FedEx Corporation

FedEx Corporation is an American multinational transportation and logistics company that operates the world's largest air cargo fleet and one of the most extensive ground delivery networks, connecting more than 220 countries and territories and generating $87.9 billion in revenue in fiscal 2025. Through its Federal Express Corporation (FEC) subsidiary, which consolidated the formerly separate Express, Ground, and Services units in June 2024, FedEx moves approximately 17 million packages per day across an integrated air-ground network supported by roughly 500,000 employees and 5,700 independent service providers.

This is a transformation story wearing a transportation uniform. FedEx is in the middle of the most consequential restructuring in its half-century history: collapsing separate air and ground networks into one integrated system (Network 2.0), redesigning its international air network (Tricolor), spinning off its less-than-truckload freight business into a separate public company completed June 1, 2026, and overhauling its commercial strategy to emphasize high-margin B2B verticals over undifferentiated e-commerce volume. The file turns on whether these structural changes are powerful enough to lift FEC's chronically thin 6.5% operating margin toward management's implied double-digit target, or whether the network-consolidation savings merely offset the structural cost inflation embedded in a labor-intensive, asset-heavy model.