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FedEx Freight
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Latest analysis
Updated Aug 6, 2026
FedEx Freight reveals 3.4% revenue decline and operating income drop to $1.0B in first standalone year post-spin.
FedEx Freight reported revenue of $8.78 billion in 2025, down 3.4% from $9.09 billion in 2024, with operating income declining 33% to $1.02 billion as separation costs of $206 million and volume headwinds compressed margins. Shipment volume fell 3.1% year-over-year to 22.4 million units, while yield per shipment before fuel surcharges ticked up 0.1%, revealing a company managing pricing discipline amid demand softness. The Q4 operating loss of $14 million signals accelerating volume decay into year-end, with tonnage per day declining 8.5% in Q4 2025 versus Q4 2024.
Tone: cautiousRevenue
$8.8B
FDXF 10-K · FY 2026
Employees
40,000
Revenue FY2025
$8.9B
Headquarters
Memphis, TN
Profile
FDXF 10-K Item 1 · Aug 5, 2026FedEx Freight is the largest North American less-than-truckload freight carrier, operating a network of over 365 locations, approximately 355 shipping terminals, and nearly 30,000 motorized vehicles across the U.S., Canada, and Mexico. The company offers two primary LTL service tiers — FedEx Freight Priority and FedEx Freight Economy — along with expedited and specialty freight solutions through FedEx Custom Critical. It completed a tax-free spin-off from FedEx Corporation on June 1, 2026, becoming an independent publicly traded company.
Read filing description ↓ Collapse description ↑
FedEx Freight is the largest North American less-than-truckload ('LTL') freight carrier, with industry-leading transit times and service levels, offering choice, simplicity, and reliability to meet the needs of LTL shippers while operating ethically with a commitment to 'Safety Above All.' As of June 1, 2026, we had approximately 40,000 employees, over 365 locations, including approximately 355 shipping terminals (over 320 of which are in the United States) and approximately 10 linehaul relay sites, and nearly 30,000 motorized vehicles, of which nearly 17,000 are tractors, across all 50 U.S. states, Canada, and Mexico. We also offer freight delivery service to most points in Puerto Rico and the U.S. Virgin Islands. Our robust network established through almost 60 years of operations and consisting of more than 26,000 service center doors strategically positioned in high-demand regions provides critical services that facilitate the transport of goods in North America and powers the supply chains of our customers. Our services and solutions support companies of all sizes, industries, and specialties, and our proximity to our customers allows us to transport their goods quickly, reliably, and efficiently. Our LTL portfolio consists of two complementary service offerings designed to address distinct customer shipping requirements, serving both time-critical and cost-sensitive freight across a single integrated network: FedEx Freight Priority and FedEx Freight Economy. In addition, FedEx Custom Critical provides expedited, time-specific freight solutions, including Surface Expedite and White Glove Services, available 24/7/365.
Primary products
- FedEx Freight Priority
- FedEx Freight Economy
- FedEx Custom Critical
- Volume Services
- FedEx Freight Direct
- Retail Flex
Business segments
End markets
Geographies
“We are the largest LTL freight carrier in North America with more than 26,000 service center doors and established infrastructure and coverage across 98% of all ZIP Codes in the United States (exclusive of military and PO ZIP Codes) as of June 1, 2026.” Competitive position, as stated in the filing
Revenue commentary · FY 2026
Revenue declined from $8,892 million in fiscal 2025 to $8,795 million in fiscal 2026, reflecting continued weakness in freight volumes amid macroeconomic headwinds and tariff-driven trade uncertainty.
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