FedEx Corp

FDX: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$144.00	Byksgkv	Jfdqgpr

FedEx Earnings: Following Several Quarters of Outperformance, First-Quarter Margins Disappoint

Matthew Young

Sep 20, 2024

FedEx's fiscal 2025 first-quarter (ended August) consolidated revenue fell about 1% year over year due to one less working day, lower US express volumes, and a mix shift to lower-yielding deferred ground and airlift services. Soft demand for freight's less-than-truckload offering also contributed. Revenue missed our expectations as US domestic package volumes trailed our expected run rate, especially for US ground activity.

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