FDX earnings analysis — 8-K, transcript, statement tables联邦快递 (FDX) 财报解读 — 8-K、transcript、statement tables
FedEx Corporation (FDX) Q4 FY2026 Earnings Follow-Up Analysis
1. Actual vs Consensus: Per the June 25, 2026 BusinessWire official earnings release and SEC 8-K filing, Q4 FY2026 (ended May 31, 2026) revenue reached $25.0B, beating consensus estimates of $22.9B by 9.1%, while GAAP diluted EPS hit $6.60, exceeding consensus EPS of $5.91 by 6.8%. Year-over-year revenue grew 4.2%.
2. Revenue Quality & Profitability: Gross margin came in at 22.7% with $5.7B in gross profit, operating margin hit 8.4% with $2.1B in operating income (29.3% YoY growth), EBIT and EBITDA stood at $2.1B and $3.2B respectively with a 12.7% EBITDA margin. Net income totaled $1.6B with a 6.4% net margin, outperforming consensus expectations.
3. Cash Conversion & Investment: Operating cash flow was $3.3B, capex totaled $1.5B, generating $1.8B in free cash flow. Ending cash reserves were $13.3B, total debt $42.9B, and net debt $29.6B, with full cash flow metrics disclosed.
4. Guidance: Management provided non-GAAP adjusted EPS guidance for calendar 2026 during the earnings call, with a range of $16.90 to $18.10 per diluted share, implying 20% adjusted EPS growth in the June-December transition year. No prior fiscal year guidance revisions were referenced in the provided materials.
5. GAAP vs Non-GAAP: GAAP diluted EPS was explicitly disclosed, but specific non-GAAP EPS figures were not provided, only adjusted operating income metrics were shared.
6. Earnings Call Transcript: Prepared remarks highlighted completion of the FedEx Freight spin-off on June 1, over $1B in transformation savings from Network 2.0, FedEx Express revenue and adjusted operating income growth, partial return of the MD-11 fleet, a new pilot contract, and 12 consecutive quarters of international revenue share gains in Europe. No Q&A details were included in the provided transcript excerpt.
7. Unresolved Investor Questions: Detailed segment data (beyond FedEx Express and Freight), backlog/deferred revenue, capex allocation plans, granular demand/pricing trends, and specific non-GAAP EPS values are not disclosed in the provided official materials.
联邦快递（FDX）2026财年第四季度财报跟进分析
1. 业绩超预期：根据2026年6月25日发布的BusinessWire官方财报及SEC 8-K文件，2026财年第四季度（截至5月31日）营收250亿美元，超出市场一致预期的229亿美元9.1%；GAAP摊薄每股收益为6.60美元，超出市场预期的5.91美元6.8%，同比营收增长4.2%。
2. 盈利质量：本季度毛利率22.7%，营业利润率8.4%，营业利润同比增长29.3%；EBIT为21亿美元，EBITDA为32亿美元，EBITDA利润率12.7%；净利润16亿美元，净利润率6.4%，整体盈利表现优于市场预期。
3. 现金流与投资：经营现金流33亿美元，资本支出15亿美元，自由现金流18亿美元；期末现金储备133亿美元，总债务429亿美元，净债务296亿美元，现金流相关数据完整披露。
4. 业绩指引：管理层在财报电话会议中首次披露2026日历年非GAAP持续经营业务调整后每股收益指引区间为16.90-18.10美元，对应6-12月过渡年调整后EPS增长20%，未提及此前财年指引的调整情况。
5. GAAP与非GAAP差异：本次披露了GAAP摊薄EPS，但未明确给出非GAAP EPS的具体数值，仅提及调整后营业利润相关数据。
6. 电话会议要点：管理层致辞提到完成FedEx Freight分拆（6月1日完成），Network 2.0项目实现超10亿美元转型成本节省，FedEx Express营收和调整后营业利润同比增长，MD-11机队逐步复飞，与飞行员达成新协议，欧洲业务连续12个季度国际营收份额增长，暂未披露问答环节细节。
7. 未解决事项：缺少各细分业务（除FedEx Express和FedEx Freight）的详细数据、订单储备/递延收入、资本支出具体分配计划、需求与定价的细分趋势，以及非GAAP EPS的具体数值。
This analysis was generated by InvestLog AI based on SEC filings, Form 4 insider transactions, Form 144 planned-sale notices, 13F institutional holdings, analyst ratings, and market data. It is for informational purposes only and does not constitute investment advice.这篇研究由 InvestLog AI 基于 SEC 披露、Form 4 内部人交易、Form 144 计划减持、13F 机构持仓、分析师评级和市场数据生成。内容仅供参考，不构成投资建议。