NYSE$FDX
FedEx Corporation · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
FedEx demonstrated resilience and adaptability amidst unexpected challenges, achieving improved operating income through revenue management and cost control.
FedEx Corp. reported Q4 2022 results with revenue of $24.4 billion and diluted EPS of $2.13. Operating income improved due to revenue management actions and lower variable compensation, offset by lower shipment demand and higher costs. The company is focusing on revenue quality and cost reduction for a strong fiscal 2023.
- Operating income improved due to revenue management actions and lower variable compensation expense.
- FedEx Express operating results improved due to revenue management actions, including increased fuel surcharges.
- FedEx Ground operating results declined due to higher self-insurance accruals and increased purchased transportation and wage rates.
- FedEx Freight operating results sharply increased, with operating margin improving 570 basis points to 21.8%.
Headline financials
Revenue & EPS history
FedEx · Revenue · Quarterly
$24.4B
Forward guidance
FedEx forecasts earnings per diluted share of $22.45 to $24.45 for fiscal year 2023 before mark-to-market retirement plans accounting adjustments and costs related to business optimization initiatives. Capital spending is projected at $6.8 billion, focused on efficiency improvements.
Tailwinds
- Earnings per diluted share of $22.45 to $24.45 before the MTM retirement plans accounting adjustments and costs related to business optimization initiatives
- Earnings per diluted share of $22.50 to $24.50 before the MTM retirement plans accounting adjustments and costs related to business optimization initiatives, and excluding estimated costs associated with business realignment activities
- ETR of approximately 24% prior to the MTM retirement plans accounting adjustments and costs related to business optimization initiatives
- Capital spending of $6.8 billion, with a priority on investments to improve efficiency, including fleet and facility modernization, and increased automation
- Continued emphasis on revenue quality drove significant improvement in fourth quarter results
Headwinds
- Unable to forecast the fiscal 2023 mark-to-market (MTM) retirement plans accounting adjustments.
- May incur additional costs in fiscal 2023 related to business optimization initiatives.
- Unable to forecast the amount and timing of these additional costs, which may impact the fiscal 2023 effective tax rate (ETR).
- Forecasts assume the company's current economic forecast and fuel price expectations, no additional COVID-19-related business restrictions, successful completion of the planned stock repurchases, and no additional adverse geopolitical developments.
- Any forward-looking statement speaks only as of the date on which it is made.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q4 2022
-0.3%
Avg return
Earnings day
+0.1%
Avg return
5 days after
+2.3%
Avg return
30 days after
43%
31 / 72 earnings
Positive
+16.4%
Q4 2020
Best reaction
-14.6%
Q1 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | — | — | — | |
| Q3 2026 | +1.4% | +0.4% | +10.2% | |
| Q2 2026 | -1.6% | +3.1% | +7.3% | |
| Q1 2026 | +2.4% | +3.2% | +5.0% | |
| Q4 2025 | -0.8% | -2.1% | -1.5% | |
| Q3 2025 | -6.4% | -1.0% | -15.7% | |
| Q2 2025 | +0.9% | -0.5% | +0.7% | |
| Q1 2025 | -14.6% | -10.4% | -8.0% | |
| Q4 2024 | +15.5% | +16.9% | +16.4% | |
| Q3 2024 | +9.4% | +11.2% | +2.7% | |
| Q2 2024 | -12.7% | -12.0% | -13.4% | |
| Q1 2024 | +0.5% | +4.7% | -2.4% | |
| Q4 2023 | -3.3% | -0.5% | +12.9% | |
| Q3 2023 | +12.8% | +12.6% | +18.1% | |
| Q2 2023 | +0.7% | +4.2% | +9.2% | |
| Q1 2023 | -2.6% | -5.4% | -0.0% | |
| Q4 2022 | +6.2% | +4.8% | -0.8% | |
| Q3 2022 | -3.1% | +0.3% | -8.9% | |
| Q2 2022 | +4.0% | +4.6% | +6.4% | |
| Q1 2022 | -8.7% | -9.6% | -7.2% | |
| Q4 2021 | -1.8% | +0.2% | -0.1% | |
| Q3 2021 | +5.2% | +0.4% | +8.2% | |
| Q2 2021 | -4.6% | -5.4% | -12.6% | |
| Q1 2021 | +5.9% | +2.7% | +19.4% | |
| Q4 2020 | +16.4% | +15.6% | +28.4% | |
| Q3 2020 | +10.2% | +22.7% | +31.6% | |
| Q2 2020 | -10.5% | -9.7% | -2.8% | |
| Q1 2020 | -13.1% | -14.3% | -13.2% | |
| Q4 2019 | -0.6% | +2.0% | +9.3% | |
| Q3 2019 | -4.0% | -4.6% | +8.6% | |
| Q2 2019 | -10.8% | -13.3% | -4.9% | |
| Q1 2019 | -5.4% | -3.2% | -12.5% | |
| Q4 2018 | -4.6% | -8.3% | -10.3% | |
| Q3 2018 | -0.2% | -8.1% | +0.8% | |
| Q2 2018 | +3.8% | +3.4% | +12.5% | |
| Q1 2018 | +2.5% | +2.3% | +4.1% | |
| Q4 2017 | +0.6% | +2.1% | +0.4% | |
| Q3 2017 | +1.9% | -2.2% | -3.0% | |
| Q2 2017 | -2.8% | -2.9% | -5.8% | |
| Q1 2017 | +7.8% | +8.1% | +5.2% | |
| Q4 2016 | -4.8% | -8.5% | -3.7% | |
| Q3 2016 | +12.8% | — | — | |
| Q2 2016 | +4.9% | — | — | |
| Q1 2016 | -2.9% | — | — | |
| Q4 2015 | -2.1% | — | — | |
| Q3 2015 | -1.1% | — | — | |
| Q2 2015 | +0.1% | — | — | |
| Q1 2015 | +2.8% | — | — | |
| Q4 2014 | +5.2% | — | — | |
| Q3 2014 | -1.5% | — | — | |
| Q2 2014 | +0.4% | — | — | |
| Q1 2014 | +5.6% | — | — | |
| Q4 2013 | -3.8% | — | — | |
| Q3 2013 | -9.4% | — | — | |
| Q2 2013 | +1.0% | — | — | |
| Q1 2013 | -2.7% | — | — | |
| Q4 2012 | +3.2% | — | — | |
| Q3 2012 | -3.6% | — | — | |
| Q2 2012 | -1.3% | — | — | |
| Q1 2012 | -0.8% | — | — | |
| Q4 2011 | -0.9% | — | — | |
| Q3 2011 | +2.2% | — | — | |
| Q2 2011 | -0.7% | — | — | |
| Q1 2011 | +3.3% | — | — | |
| Q4 2008 | -5.2% | — | — | |
| Q4 2010 | -5.2% | — | — | |
| Q3 2010 | -3.2% | — | — | |
| Q3 2009 | -3.2% | — | — | |
| Q2 2010 | +0.3% | — | — | |
| Q2 2009 | -1.1% | — | — | |
| Q1 2009 | -1.1% | — | — | |
| Q1 2010 | -1.1% | — | — | |
| Q4 2009 | -1.1% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro