FedEx reported quarterly earnings that beat Wall Street expectations on both the top and bottom lines, and it raised its full-year outlook, according to CNBC. The report covers the period ended Sept. 30 and is the first of the company's realigned fiscal year, which moves its fiscal year-end from May 31 to Dec. 31.
FedEx reported net income of $290 million, or $1.21 per share, for the quarter. In the comparable period a year earlier, it reported $650 million, or $2.73 per share. Adjusted for one-time items, including losses on short-term investments, gains on debt extinguishment and certain restructuring costs, the company reported adjusted earnings per share of $3.74.
The company said its express U.S. segment operating income rose in the quarter, mainly because of higher package yields and volume. CEO Raj Subramaniam said in a statement that "FedEx is winning across high-value market segments while we optimize our network, driving an increase to our full-year outlook."
For the full year, FedEx now expects adjusted earnings per share of $18 to $18.60, up from a prior range of $16.90 to $18.10. It also raised its 2026 revenue growth expectation to roughly 12% year over year, from a previous forecast of 11%.
Shares fell slightly in extended trading after the report. The report follows the company's spinoff of FedEx Freight into a separate publicly traded company. FedEx also named Jamere Jackson, a former AutoZone executive, as its new chief financial officer, effective Nov. 30. He succeeds Claude Russ, who had served as interim CFO since June 1.