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CLAIM #24925 · FDX (FDX) · 2026Q1 earnings call · Sep 18, 2025 · due May 31, 2026

And then in the back half of the year, we do expect FedEx Freight to have modest yield improvement and better than the first quarter or the first quarter and the second quarter from an expectation perspective.

Brie Carere · Chief Customer Officer

PENDING
graded after results covering May 31, 2026 are reported

In context

me pickup at some point absent the global tariff headwinds in de minimis? Brie Carere: Jonathan, it's Brie. So great question. So yes, we were very pleased with the 3% revenue growth in the first quarter. To get to the midpoint of 5%, first of all, we do expect the majority of trends will continue. So right now, what we're seeing in September looks a lot like August with a continuation of trend with a couple of really important notes. Number one, in the first quarter, we had a $280 million top line headwind because of USPS. That goes away in Q2 and beyond. Two, we are still onboarding some of the wins from Q1 -- or Q4 of last year and early Q1. And as I mentioned, as an example, Amazon is still onboarding and it had very little impact in Q1. There are several other examples of onboarding. And then in the back half of the year, we do expect FedEx Freight to have modest yield improvement and better than the first quarter or the first quarter and the second quarter from an expectation perspective. So we do think the midpoint is very realistic, and we're clear-eyed about how to get from Q1 to the rest of the year's range. Operator: The next question is from Brandon Oglenski with Barclays. Brandon Oglenski: Brie, I appreciate all those details. I was wondering if maybe you could walk through the outlook for domestic volumes on the package side again. And it's no secret that your largest competitor is shrinking here. So can you talk about maybe the competitive landscape? What's presenting for market share opportunities and pricing? Brie Carere: Great question. So from a domestic perspective, we're not -- and I'm speaking specifically to parcel. We're not expecting a massive trend chain. We are expecting, as I mentioned, the onboarding. I think you'll see the mix look very similar from

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SEC filings for FDX · Claim quote is verbatim from the 2026Q1 earnings call.