FDXF
Updated: 25/09/2026, 00:34:21
FedEx Freight Holding Company, Inc. specializes in transporting less-than-truckload (LTL) cargo across the United States, Canada, Mexico, Puerto Rico, and the U.S. Virgin Islands. The company provides a diverse array of services, enabling customers to efficiently balance transit times with budgetary needs. Following its separation from FedEx Corporation, it now operates as an independent and publicly traded entity.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2026 filing.
Revenue
$8.8B
FY 2026 · Reported
Net income
$0.7B
FY 2026 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
N/A
FY — · Reported
R&D intensity
N/A
FY — · Reported
Share repurchases
N/A
FY — · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Core business
Leading North American LTL freight transportation provider; priority and economy service offerings; sole reportable segment
“FedEx Freight is a leading North American provider of LTL freight transportation services. We offer a range of services designed to meet the diverse needs of LTL shippers”
Largest North American LTL carrier
Largest North American LTL carrier; ~40,000 employees, over 365 locations incl. ~355 shipping terminals and ~10 linehaul relay sites, nearly 30,000 motorized vehicles (~17,000 tractors), >26,000 service center doors across US, Canada, Mexico as of June 1, 2026
“FedEx Freight is the largest North American less-than-truckload (“LTL”) freight carrier, with industry-leading transit times and service levels”
North America LTL freight operations
Operations limited to North America; primary business is transporting goods (LTL freight, moved by truck)
“While our operations are limited to North America, we are indirectly impacted by broader macroeconomic and international trade policies and risks. The transportation industry is highly cyclical”
Sole reportable segment
FedEx Freight is the sole reportable segment
“FedEx Freight is our sole reportable segment.”
Cross-border LTL capabilities Canada and Mexico
Cross-border LTL to/from Canada and Mexico, intra-Canada and intra-Mexico shipments, and service to Puerto Rico and U.S. Virgin Islands
“Customers can also process domestic and cross-border LTL shipments to and from Canada and Mexico, as well as intra-Canada and intra-Mexico shipments”
FedEx Freight Economy
Value-oriented LTL service, typically 3-6 days transit; coverage across US and Canada incl. Puerto Rico and USVI via strategic alliances; generally not covered by money-back guarantee
“FedEx Freight Economy: A value-oriented LTL service designed for shipments with more flexible transit requirements.”
FedEx Freight Priority
Premium time-definite LTL service with money-back guarantee; next-day up to 600 miles, second-day up to 1,600 miles; 1-3 day typical transit
“FedEx Freight Priority: A premium, time-definite LTL service designed for shipments requiring the fastest available transit.”
Differentiated offerings: Volume Services, Custom Critical, Freight Direct, Retail Flex
Volume Services, FedEx Custom Critical (expedited, 24/7/365), FedEx Freight Direct (residential/commercial tiers), Retail Flex (large retailer delivery)
“Volume Services: Offers customized pricing solutions for qualifying non-urgent shipments based on network capacity”
Service families
Priority and economy LTL services via service center/hub network with advanced tracking
“FedEx Freight’s service offerings include priority services when speed is critical and economy services when time can be traded for savings.”
Revenue by service type and geography FY2024-2026
FY26/FY25/FY24 ($M): Priority $5,560/$5,584/$5,957; Economy $2,827/$2,891/$3,034; Other $408/$417/$433; Total $8,795/$8,892/$9,424. U.S. $8,552/$8,645/$9,158; International $243/$247/$266
“Priority $5,560 $5,584 $5,957 Economy 2,827 2,891 3,034 Other408 417 433 Total Revenue $8,795 $8,892 $9,424”
Revenue by year (sole segment)
Revenue: $8,795M (FY2026), $8,892M (FY2025), $9,424M (FY2024)
“Revenue$8,795 $8,892 $9,424”
Fuel price exposure mitigated by indexed fuel surcharges; no hedging
Large fuel purchases; indexed fuel surcharges mitigate costs; no derivative financial instruments for fuel hedging
“We have no derivative financial instruments to reduce our exposure to fuel price fluctuations, and we currently have no plans to use derivative financial instruments for this purpose in the future.”
Transitional services from FedEx
Relies on FedEx services up to ~24 months post Spin-Off; separation dis-synergies and one-time stand-alone costs anticipated
“We will utilize certain FedEx services for a transitional period following the Spin-Off, but generally not longer than 24 months after the Spin-Off before we replace these services over time”
Shorter haul lengths from reshoring/nearshoring hurt revenue per shipment
Reshoring/nearshoring and more distribution centers shorten shipment distances, adversely affecting revenue per shipment
“as companies move manufacturing closer to consumer markets and expand the number of distribution centers, we transport shipments shorter distances, which adversely affects our revenue per shipment and results of operations”
Technology and digital platform
LTL Select cloud-based TMS, online quoting/booking/tracking; internal route optimization, RFID tracking, and AI-enabled demand forecasting and risk management
“including LTL Select, a free cloud-based, multi-carrier transportation management system”
LTL industry structure and pricing dynamics
North American LTL market consists of approximately 10 scaled players with historically more favorable pricing than the fragmented TL market
“Historically, there has been more favorable pricing and economics in the North American LTL market, which consists of approximately 10 scaled players, as compared to the more fragmented North American TL market.”
Growth verticals: SMBs, healthcare, grocery, data centers and energy
Incremental growth focus on SMBs, healthcare, grocery, and data centers and energy; grocery expansion via preferred carrier status; dedicated LTL sales organization scaled at Spin-Off
“we are focused on incremental growth from several verticals and end markets such as: small and medium sized businesses (“SMBs”), healthcare, grocery, and data centers and energy”
New debt raised in connection with Spin-Off
$4,271M debt issuances in FY2026; long-term debt $4,484M at May 31, 2026 (vs $66M FY2025)
“Proceeds from debt issuances4,271 — —”
Inflation and elevated rates to hurt results through remainder of calendar 2026
We expect inflation and elevated interest rates to continue to negatively affect our results of operations for the remainder of calendar year 2026.
“We expect inflation and elevated interest rates to continue to negatively affect our results of operations for the remainder of calendar year 2026.”
Demand/cost drivers flagged by management
Results driven by macro demand, volumes, mix, yield, cost management, and fuel surcharge recovery
“the overall customer demand for our various services based on macroeconomic factors and the North American and global economies”
Spin-off from FedEx completed June 1, 2026
FedEx completed Spin-Off June 1, 2026, distributing 80.1% of shares pro-rata; stock trades as FDXF on NYSE
“FedEx completed the Spin-Off through its distribution of 80.1% of the outstanding shares of our common stock on a pro-rata basis”
Spin-off completed
Spin-off from FedEx completed June 1, 2026; ~80.1% distributed tax-free; listed as FDXF on NYSE
“FedEx distributed shares representing approximately 80.1% of FedEx Freight Holding Company, Inc.'s outstanding common stock to holders of record of FedEx's common stock as of the close of business on May 15, 2026 (the "Distribution"), in a Spin-Off that was tax-free for U.S. federal income tax purposes.”
Related party transactions with FedEx
Related party revenue from FedEx businesses: $158M (2026), $171M (2025), $136M (2024); shared services/corporate allocations $616M in FY26; related party interest income $351M in 2026
“Revenue for these services was $158 million in 2026, $171 million in 2025, and $136 million in 2024.”
Spin-off transaction costs and trademark license dependency
FY26 Spin-Off-related costs of $492M recognized by FedEx Freight ($252M by FedEx); FedEx/FedEx Freight trademarks owned by Federal Express and licensed via Trademark License Agreement
“$492 million of Spin-Off-related costs were recognized by FedEx Freight for the year ended May 31, 2026”
FY2026 operating income and separation costs
FY2026 operating income $540M vs $1,404M FY2025, including $492M separation and other costs
“Operating income540 1,404 1,753”
Fiscal year-end change
Fiscal year-end changed from May 31 to December 31 effective June 1, 2026
“Effective for the period beginning June 1, 2026, the Company's fiscal year-end has changed from May 31 to December 31.”
Fiscal year-end change to December 31
Effective from period beginning June 1, 2026, fiscal year-end changed from May 31 to December 31
“Effective for the period beginning June 1, 2026, the Company's fiscal year-end has changed from May 31 to December 31.”
$330M self-insurance reserves assumed by FedEx
$330M of self-insurance reserves attributable to the Company assumed by FedEx Corporation at May 31, 2026
“As of May 31, 2026, $330 million of self-insurance reserves attributable to the Company were assumed by FedEx Corporation and included in net transfers from (to) Parent”
Historical related-party transfers to FedEx
Net transfers to Parent of $3,910M (FY2026), $1,077M (FY2025), $1,125M (FY2024); related party interest income $351M FY2026
“Net transfers to Parent(3,910)(1,077)(1,125)”
GHG/environmental regulation uncertainty (EPA rescission, California waivers)
February 2026 EPA rescinded 2009 Endangerment Finding and repealed federal GHG vehicle emission standards; California waiver uncertainty creates long-term compliance uncertainty
“in February 2026, the EPA rescinded its 2009 Endangerment Finding, which provided the regulatory predicate for the EPA to issue GHG emission standards”
Trademark License dependence on FedEx for FedEx Freight brand
Company does not own FedEx trademark/trade dress; licensed from Federal Express; termination would force rebranding
“We do not own the FedEx trademark or logo or associated purple and orange trade dress and have entered into the Trademark License Agreement with Federal Express”
Tariffs and USMCA renegotiation could reduce freight volumes
Tariff actions by US/Canada/Mexico and ongoing USMCA negotiations could significantly reduce transported goods volume and LTL freight supply/demand
“given the amount of North American trade that moves by truck, any new or revised restrictions on trade could have a significant impact on supply and demand in the LTL freight transportation industry”
Demand decline since late 2022 in U.S. consumer goods imports lowered shipment volumes
Decline in U.S. imports of consumer goods starting late 2022 and slowed global industrial production contributed to weakened transportation industry conditions
“The decline in U.S. imports of consumer goods that started in late 2022, along with slowed global industrial production, has contributed to continued weakened business conditions for the transportation industry leading to lower shipment volumes.”
Labor market and unionization risk for drivers and personnel
Labor availability/cost of drivers, workforce relations, unionization and labor disruption risk
“labor market conditions, including availability and cost of drivers and other personnel, workforce relations, and potential unionization or labor disruptions”
Cybersecurity and third-party technology dependency
Significant and evolving cyberattack/data breach risks; dependence on third-party cloud/SaaS providers; past breaches disclosed
“FedEx and our third-party service providers have experienced, and we and our third-party service providers may experience in the future, breaches or disruptions of our technology infrastructure”
Self-insured for key operational risks
Self-insured above retention for workers' comp, vehicle accidents, property/cargo loss, general business liability
“We are self-insured for certain costs associated with our operations, and insurance and claims expenses may increase”
Strategy: medium-term financial targets and key customer vertical growth
Strategy depends on growing key customer verticals, improving customer experience, implementing new technologies; significant investments being made; medium-term financial performance targets cited as a risk
“our long-term business strategy depends on several key initiatives including, but not limited to, our ability to grow our key customer verticals, improve the experience of our customers, and effectively implement new technologies”
AI adoption/emerging technology adaptation risk
Risk of failure to adapt to and implement new and emerging technologies, including AI
“our ability to adapt to and implement new and emerging technologies, including AI”
U.S. generated $8,552M of $8,795M total FY2026 revenue (~97%); network covers 98% of U.S. ZIP Codes across all 50 states.
“U.S. $8,552 $8,645 $9,158”
Pre-spin FedEx provided allocated/directly billed services; transitional services up to ~24 months post-spin; historical costs may not reflect stand-alone costs.
“As a wholly owned subsidiary of FedEx prior to the Spin-Off, we relied on FedEx to manage certain of our operations and provide certain services, the costs of which were either allocated or directly billed to us.”
Priority is the largest revenue service line at $5,560M of $8,795M total FY2026 revenue (~63%), premium time-definite offering with money-back guarantee.
“Priority $5,560 $5,584 $5,957”
Freight volumes depend on macroeconomic conditions in North American and global economies.
“the overall customer demand for our various services based on macroeconomic factors and the North American and global economies”
Revenue from LTL shippers with time-critical and economy needs; service mix and yield are key indicators.
“We offer a range of services designed to meet the diverse needs of LTL shippers including time-critical transportation needs”
Freight volumes are directly tied to goods production and global trade growth; the late-2022 decline in U.S. consumer goods imports and slowed industrial production lowered shipment volumes.
“The decline in U.S. imports of consumer goods that started in late 2022, along with slowed global industrial production, has contributed to continued weakened business conditions for the transportation industry leading to lower shipment volumes.”
Fuel is a major operating input; prices are volatile, un-hedged, and recovery depends on indexed fuel surcharges which competitive pressure may limit.
“We must purchase large quantities of fuel to operate our vehicles, and the price and availability of fuel is beyond our control and can be highly volatile”
Tariff actions and USMCA renegotiation could reduce goods volumes transported and increase costs, materially affecting LTL freight demand.
“Additional changes in international relations and trade policies, including with respect to tariffs, could significantly reduce the volume of goods transported and increase our costs”
Company competes in the North American LTL market of approximately 10 scaled players, where pricing is driven by origin, destination, class, and weight versus rigid TL pricing.
“the North American LTL market, which consists of approximately 10 scaled players”
Economy contributed $2,827M of $8,795M FY2026 revenue (~32%), the value-oriented service for cost-sensitive shippers.
“Economy 2,827 2,891 3,034”
Company depends on Trademark License Agreement and Intellectual Property Cross-License Agreement with Federal Express for its brand and certain IP; termination would force costly rebranding.
“Termination of the Trademark License Agreement would eliminate our rights to use the specified trademarks granted to us under the Trademark License Agreement”
$4,271M debt issuances in FY2026 created $4.5B long-term debt and $57M interest expense vs zero previously.
“Proceeds from debt issuances4,271 — —”
Freight volumes support customer supply chains; LTL carriers flex capacity with shipment volumes, making freight demand tied to industrial/retail activity levels disclosed via demand forecasting and capacity planning.
“Demand Forecasting: Predicting future demand to optimize resource allocation and capacity planning.”
Inflation and elevated interest rates reduce consumer and business spending, lowering demand for freight transportation; expected negative through calendar 2026.
“We also have experienced, and may continue to experience, a decline in demand for our transportation services as inflation and elevated interest rates negatively affect consumer and business spending.”
If IRS determines on audit the Spin-Off or related transactions were taxable, FedEx, its stockholders, and the company could incur significant U.S. federal income tax liabilities despite the Private Letter Ruling.
“then FedEx and its stockholders could incur significant U.S. federal income tax liabilities, and we could also incur significant liabilities”
Fuel price fluctuations affect operating costs; company recovers via fuel surcharges included in revenue per hundredweight.
“the timing and amount of fluctuations in fuel prices and our ability to recover incremental fuel costs through our fuel surcharges”
SMBs are a named incremental growth vertical with scaling field sales initiative post-Spin-Off.
“scaling field sales for SMB growth”
Customers process domestic, cross-border, and intra-country LTL shipments through digital platforms including LTL Select, a key part of the tech-enabled commercial strategy.
“through our digital customer platforms, including LTL Select, a free cloud-based, multi-carrier transportation management system”
Shift of manufacturing and distribution closer to consumer markets shortens average haul length, reducing revenue per shipment.
“as companies move manufacturing closer to consumer markets and expand the number of distribution centers, we transport shipments shorter distances, which adversely affects our revenue per shipment”
Evolving GHG emission and reporting regulation (EPA rescission, California waiver changes) creates compliance cost, vehicle fleet investment, and premature impairment risk.
“Increased regulation and reporting obligations regarding GHG emissions, especially vehicle engine emissions, could impose substantial taxes, fees, and other costs on us”
See which prediction-market events move FDXF, how its filings map to real-world exposure, and what 12 AI strategies are doing with positions like it.
Free forever to follow AlphaBrain’s AI strategies. No card required.
No news found for this symbol.
