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FedEx FDX Federal Express segment — Rentals and landing fees

Other segment segments

FedEx Freight
Segment
$77M+6.9%

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Upbound Group, Inc. logo
UPBDRentals and fees
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$305M+9.7%
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$636M+12.2%
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$197M+10.7%
United Airlines Holdings logo
UALLanding fees and other rents
$1.06B+9.9%
Delta Air Lines logo
DALLanding fees and other rents
$978M+11.4%

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 fdx:RentalsAndLandingFees.

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
Operating expenses:
Salaries and employee benefits27,46525,09124,606
Purchased transportation21,81219,97419,330
Rentals and landing fees4,1533,9393,863
Depreciation and amortization3,7993,7223,754
Fuel3,5653,3164,137
Maintenance and repairs2,9062,7992,848
Asset impairment charges2321157

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is FedEx's federal express segment — rentals and landing fees?
FedEx (FDX) reported federal express segment — rentals and landing fees of $1.06B in Q1 2026.
How has FedEx's federal express segment — rentals and landing fees changed year-over-year?
FedEx's federal express segment — rentals and landing fees increased by 9.4% year-over-year, from $964M to $1.06B.
What is the long-term trend for FedEx's federal express segment — rentals and landing fees?
Over 3 years (2023 to 2026), FedEx's federal express segment — rentals and landing fees has grown at a 1.0% compound annual growth rate (CAGR), from $4.04B to $4.15B.
What does federal express segment — rentals and landing fees mean?
This includes expenses related to leasing aircraft, vehicles, and facilities, as well as fees paid to airports for landing rights. These are essential infrastructure costs required to maintain an air-based delivery network.

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