FEDEX CORP (FDX)

FedEx Corporation, incorporated in Delaware in 1997 as a holding company, provides transportation, e-commerce, and business services worldwide through an integrated global network. The company is transitioning its fiscal year end from May 31 to December 31, with a seven-month Transition Period ending December 31, 2026, before shifting to calendar-year reporting in 2027. In May 2026, FedEx completed the Spin-Off of its less-than-truckload freight business (FedEx Freight, including FedEx Custom Critical and LTL Select) via a dividend to shareholders, retaining a 19.9% stake; as a result, FedEx Freight is no longer consolidated or a reportable segment.

Following the Spin-Off, FedEx realigned into two new reportable segments—Express U.S. Domestic and Express International (collectively Federal Express)—with FedEx Logistics moved into Express International. Federal Express, founded in 1973, is the world's largest express transportation company, operating an integrated air-ground network across more than 220 countries and territories, employing about 452,000 people, and operating roughly 84,000 drop-off locations, 700 aircraft, and over 180,000 vehicles, supported by contracts with about 5,300 independent service providers. Its pilots are represented by ALPA under a newly ratified CBA effective June 2026.

Express U.S. Domestic offers overnight and deferred package and freight delivery services reaching the entire continental U.S., anchored by hub facilities in Memphis and Indianapolis, and is undergoing a multi-year "Network 2.0" transformation to consolidate and modernize its surface network, incorporating automation, AI, and robotics. Express International provides time-definite international package and freight delivery to over 220 countries, along with customs brokerage and freight forwarding through FedEx Logistics, and is undergoing its own network redesign ("Tricolor") to optimize international air asset utilization. FedEx implements periodic list price increases, demand surcharges, and indexed fuel surcharges; jet fuel costs were $3.05 billion in fiscal 2026, representing 3.2% of consolidated revenue.

The company also operates a "Corporate, other, and eliminations" segment comprising FedEx Dataworks (data/AI-driven supply chain intelligence), FedEx Office (retail printing, shipping, and business services with about 2,000 stores), and FedEx Supply Chain (integrated logistics and fulfillment services), though FedEx announced in July 2026 that it would sell FedEx Supply Chain to CMA CGM Group for $1.4 billion, expected to close in the second half of 2026. FedEx faces significant competition from UPS, DHL, USPS, foreign postal authorities, air freight forwarders, regional carriers, and technology-enabled entrants such as Amazon.com. The company emphasizes technology-driven customer solutions, including AI-powered tracking, virtual assistants, e-commerce and returns platforms, and autonomous vehicle pilot programs with Aurora and PACCAR, alongside brand promotion through major sponsorships (NFL, UEFA Champions League, PGA Tour's FedExCup, and FedExForum).

FedEx's air operations are regulated by the FAA and DOT under the Federal Aviation Act, with security oversight by the TSA, and it participates in the U.S. Civil Reserve Air Fleet program; its ground operations are regulated by the DOT and Federal Motor Carrier Safety Administration.