Fedex Corporation · NYSE:FDX
Fedex — Investor Day (February 2026)
57 slides from Fedex's investor day presentation, Feb 12, 2026
Slide 1: Welcome - Investor Day 2026
2/13/2026 35°4'7.936"N, 89°58'31.69"W WELCOME INVESTOR DAY2026 1 2 1
Slide 2: Opening; Forward-Looking Statements and Non-GAAP Financial Measures
2/13/2026 OPENING JENI HOLLANDER STAFF VICE PRESIDENT, INVESTOR RELATIONS 3 FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES Certain statements in this presentation may be considered forward-looking statements within in fuel prices as a result of the ongoing conflicts between Russia and Uk
Slide 3: Agenda
2/13/2026 AGENDA WELCOME NETWORK TRANSFORMATION STRATEGY KAWAL PREET THE INDUSTRIAL NETWORK THAT POWERS THE GLOBAL ECONOMY NETWORK 2.0 RAJ SUBRAMANIAM SCOTT RAY EVOLUTION OF THE INTERNATIONAL COMMERCIAL STRATEGY STRATEGY BRIE CARERE RICHARD SMITH DIGITAL AND AI STRATEGY EUROPE TRANSFORMATION VISHAL
Slide 4: FedEx: The Indispensable Industrial Network
2/13/2026 99% of global GDP connected FEDEX: THE ~$2T INDISPENSABLE of goods transported every year INDUSTRIAL 17M+ packages delivered NETWORK each business day 500K+ global employees committed to safety, service, and excellence INVESTOR DAY2026 7 GLOBAL, HIGH-VALUE INDUSTRIAL NETWORK: THE FEDEX POR
Slide 5: Digital Backbone of Global Trade; One Integrated, Intelligent Industrial Network
2/13/2026 Generating 2 petabytes DIGITAL of data daily BACKBONE Leveraging AI and data analytics across network OF GLOBAL Combining physical scale TRADE with digital insight INVESTOR DAY2026 9 ONE INTEGRATED, INTELLIGENT INDUSTRIAL NETWORK Enabling better service with a modern technology stack and a
Slide 6: Enabling Structural Change; Go-Forward Strategy: Four Key Priorities
2/13/2026 ENABLING STRUCTURAL CHANGE Cumulative structural cost FedEx’s enterprise-wide value creation and execution framework $4B reduction in FY24 and FY25 Network 2.0 Expected Network 2.0 and Integration of U.S. and Canada legacy Express and Ground surface operations $2B associated One FedEx savi
Slide 7: InPost: Leading Out-of-Home Delivery Network in Europe; 2029 Value Creation Framework
2/13/2026 INPOST: LEADING OUT-OF-HOME DELIVERY NETWORK IN EUROPE Minority investment strengthens FedEx’s access to profitable last-mile B2C capabilities in Europe Additional lever in improving our financial performance in Europe Accretive to FedEx earnings in year one post-close Allows participation
Slide 8: Key Takeaways; Commercial Strategy
2/13/2026 KEY TAKEAWAYS FedEx is an indispensable industrial network with unmatched global reach, reliability, and expertise Advancing network, digital, and organizational transformations to redefine intelligent industrial network Strategic agenda is clear: grow high-margin verticals, leverage techn
Slide 9: Why Our Customers Choose FedEx; Growing & Leading Industrial Network
2/13/2026 WHY OUR CUSTOMERS CHOOSE FEDEX UNMATCHED UNRIVALED UNPARALLELED PROPRIETARY CUSTOMER TRUST RELIABILITY REACH DIGITAL TOOLS INVESTOR DAY2026 17 GROWING & LEADING INDUSTRIAL NETWORK Breadth and balance of portfolio create a powerful and differentiated network U.S. DOMESTIC GLOBAL PORTFOLIO1
Slide 10: Commercial Growth Strategy; B2B Growth Strategy
2/13/2026 REDEFINED GROWTH PHILOSOPHY Focus on premium B2B 1 COMMERCIAL aligned with target markets GROWTH 2 Prioritize high-value B2C STRATEGY 3 Grow with customers who value speed, flexibility, and reach INVESTOR DAY2026 19 B2B GROWTH STRATEGY Target verticals represent a combined total addressabl
Slide 11: Precision Logistics for Healthcare; Scaling Automotive Supply Chains
2/13/2026 PRECISION LOGISTICS FOR HEALTHCARE Leading transportation provider for medical devices and building capabilities for pharma HEALTHCARE OPPORTUNITY ESTABLISHED MARKET LEADER ~$80B ~$40B HEALTHCARE TAM1 PHARMA TAM1 ACTIONS AT SCALE $9B+ Healthcare FY25 revenue • End-to-end pharma solutions •
Slide 12: Building the Data Center Economy; Advancing the Future of Aerospace
2/13/2026 BUILDING THE DATA CENTER ECONOMY Winning network for data center infrastructure and building capabilities for AI-driven demand DATA CENTER AND IT OPPORTUNITY DATA CENTER AND IT EQUIPMENT TAM1 ~$7B COMPETITIVE ADVANTAGES • Specialized handling capabilities required for large, high-valued sh
Slide 13: Powering High-Margin SMB Growth; Winning High-Value B2C
2/13/2026 POWERING HIGH-MARGIN SMALL AND MEDIUM BUSINESS GROWTH 13% YoY SMB revenue SMB growth in H1 FY26 Clear speed advantage, seven-day CUSTOMER 1 delivery, and industry-leading rural coverage VALUE 2 Best-in-class returns solutions, transparent pricing, and digital tools PROPOSITION 3 Unrivaled
Slide 14: High-Quality, Durable Revenue Growth; Key Takeaways
2/13/2026 HIGH-QUALITY, DURABLE REVENUE GROWTH Focus on B2B, SMBs, and high-value B2C revenue opportunities TOTAL CORE REVENUE SUSTAINABLE, PROFITABLE GROWTH +4% CAGR $6B of incremental yield-related revenue +4% through 2029 CAGR $6B of incremental volume-related revenue through 2029 +4% CAGR Additi
Slide 15: Digital and AI Strategy; Making Supply Chains Smarter
2/13/2026 DIGITAL AND AI STRATEGY VISHAL TALWAR EXECUTIVE VICE PRESIDENT AND CHIEF DIGITAL AND INFORMATION OFFICER, PRESIDENT OF FEDEX DATAWORKS 29 MAKING SUPPLY CHAINS SMARTER FOR EVERYONE INTERCONNECTED ELEMENTS OF OUR AMBITION CORE OPERATIONS BEYOND Making supply chains smarter for FedEx and FEDE
Slide 16: Critical Inflection Point in Technology Journey; Operating Model
2/13/2026 APPROACHING CRITICAL INFLECTION POINT IN OUR TECHNOLOGY JOURNEY Historically, FedEx leveraged manual tools, local expertise, and fragmented systems – including 7,500 inherited applications across legacy operating companies One FedEx allowed us to shift Now, we can focus on building the dig
Slide 17: Driving Structural Efficiency; From Legacy Processes to AI-Driven Returns
2/13/2026 DRIVING STRUCTURAL EFFICIENCY Simpler processes. Smarter workflows. Powered by AI. One FedEx + AI = Speed to value EXAMPLE IN ACTION: TRANSFORMED DEMAND & CAPACITY MANAGEMENT Shifting from static processes to connected workflows unlocks: • Faster response times • More precise adjustments •
Slide 18: Differentiate Through Intelligence; FedEx Dataworks
2/13/2026 DIFFERENTIATE THROUGH INTELLIGENCE Premium solutions, more consistent service, faster recovery Leveraging a powerful suite of tools, FedEx sustained high performance through surge in brokerage filings after U.S. de minimis exemption ended EXAMPLE IN ACTION: CLEARANCE Using process reinvent
Slide 19: Dataworks: Solving the Coordination Gap; From Insights to Orchestration
2/13/2026 DATAWORKS: SOLVING THE COORDINATION GAP Addressing a fragmented global market where trapped capital and systemic delays create a massive need for intelligence THE COORDINATION THE COST OF MARKET REVENUE LOSS BETTER CUSTOMER GAP FRAGMENTATION SOLUTIONS Global supply chains Lack of visibilit
Slide 20: Operating Model; Strategic Priority 1: Simplify Work
2/13/2026 OPERATING MODEL: OPPORTUNITY ENABLES EXECUTION Converting ambition into outcomes. Scaling what works. VALUE CREATION OPPORTUNITY EFFICIENCY DIFFERENTIATION NEW VALUE CREATION DISCIPLINED EXECUTION ACROSS KEY PRIORITIES Embed AI into Build talent and Simplify work Modernize platforms decisi
Slide 21: Modernize Technology; Embed AI and Decision-Making
2/13/2026 STRATEGIC PRIORITY 2: MODERNIZE TECHNOLOGY Retiring legacy systems to unlock speed and operational reliability 30% of application footprint 50% application footprint Lower run costs reduced to date reduction target in 2029 Higher resiliency Faster speed to market INVESTOR DAY2026 41 STRATE
Slide 22: Build Talent & Governance; Key Takeaways
2/13/2026 STRATEGIC PRIORITY 4: BUILD TALENT & GOVERNANCE Scaling AI literacy, continuing to build future-ready talent and accountability ~300K EMPLOYEES 100% OF TECHNOLOGY SPECIALISTS Create foundational AI knowledge and shared language Participating in advanced training GOVERNANCE & EXECUTION Cont
Slide 23: Q&A; Network Transformation Strategy
2/13/2026 Q&A INVESTOR DAY2026 45 NETWORK TRANSFORMATION STRATEGY KAWAL PREET EXECUTIVE VICE PRESIDENT, PLANNING, ENGINEERING, AND TRANSFORMATION 46 23
Slide 24: Designing & Building the FedEx of Tomorrow
2/13/2026 DESIGNING & BUILDING UNLOCKING THE FULL POTENTIAL OF THE THE FEDEX OF TOMORROW FEDEX NETWORK INVESTOR DAY2026 47 NETWORK THE FEDEX TRANSFORMATION One FedEx ORGANIZATIONAL DIGITAL POWERED BY INVESTOR DAY2026 48 24
Slide 25: A New Era for Our Network; Network Reimagined
2/13/2026 A NEW ERA FOR OUR NETWORK Fundamentally reimagining and redesigning MEASURABLE PERFORMANCE our FedEx network for the future IMPROVEMENT ~(10)% ~20% Best-in-class customer experience AI embedded end to end U.S. P&D Cost Europe Hub Productivity Structurally lower cost to serve INVESTOR DAY20
Slide 26: Redesigned Network: Improved Financial Outcomes; One Transformation
2/13/2026 REDESIGNED NETWORK: DELIVERING IMPROVED FINANCIAL OUTCOMES Creating a smarter, more capable, and more profitable FedEx network TRICOLOR NETWORK 2.0 & ONE FEDEX EUROPE Improved air fleet On track to unlock $2B in savings B Expect to drive significant performance and density by the end of 20
Slide 27: Key Takeaways; Network 2.0
2/13/2026 KEY TAKEAWAYS Our network is a living equation of possibilities Economics compound with an integrated, end-to-end design Our talented team is strengthening the enterprise for the long term INVESTOR DAY2026 53 NETWORK 2.0 SCOTT RAY CHIEF OPERATING OFFICER-ELECT FOR U.S. AND CANADA SURFACE 5
Slide 28: Network 2.0: One Truck, One Neighborhood; Entering the Scaling Phase
2/13/2026 NETWORK OPTIMIZATION WELL UNDERWAY ~25% of eligible U.S. and Canada ADV optimized ~360 optimized stations across U.S. and Canada NETWORK 2.0: ONE TRUCK, >200 ONE NEIGHBORHOOD closed stations NETWORK 2.0 RAMPING WITH SIGNIFICANT PROGRESS TO DATE 10% P&D cost reduction in completed markets I
Slide 29: Ramping Network 2.0 and One FedEx Savings
2/13/2026 RAMPING NETWORK 2.0 AND ONE FEDEX SAVINGS BY END OF 2027 SAVINGS ON TRACK PRIMARY STRUCTURAL COST LEVERS ~$1B Savings expected by the end of CY26 PICK UP AND REDUCED ONE FEDEX $2B Savings expected by the end of 2027 DELIVERY FOOTPRINT SAVINGS INVESTOR DAY2026 57 THE TECH & MEANINGFUL PHYSI
Slide 30: Network 2.0: Empowering Our People; Key Takeaways
2/13/2026 EMPOWERING OUR PEOPLE NETWORK 2.0: Enables live routing, load balancing, and real-time visibility Creates more efficient, predictable routes Leverages automation and physical AI to reduce repetitive, physically demanding tasks Establishes a unified playbook, consistent KPIs, and standard p
Slide 31: Evolution of the International Strategy; Power of FedEx Global Network
2/13/2026 EVOLUTION OF THE INTERNATIONAL STRATEGY RICHARD SMITH CHIEF OPERATING OFFICER, INTERNATIONAL, AND CHIEF EXECUTIVE OFFICER, AIRLINE 61 THE POWER OF THE FEDEX GLOBAL NETWORK 220+ countries and territories served Paris Memphis Miami Dubai Guangzhou ~$2T of goods transported every year INVESTO
Slide 32: Our Global Competitive Edge; From Expansion to Transformation
2/13/2026 OUR GLOBAL COMPETITIVE EDGE SCALE FLEXIBILITY TECHNOLOGY B World’s largest express air Tricolor and Network 2.0 Predictive routing, AI fleet, thousands of facilities provide more levers than forecasting, and visibility and vehicles, and customs ever to align cost with value capabilities cr
Slide 33: Competing and Winning in International
2/13/2026 COMPETING AND WINNING IN INTERNATIONAL FOCUSED EUROPE TRANSFORMATION Shift to higher-value mix, optimize network, and drive process efficiencies ADVANCING TRICOLOR Redesign global air network and grow premium air freight LANE DIVERSIFICATION Diversify lanes in-line with shifting trade patt
Slide 34: International Portfolio Positioned to Grow; Europe: From Integration to Transformation
2/13/2026 INTERNATIONAL PORTFOLIO POSITIONED TO GROW Balanced regional presence creates resilience and more predictable earnings across cycles LATIN AMERICA MEISA ASIA-PACIFIC EUROPE & CARIBBEAN Nearshoring-driven growth Targeted B2B opportunities Key growth engine for Largest trading market in via
Slide 35: Air Fleet Strategy; International Path Forward
2/13/2026 AIR FLEET STRATEGY Path forward optimizes total hours flown and size of the U.S. domestic jet fleet Committed to safely returning MD-11s to service Prioritizing international routes with high-capacity, high-efficiency modern aircraft such as 777F Committed to annual aircraft CapEx at or be
Slide 36: Key Takeaways; Europe Transformation
2/13/2026 KEY TAKEAWAYS International leader with global reach, strengthening local capabilities, and data and technology advantages Europe is a critical unlock with a path to structural profit improvement Next phase of growth is about leveraging scale with the smartest, most efficient, and most fle
Slide 37: Europe as a Transformation Engine; From Complexity to Performance
2/13/2026 EUROPE AS A TRANSFORMATION ENGINE Re-engineering region for performance and profitability Integrated network with leading positions in one of most diverse and important global logistics 740M European population markets 30% of global imports and exports Driving Europe transformation across
Slide 38: Meaningful Progress Through a Phased Approach
2/13/2026 MEANINGFUL PROGRESS THROUGH A PHASED APPROACH Europe’s transformation is visible and accelerating PHASE I: PHASE II: PHASE III: IMPACT TURNAROUND REORGANIZATION TRANSFORMATION FY23-FY25 FY25-FY26 FY26-2029 $600M in structural cost savings FY23-FY25 • Delivered significant • Revamped • Scal
Slide 39: Scaling a High-Value International Mix; Re-Engineer the Network
2/13/2026 1 SCALING A HIGH-VALUE INTERNATIONAL MIX Strengthening position in growing high-margin verticals to improve Europe mix shift and drive structural profit improvement MIX SHIFT LEVERS EUROPE CROSS-BORDER REVENUE MIX SHIFT GROWING B2B Increase in cross-border Expand in time-critical B2B verti
Slide 40: Drive End-to-End Process Efficiency; U.K. Case Study
2/13/2026 3 DRIVE END-TO-END PROCESS EFFICIENCY Efficiency agenda ACTIONS TAKING HOLD TECH DATA PROCESS MODERNIZATION VISIBILITY SIMPLIFICATION Teams working with more modern, reliable tools Moving to more unified, Enable faster, better Reducing complexity scalable, and resilient decisions across ac
Slide 41: Next Phase: France; InPost: A Scaled & Profitable Business
2/13/2026 NEXT PHASE: FRANCE Simplifying, modernizing, and aligning network by applying U.K. blueprint to realize long-term vision for Europe FRANCE APPROACH NETWORK & • Optimize hub-and-spoke footprint with fewer, better-placed hubs FOOTPRINT • Expect to close 17 stations, in addition to 48 station
Slide 42: Why InPost Matters to Us; A Disciplined Investment
2/13/2026 WHY INPOST MATTERS TO US: PROFITABLE B2C LAST-MILE + EXPANSION + COMMERCIAL LEADING LAST-MILE CLEAR PATH TO EXPAND COMMERCIAL STRONG DIGITAL B2C CAPABILITIES ACROSS EUROPE AGREEMENTS CAPABILITIES • A critical piece of the • Underpenetrated markets • InPost gains from FedEx’s • 33M InPost a
Slide 43: Key Takeaways; Unlocking the Next Phase of FedEx Financial Performance
2/13/2026 KEY TAKEAWAYS Europe is a major international operating income lever and tangible results are already showing A leaner, more connected, digital network aligned with our global strategy Confidence in a clear path to substantially improved performance INVESTOR DAY2026 85 UNLOCKING THE NEXT P
Slide 44: Significant Progress Improving Financial Outcomes; Three Financial Principles
2/13/2026 SIGNIFICANT PROGRESS IMPROVING FINANCIAL OUTCOMES ADJ. OPERATING INCOME CAPEX-TO-REVENUE ROBUST SHAREHOLDER IMPROVEMENT1 REDUCTION1 RETURNS1 $6.2B 6.8% $12B+ Total capital returned to shareholders since FY23 $5.4B 4.6% Total capital returned $1.5B to shareholders FY26 YTD FY23 FY26E2 FY23
Slide 45: Prudent Revenue Assumptions; Strong & Durable 2029 Financial Targets
2/13/2026 PRUDENT REVENUE ASSUMPTIONS TOTAL REVENUES YIELD/VOLUME/OTHER Contribution to $13B revenue growth through 2029 +4% CAGR $98B FEC yield $6B $6B $85B FEC volume Corporate & other 1 $1B FY26E 2029E 1. Represents midpoint of FedEx FY26 guidance range, issued in December 2025; excludes FedEx Fr
Slide 46: U.S. Domestic Segment; International Segment
2/13/2026 U.S. DOMESTIC SEGMENT U.S. DOMESTIC REVENUE +4% CAGR $64B $56B Executing Network 2.0 and One FedEx initiatives… ~$2 billion in cumulative cost savings 1 FY26E 2029E Rigorously focus our top-line growth on expanding yields and continuing to win share in the B2B market, OPERATING INCOME whic
Slide 47: 2029 Operating Income Bridge; Lower Capital Intensity
2/13/2026 2029 OPERATING INCOME BRIDGE $ in billions ($5.0) $6.0 $8.0 $5.0 $2.0 FY26E Volume, Yield Base expense 2029E adj. operating income1 net of costs increase, net operating income 1. Represents midpoint of FedEx FY26 guidance range, issued in December 2025; excludes FedEx Freight INVESTOR DAY2
Slide 48: Higher ROIC; Adjusted Free Cash Flow Improvement
2/13/2026 HIGHER ROIC PRIORITIZING • Ensuring that our business generates IMPROVED ROIC significant shareholder returns is a top priority +200 bps • Focused on leveraging the scale and scope of to drive unprecedented shareholder value in 11% years to come 9% • Expect to drive 200 bps of ROIC expansi
Slide 49: Capital Allocation Priorities; FedEx Freight Spin-Off; Key Takeaways
2/13/2026 CAPITAL ALLOCATION FEDEX FREIGHT SPIN-OFF PRIORITIES PLAN TO MONETIZE FEDEX FREIGHT OWNERSHIP WITHIN 12 MONTHS OF SPIN-OFF up to 19.9% FDX 1 Investing in organic growth 2 Continuing to increase dividend >80.1% 3 Evaluating further share repurchases PUBLIC 4 Maintaining a strong balance she
Slide 50: Q&A; Thank You
2/13/2026 Q&A INVESTOR DAY2026 99 35°4'7.936"N, 89°58'31.69"W THANK YOU INVESTOR DAY2026 100 50
Slide 51: Upcoming IR Events and Disclosures; Appendix
2/13/2026 UPCOMING IR EVENTS AND DISCLOSURES MARCH 19, 2026 FedEx Corp. Q3 FY26 earnings call APRIL 8, 2026 FedEx Freight Investor Day in New York City JUNE 1, 2026 FedEx Freight spin-off JUNE 23, 2026 FedEx Corp. Q4 FY26 earnings call Recast, re-segmented historic financials BY MID-AUGUST 2026 for
Slide 52: Reconciliations of Non-GAAP Financial Measures to GAAP
2/13/2026 RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES Fiscal 2026 and fiscal 2029 financial forecasts assets and using capital to generate profits. Numerous methods exist for calculating ROIC. Accordingly, the method used by FedEx may differ from the methods used by oth
Slide 53: FY26 Adjusted EPS Forecast Reconciliation; Adjusted Free Cash Flow Forecast
2/13/2026 FY26 ADJUSTED EARNINGS PER SHARE FORECAST RECONCILIATION FY26 Outlook Midpoint Diluted Earnings Dollars in millions, except EPS Adjustments per Share Diluted earnings per share before MTM retirement plans accounting adjustments (non-GAAP) (including FedEx Freight) $15.40 Removal of FedEx F
Slide 54: Return on Invested Capital Forecast Reconciliation; InPost Adjusted EBITDA
2/13/2026 RETURN ON INVESTED CAPITAL FORECAST RECONCILIATION Dollars in millions Numerator Fiscal 2026 Operating income (GAAP) $5,272 FedEx Freight spin-off costs 600 Business optimization costs 310 Fiscal year change costs 30 International regulatory matter (12) Adjusted operating income (non-GAAP)
Slide 55: GAAP to Non-GAAP Reconciliations
2/13/2026 GAAP TO NON-GAAP RECONCILIATIONS FedEx Corporation Full year FY25 Full year FY24 Operating Operating Income Net Diluted earning Operating Operating Income Net Diluted earnings Dollars in millions, except EPS income margin taxes Income Per share income margin Taxes Income Per share GAAP mea
Slide 56: GAAP to Non-GAAP Reconciliations; Investor Relations Team
2/13/2026 GAAP TO NON-GAAP RECONCILIATIONS FY20 - FY25 free cash flow and adjusted free cash flow Dollars in millions FY20 FY21 FY22 FY23 FY24 FY25 Cash provided by operating activities (GAAP) $ 5,097 $ 10,135 $ 9,832 $ 8,848 $ 8,312 $ 7,036 Capital expenditures (5,868) (5,884) (6,763) (6,174) (5,17
Slide 57: Thank You for Joining Us
2/13/2026 35°4'7.936"N, 89°58'31.69"W THANK YOU FOR JOINING US INVESTOR DAY2026 113 57