FedEx Q1 GAAP EPS $3.46, adjusted $3.83; revenue $22.2B, up 2.8% YoY

FEDEX CORP

2026-Q1 EPS reported $3.46 vs consensus $4.18 ▼ miss (-17.2%)

GAAP net income $0.82B, adjusted net income $0.91B; operating margin 5.3% GAAP, 5.8% adjusted.
Federal Express segment improved on higher yields and cost cuts; Freight segment declined on lower revenue and higher wages.
Completed $500M share repurchases (2.2M shares); $1.6B remaining under authorization.
Spin-off of FedEx Freight on track for June 2026; confidential Form 10 filed, IRS ruling requested.
FY2026 outlook: adj. EPS $17.20-$19.00; revenue growth 4-6%; capex $4.5B; permanent cost cuts $1B.

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