FedEx Corp Changes Fiscal Year End; Completes FedEx Freight Spin‑Off

What Happened

• FedEx Corporation filed an 8-K on July 21, 2026 announcing two material changes. Effective June 1, 2026, FedEx changed its fiscal year end from May 31 to December 31, creating a seven-month Transition Period from June 1, 2026 through December 31, 2026. FedEx also completed the spin-off of its less‑than‑truckload freight business, FedEx Freight (which included FedEx Custom Critical, LTL Select and related operations), into a newly publicly traded company on June 1, 2026. As a result, FedEx will no longer consolidate FedEx Freight and it is no longer a reportable segment.
• Following the Spin‑Off and starting in the first quarter of the Transition Period, FedEx realigned internal reporting and now reports two new operating segments: Express U.S. Domestic and Express International (previously combined as the Federal Express segment). Supplemental historical financial information reflecting the fiscal year change, FedEx Freight as discontinued operations, and the new segment presentation is provided in Exhibit 99.1.

Key Details

• Fiscal year end moved from May 31 to December 31, effective June 1, 2026.
• Transition Period: June 1, 2026 – December 31, 2026 (seven months); FedEx will file a Transition Report on Form 10-K covering this period.
• Spin-Off completed June 1, 2026: FedEx Freight (including FedEx Custom Critical and LTL Select) is deconsolidated and no longer a reportable segment.
• New reportable segments beginning Q1 of the Transition Period: Express U.S. Domestic and Express International.

Why It Matters

• The fiscal year change and the FedEx Freight spin-off materially affect comparability of historical and future results. Investors should expect a seven‑month Transition Period filing and changes in how revenue and profits are presented (FedEx Freight treated as discontinued operations).
• Segment-level reporting will change, affecting trend analysis for the former Federal Express business now split into domestic and international lines. FedEx provided supplemental historical financials to help investors compare past results with the new reporting structure.
• These are structural accounting and reporting changes (not forward-looking operational guidance); investors should review the Transition 10‑K and Exhibit 99.1 for details when assessing earnings, revenue trends, and segment performance.