FedEx Freight earnings
MyStockButler's October 2026 analysis: FedEx Freight's next results are expected on December 2, 2026. Watch shipment volumes and fuel-excluded pricing in the release.
What has FedEx Freight guided through December 2026?
For the seven months ending December 2026, management guides to revenue of $5.580–$5.650 billion. It guides to adjusted operating income of $695–$715 million. Its medium-term targets are 4%–6% annual revenue growth and more than $1 billion of free cash flow by 2029. FedEx Freight has operated independently only since June 2026, so its record against standalone promises is limited.
For the seven months ending December 2026, management forecast operating income of $465 million–$485 million. It also forecast adjusted operating income of $695 million–$715 million. The $230 million difference represents identified spin-off costs.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Revenue | Seven months to Dec 2026 | 5,580 | 5,650 | 2026-10-29 |
| Operating income | Seven months to Dec 2026 | 465 | 485 | 2026-10-29 |
| Adjusted operating income | Seven months to Dec 2026 | 695 | 715 | 2026-10-29 |
| Revenue | Three months to Dec 2026 | 2,300 | 2,370 | 2026-10-29 |
| Adjusted operating income | Three months to Dec 2026 | 185 | 205 | 2026-10-29 |
What this means. The adjusted profit figures are higher because they leave out certain costs, including retirement-plan accounting changes and spin-off costs.
What do FedEx Freight's last eight quarters show?
The latest quarter showed operating improvement without a confirmed volume recovery. Revenue rose to $2.4 billion in the September 2026 quarter from $2.3 billion in the September 2025 quarter, with 64 operating days in both periods.
Reported operating income fell to $253 million from $290 million. After removing the respective separation charges, operating income rose to $358 million from $320 million, an increase of about 12%. That shows improvement before those particular costs, not a fully normalized independent cost base.
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,442 | 2,455 | 2,107 | 2,068 | 2,259 | 2,289 | 2,162 | 2,132 |
| Operating income | 253 | 212 | 65 | -14 | 290 | 436 | 310 | 255 |
| Net income | 147 | 177 | 103 | 59 | 291 | 394 | 315 | 268 |
| EPS, diluted | 0.98 | 1.19 |
What this means. Some quarterly figures are reconstructed from the former parent company’s records, so they may include costs or results from before this company existed on its own.
What should I watch in FedEx Freight's next release?
At year-end, compare shipment volumes and fuel-excluded pricing with the outlook, then compare the final separation bill with management’s expectations. Pension accounting will also matter because FedEx Freight assumed pension plans when it separated from FedEx.