Fedex Corporation · NYSE:FDX
Fedex — Non-Deal Roadshow (June 2026)
49 slides from Fedex's roadshow presentation, Jun 23, 2026
Slide 1: Investor Relations Roadshow presentation
Investor Relations Roadshow presentation June 23, 2026
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements and Non-GAAP Financial Measures Certain statements in this presentation may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act, such as statements regarding expected cost savings, the optimization of our network thro
Slide 3: Unmatched global network
Unmatched global network Linking more than 99% of world’s GDP • Over 220 countries and territories, including every address in the U.S. • 700 aircraft and more than 175,000 motorized vehicles • More than 4,000 operating facilities; more than 650 airports served worldwide • Delivers nearly 18M shipme
Slide 4: Federal Express Global Air Network
Federal Express Global Air Network Our 13 hubs connect 220+ countries and territories and more than 99% of the world’s GDP. ANC YEG DUB STN FRA YYC YWG LGG YVR CGN YOW CDG YMX YYC MXP TAO IND IST ICN NRT OAK EWR PEK KIX MEM PVG DEL CAN MTY MIA XMN GDL SDQ RUH DWC HKG SJU BQN BLR MDE BOG SIN UIO VCP
Slide 5: CY26 outlook
CY26 outlook1 Range Assumptions: • Revenue growth to be approximately 11% including three percentage points Revenue ~11% of assumed fuel-price driven surcharge growth rate YoY benefit Adjusted • Adjusted EPS range of $16.90-$18.10, $16.90 - $18.10 with a midpoint of $17.50 EPS* • Pension contributio
Slide 6: Illustrative operating income bridge based on CY26 adjusted EPS outlook
Illustrative operating income bridge based on the midpoint of CY26 adjusted EPS* outlook ($2.6B) $3.7B ($0.8B) $0.1B $5.8B ($0.2B) $5.0B $0.6B CY25 Adjusted Volume, Net Yield2 Base Expense Variable Comp3 New Pilot Freight CY26 Adjusted Op. Income1* of Costs Increase Contract Stranded Operating 1-Inc
Slide 7: Capital allocation priorities
Capital allocation priorities Committed to prudent capital allocation and maximizing stockholder returns $6.8B $6.2B $5.2B $4.1B $3.9B $3.8B 7.2% of 6.8% of 5.9% of 4.6% of 4.0% of revenue revenue revenue revenue revenue FY22 FY23 FY24 FY25 FY26 CY26 • Lowest CapEx intensity since FedEx Corporation
Slide 8: FedEx Business Trends
FedEx Business Trends Meeting e-commerce demands • Year-round, seven-day-per-week U.S. residential delivery through our ground services* • Significantly later pick up times offered with FedEx Extra Hours Service • Widespread retail convenience network with Walgreens, Dollar General, and our own FedE
Slide 9: 92% of people in the U.S. are within five miles of a FedEx hold location
92% of people in the U.S. are within five miles of a FedEx hold location • Customers want to drop off or pick up at places convenient to their everyday lives — the FedEx retail convenience network offers nearly 50,000 U.S. locations • Now U.S. consumers can pick up their packages at more than 18,000
Slide 10: Pricing Strategy
Pricing Strategy Improving revenue quality • Focused on long-term profitable growth • Prioritizing capacity for highest-yielding customers • Shipping rates for express and ground services to increased by an average of 5.9% in January 2026 • Additional changes to fees and surcharges • Assume 2% yield
Slide 11: Strong portfolio of residential package services
Strong portfolio of residential package services Express Home Delivery Ground Economy • 1–3 days transit time • 1–5 days transit time* • 2–7 days transit time* • Time-definite • Day-definite • No declared value • Money Back Guarantee • Declared value up to $50K • Lighter-weight • Declared value up t
Slide 12: FedEx Ground Revenue Market Share Has Grown to More Than 31%
FedEx Ground Revenue Market Share Has Grown to More Than 31% $120 50% $110 $100 Revenue ($ Billions) 40% $90 Market Share $80 $70 30% $60 $50 20% $40 $30 10% $20 $10 $0 0% CY98CY99CY00CY01CY02CY03CY04CY05CY06CY07CY08CY09CY10CY11CY12CY13CY14CY15CY16CY17CY18CY19CY20CY21CY22CY23CY24CY25 FedEx Ground Se
Slide 13: Go-Forward Strategy
Go-Forward Strategy
Slide 14: B2B Growth Strategy
B2B GROWTH STRATEGY Target verticals represent a combined total addressable market1 (TAM) >$130B HEALTHCARE AUTOMOTIVE DATA CENTERS AEROSPACE 14 1. FedEx estimate
Slide 15: Growing & Leading Industrial Network
GROWING & LEADING INDUSTRIAL NETWORK Breadth and balance of portfolio create a powerful and differentiated network GLOBAL PORTFOLIO1 U.S. DOMESTIC Intelligent, integrated network powering U.S. commerce 30% 45% B2B revenue1 INTERNATIONAL REVENUE 70% INTERNATIONAL U.S. DOMESTIC Leading network with gl
Slide 16: Winning High-Value B2C
WINNING HIGH-VALUE B2C Growing profitable share in higher-value, longer-haul B2C B2C OPPORTUNITY FEDEX TARGET: Low-single digit COMPETITIVE ADVANTAGES Volume growth CAGR2 • 70% of ground service revenue from shipments traveling >300 miles • Advanced digital suite of solutions • Superior value propos
Slide 17: Dataworks Next: From Insights to Orchestration
DATAWORKS NEXT: FROM INSIGHTS TO ORCHESTRATION THREE LAYERS OF VALUE CREATION DATA INTELLIGENCE & INSIGHTS Embed predictive signals and benchmarks into customer workflows, as we are doing with ServiceNow and Dun & Bradstreet partnerships PRODUCTIZED CAPABILITIES Externalize proven internal tools (pl
Slide 18: Network 2.0: Entering the Scaling Phase
Network 2.0 PROGRESS EXPECTED BY END OF CY26 ~65% of eligible U.S. and Canada ADV optimized PROGRESS EXPECTED BY END OF 2027 >900 optimized stations across U.S. and Canada ENTERING THE SCALING PHASE: FROM PROOF OF CONCEPT TO ENTERPRISE >475 closed stations FOCUS SHIFTING TO LARGEST METROS AND SCALE
Slide 19: Ramping Network 2.0 and One FedEx Savings by End of 2027
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 19
Slide 20: New Era Focused on Three Financial Principles
NEW ERA FOCUSED ON THREE FINANCIAL PRINCIPLES Expand operating Lower capital Significantly and 1 margins and grow 2 intensity and 3 sustainably increase operating income improve ROIC free cash flow 20
Slide 21: 2029 Financial Targets
2029 Financial Targets
Slide 22: Strong & Durable 2029 Financial Targets
STRONG & DURABLE 2029 FINANCIAL TARGETS ~$8B Operating income in 2029 ~14% adj. operating income CAGR1,3 ~8% Operating margin in 2029 ~200 bps of adj. margin expansion3 $25 GAAP earnings per share2 in 20293 ~$6B Adj. free cash flow in 20293 22 1. Based on FY26E-2029E CAGR. Represents midpoint of Fed
Slide 23: Prudent Revenue Assumptions
PRUDENT REVENUE ASSUMPTIONS TOTAL REVENUES2 YIELD/VOLUME/OTHER2 Contribution to $13B revenue growth through 2029 +4% CAGR $98B FEC yield $6B $6B $85B FEC volume Corporate & other 1 $1B FY26E 2029E 23 1. Represents midpoint of FedEx FY26 guidance range, issued in December 2025; excludes FedEx Freight
Slide 24: U.S. Domestic Segment
U.S. DOMESTIC SEGMENT U.S. DOMESTIC REVENUE2 +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 INCOME2 which comes
Slide 25: International Segment
INTERNATIONAL SEGMENT INTERNATIONAL REVENUE2 +4% CAGR Leveraging our improved service, top-line performance and lower cost structure in Europe $25B $29B to support improved incremental margins 1 FY26E 2029E Continued growth in the premium cross-border and intercontinental segments of the European ma
Slide 26: High-Quality, Durable Revenue Growth
HIGH-QUALITY, DURABLE REVENUE GROWTH Focus on B2B, SMBs, and high-value B2C revenue opportunities TOTAL CORE REVENUE3 SUSTAINABLE, PROFITABLE GROWTH +4% CAGR $6B of incremental yield-related revenue +4% through 20293 CAGR $6B of incremental volume-related revenue through 20293 +4% CAGR Additional $1
Slide 27: Lower Capital Intensity
LOWER CAPITAL INTENSITY COMMITTED TO FURTHER REDUCING CAPITAL INTENSITY1 • FY26 aircraft CapEx below $1B CapEx-to-revenue ratio • Expect aircraft CapEx to remain at or below $1B 8.6% through 2029, supporting FCF expansion 7.0% • CY29 outlook assumes 90% of capital investments will be to maintain net
Slide 28: Higher ROIC
HIGHER ROIC PRIORITIZING • Ensuring that our business generates IMPROVED ROIC2 significant stockholder returns is a top priority +200 bps • Focused on leveraging the scale and scope of to drive unprecedented stockholder value in 11% years to come 9% • Expect to drive 200 bps of ROIC expansion, drive
Slide 29: Adjusted Free Cash Flow Improvement
ADJUSTED FREE CASH FLOW* IMPROVEMENT DRIVING STRONG GROWTH IN ADJ. FCF2* • Expect to generate a cumulative $16B of adj. free cash* from FY26 through 20292 ~$6B • Expect >100% adj. FCF* conversion in 2029 vs. ~90% in FY252 $3.8B • Strong adj. FCF growth reflects shift from era of network expansion to
Slide 30: Carbon neutral operations goal by 2040
Carbon neutral operations goal by 2040 Aircraft Vehicles Facilities Fuel conservation, fleet Route optimization, EV pickup and Renewable energy, energy modernization, and cost-effective delivery vehicles (PUDs), testing management, building efficiency sustainable aviation fuel (SAF) alternative fuel
Slide 31: Corporate social responsibility
Corporate social responsibility Awards & recognition World’s Most Admired Companies 2026 Top 100 Global Brands 2025 FORTUNE Brand Finance • Our 26th consecutive year we’ve been ranked among the top 20 in the FORTUNE One of “Fortune AIQ 50” companies 2025 Most Admired Companies List that lead the way
Slide 32: Consolidated operating margin
Consolidated operating margin* 8.0% 7.1% 7.0% 7.0% 7.0% 6.3% 6.0% 5.9% 5.8% 6.0% 5.4% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% FY23 FY24 FY25 FY26 GAAP Adjusted 32 *Non-GAAP financial measure. See Appendix for more details; Includes FedEx Freight
Slide 33: Earnings per share
Earnings per share* $25.00 $20.24 $20.00 $18.19 $18.55 $17.21 $17.80 $16.81 $15.48 $14.96 $15.00 $10.00 $5.00 $0.00 FY23 FY24 FY25 FY26 GAAP Adjusted 33 Non-GAAP financial measure. See Appendix for more details.. *Includes FedEx Freight
Slide 34: Capital expenditures
Capital expenditures* (% of Revenues) 9.0% 8.5% 8.0% 7.0% 7.2% 7.0% 6.8% 5.9% 6.0% 5.0% 4.6% 4.0% 4.0% 3.0% 2.0% 1.0% 0.0% FY20 FY21 FY22 FY23 FY24 FY25 FY26 34 *Includes FedEx Freight
Slide 35: Adjusted Free Cash Flow
Adjusted Free Cash Flow* $5.0 $4.7 $4.7 $4.5 $4.1 $4.0 $3.9 $3.7 $3.6 $3.5 $3.0 $ Billion $2.5 $2.0 $1.5 $1.0 $0.5 $0.3 $0.0 FY20 FY21 FY22 FY23 FY24 FY25 FY26 35 Non-GAAP financial measure. See Appendix for more details. *Includes FedEx Freight
Slide 36: Capital Returns
Capital Returns* $5.0 $4.5 $4.3 $4.0 $3.8 $3.5 $3.0 $3.0 $2.7 $ Billion $2.5 $2.2 $2.0 $1.5 $1.0 $0.7 $0.7 $0.5 $0.0 FY20 FY21 FY22 FY23 FY24 FY25 FY26 36 Capital Returns calculated based on dividend payments and stock repurchases *Includes FedEx Freight
Slide 37: Appendix
Appendix
Slide 38: Non-GAAP financial measures
Non-GAAP financial measures Calendar 2026 Forecast and Calendar 2025 Earnings Per Share (EPS) and Effective Tax Rate (ETR) We have provided forecasts for calendar 2026 earnings per share and adjusted earnings per share, which are derived from calendar year 2025 preliminary recasted results from cont
Slide 39: GAAP to non-GAAP reconciliations
GAAP to non-GAAP reconciliations FedEx Corporation Full Year FY26 Diluted Operating Operating Income Net Earnings Dollars in millions, except EPS Income Margin Taxes1 Income2 Per Share GAAP measure $ 5,463 5.8 % $ 1,360 $ 4,433 $ 18.55 MTM retirement plans accounting — — (2.08) adjustment6 (150) (49
Slide 40: GAAP to non-GAAP reconciliations
GAAP to non-GAAP reconciliations FedEx Corporation Q4 FY26 Q4 FY25 Diluted Diluted Operating Operating Income Net Earnings Operating Operating Income Net Earnings Dollars in millions, except EPS Income Margin Taxes1 Income2 Per Share Income Margin Taxes1 Income2 Per Share GAAP measure $ 1,551 6.2 %
Slide 41: GAAP to non-GAAP reconciliations
GAAP to non-GAAP reconciliations Federal Express Segment Q4 FY26 Q4 FY25 Operating Operating Operating Operating Dollars in millions Income Margin Income Margin GAAP measure $ 1,651 7.7 % $ 1,586 8.4 % FedEx Freight spin-off costs 26 0.1 % — — % Business optimization costs 208 1.0 % 43 0.2 % Fiscal
Slide 42: FY26 Outlook Non-GAAP Reconciliation
FY26 OUTLOOK NON-GAAP RECONCILIATION FY26 outlook midpoint1 FY26 outlook - consolidated Dollars in millions Revenue Operating income Operating margin GAAP measure (including FedEx Freight) $93,500 $5,272 5.6% Removal of FedEx Freight segment, net of related eliminations (8,500) (740) Consolidated, e
Slide 43: GAAP to non-GAAP reconciliations
GAAP to non-GAAP reconciliations CY26 Outlook CY26 Diluted Earnings Per Share Forecast Diluted Earnings Dollars in millions, except EPS Adjustments per Share Diluted earnings per share before MTM retirement plans accounting adjustments; MTM FedEx Freight investment accounting adjustments; and adjust
Slide 44: GAAP to non-GAAP reconciliations
GAAP to non-GAAP reconciliations CY25 Actuals CY25 Diluted Earnings Per Share Diluted Earnings Dollars in millions, except EPS Adjustments per Share Diluted earnings per share before MTM retirement plans accounting adjustments (non-GAAP)12 $14.80 Business optimization costs 344 Fiscal year change co
Slide 45: GAAP to non-GAAP reconciliations
GAAP to non-GAAP reconciliations FedEx Corporation FY26 Adjusted Free Cash flow reconciliation Full Year FY26 Cash Movements Cash provided by operating activities (GAAP) $ 8,925 -Capital expenditures (3,809) + Proceeds from asset dispositions 97 Free cash flow (non-GAAP) 5,213 + Voluntary contributi
Slide 46: GAAP to non-GAAP reconciliations
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) (5,176) (4,055)
Slide 47: GAAP to non-GAAP reconciliations
GAAP to non-GAAP reconciliations FY23 Reconciliation for FedEx Corporation FY23 Diluted Operating Operating Income Earnings Dollars in millions, except EPS Income Margin Taxes1 Net Income2 Per Share GAAP measure $ 4,912 5.4% $ 1,391 $ 3,972 $ 15.48 MTM retirement plans — — (157) (493) (1.92) account
Slide 48: GAAP to non-GAAP reconciliations
GAAP to non-GAAP reconciliations FY22 Reconciliation for FedEx Corporation FY22 Diluted Operating Operating Income Earnings Dollars in millions, except EPS Income Margin Taxes1 Net Income2 Per Share GAAP measure $ 6,245 6.7% $ 1,070 $ 3,826 $ 14.33 MTM retirement plans — — 379 1,199 4.49 accounting
Slide 49: Footnotes for non-GAAP reconciliation slides
Footnotes for non-GAAP reconciliation slides 1 - Income taxes are based on the company’s approximate statutory tax rates applicable to each transaction. 2 - Effect of “total other (expense) income” on net income amount not shown. The MTM retirement plans accounting adjustment reflects the year-end a