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FedEx (FDX)

Market Price (3/14/2026): $351.61 | Market Cap: $82.6 Bil
Sector: Industrials | Industry: Air Freight & Logistics

FedEx (FDX)

Market Price (3/14/2026): $351.61
Market Cap: $82.6 Bil
Sector: Industrials
Industry: Air Freight & Logistics

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.9%, FCF Yield is 5.3%		 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.4%
1 Attractive cash flow generation
CFO LTM is 8.2 Bil, FCF LTM is 4.3 Bil		 
2 Low stock price volatility
Vol 12M is 32%		 
3 Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, Automation & Robotics, Future of Freight, and E-commerce & DTC Adoption. Show more.		 
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.9%, FCF Yield is 5.3%
1 Attractive cash flow generation
CFO LTM is 8.2 Bil, FCF LTM is 4.3 Bil
2 Low stock price volatility
Vol 12M is 32%
3 Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, Automation & Robotics, Future of Freight, and E-commerce & DTC Adoption. Show more.
4 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.4%

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

FedEx (FDX) stock has gained about 30% since 11/30/2025 because of the following key factors:

1. Strong Fiscal Second Quarter 2026 Earnings Beat and Raised Outlook.

FedEx reported adjusted earnings per share (EPS) of $4.82 for Q2 FY2026 on December 18, 2025, significantly surpassing the consensus analyst estimate of approximately $4.02-$4.11. Quarterly revenue also exceeded expectations at $23.47-$23.5 billion. This robust performance, which included a 17% year-over-year growth in adjusted operating income and expanded operating margins, led the company to raise its full-year FY2026 adjusted EPS guidance to $17.80-$19.00 and its revenue growth outlook to 5-6% year-over-year.

2. Announcement of Ambitious Long-Term Strategic Growth and Profitability Targets.

During its 2026 Investor Day on February 12, 2026, FedEx unveiled a strategic plan targeting significant financial improvements by FY2029, including approximately $98 billion in revenue and an operating income of about $8 billion, aiming for a $3 billion increase in operating income. The strategy emphasizes premium growth in high-margin sectors, enhanced digital and AI capabilities, and network transformation (Network 2.0 and One FedEx initiatives), alongside a goal of achieving a 10% operating margin in U.S. Domestic and 8% internationally.

Show more

Stock Movement Drivers

Fundamental Drivers

The 28.7% change in FDX stock from 11/30/2025 to 3/13/2026 was primarily driven by a 21.8% change in the company's P/E Multiple.
(LTM values as of)113020253132026Change
Stock Price ($)273.17351.6828.7%
Change Contribution By: 
Total Revenues ($ Mil)88,59190,0931.7%
Net Income Margin (%)4.7%4.8%3.5%
P/E Multiple15.619.121.8%
Shares Outstanding (Mil)2362350.4%
Cumulative Contribution28.7%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/13/2026
ReturnCorrelation
FDX28.7% 
Market (SPY)-3.1%41.2%
Sector (XLI)7.1%61.6%

Fundamental Drivers

The 54.6% change in FDX stock from 8/31/2025 to 3/13/2026 was primarily driven by a 44.0% change in the company's P/E Multiple.
(LTM values as of)83120253132026Change
Stock Price ($)227.51351.6854.6%
Change Contribution By: 
Total Revenues ($ Mil)87,92690,0932.5%
Net Income Margin (%)4.7%4.8%3.4%
P/E Multiple13.219.144.0%
Shares Outstanding (Mil)2382351.3%
Cumulative Contribution54.6%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/13/2026
ReturnCorrelation
FDX54.6% 
Market (SPY)3.0%38.0%
Sector (XLI)8.8%52.9%

Fundamental Drivers

The 37.5% change in FDX stock from 2/28/2025 to 3/13/2026 was primarily driven by a 19.7% change in the company's P/E Multiple.
(LTM values as of)22820253132026Change
Stock Price ($)255.79351.6837.5%
Change Contribution By: 
Total Revenues ($ Mil)87,39390,0933.1%
Net Income Margin (%)4.4%4.8%8.2%
P/E Multiple15.919.119.7%
Shares Outstanding (Mil)2422353.0%
Cumulative Contribution37.5%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/13/2026
ReturnCorrelation
FDX37.5% 
Market (SPY)12.4%62.5%
Sector (XLI)22.0%68.2%

Fundamental Drivers

The 85.3% change in FDX stock from 2/28/2023 to 3/13/2026 was primarily driven by a 35.9% change in the company's Net Income Margin (%).
(LTM values as of)22820233132026Change
Stock Price ($)189.75351.6885.3%
Change Contribution By: 
Total Revenues ($ Mil)94,09190,093-4.2%
Net Income Margin (%)3.5%4.8%35.9%
P/E Multiple14.519.131.3%
Shares Outstanding (Mil)2552358.5%
Cumulative Contribution85.3%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/13/2026
ReturnCorrelation
FDX85.3% 
Market (SPY)73.4%46.1%
Sector (XLI)70.2%52.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
FDX Return1%-32%49%13%5%26%54%
Peers Return39%-18%43%6%10%17%120%
S&P 500 Return27%-19%24%23%16%-1%80%

Monthly Win Rates [3]
FDX Win Rate50%50%58%50%58%67% 
Peers Win Rate62%47%62%47%58%60% 
S&P 500 Win Rate75%42%67%75%67%33% 

Max Drawdowns [4]
FDX Max Drawdown-15%-44%0%-7%-29%0% 
Peers Max Drawdown-6%-29%-10%-17%-26%0% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-2% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: UPS, XPO, ODFL, JBHT, CHRW. See FDX Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/13/2026 (YTD)

How Low Can It Go

Unique KeyEventFDXS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-54.7%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven120.8%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven1,221 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-45.1%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven82.2%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven122 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-49.6%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven98.2%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven372 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-71.7%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven252.9%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven1,682 days1,480 days

Compare to UPS, XPO, ODFL, JBHT, CHRW

In The Past

FedEx's stock fell -54.7% during the 2022 Inflation Shock from a high on 5/27/2021. A -54.7% loss requires a 120.8% gain to breakeven.

Preserve Wealth

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Asset Allocation

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About FedEx (FDX)

FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. The company's FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; time-critical transportation services; and cross-border e-commerce technology and e-commerce transportation solutions. Its FedEx Ground segment provides day-certain delivery services to businesses and residences. The company's FedEx Freight segment offers less-than-truckload freight transportation services. As of May 31, 2021, this segment had approximately 29,000 vehicles and 400 service centers. Its FedEx Services segment provides sales, marketing, information technology, communications, customer service, technical support, billing and collection, and back-office function services. The company's Corporate, Other and Eliminations segment offers integrated supply chain management solutions, specialty transportation, customs brokerage, and global ocean and air freight forwarding services; and an array of document and business services, and retail access to its customers for its package transportation businesses. The company was founded in 1971 and is based in Memphis, Tennessee.

AI Analysis | Feedback

1. Essentially, it's like UPS, a global leader in package and freight delivery and logistics services.

2. A global transportation and supply chain management giant, similar in scope and offerings to DHL.

AI Analysis | Feedback

  • Express Package Delivery: Provides rapid, time-sensitive delivery of small packages and documents globally.
  • Ground Package Delivery: Offers reliable, day-certain delivery services for packages to businesses and residences.
  • Freight Transportation: Delivers less-than-truckload (LTL) freight, as well as global ocean and air cargo forwarding services.
  • E-commerce Solutions: Provides technology and transportation solutions to facilitate cross-border e-commerce.
  • Supply Chain Management: Offers integrated solutions for managing complex supply chains, including specialty transportation and customs brokerage.
  • Business Services: Provides an array of document and business services, along with retail access for package transportation needs.

AI Analysis | Feedback

FedEx (FDX) primarily serves other businesses (B2B) across a wide range of industries, although it also provides services directly to individual consumers.

Due to the diversified nature of its operations and its role as a global logistics provider, FedEx typically does not have a small number of individually named "major customers" that account for a significant portion of its revenue. Instead, its major customers can be categorized as various types of businesses that rely on its extensive network and services. These categories include:

  • E-commerce Retailers and Marketplaces: Businesses of all sizes, from small online shops to large multinational corporations, that utilize FedEx for shipping products directly to consumers, managing returns, and facilitating cross-border e-commerce.
  • Manufacturers and Distributors: Companies across diverse sectors such as automotive, electronics, industrial goods, and consumer products that require comprehensive logistics, freight, and supply chain management services to move raw materials, components, and finished goods globally.
  • Healthcare and Life Sciences Companies: Organizations in pharmaceuticals, biotechnology, and medical devices that depend on FedEx's specialized services for the time-critical, temperature-controlled, and secure transportation of sensitive goods like vaccines, medical samples, and equipment.

AI Analysis | Feedback

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AI Analysis | Feedback

The expansion of Amazon Logistics into a comprehensive third-party package delivery and logistics service, directly competing with FedEx for market share and reducing Amazon's historical reliance on traditional carriers.

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Interactive Breakdown

FedEx Interactive Breakdown Analysis

Better Bets vs. FedEx (FDX)

Latest Trefis Analyses

Trade Ideas

Select ideas related to FDX.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
EFX_2272026_Monopoly_xInd_xCD_Getting_Cheaper02272026EFXEquifaxMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.0%0.0%0.0%
LZ_2202026_Dip_Buyer_High_CFO_Margins_ExInd_DE02202026LZLegalZoom.comDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		7.2%7.2%-5.0%
ADP_2132026_Dip_Buyer_ValueBuy02132026ADPAutomatic Data ProcessingDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		1.1%1.1%-3.0%
TREX_2132026_Dip_Buyer_ValueBuy02132026TREXTrexDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-3.2%-3.2%-5.9%
PCTY_2132026_Dip_Buyer_High_CFO_Margins_ExInd_DE02132026PCTYPaylocityDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		-0.6%-0.6%-4.8%

Recent Active Movers

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Research & Analysis

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Wealth Management

Peer Comparisons

Peers to compare with:

Financials

FDXUPSXPOODFLJBHTCHRWMedian
NameFedEx United P.XPO Old Domi.JB Hunt .C.H. Rob. 
Mkt Price351.6897.21181.71180.75200.25169.39181.23
Mkt Cap82.682.521.437.719.020.329.6
Rev LTM90,09388,6618,1565,49611,99916,23314,116
Op Inc LTM6,3277,8677291,3618657951,113
FCF LTM4,3484,765329955948844951
FCF 3Y Avg3,6985,353-168885483642764
CFO LTM8,1988,4509861,3701,6789151,524
CFO 3Y Avg8,2469,6038251,5331,6357191,584

Growth & Margins

FDXUPSXPOODFLJBHTCHRWMedian
NameFedEx United P.XPO Old Domi.JB Hunt .C.H. Rob. 
Rev Chg LTM3.1%-2.6%1.0%-5.5%-0.7%-8.4%-1.7%
Rev Chg 3Y Avg-1.4%-4.0%1.9%-4.2%-6.6%-12.1%-4.1%
Rev Chg Q6.8%-3.2%4.6%-5.7%-1.6%-6.5%-2.4%
QoQ Delta Rev Chg LTM1.7%-0.9%1.1%-1.4%-0.4%-1.6%-0.7%
Op Mgn LTM7.0%8.9%8.9%24.8%7.2%4.9%8.0%
Op Mgn 3Y Avg6.8%9.4%8.2%26.4%7.3%3.9%7.7%
QoQ Delta Op Mgn LTM0.2%-0.3%0.2%-0.2%0.4%0.1%0.1%
CFO/Rev LTM9.1%9.5%12.1%24.9%14.0%5.6%10.8%
CFO/Rev 3Y Avg9.3%10.6%10.3%26.7%13.3%4.2%10.5%
FCF/Rev LTM4.8%5.4%4.0%17.4%7.9%5.2%5.3%
FCF/Rev 3Y Avg4.2%5.9%-2.2%15.5%4.0%3.8%4.1%

Valuation

FDXUPSXPOODFLJBHTCHRWMedian
NameFedEx United P.XPO Old Domi.JB Hunt .C.H. Rob. 
Mkt Cap82.682.521.437.719.020.329.6
P/S0.90.92.66.91.61.31.4
P/EBIT12.610.132.727.721.925.523.7
P/E19.114.867.936.931.834.633.2
P/CFO10.19.821.727.511.322.216.5
Total Yield6.9%13.3%1.5%3.3%4.0%4.4%4.2%
Dividend Yield1.6%6.5%0.0%0.6%0.9%1.5%1.2%
FCF Yield 3Y Avg5.6%5.1%-2.1%2.4%2.7%4.7%3.7%
D/E0.50.30.20.00.10.10.1
Net D/E0.40.30.2-0.00.10.10.1

Returns

FDXUPSXPOODFLJBHTCHRWMedian
NameFedEx United P.XPO Old Domi.JB Hunt .C.H. Rob. 
1M Rtn-3.8%-17.9%-10.0%-6.9%-13.1%-13.4%-11.5%
3M Rtn24.8%-2.3%21.9%13.5%1.0%8.2%10.8%
6M Rtn54.6%18.9%39.6%25.2%45.9%28.9%34.2%
12M Rtn49.2%-9.9%71.2%11.7%35.5%79.2%42.3%
3Y Rtn89.3%-38.5%455.7%10.2%22.6%86.3%54.4%
1M Excs Rtn-1.4%-15.5%-7.6%-4.5%-10.7%-11.0%-9.1%
3M Excs Rtn26.4%0.5%22.4%16.7%2.9%9.0%12.8%
6M Excs Rtn52.3%15.6%32.3%18.5%39.4%27.4%29.9%
12M Excs Rtn26.6%-30.9%45.6%-10.4%10.1%58.4%18.3%
3Y Excs Rtn10.0%-108.0%345.0%-64.8%-57.4%7.7%-24.8%

Financials

Segment Financials

Assets by Segment
$ Mil20252024202320222021
Federal Express segment73,25947,75447,60446,35641,252
FedEx Freight segment11,61510,1978,9047,3716,434
Corporate, other and elimination2,133-15,038-11,548-8,723-6,134
FedEx Ground Segment 36,81532,64529,13424,700
FedEx Services Segment 7,4158,3898,6397,285
Total87,00787,14385,99482,77773,537


Price Behavior

Price Behavior
Market Price$351.68 
Market Cap ($ Bil)82.6 
First Trading Date04/12/1978 
Distance from 52W High-9.2% 
   50 Days200 Days
DMA Price$343.45$265.68
DMA Trendupup
Distance from DMA2.4%32.4%
 3M1YR
Volatility25.0%32.2%
Downside Capture20.6292.76
Upside Capture168.22115.50
Correlation (SPY)40.0%61.9%
FDX Betas & Captures as of 2/28/2026

 1M2M3M6M1Y3Y
Beta-0.010.540.640.681.030.90
Up Beta0.050.781.100.281.010.83
Down Beta-0.090.360.220.961.100.93
Up Capture152%187%195%151%128%94%
Bmk +ve Days9203170142431
Stock +ve Days16274078137404
Down Capture-179%-79%-45%-2%92%97%
Bmk -ve Days12213054109320
Stock -ve Days5142146114347

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with FDX
FDX47.9%32.1%1.24-
Sector ETF (XLI)28.0%19.2%1.1667.3%
Equity (SPY)19.6%18.9%0.8161.9%
Gold (GLD)71.9%26.3%2.05-0.4%
Commodities (DBC)19.3%17.3%0.8920.0%
Real Estate (VNQ)6.2%16.3%0.1955.6%
Bitcoin (BTCUSD)-15.0%44.2%-0.2416.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with FDX
FDX9.1%32.4%0.33-
Sector ETF (XLI)13.4%17.1%0.6255.1%
Equity (SPY)13.1%17.0%0.6150.3%
Gold (GLD)24.1%17.3%1.140.1%
Commodities (DBC)11.2%19.0%0.479.3%
Real Estate (VNQ)4.8%18.8%0.1638.3%
Bitcoin (BTCUSD)6.4%56.7%0.3315.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with FDX
FDX11.1%32.7%0.40-
Sector ETF (XLI)13.8%19.8%0.6163.0%
Equity (SPY)14.5%17.9%0.7058.7%
Gold (GLD)14.4%15.6%0.77-2.3%
Commodities (DBC)8.6%17.6%0.4019.2%
Real Estate (VNQ)5.6%20.7%0.2344.1%
Bitcoin (BTCUSD)67.5%66.8%1.0712.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date2272026
Short Interest: Shares Quantity3.2 Mil
Short Interest: % Change Since 2152026-8.6%
Average Daily Volume1.5 Mil
Days-to-Cover Short Interest2.1 days
Basic Shares Quantity235.0 Mil
Short % of Basic Shares1.4%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
12/18/20250.6%3.2%6.9%
9/18/20252.3%4.4%5.0%
6/24/2025-3.3%2.1%6.0%
3/20/2025-6.4%-0.9%-16.7%
12/19/2024-0.1%1.6%-2.1%
9/3/2024-0.2%-2.8%-8.6%
6/25/202415.5%16.3%16.5%
3/21/20247.4%9.4%2.0%
...
SUMMARY STATS   
# Positive131514
# Negative11910
Median Positive5.8%5.3%9.9%
Median Negative-4.0%-2.8%-9.5%
Max Positive15.5%26.4%25.4%
Max Negative-21.4%-24.6%-23.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
11/30/202512/18/202510-Q
08/31/202509/18/202510-Q
05/31/202507/21/202510-K
02/28/202503/20/202510-Q
11/30/202412/19/202410-Q
08/31/202409/19/202410-Q
05/31/202407/15/202410-K
02/29/202403/21/202410-Q
11/30/202312/19/202310-Q
08/31/202309/20/202310-Q
05/31/202307/17/202310-K
02/28/202303/16/202310-Q
11/30/202212/20/202210-Q
08/31/202209/22/202210-Q
05/31/202207/18/202210-K
02/28/202203/17/202210-Q

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Ramo, Joshua Cooper DirectSell7232025232.233,610838,3611,644,210Form
2Ellison, Marvin R DirectSell7092025236.943,610855,3531,829,177Form
3Walsh, Paul S DirectSell7082025238.293,610860,2413,696,653Form
4Martin, R Brad DirectSell7072025241.752,123513,2352,160,036Form
5Smith, Frederick WExecutive ChairmanDirectSell4112025202.85123,85025,122,5212,898,575,781Form

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