EX-99.12fdxf-cy2025cy2024recast.htmEX-99.1 FDXF -CY2025 & CY2024 Recast
1
Exhibit 99.1
FEDEX FREIGHT HOLDING COMPANY, INC.
ANNUAL CONSOLIDATED STATEMENTS OF INCOME
(In millions, except earnings per share)
(Unaudited)
Twelve Months Ended
December 31,
2025
2024
Revenue
$8,778
$9,092
Operating expenses:
Salaries, wages, and benefits
4,206
4,153
Operating supplies and expenses
1,845
1,881
Purchased transportation
803
820
Depreciation and amortization
472
494
Insurance and claims
155
150
Operating taxes and licenses
69
62
Separation and other
206
—
Total operating expenses
7,756
7,560
Operating income
1,022
1,532
Other income:
Related party interest income
373
379
Other, net
9
6
Total other income
382
385
Income before income taxes
1,404
1,917
Provision for income taxes
345
477
Net income
$1,059
$1,440
Earnings per share:
Basic
$7.08
$9.63
Diluted
$7.08
$9.63
Weighted-average shares outstanding:
Basic(1)
149,505,248
149,505,248
Diluted(1)
149,505,248
149,505,248
(1)
Prior to the Spin-Off, 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 CONSOLIDATED STATEMENTS OF INCOME
(In millions, except earnings per share)
(Unaudited)
Three Months Ended
March 31,
2025
June 30,
2025
September 30,
2025
December 31,
2025
Revenue
$2,162
$2,289
$2,259
$2,068
Operating expenses:
Salaries, wages, and benefits
1,009
1,050
1,084
1,063
Operating supplies and expenses
460
450
471
464
Purchased transportation
206
201
200
196
Depreciation and amortization
124
98
125
125
Insurance and claims
36
37
42
40
Operating taxes and licenses
17
17
17
18
Separation and other
—
—
30
176
Total operating expenses
1,852
1,853
1,969
2,082
Operating income
310
436
290
(14)
Other income:
Related party interest income
90
94
98
91
Other, net
5
(1)
3
2
Total other income
95
93
101
93
Income before income taxes
405
529
391
79
Provision for income taxes
90
135
100
20
Net income
$315
$394
$291
$59
Earnings per share:
Basic
$2.11
$2.63
$1.95
$0.39
Diluted
$2.11
$2.63
$1.95
$0.39
Weighted-average shares outstanding:
Basic(1)
149,505,248
149,505,248
149,505,248
149,505,248
Diluted(1)
149,505,248
149,505,248
149,505,248
149,505,248
(1)
Prior to the Spin-Off, 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.
3
FEDEX FREIGHT HOLDING COMPANY, INC.
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
(In millions, except earnings per share)
(Unaudited)
Three Months Ended
March 31,
2024
June 30,
2024
September 30,
2024
December 31,
2024
Revenue
$2,292
$2,355
$2,313
$2,132
Operating expenses:
Salaries, wages, and benefits
1,016
1,035
1,058
1,044
Operating supplies and expenses
471
481
473
456
Purchased transportation
216
205
200
199
Depreciation and amortization
118
126
125
125
Insurance and claims
34
48
31
37
Operating taxes and licenses
16
13
17
16
Separation and other
—
—
—
—
Total operating expenses
1,871
1,908
1,904
1,877
Operating income
421
447
409
255
Other income:
Related party interest income
84
91
105
99
Other, net
—
(1)
5
2
Total other income
84
90
110
101
Income before income taxes
505
537
519
356
Provision for income taxes
129
132
128
88
Net income
$376
$405
$391
$268
Earnings per share:
Basic
$2.51
$2.71
$2.62
$1.79
Diluted
$2.51
$2.71
$2.62
$1.79
Weighted-average shares outstanding:
Basic(1)
149,505,248
149,505,248
149,505,248
149,505,248
Diluted(1)
149,505,248
149,505,248
149,505,248
149,505,248
(1)
Prior to the Spin-Off, 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.
4
FEDEX FREIGHT HOLDING COMPANY, INC.
ANNUAL OPERATING STATISTICS
(Unaudited)
Twelve Months Ended
December 31,
2025
2024
Operating Statistics
Operating days
253
254
Total shipments
22,362,881
23,071,534
Total tonnage
10,309,718
10,712,940
Tonnage per day
40,750
42,177
Average daily shipments:
Priority
60,784
62,249
Economy
27,607
28,584
Total average daily shipments
88,391
90,833
Weight per shipment (pounds):
Priority
933
955
Economy
897
870
Composite weight per shipment
922
929
Average length of haul (miles):
Priority
920
921
Economy
1,163
1,157
Composite average length of haul
994
990
Yield Statistics
Revenue per shipment:
Priority
$359.77
$361.48
Economy
407.09
407.58
Composite revenue per shipment
$374.55
$375.99
Revenue per shipment (excluding fuel surcharges):
Priority
$301.99
$302.02
Economy
340.91
339.43
Composite revenue per shipment (excluding fuel surcharges)
$314.15
$313.80
Revenue per hundredweight:
Priority
$38.54
$37.83
Economy
45.39
46.83
Composite revenue per hundredweight
$40.62
$40.49
Revenue per hundredweight (excluding fuel surcharges):
Priority
$32.35
$31.61
Economy
38.01
39.00
Composite revenue per hundredweight (excluding fuel surcharges)
$34.07
$33.79
See “Non-GAAP Financial Measures” for reconciliations of and additional information regarding non-GAAP financial measures.
5
FEDEX FREIGHT HOLDING COMPANY, INC.
QUARTERLY OPERATING STATISTICS
(Unaudited)
Three Months Ended
March 31,
2025
June 30,
2025
September 30,
2025
December 31,
2025
Operating Statistics
Operating days
63
64
64
62
Total shipments
5,546,266
5,884,673
5,741,922
5,190,020
Total tonnage
2,555,099
2,706,492
2,658,064
2,390,063
Tonnage per day
40,557
42,289
41,532
38,549
Average daily shipments:
Priority
60,350
63,352
61,763
57,561
Economy
27,686
28,596
27,954
26,149
Total average daily shipments
88,036
91,948
89,717
83,710
Weight per shipment (pounds):
Priority
938
936
931
928
Economy
884
885
914
906
Composite weight per shipment
921
920
926
921
Average length of haul (miles):
Priority
922
918
920
919
Economy
1,162
1,160
1,161
1,169
Composite average length of haul
994
990
994
996
Yield Statistics
Revenue per shipment:
Priority
$357.21
$356.95
$361.80
$363.45
Economy
404.35
405.58
408.09
410.62
Composite revenue per shipment
$372.03
$372.07
$376.23
$378.19
Revenue per shipment (excluding fuel surcharges):
Priority
$301.26
$301.99
$301.43
$303.39
Economy
339.20
342.02
339.69
342.85
Composite revenue per shipment (excluding fuel surcharges)
$313.19
$314.44
$313.35
$315.72
Revenue per hundredweight:
Priority
$38.06
$38.14
$38.85
$39.17
Economy
45.73
45.85
44.66
45.32
Composite revenue per hundredweight
$40.38
$40.45
$40.64
$41.06
Revenue per hundredweight (excluding fuel surcharges):
Priority
$32.10
$32.27
$32.37
$32.70
Economy
38.36
38.67
37.18
37.84
Composite revenue per hundredweight (excluding fuel surcharges)
$33.99
$34.18
$33.84
$34.28
See “Non-GAAP Financial Measures” for reconciliations of and additional information regarding non-GAAP financial measures.
6
FEDEX FREIGHT HOLDING COMPANY, INC.
QUARTERLY OPERATING STATISTICS
(Unaudited)
Three Months Ended
March 31,
2024
June 30,
2024
September 30,
2024
December 31,
2024
Operating Statistics
Operating days
64
64
64
62
Total shipments
5,759,952
5,999,831
5,882,888
5,428,863
Total tonnage
2,718,977
2,807,776
2,707,319
2,478,868
Tonnage per day
42,484
43,872
42,302
39,982
Average daily shipments:
Priority
61,921
64,002
62,868
60,141
Economy
28,078
29,746
29,052
27,421
Total average daily shipments
89,999
93,748
91,920
87,562
Weight per shipment (pounds):
Priority
973
968
948
932
Economy
881
867
862
872
Composite weight per shipment
944
936
920
913
Average length of haul (miles):
Priority
917
917
922
927
Economy
1,150
1,149
1,160
1,169
Composite average length of haul
985
985
992
1,000
Yield Statistics
Revenue per shipment:
Priority
$365.63
$362.26
$361.11
$356.63
Economy
413.53
403.51
407.50
405.93
Composite revenue per shipment
$380.57
$375.35
$375.77
$372.07
Revenue per shipment (excluding fuel surcharges):
Priority
$302.42
$301.54
$303.12
$300.96
Economy
340.95
334.60
341.15
341.37
Composite revenue per shipment (excluding fuel surcharges)
$314.44
$312.03
$315.14
$313.61
Revenue per hundredweight:
Priority
$37.59
$37.42
$38.11
$38.27
Economy
46.92
46.55
47.29
46.53
Composite revenue per hundredweight
$40.31
$40.10
$40.83
$40.74
Revenue per hundredweight (excluding fuel surcharges):
Priority
$31.10
$31.15
$31.99
$32.30
Economy
38.69
38.60
39.59
39.13
Composite revenue per hundredweight (excluding fuel surcharges)
$33.31
$33.34
$34.24
$34.34
See “Non-GAAP Financial Measures” for reconciliations of and additional information regarding non-GAAP financial measures.
7
FEDEX FREIGHT HOLDING COMPANY, INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
(Unaudited)
December 31,
2025
December 31,
2024
ASSETS
CURRENT ASSETS
Cash
$100
$76
Receivables, less allowances
979
122
Prepaid expenses and other
76
65
Total current assets
1,155
263
PROPERTY AND EQUIPMENT, AT COST
Vehicles and trailers
3,948
4,016
Facilities and other
1,562
1,411
Ground support and dock equipment
644
600
Information technology
415
421
Total property and equipment, at cost
6,569
6,448
Less accumulated depreciation and amortization
3,749
3,713
Net property and equipment
2,820
2,735
OTHER LONG-TERM ASSETS
Operating lease right-of-use assets, net
1,404
1,428
Goodwill
602
602
Other assets
7
4
Total other long-term assets
2,013
2,034
TOTAL ASSETS
$5,988
$5,032
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Current portion of long-term debt
$28
$1
Accrued salaries and employee benefits
247
226
Accounts payable
123
134
Due to Parent, net
1,324
727
Operating lease liabilities
174
171
Accrued expenses
253
208
Total current liabilities
2,149
1,467
LONG-TERM LIABILITIES
Long-term debt, less current portion
147
38
Deferred income taxes
174
272
Self-insurance accruals
319
289
Operating lease liabilities
1,242
1,263
Other liabilities
57
47
Total long-term liabilities
1,939
1,909
CONTINGENCIES
EQUITY
Common stock
—
—
Additional paid-in capital
—
—
Retained earnings
1,903
1,670
Accumulated other comprehensive loss
(3)
(14)
Total equity
1,900
1,656
TOTAL LIABILITIES AND EQUITY
$5,988
$5,032
8
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 Full-Year Results
Twelve Months Ended
December 31,
2025
2024
Priority revenue per shipment (GAAP)
$359.77
$361.48
Fuel
57.78
59.46
Priority revenue per shipment, excluding fuel surcharges (non-GAAP)
$301.99
$302.02
Economy revenue per shipment (GAAP)
$407.09
$407.58
Fuel
66.18
68.15
Economy revenue per shipment, excluding fuel surcharges (non-GAAP)
$340.91
$339.43
Composite revenue per shipment (GAAP)
$374.55
$375.99
Fuel
60.40
62.19
Composite revenue per shipment, excluding fuel surcharges (non-GAAP)
$314.15
$313.80
Revenue per Shipment 2025 Quarterly Results
Three Months Ended
March 31,
2025
June 30,
2025
September 30,
2025
December 31,
2025
Priority revenue per shipment (GAAP)
$357.21
$356.95
$361.80
$363.45
Fuel
55.95
54.96
60.37
60.06
Priority revenue per shipment, excluding fuel surcharges (non-GAAP)
$301.26
$301.99
$301.43
$303.39
Economy revenue per shipment (GAAP)
$404.35
$405.58
$408.09
$410.62
Fuel
65.15
63.56
68.40
67.77
Economy revenue per shipment, excluding fuel surcharges (non-GAAP)
$339.20
$342.02
$339.69
$342.85
Composite revenue per shipment (GAAP)
$372.03
$372.07
$376.23
$378.19
Fuel
58.84
57.63
62.88
62.47
Composite revenue per shipment, excluding fuel surcharges (non-
GAAP)
$313.19
$314.44
$313.35
$315.72
9
Revenue per Shipment 2024 Quarterly Results
Three Months Ended
March 31,
2024
June 30,
2024
September 30,
2024
December 31,
2024
Priority revenue per shipment (GAAP)
$365.63
$362.26
$361.11
$356.63
Fuel
63.21
60.72
57.99
55.67
Priority revenue per shipment, excluding fuel surcharges (non-GAAP)
$302.42
$301.54
$303.12
$300.96
Economy revenue per shipment (GAAP)
$413.53
$403.51
$407.50
$405.93
Fuel
72.58
68.91
66.35
64.56
Economy revenue per shipment, excluding fuel surcharges (non-GAAP)
$340.95
$334.60
$341.15
$341.37
Composite revenue per shipment (GAAP)
$380.57
$375.35
$375.77
$372.07
Fuel
66.13
63.32
60.63
58.46
Composite revenue per shipment, excluding fuel surcharges (non-
GAAP)
$314.44
$312.03
$315.14
$313.61
Revenue per Hundredweight Full-Year Results
Twelve Months Ended
December 31,
2025
2024
Priority revenue per hundredweight (GAAP)
$38.54
$37.83
Fuel
6.19
6.22
Priority revenue per hundredweight, excluding fuel surcharges (non-GAAP)
$32.35
$31.61
Economy revenue per hundredweight (GAAP)
$45.39
$46.83
Fuel
7.38
7.83
Economy revenue per hundredweight, excluding fuel surcharges (non-GAAP)
$38.01
$39.00
Composite revenue per hundredweight (GAAP)
$40.62
$40.49
Fuel
6.55
6.70
Composite revenue per hundredweight, excluding fuel surcharges (non-GAAP)
$34.07
$33.79
Revenue per Hundredweight 2025 Quarterly Results
Three Months Ended
March 31,
2025
June 30,
2025
September 30,
2025
December 31,
2025
Priority revenue per hundredweight (GAAP)
$38.06
$38.14
$38.85
$39.17
Fuel
5.96
5.87
6.48
6.47
Priority revenue per hundredweight, excluding fuel surcharges (non-
GAAP)
$32.10
$32.27
$32.37
$32.70
Economy revenue per hundredweight (GAAP)
$45.73
$45.85
$44.66
$45.32
Fuel
7.37
7.18
7.48
7.48
Economy revenue per hundredweight, excluding fuel surcharges (non-
GAAP)
$38.36
$38.67
$37.18
$37.84
Composite revenue per hundredweight (GAAP)
$40.38
$40.45
$40.64
$41.06
Fuel
6.39
6.27
6.80
6.78
Composite revenue per hundredweight, excluding fuel surcharges (non-
GAAP)
$33.99
$34.18
$33.84
$34.28
10
Revenue per Hundredweight 2024 Quarterly Results
Three Months Ended
March 31,
2024
June 30,
2024
September 30,
2024
December 31,
2024
Priority revenue per hundredweight (GAAP)
$37.59
$37.42
$38.11
$38.27
Fuel
6.49
6.27
6.12
5.97
Priority revenue per hundredweight, excluding fuel surcharges (non-
GAAP)
$31.10
$31.15
$31.99
$32.30
Economy revenue per hundredweight (GAAP)
$46.92
$46.55
$47.29
$46.53
Fuel
8.23
7.95
7.70
7.40
Economy revenue per hundredweight, excluding fuel surcharges (non-
GAAP)
$38.69
$38.60
$39.59
$39.13
Composite revenue per hundredweight (GAAP)
$40.31
$40.10
$40.83
$40.74
Fuel
7.00
6.76
6.59
6.40
Composite revenue per hundredweight, excluding fuel surcharges (non-
GAAP)
$33.31
$33.34
$34.24
$34.34
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 0 | — | — |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 0 | — | — |
| Recession recession, downturn, contraction, slowdown | 0 | — | — |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | — | — |
| Buybacks share repurchase, buyback program | 0 | — | — |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Source: SEC EDGAR · public domain · Highlights by Palanor