NYSE: FDXF
FedEx Freight
Industrials · Air Courier Services
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$16.4B
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| Period | Market cap |
|---|---|
| FY2024, ended May 31, 2024 | — |
| FY2025, ended May 31, 2025 | — |
| FY2026, ended May 31, 2026 | $24.0B |
| Trailing 12 months to Sep 30, 2026 (through Q1 FY2027) | $16.4B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$9.07B
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| Period | Revenue |
|---|---|
| FY2024, ended May 31, 2024 | $9.42B |
| FY2025, ended May 31, 2025 | $8.89B |
| FY2026, ended May 31, 2026 | $8.79B |
| Trailing 12 months to Sep 30, 2026 (through Q1 FY2027) | $9.07B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2024, ended May 31, 2024 | $1.57B | $1.08B |
| FY2025, ended May 31, 2025 | $1.35B | $1.09B |
| FY2026, ended May 31, 2026 | $655M | −$212M |
| Trailing 12 months to Sep 30, 2026 (through Q1 FY2027) | $481M | −$1.00B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$388M
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| Period | Cash and cash equivalents |
|---|---|
| FY2024, ended May 31, 2024 | — |
| FY2025, ended May 31, 2025 | $109M |
| FY2026, ended May 31, 2026 | $251M |
| Trailing 12 months to Sep 30, 2026 (through Q1 FY2027) | $388M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$4.20B
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| Period | Total debt |
|---|---|
| FY2024, ended May 31, 2024 | — |
| FY2025, ended May 31, 2025 | $73.0M |
| FY2026, ended May 31, 2026 | $4.30B |
| Trailing 12 months to Sep 30, 2026 (through Q1 FY2027) | $4.20B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 0.0% since 2024.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.150M
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| Period | Shares outstanding |
|---|---|
| FY2024, ended May 31, 2024 | 150M |
| FY2025, ended May 31, 2025 | 150M |
| FY2026, ended May 31, 2026 | 150M |
| Trailing 12 months to Sep 30, 2026 (through Q1 FY2027) | 150M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$24.0M
Net: $24.0M more issued than bought back
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| Period | Paid to employees |
|---|---|
| FY2024, ended May 31, 2024 | $12.0M |
| FY2025, ended May 31, 2025 | $10.0M |
| FY2026, ended May 31, 2026 | $13.0M |
| Trailing 12 months to Sep 30, 2026 (through Q1 FY2027) | $24.0M |
Revenue (TTM)
$9.07B
—
Net income (TTM)
$481M
—
Cash
$388M
—
Total debt
$4.20B
—
Valuation
At current price- Market Cap
- $18.8B
- P/E
- 39.2×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.1×
- Price / Book
- n/m. Market cap / shareholders' equity
- EV / EBITDA
- 22.4×
Growth
Trailing 12 months- Revenue (TTM)
- $9.07B
- Revenue Growth YoY
- —. TTM vs. TTM a year earlier
- Revenue CAGR 3Y
- —. Compound annual growth over the last 3 fiscal years
- Revenue CAGR 5Y
- —. Compound annual growth over the last 5 fiscal years
- EPS Growth YoY
- —. Diluted EPS, TTM vs. TTM a year earlier
- Net Income Growth YoY
- —. TTM vs. TTM a year earlier
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 5.7%
- Net Margin
- 5.3%
- FCF Margin
- −11.1%
- Return on Equity
- 64.6%
Earnings
Trailing 12 months- Net Income
- $481M
- EPS (diluted)
- $3.22
- EBITDA
- $1.01B
- Operating Income
- $515M
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $388M
- Total Debt
- $4.20B
- Net Debt
- $3.81B
- Total Assets
- $7.22B
- Total Liabilities
- $7.47B
- Shareholders' Equity
- −$252M
Cash Flow
Trailing 12 months- Operating Cash Flow
- −$528M
- Capital Expenditure
- $475M
- Free Cash Flow
- −$1.00B
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- —. 5-year monthly returns vs. S&P 500 (SPY)
Every ratio is calculated from the company’s reported figures.
Note
Net margin of 5.3% over the last 12 months.
Watch
Net debt is 3.8× EBITDA ($3.81B), a heavy load.
Watch
Free cash flow was negative (−$1.00B) over the last year.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 29, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2026 · 10-K41Serious concerns
10-K for the fiscal year ended May 31, 2026
Filed Aug 5, 2026 · Read the filing on EDGAR
- First annual report since FedEx Freight became independent on June 1, 2026; FedEx kept 19.9% and must generally sell it within 24 months.
- Revenue slipped 1% to $8.8 billion, but operating income fell 62% to $540 million, mainly because of $492 million in separation costs and weaker demand.
- The company took on $4.3 billion of new debt before the spin-off and paid $4.1 billion of the proceeds to FedEx.
- Management expects soft industrial demand and elevated separation-related expenses to continue through the rest of 2026.
Business momentum
Sharp deterioration
“Operating income decreased 62% in 2026 primarily due to higher costs related to the Spin-Off, including higher salaries and employee benefits expense, outside service contracts and professional fees, as well as reduced demand.”
Outlook
Cautious
“Based on the current trends, we expect the softness in the industrial economy to continue to put pressure on demand for LTL services for the remainder of calendar year 2026.”
Financial stress
Low
“We believe our existing cash upon completion of the Spin-Off, cash flows generated from operations, availability under our revolving credit facility, and access to capital markets will provide adequate resources to fund our future cash flow needs.”
Tone against the previous report
No earlier report to compare
Red flags
- Medium
Other
“We incurred costs related to the Spin-Off of $492 million in 2026.”
Positives
Revenue per shipment rose despite weak demand
“Revenue per shipment increased 4% in 2026 primarily driven by higher fuel surcharges and weight per shipment.”
$1.2 billion credit line remained unused through the spin-off
“the revolving credit facility was not utilized prior to the Spin-Off or to fund the distribution of $4.1 billion to FedEx.”
FedEx took over most past insurance claim liabilities
“As of May 31, 2026, FedEx assumed substantially all of the self-insurance reserves related to workers’ compensation claims, vehicle accidents, and property and general business liabilities attributable to FedEx Freight, amounting to $330 million.”
Concerns
Shipment volumes fell on weak demand
“Average daily shipments decreased 4% in 2026 due to reduced demand for our services, primarily resulting from macroeconomic conditions, including continued weak industrial production, global trade policy uncertainty, and excess capacity in the LTL industry.”
Operating cash flow dropped sharply and fell below capital spending
“Cash flows from operating activities decreased $1.4 billion in 2026 primarily due to lower net income and working capital changes”
Separation costs are expected to keep weighing on profit
“In addition, we expect to continue to experience elevated expense levels in support of our separation from FedEx.”
New risks since the previous report
Large new debt from the spin-off could limit flexibility
“In connection with the Spin-Off, we incurred significant debt obligations that could limit our financial and operating flexibility.”
Slower cash collection after ending the receivables sale arrangement with FedEx
“The Company's decision to reacquire all outstanding U.S. trade receivables previously sold to FedEx could result in a slower cash conversion cycle from sales to cash collection.”
Must replace services FedEx provides temporarily
“If we do not replace these services successfully, we may not be able to operate our business effectively, which could materially adversely affect our results of operations.”
Tax bill if the spin-off is ruled taxable
“If the Spin-Off is determined to be taxable for U.S. federal income tax purposes, FedEx and/or its stockholders could incur significant U.S. federal income tax liabilities, and FedEx Freight could also incur significant liabilities.”
Company depends on a licence to use the FedEx name
“We do not own the FedEx trademark or logo or associated purple and orange trade dress and have entered into the Trademark License Agreement with Federal Express”
Biggest risks named
- Weak economy, tariffs and soft industrial demand reducing shipments
- Spin-off costs and replacing FedEx services
- $4.3 billion of new debt
- Intense competition and pricing pressure in freight
- Rising insurance and accident claim costs
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −15 | |
| Outlook | −2 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −1.8 | |
| New risks | 0 | |
| Score | 41 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 29, 2026 | Pro | |||
| 10-K | Aug 5, 2026 | 41 | Sharp deterioration | 1 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q1 FY2027 (period ended Sep 30, 2026), filed Oct 29, 2026. View filings on SEC EDGAR