{"id":25254,"date":"2026-06-24T01:02:00","date_gmt":"2026-06-23T23:02:00","guid":{"rendered":"http:\/\/stocks-future.com\/?guid=f88c26f09023a09fcb6b7a7c40382e84"},"modified":"2026-06-24T01:02:00","modified_gmt":"2026-06-23T23:02:00","slug":"fedex-reports-strong-fourth-quarter-and-full-year-results","status":"publish","type":"post","link":"https:\/\/stocks-future.com\/?p=25254","title":{"rendered":"FedEx Reports Strong Fourth Quarter and Full-Year Results"},"content":{"rendered":"

\nDelivered Significant Revenue and Earnings Growth Year-over-Year\n<\/i>Introduces CY 2026 Outlook\nE<\/i>xpects Continued Revenue and Earnings Growth Momentum in <\/i>June-through-December Transition Year<\/i><\/p>

MEMPHIS, Tenn.--(BUSINESS WIRE)--FedEx Corp. (NYSE: FDX) today reported the following consolidated results for the fourth quarter ended May 31 (adjusted measures exclude the items listed below):<\/p><\/a><\/a>\n\n\n\n\n\n\n\n

\n\u00a0<\/p><\/td>

\nFiscal 2026<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\nFiscal 2025<\/b><\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\nAs Reported\n(GAAP)<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\nAdjusted\n(non-GAAP)<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\nAs Reported\n(GAAP)<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\nAdjusted\n(non-GAAP)<\/b><\/p><\/td><\/tr>\n

\nRevenue<\/p><\/td>

\n$25.0 billion<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$25.0 billion<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$22.2 billion<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$22.2 billion<\/p><\/td><\/tr>\n

\nOperating income<\/p><\/td>

\n$1.55 billion<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$2.09 billion<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$1.79 billion<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$2.02 billion<\/p><\/td><\/tr>\n

\nOperating margin<\/p><\/td>

\n6.2%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n8.4%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n8.1%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n9.1%<\/p><\/td><\/tr>\n

\nNet income<\/p><\/td>

\n$1.60 billion<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$1.53 billion<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$1.65 billion<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$1.46 billion<\/p><\/td><\/tr>\n

\nDiluted EPS<\/p><\/td>

\n$6.60<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$6.31<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$6.88<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$6.07<\/p><\/td><\/tr>\n<\/table>

\nThis year\u2019s and last year\u2019s quarterly consolidated results have been adjusted for:<\/p>\n\n\n\n\n\n\n\n\n

\n\u00a0<\/p><\/td>

\nFiscal 2026<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\nFiscal 2025<\/b><\/p><\/td><\/tr>\n

\nImpact per diluted share<\/i><\/p><\/td>

\nFourth\nQuarter<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\nFull\nYear<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\nFourth\nQuarter<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\nFull\nYear<\/b><\/p><\/td><\/tr>\n

\nMark-to-market (MTM) retirement plans accounting adjustments<\/p><\/td>

\n($<\/p><\/td>

\n2.05<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n($<\/p><\/td>

\n2.08<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n($<\/p><\/td>

\n1.63<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n($<\/p><\/td>

\n1.60<\/p><\/td>

\n)<\/p><\/td><\/tr>\n

\nFedEx Freight spin-off costs<\/p><\/td>

\n\u00a0<\/p><\/td>

\n0.97<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2.46<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n0.11<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n0.18<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nBusiness optimization costs<\/p><\/td>

\n\u00a0<\/p><\/td>

\n0.66<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n1.19<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n0.39<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2.37<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nFiscal year change costs<\/p><\/td>

\n\u00a0<\/p><\/td>

\n0.04<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n0.11<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u2014<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u2014<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nAsset impairment charges<\/p><\/td>

\n\u00a0<\/p><\/td>

\n0.07<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n0.08<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n0.07<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n0.06<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nInternational regulatory and legacy FedEx Ground legal matters<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u2014<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(0.07<\/p><\/td>

\n)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n0.26<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n0.37<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n<\/table>

\nConsolidated adjusted operating income improved in the fourth quarter, reflecting continued strength in U.S. Domestic and International Priority package yields, cost savings from transformation initiatives, and increased U.S. domestic and international export package volume.<\/p>

\n\u201cTeam FedEx delivered an impressive finish to a strong fiscal year, providing excellent service to our customers and successfully executing on our transformation initiatives,\u201d said Raj Subramaniam, FedEx Corp. president and chief executive officer. \u201cOur profitable growth strategy is working. We are building momentum across our global industrial network, driving structural improvements and winning in high-value growth markets. With the successful spin-off of FedEx Freight, we are entering this next chapter positioned to grow while further optimizing our network, lowering our cost to serve, creating meaningful long-term value, and driving robust free cash flow.\u201d<\/p>

\nFourth Quarter Results<\/span><\/b><\/p>

\nFederal Express segment operating results improved during the quarter, driven by higher U.S. domestic and International Priority package yields, continued cost savings from transformation initiatives, and increased U.S. domestic and international export package volume. These factors were partially offset by increased purchased transportation and wage rates, higher variable incentive compensation expenses, and the financial impacts of global trade policy changes.<\/p>

\nFourth quarter results include a noncash impairment charge of $23 million ($0.07 per diluted share) from the decision to permanently retire 10 aircraft. Last year's fourth quarter results included a noncash impairment charge of $21 million ($0.07 per diluted share) from the decision to permanently retire 12 aircraft, plus eight related engines. These retirements are aligned with the company's fleet reduction and modernization strategy as the company continues to improve its global network efficiency and better align air network capacity with anticipated demand.<\/p>

\nFull-Year Results<\/span><\/b><\/p>

\nFor the full fiscal year, FedEx Corporation reported the following consolidated results (adjusted measures exclude the items listed above for the applicable fiscal year):<\/p>\n\n\n\n\n\n\n\n

\n\u00a0<\/p><\/td>

\nFiscal 2026<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\nFiscal 2025<\/b><\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\nAs Reported\n(GAAP)<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\nAdjusted\n(non-GAAP)<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\nAs Reported\n(GAAP)<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\nAdjusted\n(non-GAAP)<\/b><\/p><\/td><\/tr>\n

\nRevenue<\/p><\/td>

\n$94.7 billion<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$94.7 billion<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$87.9 billion<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$87.9 billion<\/p><\/td><\/tr>\n

\nOperating income<\/p><\/td>

\n$5.46 billion<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$6.61 billion<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$5.22 billion<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$6.12 billion<\/p><\/td><\/tr>\n

\nOperating margin<\/p><\/td>

\n5.8%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n7.0%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n5.9%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n7.0%<\/p><\/td><\/tr>\n

\nNet income<\/p><\/td>

\n$4.43 billion<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$4.84 billion<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$4.09 billion<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$4.43 billion<\/p><\/td><\/tr>\n

\nDiluted EPS<\/p><\/td>

\n$18.55<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$20.24<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$16.81<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$18.19<\/p><\/td><\/tr>\n<\/table>

\nResults reflect lower structural costs as the company exceeded its goal of $1 billion of transformation-related cost savings during the year.<\/p>

\nCapital spending for fiscal 2026 totaled $3.8 billion, a decrease of $246 million, or 6%, compared with fiscal 2025. Capital spending as a percentage of revenue declined to 4.0%, the lowest annual level in FedEx Corporation history.<\/p>

\nFedEx Freight Spin-off Completed<\/span><\/b><\/p>

\nThe spin-off of FedEx Freight into a new publicly traded company was finalized on June 1, 2026. In connection with the spin-off, FedEx Freight paid a cash dividend of approximately $4.1 billion to FedEx Corporation from the proceeds of the $3.7 billion senior notes offering completed in February 2026 and borrowings under its delayed-draw term loan facility.<\/p>

\nFedEx Freight will host a call to discuss the company's fourth quarter results on June 25, 2026.<\/p>

\nFiscal Year Change<\/span><\/b><\/p>

\nIn January 2025, the FedEx Board of Directors approved a change in the company\u2019s fiscal year end from May 31 to December 31. The fiscal year change became effective for the period beginning June 1, 2026.<\/p>

\nCash and Capital Returns<\/span><\/b><\/p>

\nThe ending cash and cash equivalents balance of $13.3 billion includes a $4.1 billion cash dividend from the FedEx Freight spin-off. The dividend will be utilized in a manner consistent with preserving the tax-free nature of the transaction. In addition, the reported cash balance includes approximately $800 million in IEEPA tariff refunds held for refund to customers.<\/p>

\nDuring fiscal 2026, FedEx returned approximately $2.2 billion to stockholders through the combination of $776 million of stock repurchases and $1.4 billion of dividend payments. Repurchases during fiscal 2026 totaled approximately 3.3 million shares, or 1.4% of the shares outstanding at the beginning of the year, and increased fourth quarter and full-year earnings by $0.09 and $0.21 per share, respectively. As of May 31, 2026, $1.3 billion remained under the company's 2024 stock repurchase authorization.<\/p>

\nFor calendar 2026, FedEx remains committed to returning capital to stockholders, including the previously announced 5% increase in the annual dividend on its common stock, after adjusting for the FedEx Freight spin-off. The company also intends to repurchase up to $1 billion worth of shares opportunistically, leveraging continued balance sheet flexibility and free cash flow generation to offset dilution from equity compensation.<\/p>

\n\u201cOur fourth quarter and full-year results reflect the tenacity of the FedEx team to deliver steady adjusted operating income improvement year-over-year while navigating significant headwinds,\u201d said Claude Russ, FedEx Corp. enterprise vice president, finance and interim chief financial officer. \u201cAs we look ahead, continued revenue and earnings growth momentum in our transition year positions us to unlock significant stockholder value through a resolute focus on driving unprecedented free cash flow growth.\u201d<\/p>

\nOutlook<\/span><\/b><\/p>

\nFor calendar year 2026, FedEx Corporation is forecasting:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n

\nFinancial Metric<\/span>(1)<\/sup><\/p><\/td>

\nForecast Value<\/span><\/p><\/td>

\nAdditional Details & Exclusions<\/span><\/p><\/td><\/tr>\n

\nRevenue Growth<\/p><\/td>

\n~11% YoY<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nDiluted EPS<\/p>

\n(Continuing Operations)<\/p><\/td>

\n$16.55 to $17.75<\/p><\/td>

\nPrior to CY 2026 additional MTM adjustments for retirement plan accounting, and adjustments related to MTM accounting for the FedEx Freight investment and utilization of the FedEx Freight spin-off dividend.<\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nAdjusted Diluted EPS<\/p>

\n(Continuing Operations)<\/p><\/td>

\n$16.90 to $18.10<\/p><\/td>

\nAlso excludes MTM adjustments for retirement plan accounting, estimated costs related to the spin-off of FedEx Freight and business optimization initiatives, asset impairment charges, and costs related to the fiscal year change.<\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nEffective Tax Rate<\/p>

\n(ETR)<\/p><\/td>

\n~23%<\/p><\/td>

\nPrior to CY 2026 additional MTM adjustments for retirement plan accounting, and adjustments related to MTM accounting for the FedEx Freight investment and utilization of the FedEx Freight spin-off dividend.<\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nPension Contributions<\/p><\/td>

\n$475 million<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nCapital Spending<\/p><\/td>

\n$3.9 billion<\/p><\/td>

\nPrioritizes investments in network optimization and efficiency improvement, including fleet and facility modernization and automation.<\/p><\/td><\/tr>\n<\/table>\n\n

\n(1) <\/sup>The baseline for the calendar year 2026 financial metrics is the calendar year 2025 preliminary recasted results from continuing operations, which reflects FedEx Freight as discontinued operations. See Calendar 2025 Diluted Earnings Per Share from Continuing Operations information on page 15.<\/p><\/td><\/tr>\n<\/table>

\nThese forecasts assume the company's current economic forecast and fuel price expectations, successful completion of planned stock repurchases, and no additional adverse economic, geopolitical, or international trade-related developments. FedEx\u2019s ETR and EPS forecasts are based on current law and related regulations and guidance.<\/p>

\nCorporate Overview<\/span><\/b><\/p>

\nFedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. The company offers integrated business solutions utilizing its flexible, efficient, and intelligent global network. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its employees to remain focused on safety, the highest ethical and professional standards and the needs of their customers and communities. FedEx is committed to connecting people and possibilities around the world responsibly and resourcefully, with a goal to achieve carbon-neutral operations by 2040. To learn more, please visit fedex.com\/about<\/a>.<\/p>

\nAdditional information and operating data are contained in the company\u2019s annual report, Form 10-K, Form 10-Qs, Form 8-Ks and Statistical Books. These materials, as well as a webcast of the earnings release conference call to be held at 5:00 p.m. EDT on June 23, 2026, are available on the company\u2019s website at investors.fedex.com<\/a>. A replay of the conference call webcast will be posted on our website following the call.<\/p>

\nThe Investor Relations page of our website, investors.fedex.com<\/a>, contains a significant amount of information about FedEx, including our SEC filings and financial and other information for investors. The information that we post on our Investor Relations website could be deemed to be material information. We encourage investors, the media and others interested in the company to visit this website from time to time, as information is updated and new information is posted.<\/p>

\nCertain statements in this press release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act, such as statements regarding expected cost savings, the optimization of our network through Network 2.0, future financial targets, business strategies, management\u2019s views with respect to future events and financial performance, and the assumptions underlying such expected cost savings, targets, strategies, and statements. Forward-looking statements include those preceded by, followed by or that include the words \u201cwill,\u201d \u201cmay,\u201d \u201ccould,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201cbelieves,\u201d \u201cexpects,\u201d \u201cforecasts,\u201d \u201canticipates,\u201d \u201cplans,\u201d \u201cestimates,\u201d \u201ctargets,\u201d \u201cprojects,\u201d \u201cintends,\u201d \u201cdetermined to,\u201d or similar expressions. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions in the global markets in which we operate; uncertainty and additional volatility in the global trade environment; our ability to successfully implement our business strategies and global transformation program and network optimization initiatives, including Network 2.0 and Tricolor, effectively respond to changes in market dynamics, and achieve the anticipated benefits of such strategies and actions; our ability to achieve our cost reduction initiatives and financial performance goals, including our 2029 financial performance targets; our ability to achieve the anticipated benefits of the tax-free full separation of the FedEx Freight business into a new publicly traded company (the \u201cFedEx Freight Spin-Off\u201d); the possibility of disruption, including changes to existing business relationships, disputes, litigation, or unanticipated costs in connection with the FedEx Freight Spin-Off; the timing and amount of any costs or benefits or any specific outcome, transaction, or change (of which there can be no assurance), or the terms, timing, and structure thereof, related to our global transformation program and other ongoing reviews and initiatives; a significant data breach or other disruption to our technology infrastructure; damage to our reputation or loss of brand equity; our ability to meet our labor and purchased transportation needs while controlling related costs; failure of third-party service providers to perform as expected, or disruptions in our relationships with those providers or their provision of services to FedEx; the effect of any international conflicts or terrorist activities, including as a result of the current conflicts between Russia and Ukraine and in the Middle East; evolving or new U.S. domestic or international laws and government regulations, policies, and actions, including regulatory and\/or legal compliance requirements that can affect our ability to efficiently or fully utilize our aircraft; changes in fuel prices or currency exchange rates, including significant increases in fuel prices as a result of the ongoing conflicts between Russia and Ukraine and in the Middle East and other geopolitical and regulatory developments; the effect of intense competition; our ability to match capacity to shifting volume levels; an increase in self-insurance accruals and expenses; loss or delay in the collection of accounts receivable, including those related to tariffs in light of recent judicial rulings; the effect of technology developments, including autonomous technology and artificial intelligence; failure to receive or collect expected insurance coverage; our ability to effectively operate, integrate, leverage, and grow acquired businesses and complete and realize the anticipated benefits of acquisitions and other strategic transactions including FedEx's investment in InPost, as a consortium member, and related commercial agreements; noncash impairment charges related to our goodwill and certain deferred tax assets; the future rate of e-commerce growth; future guidance, regulations, interpretations, challenges, or judicial decisions related to tariffs and our tax positions; labor-related disruptions; legal challenges or changes related to service providers contracted to conduct certain linehaul and pickup-and-delivery operations and the drivers providing services on their behalf and the coverage of U.S. employees at Federal Express Corporation under the Railway Labor Act of 1926, as amended; our ability to quickly and effectively restore operations following adverse weather or a localized disaster or disturbance in a key geography; the effects of a widespread outbreak of an illness or any other communicable disease or public health crises; any liability resulting from and the costs of defending against litigation, including refunds of tariffs; our ability to achieve or demonstrate progress on our goal of carbon-neutral operations by 2040; successful completion of stock repurchases; and other factors which can be found in FedEx Corp.\u2019s and its subsidiaries\u2019 press releases and FedEx Corp.\u2019s filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended May 31, 2025 and subsequent Quarterly Reports on Form 10-Q. Any forward-looking statement speaks only as of the date on which it is made. We do not undertake or assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.<\/p>

\nThe financial section of this release is provided on the company's website at investors.fedex.com<\/a><\/p>

\nRECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES\n<\/b>TO GAAP FINANCIAL MEASURES<\/b><\/p>

\nFourth Quarter and Full-Year Fiscal 2026 and Fiscal 2025 Results<\/span><\/b><\/p>

\nThe company reports its financial results in accordance with accounting principles generally accepted in the United States (\u201cGAAP\u201d or \u201creported\u201d). We have supplemented the reporting of our financial information determined in accordance with GAAP with certain non-GAAP (or \u201cadjusted\u201d) financial measures, including our adjusted fourth quarter and adjusted full-year fiscal 2026 and 2025 consolidated operating income and margin, net income, and diluted earnings per share, adjusted fourth quarter and adjusted full-year fiscal 2026 and 2025 Federal Express segment operating income and margin, and adjusted fourth quarter and adjusted full-year fiscal 2026 and 2025 FedEx Freight segment operating income and margin. These financial measures have been adjusted to exclude the impact of the following items (as applicable):<\/p>