FedEx reported strong Q4 FY26 results, beating guidance with $6.31 adjusted EPS. They initiated CY26 guidance with EPS $16.90-$18.10, implying 20% growth in the transition year. Management highlighted momentum in premium B2B verticals, Network 2.0 progress, and robust free cash flow. They also detailed the MD-11 fleet return, pilot contract costs, and stranded cost reduction from the FedEx Freight spinoff. Q4 FY26 adjusted EPS $6.31, above guidance; FY26 full-year EPS $20.24.
Buzzberg 분석CY26 adjusted EPS guidance $16.90-$18.10FedEx reported strong Q4 FY26 results, beating guidance with $6.31 adjusted EPS. They initiated CY26 guidance with EPS $16.90-$18.10, implying 20% growth in the transition year. Management highlighted momentum in premium B2B verticals, Network 2.0 progress, and robust free cash flow. They also detailed the MD-11 fleet return, pilot contract costs, and stranded cost reduction from the FedEx Freight spinoff. Q4 FY26 adjusted EPS $6.31, above guidance; FY26 full-year EPS $20.24.전체 분석 보기분석 접기
FedEx reported strong Q4 FY26 results, beating guidance with $6.31 adjusted EPS. They initiated CY26 guidance with EPS $16.90-$18.10, implying 20% growth in the transition year. Management highlighted momentum in premium B2B verticals, Network 2.0 progress, and robust free cash flow. They also detailed the MD-11 fleet return, pilot contract costs, and stranded cost reduction from the FedEx Freight spinoff. Q4 FY26 adjusted EPS $6.31, above guidance; FY26 full-year EPS $20.24.
CY26 adjusted EPS guidance $16.90-$18.10, with revenue growth ~11% (3% from fuel surcharges).
FedEx Freight spinoff completed June 1; stranded costs of ~$600 million partially mitigated.
MD-11 fleet returning to service with Boeing support; 4 of 9 aircraft operational, full fleet back before peak.
Revenue$25.007B
+4% QoQ
EPS$6.31
+20% QoQ
Gross margin22.69%
reported
Op margin8.35%
reported
이번 분기에 달라진 점
01
Guidance
CY26 adjusted EPS guidance $16.90-$18.10
Guidance tone
02
Capex
CapEx at 4% of revenue, lowest since formation
Management highlighted that CapEx was $3.8 billion in FY26, 4% of revenue (lowest since formation), and they expect CapEx of approximately $3.9 billion in CY26, maintaining a disciplined approach and targeting 4% capital intensity.
03
Demand
Healthcare transport revenue nearly $10 billion
Management expressed strong confidence in the business momentum, citing a record strong finish to FY26, exceeding initial outlook, and a clear path to CY29 targets; no notable shift from prior calls.
04
AI
AI/data center space emerging growth engine
Management stated they have embedded AI into their processes and the AI/data center space is an emerging growth engine delivering double-digit revenue growth, capturing demand across the ecosystem from hyperscalers to industrial infrastructure.
AI, 자본지출 및 수요 분석
AI
플랫폼 및 수익화
Management stated they have embedded AI into their processes and the AI/data center space is an emerging growth engine delivering double-digit revenue growth, capturing demand across the ecosystem from hyperscalers to industrial infrastructure.
수요
수주 및 전환
Healthcare transport revenue nearly $10 billion. Management expressed strong confidence in the business momentum, citing a record strong finish to FY26, exceeding initial outlook, and a clear path to CY29 targets; no notable shift from prior calls.
자본지출
투자 및 생산능력
Management highlighted that CapEx was $3.8 billion in FY26, 4% of revenue (lowest since formation), and they expect CapEx of approximately $3.9 billion in CY26, maintaining a disciplined approach and targeting 4% capital intensity.
톤 · upbeat
Management expressed strong confidence in the business momentum, citing a record strong finish to FY26, exceeding initial outlook, and a clear path to CY29 targets; no notable shift from prior calls.
공급망 알파
A1
FedEx is intentionally reducing ground economy volume by ~5% and international domestic volume by high single-digits, focusing on higher-yield B2B and high-value B2C.
“ground economy volume declined about 5%, a trend we expect to continue for the remainder of CY26”
The MD-11 fleet grounding impacted operations, but FedEx plans to have the full fleet back before peak, with only 4 of 9 aircraft returned to service so far.
“We began safely returning the MD-11s to service last month...four MD-11s to resume flight to date. we expect to have the full fleet back in service before peak.”
FedEx's MD-11 grounding and return to service involves close coordination with Boeing, indicating ongoing support and potential repair work for Boeing.
“We began safely returning the MD-11s to service last month, working in lockstep with Boeing, the FAA and the NTSB.”
… revenue by 9% and adjusted operating income by 17%. With 60 basis points of year-over-year adjusted margin expansion, we delivered a 7.7% adjusted operating margin, the highest margin rate in four years, reflecting the structural improvements we have made to the business. What also stands out is that we achieved these results despite several significant headwinds, particularly global trade policy changes and the grounding of our MD-11 aircraft fleet. We began safely returning the MD-11s to service last month, working in lockstep with Boeing, the FAA and the NTSB. I appreciate the efforts of our flight operations, technical operations and airline safety teams whose work enabled four MD-11s to resume flight to date. we expect to have the full fleet back in service before peak. In Q4, on a consolidated basis, we grew revenue 13% and adjusted operating income 3% led by FEC and partially offset as expected by decline in adjusted operating income at freight. At FEC, revenue increased 14% driven by yield and volume strength across almost all of our services. This demonstrates our deliberate strategy to grow in the higher yielding segments of the market. Fuel for adjusted operating …
The MD-11 fleet grounding impacted operations, but FedEx plans to have the full fleet back before peak, with only 4 of 9 aircraft returned to service so far.