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FedEx FDX Federal Express segment — Separation and other costs

Other segment segments

FedEx Freight
Segment
$205M

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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 fdx:SeparationAndOtherCosts.

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
Fuel3,5653,3164,137
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

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is FedEx's federal express segment — separation and other costs?
FedEx (FDX) reported federal express segment — separation and other costs of $32M in Q1 2026.
What does federal express segment — separation and other costs mean?
This includes one-time or non-recurring expenses related to workforce reductions, restructuring, or other organizational changes within the express segment. These costs are typically excluded from core operating performance metrics.

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