Slide 1: Fiscal first quarter 2026 earnings
Fiscal first quarter 2026 earnings September 18, 2025 Jeni Hollander VP of Investor Relations
Slide 2: Forward-looking statements and non-GAAP financial measures
Âåèí×èÚÈååáßäÝ Ïê×êÛãÛäêé ×äÚ Êåäý½ÌÂßä×äÙß×â ÉÛ×éëèÛé ¿Ûèê×ßäéê×êÛãÛäêéßäêÞßéæèÛééèÛâÛ×éÛ ã×ï ØÛ ÙåäéßÚÛèÛÚ Üåèí×èÚâååáßäÝ éê×êÛãÛäêé íßêÞßä êÞÛ ãÛ×äßäÝ åÜ êÞÛ Ìèßì×êÛ ÏÛÙëèßêßÛé ÈßêßÝ×êßåä ÎÛÜåèã ½Ùê éëÙÞ ×é éê×êÛãÛäêé èÛÝ×èÚßäÝ ÛîæÛÙêÛÚ Ùåéêé×ìßäÝé êÞÛ åæêßãßð×êßåä åÜ åëè äÛêíåèáêÞèåëÝÞ ÊÛêíå
Slide 3: Key messages / Q1 FY26 results overview
Key messages • ÀÛâßìÛèÛÚéêèåäÝÛéêçë×èêÛèâïÕåÕèÛìÛäëÛÝèåíêÞßäêÞèÛÛ ïÛ×èé×äÚ×ÚàëéêÛÚÛ×èäßäÝé×ØåìÛãßÚæåßäêåÜåëêâååáè×äÝÛ • ÓßääßäÝØëéßäÛééßäÞßÝÞì×âëÛìÛèêßÙ×âééëææåèêÛÚØïÞßÝÞ çë×âßêïéÛèìßÙÛ×äÚÚßÜÜÛèÛäêß×êÛÚÚßÝßê×âêååâé • ¿åäêßäëßäÝêå×Úì×äÙÛêè×äéÜåèã×êßåäßäßêß×êßìÛéêåÚèßìÛ ÛÜÜßÙßÛäÙï×äÚåæÛè×êßäÝâÛìÛè
Slide 4: Helping our customers adapt to changing trade environment and demand trends
Helping our customers adapt to changing trade environment and demand trends Tricolor strategy enabled swift network adjustments Commentary: • ÎÛÚëÙÛÚÌëèæâÛê×ßâêè×äéÌ×ÙßÜßÙ½éß×åëêØåëäÚ Ù×æ×ÙßêïØï"ZïÛ×èåìÛèïÛ×è×äÚäÛ×èâïZ ìÛèéëéêÞÛæèßåèçë×èêÛè • ÀÛÙèÛ×éÛÚêÞßèÚæ×èêïÓÞßêÛê×ßâÙ×æ×ÙßêïØï éßãßâ×èæÛèÙÛäê
Slide 5: Transportation segment revenue performance
& Transportation segment revenue performance Federal Express FedEx Freight 4% (3%) $18.3B $19.1B $2.33B $2.26B Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 • ÃèåíêÞ ÚèßìÛäØïéêèåäÝÛèÑÏÚåãÛéêßÙ • ¿åäêßäëÛÚíÛ×áäÛééßäßäÚëéêèß×âÛÙåäåãï æ×Ùá×ÝÛìåâëãÛ×äÚïßÛâÚæ×èêß×ââïåÜÜéÛêØï æèÛééëèÛÚèÛìÛäëÛé×éÛîæÛÙêÛÚ âåíÛèÑÏÌåéê×âÏÛ
Slide 6: Volume trends by service
Volume trends by service Í!ÂÕ"×ìÛè×ÝÛÚ×ßâïìåâëãÛ éÞßæãÛäêé ÍÂÕ#×ìÛè×ÝÛÚ×ßâïìåâëãÛ éÞßæãÛäêé Federal Express U.S. Priority and Deferred Package YoY Federal Express International Export Package YoY É×è ½æè É×ï Æëä Æëâ ½ëÝ É×è ½æè É×ï Æëä Æëâ ½ëÝ 9% 3% 8% 6% 8% 8% 1% 1% (4%) (5%) (1%) (3%) Federal Expr
Slide 7: Revenue outlook
Revenue outlook Operationally ready to support Peak season Commentary: • ½äêßÙßæ×êßäÝéêèåäÝÙ×æêëèÛåÜØåêÞÚÛã×äÚ éëèÙÞ×èÝÛé×äÚÝÛäÛè×âè×êÛßäÙèÛ×éÛ • Ïê×ïßäÝÙâåéÛêååëèÙëéêåãÛèé×äÚèÛã×ßä åæÛè×êßåä×ââïèÛ×ÚïÜåèÌÛ×áéÛ×éåä • Ìâ×ääßäÝÜåèãåÚÛéêßäÙèÛ×éÛßäÌÛ×á½ÀÒ×äÚ× ãßÚêåÞßÝÞéßäÝâÛÚßÝßêæÛèÙÛäê×ÝÛßäÙèÛ×éÛßäÕå
Slide 8: First quarter fiscal 2026 financial results
" First quarter fiscal 2026 financial results U.S. domestic package revenue growth and continued cost management delivered improved profitability $22.2B $1.30B $3.83 Consolidated Adj. Operating Adj. Earnings Revenue Income* Per Share* +3% YoY +7% YoY +6% YoY $623M $345M $500M CapEx Dividends Paid Sh
Slide 9: Transportation segment operating income performance
Transportation segment operating income performance Federal Express 17% FedEx Freight (16%) $1.16B $996M $439M $369M Q1 FY25* Q1 FY26* Q1 FY25 Q1 FY26* • ½ÚàëéêÛÚåæÛè×êßäÝßäÙåãÛÚèßìÛäØïÞßÝÞÛè • ½ÚàëéêÛÚåæÛè×êßäÝßäÙåãÛèÛéëâêéÚÛÙèÛ×éÛÚ ïßÛâÚéÙåäêßäëÛÚÙåéêèÛÚëÙêßåäÛÜÜåèêé×äÚ ÚëèßäÝêÞÛçë×èêÛèÚëÛêåâåíÛ
Slide 10: FY26 outlook
FY26 outlook Actively managing a wide range of scenarios Range Additional assumptions: Revenue 4% - 6% growth rate YoY • wØßââßåäßäêè×äéÜåèã×êßåäèÛâ×êÛÚÙåéê é×ìßäÝéØÛäÛÜßê Adjusted EPS* $17.20 - $19.00 • wØßââßåäÞÛ×ÚíßäÚ ÚëÛêåÝâåØ×âêè×ÚÛ ÛäìßèåäãÛäê • w#ãßââßåäÞÛ×ÚíßäÚÜèåãêÞÛÑÏÌåéê×â Effective ta
Slide 11: FedEx Freight update
FedEx Freight update • Ìâ×ääÛÚ éæßäåÜÜåÜÂÛÚÁîÂèÛßÝÞê ßéåäêè×Ùá Üåè ÆëäÛ # • ÏëØãßêêÛÚÙåäÜßÚÛäêß×â Âåèã êå ÏÁ¿ ×äÚèÛçëÛéê ÜåèÅÎÏæèßì×êÛ âÛêêÛèèëâßäÝåäê×îêèÛ×êãÛäêåÜêè×äé×Ùêßåä • ¿åäêßäëÛÚ æèåÝèÛééÞßèßäÝ ÚÛÚßÙ×êÛÚ é×âÛéêÛ×ã äÛ×èâï "Z ÙåãæâÛêÛ • ÂÛÚÁîÂèÛßÝÞê íßââ ØÛâßéêÛÚ åäêÞÛÊÛí Õåèá ÏêåÙá ÁîÙÞ×äÝÛ
Slide 12: Non-GAAP financial measures
½ææÛäÚßî Non-GAAP financial measures FY26 EPS and ETR forecasts ËëèÜßéÙ×â#ÚßâëêÛÚÛ×èäßäÝéæÛèéÞ×èÛùÁÌÏúÜåèÛÙ×éêßé×äåäý½ÌÜßä×äÙß×âãÛ×éëèÛØÛÙ×ëéÛßêÛîÙâëÚÛéÜßéÙ×â#ã×èáêå ã×èáÛêùÉÐÉúèÛêßèÛãÛäêæâ×äé×ÙÙåëäêßäÝ×ÚàëéêãÛäêé×äÚÛéêßã×êÛÚÙåéêéèÛâ×êÛÚêåØëéßäÛééåæêßãßð×êßåäßäßêß×êßìÛéêÞÛ æâ×ääÛÚéæßäåÜÜåÜÂ
Slide 13: GAAP to non-GAAP reconciliations
GAAP to non-GAAP reconciliations Federal Express Segment Q1 FY26 Q1 FY25 Operating Operating Operating Dollars in millions Income Margin Income Margin GAAP measure $ 1,138 6.0 % $ 953 5.2 % ¾ëéßäÛééåæêßãßð×êßåäÙåéêé Z ! Z ÂÛÚÁîÂèÛßÝÞêéæßäåÜÜÙåéêé Z Z ÂßéÙ×âïÛ×èÙÞ×äÝÛÙåéêé ! Z Z Êåäý½ÌãÛ×é
Slide 14: GAAP to non-GAAP reconciliations
GAAP to non-GAAP reconciliations FedEx Corporation Full Year FY25 Diluted Operating Operating Income Net Earnings Dollars in millions, except EPS Income Margin Taxes1 Income2 Per Share GAAP measure $ 5,217 5.9 % $ 1,349 $ 4,092 $ 16.81 ÉÐÉèÛêßèÛãÛäêæâ×äé×ÙÙåëäêßäÝ " & # ×ÚàëéêãÛäê$ ¾ëéßäÛ
Slide 15: Footnotes for non-GAAP reconciliation slides
Footnotes for non-GAAP reconciliation slides ÅäÙåãÛê×îÛé×èÛØ×éÛÚåäêÞÛÙåãæ×äï÷é×ææèåîßã×êÛéê×êëêåèïê×îè×êÛé×ææâßÙ×ØâÛêåÛ×ÙÞêè×äé×Ùêßåä ÁÜÜÛÙêåÜùêåê×âåêÞÛèÛîæÛäéÛßäÙåãÛúåääÛêßäÙåãÛ×ãåëäêäåêéÞåíä ÐÞÛéÛÛîæÛäéÛéíÛèÛèÛÙåÝäßðÛÚ×ê¿åèæåè×êÛåêÞÛè×äÚÛâßãßä×êßåäé×éíÛââ×éÂÛÚÛè×âÁîæèÛéé ! ÐÞÛéÛÛîæÛäéÛéíÛ