FEDEX CORP FDX → FedEx Freight Holding Company, Inc. FDXF
| Parent | FEDEX CORP FDX |
|---|---|
| Spinco | FedEx Freight Holding Company, Inc. FDXF |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Not focus-increasing Parent and spinco remain in the same industry; the separation divides scale rather than business. |
| Ratio | 1 FedEx Freight share for every 2 FedEx shares |
| Ratio note | The 2026-04-10 information statement still showed this as an assumed ratio with the declared figure blank; the completion 8-K of 2026-06-01 confirms it as declared. FedEx distributed 80.1% of the spinco and retained 19.9%, so the ratio alone does not describe the full float. |
| Parent retains | 19.9% |
| Checked against EDGAR | 2026-08-21 |
Data trap
FedEx's fiscal year ends 31 May, so the separation landed one day after FY2026 closed. FedEx Freight filed its own first 10-K on 2026-08-05. Any FDX figure for FY2026 or earlier still includes the freight business, and the parent's retained ~19.9% stake means third-party float and market-cap figures for FDXF are overstated until they account for it.
The restated filings have landed; this is kept as history.
Catalyst clock
- 2024-12-19Separation announced
- 2026-01-16Form 10 filed
- 2026-04-10Form 10 last amended
- —Form 10 effective
- 2026-05-15Record date
- —When-issued trading opens
- 2026-06-01Distribution
- 2026-06-25First standalone earnings
- —Index inclusion announced
Performance since separation
| FedEx Freight Holding Company, Inc. since separation | -8.17% |
|---|---|
| FEDEX CORP over the same window | -3.96% |
| S&P 500 (SPY) over the same window | +0.95% |
| Russell 2000 (IWM) over the same window | +3.80% |
| Excess over the S&P 500 | -9.12% |
| Excess over the Russell 2000 | -11.97% |
Measured from the first regular-way close on or after the distribution — 2026-06-01 at 149.53 — to 2026-08-21 at 137.32. Window: 3 months. That is a short window. Treat it as a fact about these few weeks, not as evidence about how the separation turns out. Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Pre-distribution investor return
| Parent, announcement to separation | +49.25% |
|---|---|
| Combined (FEDEX CORP + FedEx Freight Holding Company, Inc.), pre-distribution to now | +18.75% |
| Combined excess over the S&P 500 | +17.53% |
| Combined excess over the Russell 2000 | +15.47% |
Combined treats a pre-spin holding as 1 FedEx Freight share for every 2 FedEx shares valued at the parent's last close before regular post-spin trading resumed — 2026-05-29 at 331.56 — against that same basket today. That baseline is a practical proxy, not an attempt to isolate exactly how much value the separation transferred: for a large parent and a small spinco, ordinary day-to-day price noise can be bigger than the transfer itself. Run-up measures only the parent's own price, from the announcement date to that same baseline — how far the market had already moved before the separation's mechanics ever happened.
Filings
Every fact on this page comes from one of these.
- 10-12Bfiled 2026-01-16 · 0001104659-26-004329Initial Form 10 registration statement
- 10-12B/Afiled 2026-04-10 · 0001104659-26-041977Final amendment; Ex-99.1 carries the May 15 record date, the June 1 distribution date and the 80.1% distribution
- 8-Kfiled 2026-06-01 · 0001104659-26-068521Items 2.03 and 5.01 — separation completed; Ex-99.1 declares the 1-for-2 ratio against the May 15 record date, the 80.1% distribution and FedEx's retained 19.9%
Notes
Partial distribution with a retained parent stake — the case that breaks a naive cost-basis calculator. Both legs carry SIC 4513, and the split keeps FedEx in freight transport, so non-focus-increasing is the honest call.