FEDEX CORP (FDX)

Price—Loading quote

AI: Fair-priced

Price checkThe shares look fairly priced, with expected improvement already carrying much of the valuation.

At $337.08 in thin premarket trading—only 110 shares, versus Friday’s $334.64 close—the price equals 19.3 times the $17.50 midpoint of 2026 adjusted earnings guidance, which excludes Freight and selected special costs. FedEx’s retained 19.9% Freight stake is worth about $4.5 billion at the quoted market value, roughly $19 per FedEx share; subtracting it lowers the core multiple to about 18.2 times. That is not a bargain for a cyclical carrier, but improving cash and credible savings prevent a clearly excessive valuation.

Big pictureProfit improved, but thin delivery margins make cash generation sensitive to shipping demand.

Fiscal 2026 revenue rose 7.7% to $94.7 billion, while net income increased 8.3% to $4.43 billion. Operating cash of $8.93 billion minus $3.81 billion of capital spending produced $5.12 billion of free cash flow, meaning cash left after running and investing in the business; management’s adjusted measure was $4.7 billion. However, these figures still include spun-off Freight. The continuing delivery unit’s fourth-quarter margin fell to 7.7% from 8.4% as wages, fuel and outsourced transportation rose, showing how modest demand or cost changes can swing profit.

Business strengthDebt reduction and a shrinking share count strengthen protection, though cash figures need careful adjustment.

At May 31, cash was $13.3 billion against $25.7 billion of debt, while $27.9 billion of current assets covered $18.9 billion of near-term obligations. Those figures overstate both sides: $4.1 billion of cash came from Freight, roughly $4.3 billion of Freight borrowing left with the spun company, and $800 million belongs to customers awaiting tariff refunds. In July, FedEx offered $4.15 billion to retire $4.86 billion of debt principal. Fiscal 2026 repurchases covered 1.4% of opening shares, comfortably exceeding $177 million of stock compensation expense and limiting dilution.

What could change the storyFurther network savings could lift value, while weak volumes or costly buybacks could erase it.

Management targets $2 billion of network savings by end-2027 and $6 billion of adjusted 2029 free cash flow for the post-Freight business. Achieving both would support the current price; the $1.4 billion Supply Chain sale and roughly $4.5 billion retained Freight stake add potential value. The bear case is concrete: delivery margin already slipped, about $350 million of stranded Freight costs remain, and 2026 guidance assumes no new adverse trade or geopolitical developments. October results should show whether pricing and volume can outrun wages, transportation costs and aggressive buybacks.

$337.08 price considered

AI: News

Freight separation completedFedEx separated its trucking business, giving shareholders new stock and leaving a leaner parent.

On June 1, FedEx distributed 80.1% of FedEx Freight: each holder received one Freight share for every two FedEx shares, while FedEx retained 19.9%. Freight also paid FedEx $4.1 billion of cash financed mainly with new debt. The transaction shifts Freight earnings and debt out of FedEx, making earlier financial history less comparable. At the August 14 Freight closing price, the distributed stock was worth about $75 per FedEx share, so FedEx-only price changes around separation can misrepresent shareholders’ total return.

Outlook disappoints marketStrong quarterly results were overshadowed by weaker delivery margins and cautious profit guidance.

On June 23, FedEx reported $25.0 billion of quarterly revenue and adjusted earnings of $6.31 per share, both above market expectations. However, the main delivery segment’s margin fell to 7.7% from 8.4%, and 2026 adjusted earnings guidance was $16.90 to $18.10 per share. Shares fell about 6% after hours and were down 2% early the next session. Reuters linked the reaction to margins and post-separation concerns, though trading timing alone cannot establish a single cause.

Supply chain unit soldThe planned $1.4 billion sale sharpens focus and adds potential cash for core priorities.

On July 1, CMA CGM agreed to acquire FedEx Supply Chain at a $1.4 billion enterprise value, subject to regulatory approval and an expected 2026 closing. The business employs nearly 10,000 people, and the companies also plan multi-year air and ocean freight agreements. The disposal concentrates FedEx on parcel delivery and selected high-value markets. Enterprise value is not the same as cash proceeds: debt, taxes, closing adjustments and the earnings being sold will determine the eventual benefit. No reliable isolated stock reaction was identified.

Debt and buybacks resetFedEx used separation cash to cut debt, then authorized more share repurchases.

On July 10, FedEx priced a tender offering up to $4.15 billion to retire approximately $4.86 billion of debt principal, before accrued interest. On July 20, the board authorized another $5 billion of share repurchases after FedEx had committed $1.3 billion to June purchases. Retiring debt below principal value strengthens the balance sheet. Repurchases increase each remaining share’s ownership only when executed attractively; at today’s valuation, poor execution could waste the benefit. No reliably isolated market reaction was found.

Revenue

2019

2020

2021

2022

2023

2024

2025

2026

Net income

2019

2020

2021

2022

2023

2024

2025

2026

Free cash flow

2019

2020

2021

2022

2023

2024

2025

2026

Total cash / debt

CashTotal debt

2019

2020

2021

2022

2023

2024

2025

2026

Financial statements

	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue	$94.72B	$87.93B	$87.69B	$90.16B	$93.51B	$83.96B	$69.22B	$69.69B	$65.45B	$60.32B	$50.37B	$47.45B	$45.57B	$44.29B	$42.68B	$39.30B	$34.73B	$35.50B	$37.95B
Operating expenses	—	—	—	—	—	—	—	—	—	—	$47.29B	$45.59B	$41.75B	$39.85B	$39.49B	$36.93B	$32.74B	$34.75B	$35.88B
Operating income	$5.46B	$5.22B	$5.56B	$4.91B	$6.25B	$5.86B	$2.42B	$4.47B	$4.27B	$4.57B	$3.08B	$1.87B	$3.81B	$4.43B	$3.19B	$2.38B	$2.00B	$747.0M	$2.08B
EBITDAderived	$9.83B	$9.48B	$9.85B	$9.09B	$10.21B	$9.65B	$6.03B	$7.82B	$7.37B	$7.56B	$5.71B	$4.48B	$6.40B	$6.82B	$5.30B	$4.35B	$3.96B	$2.72B	$4.02B
Net income	$4.43B	$4.09B	$4.33B	$3.97B	$3.83B	$5.23B	$1.29B	$540.0M	$4.57B	$3.00B	$1.82B	$1.05B	$2.32B	$2.72B	$2.03B	$1.45B	$1.18B	$98.0M	$1.13B
Basic EPSper diluted share	$18.71	$16.96	$17.41	$15.60	$14.54	$19.79	$4.92	$2.06	$17.08	$11.24	$6.59	$3.70	$7.56	$8.61	$6.44	$4.61	$3.78	$0.31	—
Diluted EPSper diluted share	$18.55	$16.81	$17.21	$15.48	$14.33	$19.45	$4.90	$2.03	$16.79	$11.07	$6.51	$3.65	$7.48	$8.55	$6.41	$4.57	$3.76	$0.31	—

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$365.9K disclosed value

Sells (SEC code S)31$83.43M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Apr 15, 2026Form 4	Brightman Tracy BEVP - Chief People Officer	SellCommon Stock	2.8K	$363.30	$1.01M	11.1K
Apr 15, 2026Form 4	Brightman Tracy BEVP - Chief People Officer	SellCommon Stock	5.1K	$363.33	$1.85M	11.1K
Apr 15, 2026Form 4	Brightman Tracy BEVP - Chief People Officer	SellCommon Stock	9.1K	$363.61	$3.30M	16.1K
Apr 15, 2026Form 4	SCHWAB SUSAN CDirector	SellCommon Stock	5.8K	$369.00	$2.14M	10.0K
Apr 14, 2026Form 4	Preet KawalEVP - Plng, Eng, & Transfmtn	SellCommon Stock	4.9K	$367.89	$1.80M	11.0K

Review ownership filings at SEC.gov ↗

FEDEX CORP (FDX)

Financial charts

Financial statements

Insider buys & sells