FedEx Freight
FDXF NYSE Cargo Ground Transportation Financials FY2024–FY2026
FedEx Freight's revenue fell 1.1% to $8.8 billion in fiscal 2026. Its operating margin was 6.1%, down from 15.8% a year earlier. Free cash flow was −$212 million, against $1.1 billion a year earlier. It paid out $48 million in dividends and buybacks.
What FedEx Freight does
No business description yet.
- Legal name
- FedEx Freight Holding Company, Inc.
- Fiscal year ends
- May 31, 2026
- Latest annual report
- —
- Accession · CIK
- 0001628280-26-053359
0002082247
Revenue and margins
FedEx Freight had $8.8B of revenue in fiscal 2026, down 1.1% on the year before.
Net income and earnings per share
From fiscal 2024 to 2026, diluted EPS grew −35.5% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was −$212M in fiscal 2026, −2.4% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
FedEx Freight returned $48.0M to shareholders in fiscal 2026. The diluted share count rose 0.0%.
Value FedEx Freight yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$4.3B and divides by 149.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 25.1x · peers 31.8x · sector 26.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably FedEx Freight can carry it.
| Fiscal year end | FY24 | FY25 | FY26 |
|---|---|---|---|
| Cash and short-term investments | — | $109M | $251M |
| Debt incl. finance leases | — | $73.0M | $4.5B |
| Net debt / EBITDA | — | −0.0x | 4.1x |
| Debt / equity | — | 0.0x | — |
| Interest coverage | — | — | 9.5x |
| Current ratio | — | 0.4x | 1.5x |
| Quick ratio | — | 0.4x | 1.5x |
| Total assets | — | $5.0B | $6.9B |
| Total liabilities | — | $2.6B | $7.4B |
| Shareholders' equity | $2.1B | $2.4B | −$497M |
| Net debt (− = net cash) | — | −$36.0M | $4.3B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY25 | FY26 |
|---|---|---|
| Net income is positive | — | ✓ |
| Cash from operations is positive | ✓ | ✓ |
| Return on assets rose | — | — |
| Cash from operations exceeds net income | ✓ | ✕ |
| Debt fell relative to assets | — | — |
| Current ratio rose | — | ✓ |
| Share count didn't rise | ✓ | ✓ |
| Gross margin rose | — | — |
| Revenue rose relative to assets | — | — |
| F-score | — / 9 | — / 9 |
| Accruals ratio | — | 8.2% |
| Altman Z'' | 3.75 | 0.70 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| FedEx Freight FDXF | $16.5B | −1.1% | 6.1% | −2.4% | 13.0% | 25.1x | — | |
| XPO XPO | $21.6B | 1.1% | 8.0% | 4.0% | 9.5% | 54.2x | 5 | Compare → |
| Knight-Swift KNX | $10.0B | 0.8% | 2.9% | 16.9% | 1.6% | — | 6 | Compare → |
| J.B. Hunt JBHT | $21.4B | −0.7% | 7.2% | 7.9% | 13.1% | 31.8x | 6 | Compare → |
| Ryder R | $10.5B | 0.2% | — | 3.6% | 7.5% | 20.7x | 6 | Compare → |
3 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY24 | FY25 | FY26 |
|---|---|---|---|
| Income statement | |||
| Revenue | $9.4B | $8.9B | $8.8B |
| Operating income | $1.8B | $1.4B | $540M |
| Interest expense | $0.0M | $0.0M | $57.0M |
| Pretax income | $2.1B | $1.8B | $884M |
| Income tax | $505M | $456M | $229M |
| Net income | $1.6B | $1.3B | $655M |
| Diluted EPS | $10.53 | $9.00 | $4.38 |
| Diluted shares | 0.15B | 0.15B | 0.15B |
| Cash flow | |||
| Cash from operations | $1.5B | $1.5B | $167M |
| Capital expenditure | $461M | $437M | $379M |
| Free cash flow | $1.1B | $1.1B | −$212M |
| Depreciation and amortization | $455M | $471M | $512M |
| Stock-based compensation | $12.0M | $10.0M | $13.0M |
| Acquisitions | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $48.0M |
| Dividends and buybacks | $0.0M | $0.0M | $48.0M |
| Balance sheet | |||
| Cash and short-term investments | — | $109M | $251M |
| Total debt | — | $73.0M | $4.3B |
| Finance lease liabilities | $0.0M | $73.0M | $263M |
| Current assets | — | $284M | $1.5B |
| Current liabilities | — | $773M | $993M |
| Inventory | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | — | $2.8B | $2.9B |
| Total assets | — | $5.0B | $6.9B |
| Total liabilities | — | $2.6B | $7.4B |
| Shareholders' equity | $2.1B | $2.4B | −$497M |
| Margins | |||
| Operating margin | 18.6% | 15.8% | 6.1% |
| EBITDA margin | 23.4% | 21.1% | 12.0% |
| Net margin | 16.7% | 15.1% | 7.5% |
| FCF margin | 11.5% | 12.3% | −2.4% |
| Returns | |||
| Return on capital | — | — | 13.0% |
| Return on capital employed | — | — | 10.7% |
| Return on equity | — | — | 69.1% |
| Return on assets | — | — | 11.0% |
| Growth | |||
| Revenue growth | — | −5.7% | −1.1% |
| Net income growth | — | −14.5% | −51.3% |
| EPS growth | — | −14.5% | −51.3% |
| FCF growth | — | 1.3% | −119.4% |
| Share count change | — | 0.0% | 0.0% |
| Financial health | |||
| Net debt / EBITDA | — | −0.0x | 4.1x |
| Debt / equity | — | 0.0x | — |
| Interest coverage | — | — | 9.5x |
| Current ratio | — | 0.4x | 1.5x |
| Quick ratio | — | 0.4x | 1.5x |
| Capital allocation | |||
| Capex / revenue | 4.9% | 4.9% | 4.3% |
| Stock comp / revenue | 0.1% | 0.1% | 0.2% |
| Payouts / FCF | 0.0% | 0.0% | — |
| Quality scores | |||
| Altman Z'' | — | 3.8 | 0.7 |
| Accruals ratio | — | — | 8.2% |
Source: SEC EDGAR XBRL filings (CIK 0002082247). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.