Short answer
FedEx (FDX) filed its fiscal 2026 10-K annual report with the SEC on Jul 20, 2026. It reported revenue of $94.7B (+7.7% year over year) and net income of $4.4B.
- Top risk flagged: Regulatory risk: Export Control Reform Act of 2018 and International Emergency Economic Powers Act exposure with penalties up to $1M criminal and $378k civil per violation
FY2026 key financial metrics · XBRL
- Revenue
- $94.7B
- +7.7% YoY
- Net income
- $4.4B
- +8.3% YoY
- Operating margin
- 5.8%
- −0.2 pp YoY
- EPS (diluted)
- $18.55
- +10.4% YoY
- ROE
- 14.0%
- −0.6 pp YoY
- Operating cash flow
- $8.9B
- +26.8% YoY
Source: XBRL data from the FedEx (FDX) FY2026 10-K on SEC EDGAR. USD.
FedEx FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Global transportation and logistics services integrating air and ground networks, focusing on package delivery and supply chain solutions
- New emphasis on Network 2.0 transformation initiatives including integration of Federal Express and legacy FedEx Ground operations and IT infrastructure modernization
- Strategic shift: Completed Spin-Off of FedEx Freight on June 1, 2026, refocusing and divesting ownership interest within 24 months, risking transitional operational and financial impacts
- Notable metric: Recognized a $647 million pre-tax, noncash Mark-to-Market gain on retirement plans in 2026, net $497 million or $2.08 per diluted share
- Heightened focus on cybersecurity and AI risk management with establishment of an AI Council and expanded controls amid growing cyber threat landscape and AI usage in operations
Management Discussion & Analysis
- Revenue not explicitly stated; 5.9% average list price increase effective Jan 5, 2026 for most services, including contractual services
- Operating margin or profitability changes not detailed with % figures in provided text
- Best performing segment implied: Express International covering 220+ countries with comprehensive services but no financial figures given; worst not specified
- Capital allocation includes sale of FedEx Supply Chain for $1.4B expected H2 2026; no specific buybacks or dividends disclosed; ongoing capex in fleet modernization and technology investments mentioned but no dollar amounts
- Forward-looking risks: macroeconomic and geopolitical uncertainties, fuel price volatility, transformation initiative execution risks, cybersecurity threats, labor relations, competitive pressures, and impacts from climate change regulations and sustainable fuel mandates
Risk Factors
- Regulatory risk: Export Control Reform Act of 2018 and International Emergency Economic Powers Act exposure with penalties up to $1M criminal and $378k civil per violation
- Geopolitical risk: Limited service in Ukraine and Belarus, exited Russia; Middle East conflicts impacting operations and airspace routes since 2022
- Operational risk: Integration challenges of Federal Express and legacy FedEx Ground under Network 2.0 may increase costs, delay benefits, and cause customer or employee loss
- Competitive risk: Amazon’s internal delivery network and new LTL freight services pose market disruption threats to FedEx’s freight and parcel business
- Financial risk: Self-insurance exposure heightened by escalating commercial trucking “nuclear” verdicts, risking excess costs above insurance coverage limits
Generated from the filing text; verify against the original. How to read a 10-K
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