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FedEx (FDX) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Dec 18, 2025
FedEx (FDX) reported revenue of $23.5B for the second quarter fiscal 2026 (Q2 FY26), +7% from a year earlier and +6% from the quarter before. Operating margin was 5.9%, net earnings $956M (4.1% of revenue).
FedEx, Q2 FY26: revenue $23.5B (+7% year over year), operating margin 5.9%, net earnings $956M, operating cash flow $2.0B. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $23.5B | +6% | +7% |
| Operating profit | $1.4B | +16% | +31% |
| Net earnings | $956M | +16% | +29% |
| Operating cash flow | $2.0B | +14% | +48% |
| Free cash flow | $1.2B | +9% | +139% |
What changed
Revenue was $23.5B in Q2 FY26, up 7% year over year and up 6% from the previous quarter.
Operating profit was $1.4B, a 5.9% margin (up 1.1 points year over year). Of the extra revenue versus a year earlier, 22% reached operating profit, above the 5% margin then. Total costs grew 6% against revenue growth of 7%. Net earnings were $1.0B, up 29% year over year. The effective tax rate was 25.8%.
Operating cash flow was $2.0B (up 48% year over year), 204% of net earnings. Non-cash charges added back $1.1B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items used $0.12B. Capital expenditures of $0.76B left free cash flow of $1.2B.
Questions
What was FedEx's revenue in the second quarter fiscal 2026?
FedEx (FDX) reported revenue of $23.5B for the second quarter fiscal 2026 (Q2 FY26), +7% from a year earlier and +6% from the quarter before.
Was FedEx profitable in the second quarter fiscal 2026?
Operating profit was $1.4B (5.9% of revenue) and net earnings $956M.
Source: FedEx 10-Q on SEC EDGAR.