FedEx Corp

FDX: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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FedEx's Residential Package Volumes Recovered in Fiscal 2025, but We Expect a Near-Term Slowdown

Matthew Young

Jul 9, 2025

Business Strategy and Outlook

Overnight delivery pioneer FedEx is one of three large carriers that dominate the global for-hire parcel delivery landscape—FedEx and UPS are the major US incumbents, while DHL Express leads Europe. Furthermore, its FedEx Freight division is the largest domestic US less-than-truckload carrier. UPS has been around much longer in the US ground market, forging a density advantage and higher margins, but FedEx has gradually enhanced its ground positioning over the past decade, with help from its slight speed advantage over UPS and capacity investment.

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FedEx Corp

FedEx's Residential Package Volumes Recovered in Fiscal 2025, but We Expect a Near-Term Slowdown

Business Strategy and Outlook

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