Q3 FY27 · Ended Sep 30, 2026 · View SEC filing
One network earns almost all the profit
The U.S. network earns almost all operating profit from 64.4% of revenue, so domestic pricing and costs decide the result.
For investorsWhat FedEx's profit depends on once fuel prices turn
For foundersThe playbook behind charging more per parcel
Revenue per U.S. package rose from $14.28 while daily volume barely moved, so price, not parcels, carried the growth.
Fuel expense rose 64.1% while operating margin barely moved, because surcharges indexed to fuel prices raised revenue alongside.
Operating income rose 9.8%, but a loss on the retained FedEx Freight stake cut net income to $290M.
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Business Lens describes FedEx from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
