Form: 8-K

Current report

October 29, 2026

Documents

1
Exhibit 99.2
FEDEX FREIGHT HOLDING COMPANY, INC.
QUARTERLY CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except earnings per share)
(Unaudited)
Three Months Ended
March 31,
2026
June 30,
2026
Revenue
$2,107
$2,455
Operating expenses:
Salaries and employee benefits
1,043
1,115
Operating supplies and expenses
486
538
Purchased transportation
199
221
Depreciation and amortization
131
125
Insurance and claims
37
46
Operating taxes and licenses
18
18
Separation and other costs
128
180
Total operating expenses
2,042
2,243
Operating income
65
212
Other income (expense):
Related party interest income
79
52
Interest expense
(27)
(48)
Interest income
20
21
Other, net
2
2
Total other income (expense)
74
27
Income before income taxes
139
239
Provision for income taxes
36
62
Net income
$103
$177
Earnings per share:
Basic
$0.69
$1.19
Diluted
$0.69
$1.19
Weighted-average shares outstanding:
Basic(1)
149.5
149.5
Diluted(1)
149.5
149.6
(1)
Prior to the Spin-Off, on May 27, 2026, the Company effected a recapitalization whereby its 100 issued and outstanding shares of
common stock were reclassified and converted into 149,505,248 shares of common stock. All historical share and per-share
amounts presented herein have been retrospectively adjusted to reflect this recapitalization.
2
FEDEX FREIGHT HOLDING COMPANY, INC.
QUARTERLY OPERATING STATISTICS
(Unaudited)
Three Months Ended
March 31,
2026
June 30,
2026
Operating Statistics
Operating days
63
64
Total shipments
5,200,347
5,599,055
Total tonnage
2,433,686
2,659,560
Tonnage per day
38,630
41,556
Average daily shipments:
Priority
57,295
60,778
Economy
25,251
26,707
Total average daily shipments
82,546
87,485
Weight per shipment (pounds):
Priority
936
939
Economy
935
976
Composite weight per shipment
936
950
Average length of haul (miles):
Priority
913
914
Economy
1,166
1,166
Composite average length of haul
991
993
Yield Statistics
Revenue per shipment (GAAP):
Priority
$370.56
$400.10
Economy
422.47
466.82
Composite revenue per shipment (GAAP)
$386.44
$420.47
Revenue per shipment (excluding fuel surcharges) (non-GAAP):
Priority
$303.80
$306.17
Economy
346.18
360.44
Composite revenue per shipment (excluding fuel surcharges) (non-GAAP)
$316.77
$322.74
Revenue per hundredweight (GAAP):
Priority
$39.58
$42.63
Economy
45.17
47.83
Composite revenue per hundredweight (GAAP)
$41.29
$44.26
Revenue per hundredweight (excluding fuel surcharges) (non-GAAP):
Priority
$32.45
$32.62
Economy
37.01
36.93
Composite revenue per hundredweight (excluding fuel surcharges) (non-GAAP)
$33.84
$33.97
See “Non-GAAP Financial Measures” for reconciliations of and additional information regarding non-GAAP financial measures.
3
Non-GAAP Financial Measures
FedEx Freight reports its financial results in accordance with accounting principles generally accepted in the United States
(“GAAP”). In addition to the financial information presented herein in accordance with GAAP, FedEx Freight presents
certain non-GAAP financial measures, including revenue per shipment excluding fuel surcharges and revenue per
hundredweight excluding fuel surcharges.
These measures exclude fuel surcharge revenue which is largely driven by fluctuations in fuel prices and may obscure
underlying pricing trends. Management believes these supplemental measures provide investors with useful information
regarding underlying yield performance and facilitate meaningful comparisons of pricing trends between periods by
removing the impact of fluctuations in fuel surcharge revenue. Management uses these non-GAAP financial measures in
making financial, operating, and planning decisions and evaluating the Company’s ongoing performance.
These non-GAAP financial measures are intended to supplement, and should be read together with, FedEx Freight’s
GAAP results. These supplemental non-GAAP financial measures should not be considered a substitute for, or superior
to, the most directly comparable GAAP measures. Because non-GAAP measures are not standardized, they may not be
comparable to similarly titled measures presented by other companies. As required by Securities and Exchange
Commission rules, reconciliations of the supplemental non-GAAP financial measures to the most directly comparable
GAAP measures are presented below.
Revenue per Shipment Quarterly Results
Three Months Ended
March 31,
2026
June 30,
2026
Priority revenue per shipment (GAAP)
$370.56
$400.10
Fuel
66.76
93.93
Priority revenue per shipment, excluding fuel surcharges (non-GAAP)
$303.80
$306.17
Economy revenue per shipment (GAAP)
$422.47
$466.82
Fuel
76.29
106.38
Economy revenue per shipment, excluding fuel surcharges (non-GAAP)
$346.18
$360.44
Composite revenue per shipment (GAAP)
$386.44
$420.47
Fuel
69.67
97.73
Composite revenue per shipment, excluding fuel surcharges (non-GAAP)
$316.77
$322.74
Revenue per Hundredweight Quarterly Results
Three Months Ended
March 31,
2026
June 30,
2026
Priority revenue per hundredweight (GAAP)
$39.58
$42.63
Fuel
7.13
10.01
Priority revenue per hundredweight, excluding fuel surcharges (non-GAAP)
$32.45
$32.62
Economy revenue per hundredweight (GAAP)
$45.17
$47.83
Fuel
8.16
10.90
Economy revenue per hundredweight, excluding fuel surcharges (non-GAAP)
$37.01
$36.93
Composite revenue per hundredweight (GAAP)
$41.29
$44.26
Fuel
7.45
10.29
Composite revenue per hundredweight, excluding fuel surcharges (non-GAAP)
$33.84
$33.97