Company file · FDXF
FedEx Freight
FedEx Freight's revenue fell 1.1% in FY2026, to $8.8B, and net income fell 51.3% to $655M
Revenue fell 1.1% to $8.8B in FY2026, from $8.9B in FY2025. Net income fell 51.3% to $655M. Priority was the largest product or service, at 63% of revenue.
Key facts
FedEx Freight (NYSE: FDXF) closed fiscal 2026 on May 31, 2026 with revenue of $8.8B, down 1.1% from a year before; net income came to $655M, down 51.3%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $2.4B, up 8.1% on the same stretch of the prior year, and net income of $147M. Broken down by product or service, Priority led with 63% of fiscal 2026 revenue. Sources: 10-K for fiscal 2026 (filed Aug 5, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026).
Source: 10-K FY2026, filed Aug 5, 2026
Source: 10-Q filed Oct 29, 2026
How it makes money
By product or service, FY2026
Source: 10-K FY2026, XBRL breakdown
By product or service in FY2026: Priority (63%), Economy (32%) and Other (5%), as shares of total revenue. Total revenue was $8.8B.
Source: 10-K FY2026
By region, FY2026
Share is of the FY2026 total; the last column is the change from FY2025.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q1 FY2027 (Jul to Sep 2026) compared with Q1 FY2026 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q1 FY2027Q1 FY2026
Company
Source: FedEx Freight 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026
By product or service
Source: FedEx Freight 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026
The bull case and the bear case
The bull case
- Revenue in the quarter ended Sep 30, 2026 was $2.4B, up 8.1% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Net income was $655M in FY2026. 10-K, FY2026
The bear case
- Revenue fell 1.1% in FY2026 to $8.8B, from $8.9B a year earlier. 10-K, FY2026
- Net income fell 51.3% in FY2026 to $655M, from $1.3B. 10-K, FY2026
- Operating cash flow fell 89.1% in FY2026 to $167M. 10-K, FY2026
- Total debt rose 6101.4% in FY2026 to $4.5B. 10-K, FY2026
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
FedEx Freight is in the cargo ground transportation industry, part of the industrials sector. The SEC files it under Air Courier Services.
The full description of FedEx Freight's business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service and region.
Its fiscal year ends in May; the latest, FY2026, ended May 31, 2026.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the cargo ground transportation industry. They are not a summary of FedEx Freight’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Economic cyclesDemand for equipment and services rises and falls with business investment.
- Costs and supplyMaterial, labor and supplier problems can raise costs or delay delivery.
- Trade and tariffsTariffs and trade policy affect costs and sales.
- Contracts and backlogLarge projects and government contracts can be delayed, cut or repriced.
- Regulation and liabilitySafety, environmental and product-liability rules can raise costs.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | $9.4B | $8.9B | $8.8B |
| Net income | $1.6B | $1.3B | $655M |
| Operating cash flow | $1.5B | $1.5B | $167M |
| Total debt (year end) | – | $73M | $4.5B |
| Diluted shares | 150M | 150M | 150M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Total debt: The current part of long-term debt and lease obligations plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Debt-to-equity ratio
- The cash flow statement
- Risk factors (Item 1A)
- Net debt and net cash
- Remaining performance obligations (RPO)
- Deferred income taxes
- Tender offers
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- FedEx Freight names its fiscal year by the calendar year in which it ends, so FY2026 is the year that ended May 31, 2026.
What we left out
- Cash: the company's filing data doesn't carry a consistent cash total for the years shown, so it isn't shown.
Recent filings
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about FedEx Freight
How does FedEx Freight make money?
Fiscal 2026 revenue: $8.8B. By product or service in FY2026: Priority (63%), Economy (32%) and Other (5%), as shares of total revenue. Total revenue was $8.8B. Source: 10-K for fiscal 2026, filed Aug 5, 2026.
What was FedEx Freight's revenue in fiscal 2026?
$8.8B, down 1.1% from fiscal 2025 ($8.9B). The year ended May 31, 2026; for fiscal 2024 the figure was $9.4B. Source: 10-K for fiscal 2026, filed Aug 5, 2026.
Is FedEx Freight profitable?
Net income was $655M in fiscal 2026 (down 51.3%; fiscal 2025 was $1.3B). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $147M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2026, filed Aug 5, 2026.
What did FedEx Freight report in its latest quarterly filing?
For the three months to Sep 30, 2026: revenue $2.4B (up 8.1% from $2.3B) and net income $147M (down 49.5% from $291M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026.
What are the main risks FedEx Freight faces?
FedEx Freight's own risk factors are in Item 1A of its 10-K for fiscal 2026, filed Aug 5, 2026. Risks that are common among companies in the cargo ground transportation industry include Economic cycles; costs and supply; trade and tariffs; contracts and backlog; regulation and liability. The first: Demand for equipment and services rises and falls with business investment. Source: 10-K, Item 1A Risk Factors.
Where do these FedEx Freight numbers come from?
The 10-K filed Aug 5, 2026 (fiscal 2026) and the 10-Q filed Oct 29, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning FedEx Freight
- Viking Global Investors: 2,366,634 shares, reported value $357.4M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Slate Path Capital: 2,247,200 shares, reported value $339.3M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Point72 Asset Management: 1,199,248 shares, reported value $181.1M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Gates Foundation Trust: 1,192,181 shares, reported value $180.0M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 132,063 shares, reported value $19.9M at Jun 30, 2026 (new in this filing). Form 13F filed Sep 2, 2026.
- Millennium Management: 129,785 shares, reported value $19.6M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in FDXF
- The editor holds no position in FedEx Freight (FDXF). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell FDXF from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 10, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold FDXF, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| FedEx FreightFDXF | FY2026 | $8.8B | −1.1% | $655M |
| Old DominionODFL | FY2025 | $5.5B | −5.5% | $1.0B |
| CaterpillarCAT | FY2025 | $67.6B | +4.3% | $8.9B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.