FedEx launches $4.15 billion debt tender, shares react to spin-off and earnings

By Julia Schmitt, Sector & Peer Group desk. Reviewed prior to publication on 2026-06-26, 12:55.

FedEx Corp. (US31428X1063) has initiated cash tender offers for up to $4.15 billion of its outstanding notes, according to a company press release dated June 25, 2026. The NYSE-listed S&P 500 member is acting shortly after completing the spin-off of FedEx Freight and reporting a robust fiscal Q4 2026.

Debt tender in detail

The tender offers cover 19 separate series of FedEx notes with total principal outstanding of more than $13 billion, spanning maturities from 2027 through 2055 and coupons between roughly 2.40 percent and 5.25 percent. The company is using a waterfall acceptance approach based on priority levels and will cap repurchases at the $4.15 billion aggregate limit per the Offer to Purchase.

Investors who tender by the early deadline are set to receive an additional $30 per $1,000 of principal as an early tender premium, according to the offer documentation. FedEx expects settlement of notes tendered by the early deadline around July 14, with remaining accepted notes settled near July 28 and all notes accruing interest until their respective settlement dates.

Freight spin-off and Q4 earnings

FedEx finalized the spin-off of FedEx Freight Holding Company, Inc. on June 1, 2026, distributing 80.1 percent of FedEx Freight common stock pro rata to holders of FedEx common shares. The transaction created FedEx Freight as an independent, publicly traded company and refocused FedEx’s remaining operations on its Express and Ground networks in competition with peers like UPS and Deutsche Post DHL.

Shortly after the spin-off, FedEx reported its fiscal fourth-quarter 2026 results, with adjusted earnings of about $6.31 per share and revenue of roughly $25 billion, exceeding Wall Street expectations. Management highlighted ongoing Network 2.0 efficiency measures and the new post-spin structure as they updated guidance for fiscal 2027.

Analyst updates and S&P 500 context

Analysts have responded to the earnings beat and corporate restructuring with fresh estimates and price targets, including UBS which maintained a Buy rating on FedEx while lowering its price target from $445 to $350 to reflect the completed Freight spin-off. UBS now estimates calendar 2026 earnings per share of $17.86, close to FedEx’s own guidance midpoint. Another house, often cited as MO Capital, reaffirmed a Market Perform stance alongside a $340 price target after the latest results and guidance update.

On pricing services such as finanzen.at, FedEx shares recently showed an indicative euro value around 288.20 euros for the US31428X1063 listing, translating the NYSE level into European terms for investors following the logistics sector alongside peers like UPS and Deutsche Post DHL. The NYSE quote itself stood at about $329.65 at the June 25, 2026, close, implying a market capitalization near $78.8 billion and a trailing price-earnings ratio around 17.5.

The business behind the stock

FedEx generates most of its revenue from global transportation and logistics services, with its Express and Ground units forming the core of the remaining group after the FedEx Freight spin-off. The company offers time-definite air and ground parcel delivery, international cross-border shipping, and e-commerce logistics solutions that compete directly with UPS and DHL.

Where the stock trades today

The FedEx shares (US31428X1063) trade on the NYSE under the ticker FDX and last closed on 2026-06-25 at approximately $329.65 per share in US dollars.

This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. All data are based on sources cited and may change over time.