FedEx 8-K

Summary

Supplemental recast historical results following FedEx’s fiscal-year change and FedEx Freight spin-off. Effective 6/1/2026, FedEx moved from a May 31 year-end to a December 31 year-end; it will report a seven-month transition period through 12/31/2026, then calendar-year results beginning with FY2027. FedEx Freight’s less-than-truckload businesses became discontinued operations after the 6/1/2026 spin-off, and FedEx recast its calendar Q1 and Q2 2026 results under new Express U.S. Domestic and Express International segments to aid comparison. The supplemental information is unaudited, is not a restatement of prior financial statements, and is not indicative of future or annual results.

Key Figures

• Q2 Express U.S. Domestic revenue was $14.9B, with $1.38B operating income and a 9.2% margin; adjusted operating income and margin were $1.53B and 10.3%. U.S. domestic average daily package volume rose to 14.3M from 13.7M in Q1, while composite package yield increased to $15.7 from $15.0.
• Q2 Express International revenue was $7.34B, with $108M operating income and a 1.5% margin; adjusted operating income and margin were $233M and 3.2%. Average daily package volume was 2.85M in both quarters, while composite package yield increased to $30.0 from $27.7.
• Q2 continuing-operations GAAP net income included a $4.49B gain on FedEx’s retained 19.9% interest in FedEx Freight; a $604M retirement-plan mark-to-market adjustment reduced net income. The quarter also included $295M of restructuring, exit and other costs. FedEx Supply Chain was sold to CMA CGM Group on 10/1/2026 for $1.4B. Historical discontinued-operations results exclude shared-service cost allocations; some costs remained with FedEx as stranded costs, with reductions expected through transition services agreements and cost management.

Guidance

Investor Takeaways

• Watch Express segment volume, yield and margins in the transition-period reports: continued U.S. package volume and yield progress, and whether international yield gains translate into stronger operating margins, would indicate how the recast segments are performing.