FedEx spins off Freight, shifts to calendar year, and faces $3.3B tariff refund uncertainty

Filed July 20, 2026 · Period ending May 31, 2026 · Compared to 10-K Jul 21, 2025 · ~2 min read

Key Changes

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  Subsequent event: SPIN-OFF. On June 1, 2026 (the “Distribution Date”), we completed the previously announced Spin-Off of the FedEx Freight business. The transaction was implemented through the distribution of shares of FedEx Freight Ho…

  Notes: Subsequent Events verify on EDGAR →
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  Completed spin-off of FedEx Freight on June 1, 2026, distributing 80.1% to shareholders (one Freight share per two FedEx shares held); FedEx retained 19.9%. The LTL business is now a separate public company and no longer consolidated.

  Business: FedEx Freight spin-off completion verify on EDGAR →
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  Filed for $3.3B in IEEPA tariff refunds after Supreme Court invalidated the tariffs; received $800M cash and recorded $749M customer refund obligation. Fourteen class actions seek refunds from FedEx; ultimate financial impact uncertain and could be material.

  MD&A: IEEPA tariff refunds and litigation verify on EDGAR →