Revenue per hundredweight:
Priority
$37.59
$37.42
$38.11
$38.27
Economy
46.92
46.55
47.29
46.53
Composite revenue per hundredweight
$40.31
$40.10
$40.83
$40.74
Revenue per hundredweight (excluding fuel surcharges):
Priority
$31.10
$31.15
$31.99
$32.30
Economy
38.69
38.60
39.59
39.13
Composite revenue per hundredweight (excluding fuel surcharges)
$33.31
$33.34
$34.24
$34.34
See “Non-GAAP Financial Measures” for reconciliations of and additional information regarding non-GAAP financial measures.
7
FEDEX FREIGHT HOLDING COMPANY, INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
(Unaudited)
December 31,
2025
December 31,
2024
ASSETS
CURRENT ASSETS
Cash
$100
$76
Receivables, less allowances
979
122
Prepaid expenses and other
76
65
Total current assets
1,155
263
PROPERTY AND EQUIPMENT, AT COST
Vehicles and trailers
3,948
4,016
Facilities and other
1,562
1,411
Ground support and dock equipment
644
600
Information technology
415
421
Total property and equipment, at cost
6,569
6,448
Less accumulated depreciation and amortization
3,749
3,713
Net property and equipment
2,820
2,735
OTHER LONG-TERM ASSETS
Operating lease right-of-use assets, net
1,404
1,428
Goodwill
602
602
Other assets
7
4
Total other long-term assets
2,013
2,034
TOTAL ASSETS
$5,988
$5,032
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Current portion of long-term debt
$28
$1
Accrued salaries and employee benefits
247
226
Accounts payable
123
134
Due to Parent, net
1,324
727
Operating lease liabilities
174
171
Accrued expenses
253
208
Total current liabilities
2,149
1,467
LONG-TERM LIABILITIES
Long-term debt, less current portion
147
38
Deferred income taxes
174
272
Self-insurance accruals
319
289
Operating lease liabilities
1,242
1,263
Other liabilities
57
47
Total long-term liabilities
1,939
1,909
CONTINGENCIES
EQUITY
Common stock
—
—
Additional paid-in capital
—
—
Retained earnings
1,903
1,670
Accumulated other comprehensive loss
(3)
(14)
Total equity
1,900
1,656
TOTAL LIABILITIES AND EQUITY
$5,988
$5,032
8
Non-GAAP Financial Measures
FedEx Freight reports its financial results in accordance with accounting principles generally accepted in the United States
(“GAAP”). In addition to the financial information presented herein in accordance with GAAP, FedEx Freight presents
certain non-GAAP financial measures, including revenue per shipment excluding fuel surcharges and revenue per
hundredweight excluding fuel surcharges.
These measures exclude fuel surcharge revenue which is largely driven by fluctuations in fuel prices and may obscure
underlying pricing trends. Management believes these supplemental measures provide investors with useful information
regarding underlying yield performance and facilitate meaningful comparisons of pricing trends between periods by
removing the impact of fluctuations in fuel surcharge revenue. Management uses these non-GAAP financial measures in
making financial, operating, and planning decisions and evaluating the company’s ongoing performance.
These non-GAAP financial measures are intended to supplement, and should be read together with, FedEx Freight’s
GAAP results. These supplemental non-GAAP financial measures should not be considered a substitute for, or superior
to, the most directly comparable GAAP measures. Because non-GAAP measures are not standardized, they may not be
comparable to similarly titled measures presented by other companies. As required by Securities and Exchange
Commission rules, reconciliations of the supplemental non-GAAP financial measures to the most directly comparable
GAAP measures are presented below.
Revenue per Shipment Full-Year Results
Twelve Months Ended
December 31,
2025
2024
Priority revenue per shipment (GAAP)
$359.77
$361.48
Fuel
57.78
59.46
Priority revenue per shipment, excluding fuel surcharges (non-GAAP)
$301.99
$302.02
Economy revenue per shipment (GAAP)
$407.09
$407.58
Fuel
66.18
68.15
Economy revenue per shipment, excluding fuel surcharges (non-GAAP)
$340.91
$339.43
Composite revenue per shipment (GAAP)
$374.55
$375.99
Fuel
60.40
62.19
Composite revenue per shipment, excluding fuel surcharges (non-GAAP)
$314.15
$313.80
Revenue per Shipment 2025 Quarterly Results
Three Months Ended
March 31,
2025
June 30,
2025
September 30,
2025
December 31,
2025
Priority revenue per shipment (GAAP)
$357.21
$356.95
$361.80
$363.45
Fuel
55.95
54.96
60.37
60.06
Priority revenue per shipment, excluding fuel surcharges (non-GAAP)
$301.26
$301.99
$301.43
$303.39
Economy revenue per shipment (GAAP)
$404.35
$405.58
$408.09
$410.62
Fuel
65.15
63.56
68.40
67.77
Economy revenue per shipment, excluding fuel surcharges (non-GAAP)
$339.20
$342.02
$339.69
$342.85
Composite revenue per shipment (GAAP)
$372.03
$372.07
$376.23
$378.19
Fuel
58.84
57.63
62.88
62.47
Composite revenue per shipment, excluding fuel surcharges (non-
GAAP)
$313.19
$314.44
$313.35
$315.72
9
Revenue per Shipment 2024 Quarterly Results
Three Months Ended
March 31,
2024
June 30,
2024
September 30,
2024
December 31,
2024
Priority revenue per shipment (GAAP)
$365.63
$362.26
$361.11
$356.63
Fuel
63.21
60.72
57.99
55.67
Priority revenue per shipment, excluding fuel surcharges (non-GAAP)
$302.42
$301.54
$303.12
$300.96
Economy revenue per shipment (GAAP)
$413.53
$403.51
$407.50
$405.93
Fuel
72.58
68.91
66.35
64.56
Economy revenue per shipment, excluding fuel surcharges (non-GAAP)
$340.95
$334.60
$341.15
$341.37
Composite revenue per shipment (GAAP)
$380.57
$375.35
$375.77
$372.07
Fuel
66.13
63.32
60.63
58.46
Composite revenue per shipment, excluding fuel surcharges (non-
GAAP)
$314.44
$312.03
$315.14
$313.61
Revenue per Hundredweight Full-Year Results
Twelve Months Ended
December 31,
2025
2024
Priority revenue per hundredweight (GAAP)
$38.54
$37.83
Fuel
6.19
6.22
Priority revenue per hundredweight, excluding fuel surcharges (non-GAAP)
$32.35
$31.61
Economy revenue per hundredweight (GAAP)
$45.39
$46.83
Fuel
7.38
7.83
Economy revenue per hundredweight, excluding fuel surcharges (non-GAAP)
$38.01
$39.00
Composite revenue per hundredweight (GAAP)
$40.62
$40.49
Fuel
6.55
6.70
Composite revenue per hundredweight, excluding fuel surcharges (non-GAAP)
$34.07
$33.79
Revenue per Hundredweight 2025 Quarterly Results
Three Months Ended
March 31,
2025
June 30,
2025
September 30,
2025
December 31,
2025
Priority revenue per hundredweight (GAAP)
$38.06
$38.14
$38.85
$39.17
Fuel
5.96
5.87
6.48
6.47
Priority revenue per hundredweight, excluding fuel surcharges (non-
GAAP)
$32.10
$32.27
$32.37
$32.70
Economy revenue per hundredweight (GAAP)
$45.73
$45.85
$44.66
$45.32
Fuel
7.37
7.18
7.48
7.48
Economy revenue per hundredweight, excluding fuel surcharges (non-
GAAP)
$38.36
$38.67
$37.18
$37.84
Composite revenue per hundredweight (GAAP)
$40.38
$40.45
$40.64
$41.06
Fuel
6.39
6.27
6.80
6.78
Composite revenue per hundredweight, excluding fuel surcharges (non-
GAAP)
$33.99
$34.18
$33.84
$34.28
10
Revenue per Hundredweight 2024 Quarterly Results
Three Months Ended
March 31,
2024
June 30,
2024
September 30,
2024
December 31,
2024
Priority revenue per hundredweight (GAAP)
$37.59
$37.42
$38.11
$38.27
Fuel
6.49
6.27
6.12
5.97
Priority revenue per hundredweight, excluding fuel surcharges (non-
GAAP)
$31.10
$31.15
$31.99
$32.30
Economy revenue per hundredweight (GAAP)
$46.92
$46.55
$47.29
$46.53
Fuel
8.23
7.95
7.70
7.40
Economy revenue per hundredweight, excluding fuel surcharges (non-
GAAP)
$38.69
$38.60
$39.59
$39.13
Composite revenue per hundredweight (GAAP)
$40.31
$40.10
$40.83
$40.74
Fuel
7.00
6.76
6.59
6.40
Composite revenue per hundredweight, excluding fuel surcharges (non-
GAAP)
$33.31
$33.34
$34.24
$34.34

Source: View Original Filing on SEC EDGAR

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