Fedex Corp
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+ FollowMarket Cap$74.29B
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Earnings Call Q1 2027
October 28, 2026 - AI Summary
Strong Q3 performance + margin growth (but with domestic stalling):
- Revenue +12% YoY (calendar Q3).
- Adjusted EPS +28% YoY to $3.74.
- Adjusted operating income +16% YoY to $164M.
- U.S. Domestic: revenue +10%, adjusted operating income +7%, but margin down ~20 bps (hit from higher over-the-road purchased transportation / fuel impacts and other transitory items).
- International: revenue +17%, adjusted operating income +52% with ~80 bps margin expansion—driven by export volume, air freight weight, and base pricing.
2026 guidance raised/tightened; expects strong EPS growth and cash generation:
- FedEx raised & tightened CY2026 adjusted EPS outlook to $18.00–$18.60 (midpoint implies ~23% YoY adjusted EPS growth).
- CY2026 revenue growth expected ~12% with ~4 percentage points from fuel-price-driven surcharges.
- Adjusted free cash flow ~ $4B in CY2026 (anchoring capital return decisions).
- Q4 framing (implied): U.S. domestic revenue up high single digits and international up high teens, but service mix discipline continues (Ground economy down, international domestic down).
Key drivers of outperformance (opportunities): B2B/premium mix + network transformation + pricing discipline:
- Management emphasizes B2B-driven growth and expanding logistics capabilities beyond parcel. Examples:
- 15-fold increase in aircraft engine moves; new air freight business after a long parcel-centric relationship.
- Network 2.0 progress: nearly 65% of eligible volume through ~630 optimized stations; 260+ stations closed.
- Expected savings: nearly $1B of Network 2.0 + One FedEx savings by end of 2026, cumulative $2B by end of 2027.
- Europe transformation: digital/streamlined network; targets $650M Europe revenue improvement in international adjusted operating income by end of 2029.
- Pricing/self-help: “competitive but rational” pricing; base yields remained strong (fuel helps but not the only driver).
- Product/value-add expansion: Global Trade Navigator, Authenticated Delivery, pharma certifications (IATA CEIV—30 certifications).
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$227.86
30.8% downside
Current Fair Value
30.8% downsideOvervalued by 30.8% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $74.29 Billion |
|---|---|
| Enterprise Value | $103.92 Billion |
| Annual dividend | $4.78 |
| Dividend yield | 1.52% |
| Earnings per Share | $18.55 |
| Beta | 1.33 |
| Outstanding Shares | 236,000,000 |
Return
| Return on Equity | 12.32% |
|---|---|
| Return on Assets | 3.94% |
| Return on Invested Capital | 6.52% |
Valuation & Multiples
| P/E Ratio | 19.45 |
|---|---|
| PEG | -30.01 |
| Price to Sales | 0.82 |
| Price to Book Ratio | 2.46 |
| Enterprise Value to Revenue | 1.09 |
| Enterprise Value to EBIT | 19.92 |
| Enterprise Value to Net Income | 26 |
| Total Debt to Enterprise | 0.41 |
| Debt to Equity | 1.36 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 28, 2026
EPS Estimate
$3.34
Consensus analyst estimateRevenue Estimate
$22.73 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 2, 2027
EPS Estimate
$6.45
Consensus analyst estimateRevenue Estimate
$25.49 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 121.36, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 121.3592▲ 12048.36% |
|---|---|
| Total Calls | 206▼ 100.00% |
| Total Puts | 25,000▼ 99.38% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.80%▼ 77.05% |
|---|---|
| Total Invested | $2.60B▼ 95.69% |
| Investors Holding | 756▼ 1285.00% |
About Fedex Corp
600,000 employees
CEO: Frederick Smith
FedEx Corp. provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenue of $75 billion, the company offers integrated business solutions through operating co...