A global delivery giant that moves packages, freight, and documents overnight to more than 220 countries. It began in 1971 when founder Frederick Smith, fresh from Yale and Vietnam, launched Federal Express with a hub-and-spoke plan he first sketched in a college paper. Customers soon shortened the mouthful name to FedEx and even turned it into a verb—"just FedEx it to me."
FedEx board approves new Executive Severance Plan replacing Management Retention Agreements
Severance benefits require a full release of claims and non-competition/non-solicitation covenants; benefits cease and may be recovered if covenants are violated.
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On July 20, 2026, FedEx's Board approved the Executive Severance Plan, which will govern all future executive officer separations and replaces prior Management Retention Agreements.
For a qualifying termination (without cause or with good reason, no change of control), the CEO receives a 2x multiplier, executives with 10+ years get 1.5x, and others get 1x of base salary plus target bonus.
Executives with 20+ years of service have their termination deemed a 'Retirement' under the Omnibus Plan; the CEO may receive support services up to $250,000 per year and $750,000 total for three years post-retirement.
In June 2026, a one-time special cash bonus pool was established for ~1,100 managing directors and above; in July 2026, CEO Rajesh Subramaniam receives $1,900,000 and Brie A. Carere receives $850,000.
For qualifying terminations within 24 months after a change of control, all executives receive a 2x multiplier.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 9.01 Financial Statements and Exhibits
FedEx changes fiscal year end to Dec 31 and spins off FedEx Freight, recasting historical results
FedEx changed its fiscal year end from May 31 to December 31, effective June 1, 2026, and will report a seven-month transition period (June 1–December 31, 2026) in a Transition Report on Form 10-K.
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On June 1, 2026, FedEx completed the spin-off of its FedEx Freight less-than-truckload business into a new publicly traded company; FedEx Freight is now presented as discontinued operations.
Following the spin-off, FedEx realigned its reporting structure into two new reportable segments: Express U.S. Domestic and Express International, replacing the former Federal Express segment.
The filing provides unaudited supplemental historical financial information recast for the fiscal year change, discontinued operations, and new segments for calendar years 2024 and 2025.
On July 1, 2026, FedEx announced it would sell its FedEx Supply Chain business to CMA CGM Group for $1.4 billion, expected to close in the second half of calendar year 2026.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
FedEx announces early results of cash tender offers for 19 series of notes, with $4.15B offer cap exceeded.
The offers have an aggregate purchase price cap of $4.15 billion, which was exceeded by valid tenders.
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FedEx announced early tender results as of July 9, 2026, for its cash tender offers covering 19 series of notes.
FedEx will accept for purchase on July 14, 2026, all validly tendered notes in priority levels 1-12 and a prorated portion (approx. 41.3%) of the 5.100% Notes due 2044 (level 13).
Notes in priority levels 14-19 (including 3.100% Notes due 2029 and 5.250% Notes due 2050) will not be accepted for purchase.
The purchase will be funded with proceeds from the approximately $4.1 billion dividend received from FedEx Freight in connection with its spin-off on June 1, 2026, plus cash on hand.
8.01 Other Events · 9.01 Financial Statements and Exhibits
FedEx launches cash tender offers for up to $4.15B of its notes, funded by FedEx Freight spin-off dividend.
On June 25, 2026, FedEx commenced cash tender offers to purchase up to $4.15 billion aggregate purchase price (excluding accrued interest) of 19 series of its outstanding notes.
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The offers expire at 5:00 p.m. New York City time on July 24, 2026, unless extended; early tender deadline is July 9, 2026, with early settlement expected July 14, 2026.
Holders tendering by the early deadline receive a $30 per $1,000 principal early tender premium included in the total consideration.
The offers are funded by the approximately $4.1 billion cash dividend FedEx received from FedEx Freight in connection with the June 1, 2026 spin-off, plus cash on hand.
Goldman Sachs, J.P. Morgan, BofA Securities, Citigroup, and Wells Fargo serve as lead dealer managers; Morgan Stanley and Scotia Capital as co-dealer managers.
8.01 Other Events · 9.01 Financial Statements and Exhibits
FedEx elects Mark A. Edmunds to board, accepts Silvia Davila's resignation
Edmunds will serve as Chair of the Audit and Finance Committee and member of the Cyber and Technology Oversight Committee.
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Mark A. Edmunds was elected to the FedEx Board of Directors on June 8, 2026, effective immediately.
Edmunds is a retired vice chairman and senior partner of Deloitte with 38 years of tenure.
Silvia Davila resigned from the board on June 8, 2026, due to a change in her principal employment, not due to any disagreement.
Edmunds will receive prorated compensation: restricted stock units valued at $60,450, annual retainer of $43,400, and Audit and Finance Committee Chair payment of $9,300.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 9.01 Financial Statements and Exhibits
FedEx completes spin-off of FedEx Freight, distributing 80.1% of shares to stockholders
Each FedEx stockholder received one share of FedEx Freight common stock for every two shares of FedEx common stock held; cash will be paid in lieu of fractional shares.
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FedEx completed the spin-off of FedEx Freight, distributing 80.1% of FedEx Freight common stock pro rata to FedEx stockholders as of May 15, 2026.
FedEx Freight began regular-way trading on the NYSE under ticker 'FDXF' on June 1, 2026; FedEx continues trading as 'FDX'.
FedEx and FedEx Freight entered into several agreements governing the post-spin relationship, including separation, transition services, tax, employee matters, intellectual property, trademark, and stockholder/registration rights agreements.
FedEx Freight paid a cash dividend of approximately $4.1 billion to FedEx prior to the spin-off, funded by a $3.7 billion senior notes offering and borrowings under a delayed-draw term loan facility.
1.01 Entry into a Material Definitive Agreement · 2.01 Completion of Acquisition or Disposition of Assets · 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 8.01 Other Events · 9.01 Financial Statements and Exhibits
FedEx redeems all €354.9M of 1.300% Notes due 2031 at €358.6M on May 28, 2026.
On May 13, 2026, FedEx announced full redemption of all €354,878,000 outstanding 1.300% Notes due 2031 (CUSIP: 31428XBX3; ISIN: XS2034629134; NYSE: FDX 31).
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Redemption date is May 28, 2026; redemption price is the greater of 100% of principal or present value of remaining payments to the par call date (May 5, 2031) at comparable government bond rate plus 25 basis points, plus accrued interest.
On May 22, 2026, FedEx set the aggregate redemption price at €358,619,289.16, including €3,741,289.16 of accrued and unpaid interest to the redemption date.
The redemption was reported under Item 8.01 (Other Events) as a voluntary debt redemption, not a routine business event.