NYSE:FDX

InPost and a consortium led by Advent International and FedEx Corporation have reached a conditional agreement on a recommended all-cash public offer for all issued and outstanding InPost shares at €15.60 per share (cum dividend).

The offer values InPost’s equity at approximately €7.8 billion and represents a 50% premium to the undisturbed closing share price of €10.4 on 2 January 2026, and a 53% premium to the three-month volume-weighted average price prior to that date. The transaction is supported by shareholders representing approximately 48% of InPost’s outstanding shares through irrevocable undertakings.

The consortium also includes A&R Investments, founded by CEO Rafał Brzoska, and PPF Group. Upon settlement, ownership of the offer vehicle is expected to be split as follows: Advent 37%, FedEx 37%, A&R 16%, and PPF 10%. PPF will sell its current stake and reinvest part of the proceeds to retain a 10% indirect interest in the consortium.

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FedEx Corp. reported first-quarter fiscal 2026 earnings growth, with revenue rising to $22.2 billion from $21.6 billion a year earlier and adjusted diluted EPS up to $3.83 from $3.60. Net income reached $820 million, supported by higher U.S. domestic package revenue and ongoing cost reductions, though results were pressured by international trade softness and the expiration of its U.S. Postal Service contract. The company repurchased $500 million of stock during the quarter and confirmed plans to spin off FedEx Freight into a separate NYSE-listed entity by June 2026. Looking ahead, FedEx projects 4%–6% revenue growth and adjusted EPS of $17.20–$19.00 for fiscal 2026, while maintaining capital spending plans of $4.5 billion and $1 billion in permanent cost reductions.
FedEx Issues €850 Million in Eurobonds

On July 23, 2025, FedEx announced the issuance of €850 million in euro-denominated notes:
• €500M of 3.500% notes due 2032
• €350M of 4.125% notes due 2037
FedEx Issues €850 Million in New Notes Under European Debt Offering

FedEx Corporation (NYSE: FDX) announced it has entered into an underwriting agreement for the issuance of €850 million in senior notes, comprised of:
• €500 million of 3.500% Notes due 2032
• €350 million of 4.125% Notes due 2037
FedEx Delivers Strong Q4, Achieves Cost-Cutting Goals, and Honors Founder Frederick W. Smith

MEMPHIS, Tenn. – June 24, 2025 – FedEx Corp. (NYSE: FDX) closed out its fiscal year with a robust fourth-quarter performance, reporting GAAP diluted EPS of $6.88 and adjusted EPS of $6.07, buoyed by the successful completion of its $2.2 billion DRIVE structural cost reduction target. Revenue for the quarter came in at $22.2 billion, while full-year revenue reached $87.9 billion.

Key Financial Highlights – Q4 FY2025 vs. Q4 FY2024 (GAAP)
Revenue: $22.2B (+1%)

Operating Income: $1.79B (+15%)

Net Income: $1.65B (+12%)

Diluted EPS: $6.88 (+16%)

Adjusted figures strip out pension MTM adjustments, legal charges, and restructuring costs related to the planned FedEx Freight spin-off and other optimization initiatives.

Transformation Milestones and FY2025 Overview
DRIVE Program: FedEx hit its full $2.2B structural cost savings goal for FY2025 and has achieved $4.0B in savings since FY2023.

Adjusted FY2025 EPS: $18.19 vs. $17.80 (FY2024)

Capital Expenditures: $4.1B (down 22% YoY, lowest capex-to-revenue ratio in company history at 4.6%)

Stockholder Returns: $4.3B returned via $3.0B in repurchases and $1.3B in dividends

Aircraft Retirements: 12 aircraft permanently retired in line with fleet modernization strategy

Outlook for FY2026
FedEx projects:

Q1 FY2026 EPS (GAAP): $2.90–$3.50

Q1 EPS (Adjusted): $3.40–$4.00

$1B in permanent cost reductions through DRIVE and Network 2.0

Capex: $4.5B targeted for further fleet, facility, and automation investments

Dividend Increase: 5% raise to $5.80/share annually

Segment Performance
FedEx Express: Operating income up 22% YoY (Q4), driven by volume recovery and higher yield

FedEx Freight: Operating margin contracted to 20.8%, weighed by fuel surcharge reductions and wage inflation

Freight Spin-Off: Planning continues for a tax-free spin-off of FedEx Freight, targeting more focused operational execution
FedEx Corporation reported the resignation of David P. Steiner from its Board of Directors. Steiner stepped down following his appointment as United States Postmaster General. His resignation was effective immediately upon notification.
FedEx Reports Q3 FY2025 Results; Adjusts Full-Year Outlook Amid Freight Spin-Off Plans

MEMPHIS, Tenn. – March 20, 2025 – FedEx Corporation (NYSE: FDX) posted third-quarter FY2025 diluted EPS of $3.76 (GAAP) and $4.51 (adjusted), with $22.2 billion in revenue, up 2% year-over-year. Operating income grew to $1.29 billion, supported by the DRIVE cost-reduction initiative and increased volumes at FedEx Express. The company repurchased $500 million in shares during the quarter.

FedEx now expects FY2025 adjusted EPS between $18.00 and $18.60, down from a prior range of $19.00–$20.00, citing continued industrial sector weakness. Capital spending guidance was revised down to $4.9 billion.

FedEx also progressed on plans to spin off FedEx Freight into an independent, publicly traded company.
FedEx has announced the final results of its Exchange Offers and Consent Solicitations for senior notes, which expired on February 21, 2025. The offers were initiated in connection with the company's planned separation of its FedEx Freight business into a new publicly traded entity.

As of the expiration date, FedEx received valid tenders for $10.72 billion in U.S. dollar-denominated notes and €939.7 million in euro-denominated notes. The company also secured the necessary consents to amend the indentures governing the majority of these notes. The amendments will release FedEx Freight’s guarantee on the applicable notes once it is no longer a subsidiary of FedEx.

Settlement of the exchange is expected to occur on February 26, 2025. The new notes issued will have the same terms as the existing notes, except for modifications to the make-whole redemption calculation and conditional redemption notices.
FedEx Corporation has filed a Form 8-K with the U.S. Securities and Exchange Commission (SEC) on February 26, 2025. The key points from this filing are:

FedEx completed its previously announced exchange offers and consent solicitations for certain outstanding senior notes. These actions were part of a broader effort related to the planned separation of FedEx Freight into a new publicly traded company.

The exchange offers involved swapping existing senior notes for new notes with similar terms. The consent solicitations sought to amend existing indentures to release FedEx Freight’s guarantee once it ceases to be a subsidiary.

The company received valid tenders and consents for a significant portion of its outstanding notes, with new notes issued in exchange. Some existing notes remain outstanding following the settlement.

Supplemental indentures were executed to implement the proposed amendments for the majority of the existing notes, except for the 1.300% Notes due 2031, which did not receive the requisite consents.

FedEx entered into a registration rights agreement with Goldman Sachs & Co. LLC, agreeing to file a registration statement for an exchange offer involving the newly issued notes.
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