Fedex Freight

Q4 FY2026 EarningsFY26 Q4 results significantly missed consensus expectations across key profitability and cash flow metrics, despite a slight beat in revenue. Operating income of $540M was severely impacted by $492M in one-time spin-off costs, leading to a GAAP EPS of $4.38, well below the $2.78 normalized and $4.25 consensus mean. Cash flow from operations of $167M missed the $1,195M consensus by over 86% due to working capital headwinds from reacquiring $1B in receivables from FedEx. Management maintains a cautious outlook for calendar 2026 due to industrial softness and trade policy uncertainty.