Fedex (FDX) Gross Margin (2009 - 2026)
Fedex's (FDX) quarterly Gross Margin came in at 85.38% in Q1 2026, up 7.0% year-on-year from 79.8% in Q1 2025, and little changed quarter-over-quarter from 85.04% in Q4 2025.
Fedex (FDX) Gross Margin (2009 - 2026) Analysis & Trends
Fedex has disclosed Gross Margin across 18 years of filings, most recently posting 85.38% for Q1 2026.
- Gross Margin for Q1 2026 came in at 85.38%, up 7.0% year-over-year; the trailing twelve-month figure through Feb 2026 was 65.88% (down 1011.0% YoY), and the FY2025 annual result was 75.24%, down 90.0% from the prior year.
- Gross Margin came in at 85.38% for Q1 2026 at Fedex, roughly flat from 85.04% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 149.82% in Q2 2023 to a low of 15.14% in Q2 2025.
- The 5-year median for Gross Margin is 85.04% (2025), against an average of 82.02%.
- Across the five-year window, Gross Margin surged 8021 bps in 2022 and slumped 10165 bps in 2024, its largest moves.
- Fedex's Gross Margin stood at 84.97% in 2022, then fell by 11 bps to 75.66% in 2023, then grew by 13 bps to 85.43% in 2024, then dropped by 0 bps to 85.04% in 2025, then grew by 0 bps to 85.38% in 2026.
- The last three Gross Margin figures came in at 85.38% (Q1 2026), 85.04% (Q4 2025), and 75.33% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | United Parcel Service | 92.26 Bn | 86.49 Bn | 18.44 Bn | 86.96% |
| 2 | Fedex | 78.12 Bn | 66.43 Bn | 20.49 Bn | 85.38% |
| 3 | Hunt J B Transport Services | 26.94 Bn | 26.93 Bn | 2.88 Bn | 94.27% |
| 4 | C. H. Robinson Worldwide | 22.05 Bn | 21.89 Bn | 1.50 Bn | 37.30% |
| 5 | Expeditors International Of Washington | 21.79 Bn | 20.48 Bn | 2.84 Bn | 99.58% |
| 6 | Landstar System | 7.42 Bn | 7.01 Bn | 1.16 Bn | 98.74% |
| 7 | GXO Logistics | 5.58 Bn | 4.83 Bn | 490.00 Mn | 14.86% |
| 8 | ZTO Express (Cayman) | 2.73 Bn | -774.03 Mn | 469.01 Mn | 24.36% |
| 9 | Pitney Bowes | 2.47 Bn | 2.16 Bn | 375.39 Mn | 78.63% |
| 10 | Cryoport | 783.40 Mn | 379.76 Mn | 21.91 Mn | 45.85% |
Historic Data
Download Data| Date | Value |
|---|---|
| Feb 28, 2026 | 85.38% |
| Nov 30, 2025 | 85.04% |
| Aug 31, 2025 | 75.33% |
| May 31, 2025 | 15.14% |
| Feb 28, 2025 | 85.31% |
| Nov 30, 2024 | 85.43% |
| Aug 31, 2024 | 85.32% |
| May 31, 2024 | 48.17% |
| Feb 29, 2024 | 75.41% |
| Nov 30, 2023 | 75.66% |
| Aug 31, 2023 | 94.92% |
| May 31, 2023 | 149.82% |
| Feb 28, 2023 | 75.63% |
| Nov 30, 2022 | 84.97% |
| Aug 31, 2022 | 85.04% |
| May 31, 2022 | 92.79% |
| Feb 28, 2022 | 94.92% |
| Nov 30, 2021 | 85.94% |
| Aug 31, 2021 | 85.82% |
| May 31, 2021 | 12.57% |