The Quarter in Brief
FedEx reported its third quarter of 2026, the three months to September 30, after the market closed on October 28. It is the company's first report since it moved its financial year to the calendar year and spun off its freight trucking business, FedEx Freight, on June 1, so every figure here is for the parcel and air business that remains, with last year restated on the same basis. Revenue was $22.86 billion, up 11.9% from $20.43 billion. Adjusted earnings per share, the company's measure that leaves out the change in value of its Freight stake, a gain on buying back debt and restructuring costs, were $3.74, up 27.6% from $2.93.
Analysts had expected about $3.31 of adjusted earnings per share and $22.81 billion of revenue, according to Investing.com, so FedEx came in ahead on earnings and in line on revenue. What set the quarter apart was the gap between the two earnings figures: reported earnings per share fell to $1.21 from $2.73, because FedEx kept 19.9% of FedEx Freight and must count every change in that stake's market value as profit or loss. This quarter it lost $1.24 billion of value.