FedEx Corp (FDX)

The FedEx you're looking at today is not the same company it was a year ago. Across mid-2026, FedEx executed two major moves that reshaped its entire business — and you need to understand both before any financial number makes sense.

First, on June 1, 2026, FedEx completed the spin-off of its less-than-truckload (LTL) freight business, FedEx Freight, as an independent, separately-listed company on the NYSE under a new ticker — FDXF. FDX shareholders received 1 FDXF share for every 2 FDX shares held. FedEx Freight generated roughly $9 billion in annual revenue (versus ~$90 billion for FedEx overall) — small in size, but it was a historically profitable segment that no longer appears in FDX's financials going forward.

Second, in July 2026, FedEx announced the sale of its FedEx Supply Chain unit (contract logistics/3PL business, ~10,000 employees, ~150 warehouses) to CMA CGM Group (via its CEVA Logistics subsidiary) at an enterprise value of $1.4 billion — notably, the same price FedEx paid to acquire this business back in 2015 (then known as GENCO). Once the deal closes, CMA CGM becomes a preferred ocean-freight strategic partner for FedEx — so this isn't just an exit, it's a trade of an owned asset for a long-term strategic partnership.

The narrative is clear: under CEO Raj (Rajesh) Subramaniam, FedEx is deliberately simplifying its portfolio — shedding non-core businesses (LTL freight and contract logistics) to focus purely on its core parcel/express delivery operation. Post both deals, the «new» FDX consists of the Federal Express segment — a combination of International Priority (express international shipping), U.S. Domestic Priority, and U.S. Ground — now all operating under a single integrated network called Network 2.0.

By revenue mix, U.S. Ground is the largest single contributor (~$37 billion annually), followed by U.S. Domestic Priority (~$11.6 billion) and International Priority (~$9.6 billion). The overall Federal Express segment is around $35 billion, down slightly from ~$37 billion the prior year — largely a function of segment-reporting restructuring following the Ground+Express integration, not an actual demand decline.

Shariah Compliance Status: NON_COMPLIANT. Per the Zoya reference database (zoya_us_stock_reference), FDX is classified as non-Shariah-compliant. The most common reason asset-heavy logistics companies like FedEx fail Shariah screens is interest-bearing debt levels relative to market cap — and FedEx does carry substantial long-term debt (though it's being actively reduced via the 2026 tender offer, see the Financials section). Shariah-conscious investors should not include FDX in a Shariah-compliant portfolio, regardless of how compelling the business narrative or valuation may look.

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