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FedEx FDX Federal Express segment — Intercompany allocations

Other segment segments

FedEx Freight
Segment
$112M-20.0%

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Other financials

Income statement

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Revenue$25.0B+12.5%
Operating income$1.6B-13.5%
Net income$1.6B-3.1%
EPS (diluted)$6.64-2.6%

Balance sheet

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Cash & equivalents$13.3B+142%
Total debt$42.8B+16.7%
Total equity$31.6B+12.7%
Total assets$98.9B+12.9%

Cash flow

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Operating cash flow$3.3B+29.6%
CapEx$1.5B+0.1%
Free cash flow$1.8B+71.2%

Valuation

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Market cap$72.73B+42.6%
Enterprise value$102.2B+24.4%
P/E16.4×+3.9×
P/S0.8×+0.2×

Profitability

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Gross margin76%
Operating margin5.8%-0.2pp
Net margin4.7%0.0pp
FCF margin5.4%+2.0pp

Returns & leverage

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Return on equity14.8%+0.1pp
Debt / equity1.4×0.0×
Current ratio1.5×+0.3×

Where this comes from

Reported directly by FedEx in its filing.

Tagged under the XBRL concept us-gaap:SegmentReportingOtherItemAmount.

The source filing: FedEx’s 10-K, filed July 20, 2026.

Filed
Jul 20, 2026, 4:14 PM EDT
Fiscal year
FY2026
Accession
0001048911-26-000105
Line item202620252024
Maintenance and repairs2,9062,7992,848
Asset impairment charges2321157
Separation and other costs92
Business optimization costs303384251
Intercompany allocations (charges)(853)(791)(684)
Other13,09611,96411,582
Total operating expenses76,36170,41969,844
Operating income$5,912$4,885$4,819

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is FedEx's federal express segment — intercompany allocations?
FedEx (FDX) reported federal express segment — intercompany allocations of -$185M in Q1 2026.
How has FedEx's federal express segment — intercompany allocations changed year-over-year?
FedEx's federal express segment — intercompany allocations increased by 7.5% year-over-year, from -$200M to -$185M.
What is the long-term trend for FedEx's federal express segment — intercompany allocations?
Over 3 years (2023 to 2026), FedEx's federal express segment — intercompany allocations has grown at a 7.4% compound annual growth rate (CAGR), from -$689M to -$853M.
What does federal express segment — intercompany allocations mean?
This reflects the net impact of shared services, corporate overhead, or cross-segment support costs allocated to the express division. It ensures that the segment bears its fair share of centralized corporate expenses.

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