Filing Flows › FedEx (FDX) › Q1 FY26
FedEx (FDX) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Sep 18, 2025
FedEx (FDX) reported revenue of $22.2B for the first quarter fiscal 2026 (Q1 FY26), +3% from a year earlier and +0.1% from the quarter before. Operating margin was 5.3%, net earnings $824M (3.7% of revenue).
FedEx, Q1 FY26: revenue $22.2B (+3% year over year), operating margin 5.3%, net earnings $824M, operating cash flow $1.7B. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $22.2B | +0.1% | +3% |
| Operating profit | $1.2B | -34% | +10% |
| Net earnings | $824M | -50% | +4% |
| Operating cash flow | $1.7B | -32% | +45% |
| Free cash flow | $1.1B | +4% | +160% |
What changed
Revenue was $22.2B in Q1 FY26, up 3% year over year and roughly flat from the previous quarter.
Operating profit was $1.2B, a 5.3% margin (up 0.3 points year over year). Of the extra revenue versus a year earlier, 16% reached operating profit, above the 5% margin then. Total costs grew 3% against revenue growth of 3%. Net earnings were $0.82B, up 4% year over year. The effective tax rate was 27.3%.
Operating cash flow was $1.7B (up 45% year over year), 208% of net earnings. Non-cash charges added back $1.1B of depreciation and amortization and $0.06B of share-based compensation. Working capital and other items used $0.26B. Capital expenditures of $0.62B left free cash flow of $1.1B.
Questions
What was FedEx's revenue in the first quarter fiscal 2026?
FedEx (FDX) reported revenue of $22.2B for the first quarter fiscal 2026 (Q1 FY26), +3% from a year earlier and +0.1% from the quarter before.
Was FedEx profitable in the first quarter fiscal 2026?
Operating profit was $1.2B (5.3% of revenue) and net earnings $824M.
Source: FedEx 10-Q on SEC EDGAR.