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Get filing alertsFedEx completes Freight spin-off, shifts to calendar year-end, splits Express into two segments
Filed July 21, 2026 · Period ending July 21, 2026 · ~1 min read
Key Changes
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Completed spin-off of FedEx Freight less-than-truckload business on June 1, 2026, creating a new publicly traded company; FedEx no longer consolidates Freight results and it is no longer a reportable segment.
Item 2.02 — Results of Operations and Financial Condition verify on EDGAR → -
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Announced July 1, 2026 sale of FedEx Supply Chain to CMA CGM Group for as part of portfolio streamlining; transaction expected to close in second half of calendar 2026.
Exhibit 99.1 view on EDGAR → -
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Changed fiscal year-end from May 31 to December 31 effective June 1, 2026; will report seven-month transition period (June 1 through December 31, 2026) in a Transition Report on Form 10-K, then move to calendar-year reporting starting fiscal 2027.
Item 2.02 — Results of Operations and Financial Condition verify on EDGAR → -
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Split former Federal Express segment into two new reportable segments: Express U.S. Domestic and Express International, reflecting realigned internal reporting and management structure.
Item 2.02 — Results of Operations and Financial Condition verify on EDGAR → -
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Calendar 2025 results (recast): total revenue $82.5 billion (up from $79.1 billion in 2024), operating income $4.6 billion (up from $3.3 billion), diluted EPS from continuing operations $14.62 (up from $10.74).
Exhibit 99.1 view on EDGAR →
Summary
FedEx completed a major portfolio restructuring on June 1, 2026, spinning off its FedEx Freight less-than-truckload business into a new publicly traded company and simultaneously shifting its fiscal year-end from May 31 to December 31.
The Freight spin-off removes a significant business line from FedEx's consolidated results, and the company will report a seven-month transition period (June through December 2026) before moving to calendar-year reporting. On July 1, 2026, FedEx announced it will sell its FedEx Supply Chain business to CMA CGM Group for, further streamlining its portfolio.
The transaction is expected to close in the second half of calendar 2026. FedEx also realigned its segment reporting, splitting the former Federal Express segment into Express U.S. Domestic and Express International to provide more granular visibility into domestic versus international express operations. The company provided recast historical financials under the new structure, showing calendar 2025 revenue of $82.5 billion (up 4.2% from $79.1 billion in 2024) and operating income of $4.6 billion (up 39% from $3.3 billion). These changes reflect a strategic shift toward a more focused express and logistics portfolio, with the calendar year-end aligning FedEx's reporting with the calendar year and simplifying comparisons for investors.
Section-by-Section Diff
Event · Exhibit 99.1
FedEx recast historical financials for fiscal-year change to Dec 31, FedEx Freight spin-off, and new segment structure.
Added in current filing · verify on EDGAR →
Beginning the first quarter of the Transition Period, FedEx realigned its internal reporting and management structure, resulting in the identification of two new reportable segments: Express U.S. Domestic and Express International. Prior to this change, these two segments comprised the Federal Express reportable segment.
FedEx realigned its segment reporting structure, splitting the former Federal Express segment into two new reportable segments: Express U.S. Domestic and Express International. FedEx Dataworks, FedEx Office, and FedEx Supply Chain continue to be included in Corporate, other, and eliminations, while FedEx Logistics moved from Corporate to Express International.
Added in current filing · view on EDGAR → · paraphrased
TOTAL REVENUE 82,463 79,130 TOTAL OPERATING INCOME 4,554 3,272 NET INCOME FROM CONTINUING OPERATIONS 3,482 2,646 NET INCOME FROM DISCONTINUED OPERATIONS 1,066 1,568 NET INCOME $ 4,548 $ 4,214
For calendar year 2025, FedEx reported total revenue of $82,463 million (up from $0.0M in 2024), operating income of $4,554 million (up from $0.0M), net income from continuing operations of $3,482 million (up from $0.0M), and total net income of $4,548 million (up from $4,214 million). Diluted EPS from continuing operations was $14.62 (up from $10.74).
Event · Item 2.02 — Results of Operations and Financial Condition
FedEx changed fiscal year-end to Dec 31, completed FedEx Freight spin-off, and realigned into two new reportable segments.
Added in current filing · verify on EDGAR →
Following the Spin-Off and beginning the first quarter of the Transition Period, FedEx realigned its internal reporting and management structure, resulting in the identification of two new reportable segments: Express U.S. Domestic and Express International. Prior to this change, these two segments comprised the Federal Express reportable segment. These changes reflect the realignment of FedEx’s organizational structure and reporting regularly provided to our chief operating decision maker to assess performance and allocate resources.
FedEx realigned its reporting structure after the spin-off, splitting the former Federal Express segment into two new reportable segments: Express U.S. Domestic and Express International. This change reflects how management now assesses performance and allocates resources, providing investors with more granular visibility into domestic versus international express operations.
Added in current filing · verify on EDGAR →
To assist investors in comparing FedEx’s historical financial results and for informational purposes only, supplemental historical financial information and certain non-GAAP supplemental information reflecting the change in fiscal year end, the presentation of the FedEx Freight business as discontinued operations, and the presentation of FedEx’s new reportable segments is being provided in Exhibit 99.1 hereto.
FedEx is providing supplemental historical financial information in Exhibit 99.1 to help investors compare results under the new fiscal calendar, with FedEx Freight presented as discontinued operations and the new segment structure applied retroactively. This supplemental data does not constitute a restatement but aids comparability across reporting periods.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 22, 2026 · How we verify