聯邦快遞 (FDX) 2025 Q4 法說會逐字稿

Good day and welcome to the FedEx fourth-quarter fiscal 2025 earnings call. (Operator Instructions)

大家好，歡迎參加聯邦快遞 2025 財年第四季財報電話會議。（操作員指示）

Please note, this event is being recorded.

請注意，此事件正在被記錄。

I would now like to turn the conference over to FedEx President and CEO, Rajesh Subramaniam. Please go ahead.

現在，我想將會議交給聯邦快遞總裁兼執行長拉傑什·蘇布拉馬尼亞姆 (Rajesh Subramaniam)。請繼續。

Thank you, operator. Before we begin, I want to take a few minutes to honor someone who meant a great deal to this company, the business community, his beloved family, and to me personally. It feels strange to be here with you all so soon after his sudden passing. It is difficult to put into words the tremendous loss felt by all who knew Frederick W. Smith.

謝謝您，接線生。在我們開始之前，我想花幾分鐘時間向這位對公司、商界、他摯愛的家人以及我個人都具有重大意義的人致敬。在他突然去世後這麼快就來到這裡和大家在一起感覺很奇怪。所有認識弗雷德里克·W·史密斯的人所感受到的巨大損失是難以用言語來形容的。

But Fred was a man grounded by a mission and he would tell us to stay focused on the business and keep marching forward. And so, we will do just that.

但弗雷德是一個有使命感的人，他會告訴我們要專注於業務並繼續前進。所以，我們就會這麼做。

But first, I wanted to share a few thoughts. Fred was more than a business leader. He was a visionary who revolutionized the delivery industry. He was a man who lead with integrity and inspired others. His belief in people, his relentless pursuit of excellence, and his commitment to connect people and possibilities built one of the world's most successful companies over the last five decades, and his legacy will be felt for decades to come.

但首先，我想分享一些想法。弗雷德不僅僅是一位商業領袖。他是一位徹底改變快遞行業的遠見卓識者。他是一位以正直領導並激勵他人的人。他對人的信任、對卓越的不懈追求以及將人與可能性聯繫起來的承諾，使他在過去五十年中打造出世界上最成功的公司之一，他的遺產將在未來幾十年中被人們銘記。

On a personal note, I will miss his strategic counsel, impeccable character, and sharp wit. He taught me that leadership is about service and not titles. He challenged me to think bigger, act bolder, and always, always put our people and our customers at the center of everything we do.

就我個人而言，我會懷念他的策略建議、無可挑剔的品格和敏銳的智慧。他告訴我，領導力在於服務，而不是頭銜。他鼓勵我要有更廣闊的視野、更大膽的行動，並且始終把我們的員工和客戶放在我們所做的一切的中心。

I feel tremendously fortunate to have spent 34 years learning from one of the most brilliant minds in our country's history. Please join me in extending heartfelt condolences to the entire Smith family during this difficult time. As we move forward, we will honor his legacy by continuing to build the company he loves with the same passion and purpose he inspired in us all.

我感到非常幸運，能夠用34年的時間向我國歷史上最聰明的人物之一學習。在這個困難時期，請和我一起向整個史密斯家族表達最深切的哀悼。在我們前進的過程中，我們將以他所激勵的熱情和目標繼續建立他所熱愛的公司，以此來紀念他的遺產。

Now consistent with our succession plan, yesterday, the Board elected Brad Martin as the Chairman of the Board of FedEx Corp. Brad is a highly regarded business leader and strategic thinker, who is intimately familiar with the business, having previously served as our Vice Chairman.

根據我們的繼任計劃，昨天，董事會選舉布拉德馬丁為聯邦快遞公司董事會主席。布拉德是一位備受推崇的商業領袖和策略思想家，他對公司業務非常熟悉，曾擔任我們的副董事長。

With that, I'm going to turn the call over to Jeni.

說完這些，我要把電話轉給 Jeni。

Thanks, Raj. Good afternoon, and welcome to FedEx Corporation's fourth-quarter earnings conference call. The fourth-quarter earnings release and stat book are on our website at investors.fedex.com. This call and the accompanying slides are being streamed from our website. During our Q&A session, callers will be limited to one question to allow us to accommodate all those who would like to participate.

謝謝，拉傑。下午好，歡迎參加聯邦快遞公司第四季財報電話會議。第四季財報和統計資料已發佈於我們的網站 investors.fedex.com。本次電話會議及相關幻燈片正在透過我們的網站線上播放。在我們的問答環節中，來電者只能提出一個問題，以便我們能夠滿足所有想要參與的人的需求。

Certain statements in this conference call may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements.

本次電話會議中的某些陳述可能被視為《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。此類前瞻性陳述受風險、不確定性和其他因素的影響，可能導致實際結果與此類前瞻性陳述所表達或暗示的結果有重大差異。

For additional information on these factors, please refer to our press releases and filings with the SEC. Today's presentation also includes certain non-GAAP financial measures. Please refer to the Investor Relations portion of our website at fedex.com for a reconciliation of the non-GAAP financial measures discussed on this call to the most directly comparable GAAP measures.

有關這些因素的更多信息，請參閱我們的新聞稿和向美國證券交易委員會提交的文件。今天的演示還包括某些非公認會計準則財務指標。請參閱我們網站 fedex.com 的投資者關係部分，以了解本次電話會議中討論的非 GAAP 財務指標與最直接可比較的 GAAP 指標的對照表。

Joining us on the call today are Raj Subramaniam, President and CEO; Brie Carere, Executive Vice President and Chief Customer Officer; and John Dietrich, Executive Vice President and CFO.

今天參加電話會議的有總裁兼執行長 Raj Subramaniam、執行副總裁兼首席客戶長 Brie Carere 和執行副總裁兼財務長 John Dietrich。

And now I will turn the call back over to Raj.

現在我將把電話轉回給 Raj。

Thank you, Jeni. I want to start by commending our team for their strong efforts and execution. We delivered a solid finish to FY25 with another quarter of adjusted operating income growth and adjusted operating margin expansion despite a challenging demand environment. This performance reflects the progress we have made on our strategic transformation, which continues to position FedEx for long-term value creation.

謝謝你，詹妮。首先我要讚揚我們團隊的巨大努力和執行力。儘管需求環境充滿挑戰，我們仍為 25 財年取得了穩健的成績，調整後營業收入再度實現成長，調整後營業利潤率也隨之擴大。這一業績反映了我們在策略轉型方面的進展，這將繼續為聯邦快遞創造長期價值奠定基礎。

In FY25, we delivered on our $2.2 billion DRIVE structural cost reduction commitment. This enabled us to achieve our two-year $4 billion DRIVE target compared to the FY23 baseline. We advanced Network 2.0 in FY25 as we began optimizing larger, more densely populated markets.

在25財年，我們兌現了22億美元的DRIVE結構性成本削減承諾。與 2023 財年基準相比，這使我們能夠實現兩年 40 億美元的 DRIVE 目標。隨著我們開始優化更大、人口更密集的市場，我們在 25 財年推進了網路 2.0。

We continued to lower our capital intensive, and we returned $4.3 billion in cash to stockholders. We achieved all of this in the face of major headwinds, including the expiration of our US Postal Service contract, two fewer operating days, and volatility and uncertainty related to global trade policy. Against this dynamic backdrop, I'm very proud of our ability to deliver on our targets, adapt our network to changing trade flows, and provide excellent service for our customers.

我們持續降低資本密集度，並向股東返還了 43 億美元現金。我們在面臨重大阻力的情況下取得了所有這些成就，包括我們與美國郵政服務的合約到期、營業日減少兩天以及全球貿易政策的波動性和不確定性。在這種動態的背景下，我為我們能夠實現目標、調整網路以適應不斷變化的貿易流量以及為客戶提供優質服務的能力感到非常自豪。

Now turning to our consolidated Q4 results. Revenue was up 1% year over year. We grew our DRIVE savings sequentially, achieved our DRIVE cost reduction target in this quarter. This enabled us to grow adjusted operating income by 8% and expand adjusted operating margin by 60 basis points. At Federal Express Corporation, our results demonstrate the operational leverage that we have built into our business through DRIVE.

現在來看看我們的合併第四季業績。營收年增1%。我們的 DRIVE 節省金額持續增加，並在本季實現了 DRIVE 成本削減目標。這使得我們的調整後營業收入成長了 8%，調整後營業利潤率提高了 60 個基點。在聯邦快遞公司，我們的業績證明了我們透過 DRIVE 在業務中建立的營運槓桿。

On a 1% increase in revenue, we grew adjusted operating income by 9%. We achieved this result in a weak demand environment with growth largely drawn by our deferred services. Our performance demonstrates the flexibility of our network, and I'm confident in the operating results we can deliver when the industrial economy recovers.

在營收成長 1% 的情況下，我們的調整後營業收入成長了 9%。我們在需求疲軟的環境下取得了這項成果，成長主要得益於我們的遞延服務。我們的業績反映了我們人脈的彈性，我對工業經濟復甦後我們所能取得的經營績效充滿信心。

Consistent with the trends over the last several quarters, our higher-margin B2B volumes remain pressured, which affected both FEC and Freight results. That said, we are encouraged by the sequential improvement of FedEx Freight and our ability to protect profitability with an operating margin of 20.8% in Q4.

與過去幾季的趨勢一致，我們的高利潤 B2B 業務量仍面臨壓力，這影響了 FEC 和貨運業績。儘管如此，我們對聯邦快遞貨運的連續改善以及我們第四季度 20.8% 的營業利潤率保護盈利能力的能力感到鼓舞。

The trade-related events of the fourth quarter showcased our ability to leverage both the scale and the flexibility of our unrivaled global network, supported by insights from the vast amount of data we collect. We are at the center of a global trade ecosystem. We connect 99% of the world's commerce. We moved $2 trillion worth of goods every year. We connect 3 million shippers to more than 225 million consumers.

第四季度的貿易相關事件展示了我們利用無與倫比的全球網路的規模和靈活性的能力，並得到了我們收集的大量數據所獲得的洞察力的支持。我們處於全球貿易生態系統的中心。我們連結了全球 99% 的商業。我們每年運送價值2兆美元的貨物。我們將 300 萬托運人與超過 2.25 億消費者連結起來。

And as the world changes and supply chains evolve, we benefit from our presence in over 220 countries and territories. This uniquely positions us to be a valuable partner to our customers as they navigate shifting demand trends, evaluate the impact of tariffs on their businesses, and adjust their supply chains accordingly.

隨著世界的變化和供應鏈的演變，我們從遍布 220 多個國家和地區的業務中受益。這使我們成為客戶的寶貴合作夥伴，幫助他們應對不斷變化的需求趨勢、評估關稅對其業務的影響並相應地調整供應鏈。

And importantly, our Tricolor strategy enables us to adapt our own network faster than ever before as circumstances and the needs of our customers change, driving greater efficiency and a better customer experience.

重要的是，我們的三色策略使我們能夠隨著情況和客戶需求的變化比以往更快地調整我們自己的網絡，從而提高效率並提供更好的客戶體驗。

For example, in the fourth quarter, we flexed our network to match the demand environment as trade flows shifted. We reduced capacity on our Asia-to-Americas lane by more than 35% in the first week of May compared to April. This included reducing our third-party or white tail capacity by 50%. We then continue to adjust the capacity as needed as demand trends evolve throughout the month. We exceeded May with a net capacity reduction of about 20% versus April.

例如，在第四季度，隨著貿易流的變化，我們調整了網路以適應需求環境。與 4 月相比，5 月第一周，我們亞洲至美洲航線的運力減少了 35% 以上。其中包括將我們的第三方或白尾容量減少 50%。然後，我們會根據整個月需求趨勢的變化繼續調整容量。與 4 月相比，我們的淨產能減少了約 20%，超過了 5 月。

We have been introducing other network changes in Asia, allowing us to consolidate from multiple points into a centralized gateway. We recently added a direct flight from Singapore to the US, enabling us to more efficiently capture increased demand out of Southeast Asia. We continue to evaluate trade patterns and are prepared to alter our roots and capacity commitments should demand shift with a focus on Asia to Europe and Asia to Latin America.

我們一直在亞洲引入其他網路變革，使我們能夠從多個點整合到一個集中式網關。我們最近增加了從新加坡直飛美國的航班，使我們能夠更有效地滿足東南亞日益增長的需求。我們將繼續評估貿易模式，並準備根據需求從亞洲轉向歐洲、從亞洲轉向拉丁美洲的轉變來改變我們的根源和產能承諾。

In addition to rapidly adjusting our physical network, our team has done a remarkable job working closely with our customers and helping them navigate increasing operational complexities. We continue to apply our digital platform-based solutions to effectively address key pain points amid changing global trade policies.

除了快速調整我們的實體網路之外，我們的團隊還與客戶密切合作，幫助他們應對日益複雜的運營，做得非常出色。我們持續應用數位平台為基礎的解決方案，有效解決全球貿易政策變化中的關鍵痛點。

These solutions support a wide range of stakeholders, importers, exporters, brokers, and regulators, and they are tightly integrated with our customers' existing workflows ensuring that critical trade and tariff-related work can occur seamlessly and efficiently.

這些解決方案支持廣泛的利害關係人、進口商、出口商、經紀人和監管機構，並且與我們客戶現有的工作流程緊密整合，確保關鍵的貿易和關稅相關工作能夠無縫且有效率地進行。

As you are all aware, there's a lot happening outside of FedEx. Trade policies are evolving and trade patterns are changing. What's truly remarkable is a significant way we have leveraged our technological capabilities and processes to navigate these complexities and operate more efficiently for our customers.

眾所周知，聯邦快遞之外也發生了很多事情。貿易政策不斷發展，貿易模式也在改變。真正了不起的是，我們充分利用了我們的技術能力和流程來應對這些複雜情況，並為我們的客戶提供更有效率的服務。

Network 2.0 is the next leg of our structural transformation, and it is well underway. In April, we completed the full optimization of Canada, our largest market yet. As planned, we optimized 45 US stations in Q4, and we are now picking up the base.

網路 2.0 是我們結構轉型的下一階段，目前進展順利。四月份，我們完成了迄今為止最大的市場加拿大的全面優化。按照計劃，我們在第四季度優化了 45 個美國站點，現在我們正在提升基礎。

On June 1, we implemented Network 2.0 on nearly 30 stations across 11 markets, and we will optimize another 33 stations across nine markets by the end of this month. That means we exit June with roughly 2.5 million average daily volume flowing through Network 2.0 optimized stations.

6月1日，我們在11個市場的近30個電台實施了網路2.0，本月底我們將對9個市場的另外33個電台進行最佳化。這意味著，6 月份，透過 Network 2.0 優化網站的日均流量約為 250 萬。

Looking beyond North America, we have made progress in Europe, including our DRIVE target. That said, Europe remains a significant opportunity for long-term financial improvement. We have been implementing the workforce reduction plan we announced in June of 2024.

除了北美之外，我們在歐洲也取得了進展，包括我們的 DRIVE 目標。儘管如此，歐洲仍是長期金融改善的重要機會。我們一直在執行2024年6月宣布的裁員計畫。

This was a very difficult, but necessary decision for us, leading to about $150 million of savings on an annualized basis in FY27. We have achieved better on-road productivity with sustained improvement in net service levels. We have now seen two consecutive years of cost per package reduction in our European business. In FY26, we'll focus on further improving on-road and in-station productivity, bringing new digital experience to our customers and growing market share profitably in the region.

對我們來說，這是一個非常困難但必要的決定，這使得 2027 財年以年率計算節省了約 1.5 億美元。我們實現了更好的道路生產力，淨服務水準持續提高。我們歐洲業務的每件包裝成本已連續兩年下降。在26財年，我們將專注於進一步提高道路和站內生產力，為客戶帶來新的數位體驗，並在該地區盈利性地增加市場份額。

A quick update on the Freight spinoff. Last month, we named Brad Martin as Chairman of the Board of FedEx Freight. We also named John Smith as President and CEO of the stand-alone company. As many of you know, John has deep freight expertise and a strong track record of improving margins and profitability at both FedEx Freight and FedEx Ground.

關於貨運衍生品的快速更新。上個月，我們任命布拉德馬丁 (Brad Martin) 為聯邦快遞貨運董事會主席。我們也任命約翰史密斯 (John Smith) 為獨立公司的總裁兼執行長。眾所周知，約翰擁有深厚的貨運專業知識，並且在提高聯邦快遞貨運和聯邦快遞地面運輸的利潤率和盈利能力方面有著良好的記錄。

We are moving quickly to announce the rest of our Freight leadership team. We recently hired Michael Rodgers as Chief Technology Officer for FedEx Freight. Mike brings vast external technology experience, having most recently spent time in the fuel supply and the retail sectors.

我們將迅速宣布貨運領導團隊的其他成員。我們最近聘請了 Michael Rodgers 擔任聯邦快遞貨運的首席技術長。Mike 擁有豐富的外部技術經驗，最近在燃料供應和零售領域工作。

Additionally, Eddie Klank will serve as the FedEx Freight's Chief Human Resources and Legal Officer. Eddie brings deep expertise from his nearly 30-year career at FedEx, most recently as Corporate Vice President for Corporate Governance, Securities, and Tax Law.

此外，Eddie Klank 將擔任聯邦快遞貨運的首席人力資源和法律官。艾迪在聯邦快遞工作近 30 年，擁有深厚的專業知識，最近擔任公司治理、證券和稅法副總裁。

Mike Lyons has worked at FedEx Freight since 2007, will serve as a Chief Specialized Services and Commercial Officer; and Clint McCoy, who has worked at FedEx Freight for nearly 30 years, will be the Chief Operating Officer. I'm confident that this mix of strong external FedEx Corporation and FedEx Freight talent will set up FedEx Freight for success.

麥克·萊昂斯 (Mike Lyons) 自 2007 年起在聯邦快遞貨運公司工作，將擔任首席專業服務和商務官；而在聯邦快遞貨運公司工作近 30 年的克林特·麥考伊 (Clint McCoy) 將擔任首席營運官。我相信，聯邦快遞集團和聯邦快遞貨運強大的外部人才組合將為聯邦快遞貨運的成功奠定基礎。

Before I wrap up, I want to provide early perspective on how we are thinking about the current quarter and the year ahead. The global demand environment remains volatile. We're staying close to our customers to help them plan and adapt as they navigate trade policy changes, and we are actively matching our capacity with demand as the environment evolves. John will walk through our expectations for the first quarter of this fiscal year. We remain focused on what we can control.

在結束之前，我想先提供我們對當前季度和未來一年的看法。全球需求環境依然動盪。我們與客戶保持密切聯繫，幫助他們制定計劃並適應貿易政策的變化，隨著環境的變化，我們積極地將我們的產能與需求相匹配。約翰將介紹我們對本財年第一季的預期。我們仍然專注於我們能夠控制的事情。

For FY26, we expect to achieve $1 billion of transformation-related savings which includes DRIVE and Network 2.0. I, again, want to thank the team for the innovative and mission-critical work they're doing to make supply chains smarter for everyone. This work has resulted in a solid finish to the fiscal year. And importantly, it's translating to better outcomes for our customers in a very complex operating environment.

在2026財年，我們預計將實現10億美元的轉型相關成本節約，其中包括DRIVE和Network 2.0。我再次感謝團隊為打造更智慧的供應鏈所做的創新和關鍵工作。這項工作為本財政年度的圓滿結束做出了貢獻。重要的是，它在非常複雜的營運環境中為我們的客戶帶來了更好的結果。

Now let me turn the call over to Brie.

現在讓我把電話轉給布里。

Thank you, Raj. I am proud of how we are helping our customers navigate this challenging period, and I think it's fitting to share that so, too, is our founder. Just this past Friday, Fred told me how fun it was to watch the team work. And that he saw and felt the momentum building in the business. He was excited about our e-commerce value proposition, the power of our clearance capabilities, and of course, the growth in global air freight and health care.

謝謝你，拉傑。我為我們幫助客戶度過這個充滿挑戰的時期而感到自豪，而且我認為與大家分享這一點也很合適，我們的創辦人也是如此。就在上週五，弗雷德告訴我觀看團隊合作是多麼有趣。他看到並感受到了業務蓬勃發展的勢頭。他對我們的電子商務價值主張、強大的清關能力以及全球空運和醫療保健的成長感到興奮。

I want to commend the entire organization for our focus on creating vast differentiation and showing up for our customers. Delivering the Purple Promise has served us well for the last 50 years, the last quarter and undoubtedly, it will serve us well in fiscal year '26.

我要讚揚整個組織致力於創造巨大的差異化並為客戶提供服務。履行「紫色承諾」在過去 50 年、上個季度以及 2026 財年對我們都有好處。

Taking a closer look at our Q4 revenue performance. Consolidated revenue was up 1%, with a 1% increase at Federal Express and a continued weakness as expected at FedEx Freight. For both segments, a better-than-expected May more than offset a softer than expected April.

仔細看看我們第四季的營收表現。綜合收入成長 1%，其中聯邦快遞成長 1%，而聯邦快遞貨運則如預期繼續疲軟。對於這兩個領域來說，5 月好於預期的表現足以抵消 4 月疲軟的表現。

Looking at our volume trends by service. US domestic volumes held up well throughout the quarter, with growth accelerating in late April and May. Our nationwide coverage and our speed advantage are helping us win new, profitable business. We saw 6% volume growth across our US domestic peripheral services.

查看我們按服務劃分的銷售趨勢。美國國內貿易量在整個季度保持良好，4 月底和 5 月份成長加速。我們的全國覆蓋範圍和速度優勢正在幫助我們贏得新的、有利可圖的業務。我們的美國國內週邊服務量成長了 6%。

From an international perspective, our volume trends closely tracked global trade headlines. March performance was solid and in line with our expectations. Following the April 2 tariff announcement, customer concerns increased, and as a result, volumes softened.

從國際角度來看，我們的交易量趨勢與全球貿易標題密切相關。三月的表現穩健，符合我們的預期。4 月 2 日關稅公告發布後，客戶的擔憂加劇，導致交易量下降。

In early May, upon tariff implementation, China-to-US volumes deteriorated sharply and remained weak throughout the rest of the quarter. Our international export revenue was flat, reflecting the tariff-related impact on our Trans-Pacific trade lane.

5月初，隨著關稅實施，中國對美國的貿易量急劇下降，並在本季剩餘時間內保持疲軟。我們的國際出口收入持平，反映了關稅對我們的跨太平洋貿易航線的影響。

I do want to take a moment to commend our clearance team at the Memphis hub for their success in navigating this environment and maintaining excellent service. This was an impressive feat given customs entries in May were double the January to April average.

我確實想花點時間讚揚孟菲斯樞紐的清關團隊成功地駕馭了這種環境並保持了優質的服務。考慮到五月海關入境數量是一月至四月平均數量的兩倍，這是一個令人印象深刻的成就。

Within our Freight segment, shipments remained pressured, but the year-over-year declines moderated sequentially, with average daily shipments down 1% year over year in Q4 compared to down 5% in Q3 and down 8% in Q2.

在我們的貨運部門，貨運量仍面臨壓力，但同比降幅環比有所緩和，第四季日均貨運量年減 1%，而第三季下降 5%，第二季下降 8%。

In fact, average daily shipments up 8.3% sequentially was our greatest Q4 over Q3 increase since fiscal year '21. As we prepare for the Freight spin-off, we are continuing to execute on our commercial strategy with an emphasis on improved service and pricing discipline, and we continue to build out our dedicated sales force.

事實上，平均每日出貨量較上季成長 8.3%，這是我們自 2021 財年以來第四季相對於第三季的最大增幅。在我們準備貨運分拆的同時，我們將繼續執行我們的商業策略，重點是改善服務和定價紀律，並繼續建立我們的專業銷售團隊。

The pricing environment continues to improve. At Federal Express, total US domestic package yield was up slightly with strength in our priority services offset by mix shift in softer yields in deferred and ground economy. Maintaining pricing discipline remains a top priority.

定價環境持續改善。聯邦快遞的美國國內包裹總收益率略有上升，其中優先服務的強勁表現被延期和地面經濟收益率下降的組合變化所抵消。維持定價紀律仍是首要任務。

International export package yield declined 1%, driven by lower international economy yields, partially offset by an 11% yield increase for international priority. Within global air freight, we are pleased to see higher revenue per pound. This is a direct result of our Tricolor strategy, which is designed to increase network flexibility, reduce costs, and importantly, support profitable growth in the international export freight market.

國際出口包裹收益率下降 1%，原因是國際經濟收益率下降，但國際優先收益率增加 11%，部分抵消了影響。在全球空運中，我們很高興看到每磅的收入增加。這是我們的「三色」策略的直接成果，該策略旨在提高網路靈活性、降低成本，更重要的是，支持國際出口貨運市場的獲利成長。

Thanks to Tricolor, we delivered 5% growth in international air freight revenue in Q4 with a high profit flow-through. At FedEx Freight, I remain encouraged by the continued increase in revenue per hundredweight, up 1%, signaling a continued commitment to revenue quality. Total revenue per shipment declined 1% due to lower fuel surcharge and lower weight per shipment.

得益於 Tricolor，我們第四季的國際空運收入成長了 5%，利潤流轉也很高。在聯邦快遞貨運，我對每英擔收入持續成長 1% 感到鼓舞，這表明我們持續致力於提高收入品質。由於燃油附加費降低和每批貨物重量減少，每批貨物的總收入下降了 1%。

Looking ahead, as global trade policies continue to evolve and companies adjust their shipping patterns, we are well positioned to support our customers and adapt as needed. Our current expectation is for flat to 2% revenue growth in the first quarter.

展望未來，隨著全球貿易政策的不斷發展和公司運輸模式的調整，我們已準備好為客戶提供支援並根據需要進行調整。我們目前預計第一季營收成長率將持平至 2%。

This range includes approximately $570 million of [idiosyntratics] revenue headwinds from the expiration of the US Postal Service contract and recent trade disruption. Where we land in the range largely depends on how the US domestic revenue at FECs evolves.

這一範圍包括因美國郵政服務合約到期和最近的貿易中斷而造成的約 5.7 億美元的 [idiosyntratics] 收入阻力。我們在這個範圍內的落點很大程度上取決於美國聯邦娛樂中心的國內收入如何變化。

The top end of the range assumes current favorable US domestic trends at FEC continue through Q1. The lower end of our range assumes incremental pressure to US domestic demand. Internationally, we expect revenue from the China-to-US lane to remain pressured, consistent with what we saw exiting Q4. At Freight, we forecast revenue to decline slightly year over year in the first quarter.

該範圍的最高端假設當前美國國內 FEC 的有利趨勢將持續到第一季。我們的區間下限假設美國國內需求面臨增量壓力。在國際上，我們預期中美航線的營收仍將面臨壓力，這與我們在第四季看到的情況一致。在貨運方面，我們預測第一季的營收將比去年同期略有下降。

Now a quick update on our commercial strategy. Our focus is paying off, translating to better customer experiences and financial outcomes. Our emphasis on B2B, small and medium-sized businesses, Europe, and airfreight is a deliberate approach to capitalize on high-margin market opportunities while diversifying our revenue streams globally.

現在快速更新一下我們的商業策略。我們的重點是獲得回報，轉化為更好的客戶體驗和財務成果。我們注重 B2B、中小型企業、歐洲和空運，這是一種利用高利潤市場機會並在全球範圍內實現收入來源多元化的刻意方法。

Within B2B, health care and automotive remain important verticals for us. We exited FY25 with $9 billion in health care-related revenue, which drove growth in our US priority volumes. In Q4, we became the first global integrator to achieve an important pharma-related certification, known as CEIV. This is for ground handling across our express hubs and ramps.

在 B2B 領域，醫療保健和汽車仍然是我們的重要垂直領域。我們在 25 財年結束時實現了 90 億美元的醫療保健相關收入，這推動了我們美國優先業務量的成長。第四季度，我們成為首家獲得重要製藥相關認證（CEIV）的全球整合商。這是用於我們的快速樞紐和坡道的地面處理。

This marks a significant milestone in our commitment to quality, compliance, and leadership in pharmaceutical logistics. It validates the strength of FedEx's quality management system and our ability to deliver end-to-end logistics services in compliance with an increasingly complex and highly regulated pharmaceutical industry.

這標誌著我們在醫藥物流領域對品質、合規性和領導力的承諾的一個重要里程碑。它證明了聯邦快遞品質管理系統的實力以及我們根據日益複雜且嚴格監管的製藥行業提供端到端物流服務的能力。

As we look to further penetrate the high-margin health care segment, I am confident this achievement will unlock even more opportunity for us. Within automotive, we recently created a distinct vertical with its own dedicated leadership team, and we are off to a strong start.

當我們尋求進一步滲透高利潤的醫療保健領域時，我相信這項成就將為我們帶來更多的機會。在汽車領域，我們最近創建了一個獨特的垂直領域，並擁有自己的專門領導團隊，我們已經取得了良好的開端。

We were recently awarded GM Supplier of the Year Award for the 21st year in a row. Our focus for fiscal year '26 will be growing within the $18 billion high-margin segment of the North American automotive market, a subsector focused on premium services that supports automotive supply chain.

我們最近連續第 21 年榮獲通用汽車年度供應商獎。26 財年我們的重點將是北美汽車市場中價值 180 億美元的高利潤率細分市場的成長，該細分市場專注於支援汽車供應鏈的優質服務。

Additionally, small and medium customers remain central to our commercial strategy. FedEx Rewards, our loyalty program, is unique in the industry and has become an important gateway for small and medium-sized businesses.

此外，中小型客戶仍然是我們商業策略的核心。我們的忠誠度計畫 FedEx Rewards 在業界獨樹一幟，已成為中小型企業的重要門戶。

I am especially pleased with our revenue growth in the US as the rewards program enrollment increased 8% year over year. The rewards program creates a more seamless, personalized customer experience that drives customer loyalty.

我對我們在美國的收入成長感到特別高興，因為獎勵計劃的註冊人數比去年同期增加了 8%。獎勵計劃創造了更無縫、個人化的客戶體驗，從而提高了客戶忠誠度。

I want to again thank our team for continuing to execute on our commercial strategies. Their efforts are improving the customer experience, helping our customers navigate this period of volatility, and positioning us well for sustainable growth that flows through to the bottom line.

我要再次感謝我們的團隊繼續執行我們的商業策略。他們的努力正在改善客戶體驗，幫助我們的客戶度過這段動盪時期，並為我們實現永續成長奠定良好基礎。

And with that, I'll turn it over to John.

現在，我將把話題交給約翰。

Thank you, Brie, and hello, everyone. First, I'd like to share that the culture and extraordinary business that Fred Smith created unconditionally drew me to FedEx. I always greatly respected Fred from my earliest encounters with him in the industry, and I'm grateful and beyond privileged to have worked directly with him these past two years.

謝謝你，布里，大家好。首先，我想分享的是，弗雷德史密斯所創造的文化和非凡的業務無條件地吸引我加入聯邦快遞。自從我在這個行業中第一次遇到弗雷德以來，我一直非常尊重他，我很感激並且非常榮幸在過去的兩年裡能夠直接與他合作。

Now turning to the quarter. I'm very pleased with what we achieved in Q4. This includes the actions we've taken to increase stockholder value, our discipline on CapEx, and the transformation we advanced, all while navigating a very complex environment.

現在轉向本季。我對我們在第四季度所取得的成就感到非常滿意。這包括我們為提高股東價值而採取的行動、我們對資本支出的紀律以及我們在非常複雜的環境中所推動的轉型。

Our Q4 results reflect our ability to flex our network, onboard new revenue, and manage costs. On a consolidated basis, we delivered $18.19 in adjusted earnings per share for FY25, achieving two consecutive years of earnings growth despite the prolonged freight industry softness, two fewer operating days, the expiration of the US Postal Service contract, and extraordinary weather events.

我們的第四季業績反映了我們靈活網絡、增加新收入和管理成本的能力。綜合來看，2025 財年我們的調整後每股收益為 18.19 美元，儘管貨運行業長期低迷、運營天數減少兩天、美國郵政服務合同到​​期以及極端天氣事件，我們仍實現了連續兩年的盈利增長。

Federal Express also posted higher FY25 results year over year despite significant headwinds with adjusted operating income of $151 million and $641 million in revenue growth. This strong flow-through to the bottom line demonstrates the powerful leverage inherent in our business, a reality that will become even more apparent when we see a recovery in the industrial economy.

儘管面臨巨大阻力，聯邦快遞 2025 財年業績仍年增，調整後營業收入達 1.51 億美元，營收成長 6.41 億美元。這種強勁的獲利流向顯示了我們業務固有的強大槓桿作用，當我們看到工業經濟復甦時，這一現實將變得更加明顯。

While consolidated adjusted operating income declined to $121 million, this was due to FedEx Freight results, which continue to be challenged due to the prolonged weakness in the industrial economy. Taking a closer look at consolidated Q4 performance on a year-over-year basis, we delivered an 8% increase in adjusted operating income on a 1% increase in revenue.

雖然合併調整後營業收入下降至 1.21 億美元，但這是由於聯邦快遞貨運表現因工業經濟長期疲軟而持續面臨挑戰。仔細觀察與去年同期相比的第四季綜合業績，我們發現調整後的營業收入成長了 8%，營收成長了 1%。

These results reflect our ability to grow revenue profitably, as well as our ongoing commitment to managing our cost structure. Our revenue performance includes recent health care wins, which are part of our strategy to profitably grow in B2B.

這些結果反映了我們獲利性成長收入的能力，以及我們對管理成本結構的持續承諾。我們的收入表現包括最近在醫療保健方面的勝利，這是我們在 B2B 領域實現獲利成長策略的一部分。

Adjusted operating income increased by $147 million and adjusted operating margin expanded by 60 basis points. We achieved this result despite a $165 million headwind from one fewer operating day, a $120 million headwind from the US Postal Service contract expiration, and pressures from the global trade policy changes.

調整後的營業收入增加了 1.47 億美元，調整後的營業利潤率增加了 60 個基點。儘管面臨因營業日減少一天而產生的 1.65 億美元損失、因美國郵政服務合約到期而產生的 1.2 億美元損失以及全球貿易政策變化的壓力，我們仍然取得了這一成果。

At FEC, adjusted operating income increased by $136 million, and adjusted operating margin expanded 70 basis points. This was driven by continued DRIVE savings, increased US and international export volume, and base yield growth. These drivers were partially offset by operating expense inflation and the headwinds I mentioned earlier.

在 FEC，調整後的營業收入增加了 1.36 億美元，調整後的營業利潤率擴大了 70 個基點。這是由持續的 DRIVE 儲蓄、美國和國際出口量的增加以及基本收益的成長所推動的。這些驅動因素被我之前提到的營業費用通膨和不利因素部分抵銷。

Regarding our Asia international export exposure, the bilateral China-to-US lane represents around 2.5% of consolidated revenue and is our most profitable intercontinental lane. Due to escalating trade barriers in the quarter, we experienced a material headwind on our Asia-to-US lane, largely driven by China.

就我們的亞洲國際出口業務而言，中美雙邊航線約佔合併收入的 2.5%，是我們最賺錢的洲際航線。由於本季貿易壁壘不斷升級，我們的亞洲至美國航線遭遇了重大阻力，主要由中國推動。

Notably, this was not fully factored into our prior March outlook as certain tariffs were not yet announced and implemented until after our last earnings release. At Freight, operating income fell by $30 million and operating margin declined 40 basis points.

值得注意的是，這並沒有完全計入我們先前 3 月的展望中，因為某些關稅直到我們上次發布收益報告後才宣布和實施。貨運業務的營業收入下降了 3,000 萬美元，營業利潤率下降了 40 個基點。

Freight's operating income also reflects a $33 million gain on sale of a legacy facility. As anticipated, our freight performance improved sequentially, and our team maintained pricing discipline as base yields continue to be a tailwind to the quarter and the fiscal year.

貨運的營業收入也反映了出售舊設施所獲得的 3,300 萬美元收益。正如預期的那樣，我們的貨運業績連續改善，我們的團隊保持了定價紀律，因為基本收益率繼續成為本季和財政年度的順風。

In addition to our segment results, our fourth-quarter results include a noncash impairment charge of $21 million related to our decision to permanently retire an additional 12 aircraft, including seven A300s, three MD-11s, and two 757s, as well as eight related engines.

除了我們的分部表現外，我們的第四季度業績還包括一項 2,100 萬美元的非現金減損費用，與我們決定永久退役另外 12 架飛機（包括 7 架 A300、3 架 MD-11 和 2 架 757）以及 8 台相關發動機有關。

Over the last three years, we've removed a net 31 jet aircraft from our fleet which is a 7% reduction versus FY22. These actions are aligned with the company's fleet reduction and modernization strategy as we continue to improve global network efficiency and better align air network capacity with anticipated demand.

在過去三年中，我們從機隊中淨減少了 31 架噴射機，與 22 財年相比減少了 7%。這些措施與公司的機隊縮減和現代化策略一致，我們將繼續提高全球網路效率，並更好地使航空網路容量與預期需求保持一致。

Now moving on to capital allocation. I'm extremely pleased that we both significantly reduced our capital intensity and returned $4.3 billion to stockholders in FY25. This was well above our previous $3.8 billion commitment.

現在轉向資本配置。我非常高興，我們都大幅降低了資本密集度，並在 25 財年向股東返還了 43 億美元。這遠高於我們先前承諾的 38 億美元。

During the fourth quarter, we opportunistically purchased an additional $500 million in shares, bringing our total to $3 billion in share repurchases for the year, and we remain committed to returning capital to stockholders. We increased our dividend by 5% in FY26, making this the fifth consecutive year with a dividend increase.

在第四季度，我們抓住機會額外購買了價值 5 億美元的股票，使我們全年的股票回購總額達到 30 億美元，並且我們仍然致力於向股東返還資本。我們在 26 財年將股利提高了 5%，這是連續第五年增加股利。

We will also continue to repurchase shares and expect the combination of our fiscal 2026 share repurchases and dividend payments to approximate adjusted free cash flow. We also significantly reduced our CapEx spending in FY25 by approximately $1.1 billion for a total of $4.1 billion compared to $5.2 billion in FY24. This marks our lowest capital spending in over 10 years.

我們也將繼續回購股票，並預計 2026 財年的股票回購和股利支付總額將接近調整後的自由現金流。我們也大幅削減了 25 財年的資本支出，約 11 億美元，總計 41 億美元，而 24 財年為 52 億美元。這是我們十多年來最低的資本支出。

Additionally, our CapEx as a percentage of revenue was 4.6%, the lowest level since FedEx Corp was established in fiscal year '98. We're currently planning for FY26 CapEx to be approximately $4.5 billion, of which $700 million relates to Network 2.0 investment.

此外，我們的資本支出佔收入的百分比為 4.6%，這是自 1998 財年聯邦快遞公司成立以來的最低水準。我們目前計劃 26 財年的資本支出約為 45 億美元，其中 7 億美元與網路 2.0 投資有關。

And we plan to further reduce aircraft CapEx to approximately $1 billion this fiscal year, a level we plan to maintain for the next several years. I'm also very proud that our adjusted free cash flow conversion from net income was extremely strong at nearly 90%, representing a step change versus prior years, driven by our lower capital intensity.

我們計劃本財年將飛機資本支出進一步削減至約 10 億美元，並計劃在未來幾年保持這一水準。我也非常自豪的是，我們的調整後自由現金流從淨收入中轉化率非常強勁，接近 90%，與前幾年相比有了顯著變化，這得益於我們較低的資本密集度。

On this point, approximately 85% of our FY25 CapEx was related to modernization of our aircraft and vehicle fleets, as well as optimization and automation of our network. We continue to prioritize investments that support increasing efficiency and reducing our cost to serve as opposed to capacity expansion.

在這一點上，我們 25 財年資本支出的約 85% 與飛機和車隊的現代化以及網路的最佳化和自動化有關。我們繼續優先考慮支持提高效率和降低服務成本的投資，而不是擴大產能。

This capital spending approach signals an inflection in the life of our business as we can now further reap the benefits of our global network and seek to increase stockholder returns and improve ROIC in the years ahead. And we're translating our adjusted free cash flow at parity into stockholder returns.

這種資本支出方式標誌著我們業務生命週期的轉折點，因為我們現在可以進一步享受全球網路帶來的好處，並尋求在未來幾年增加股東回報和提高投資回報率。我們正在將調整後的自由現金流以平價轉化為股東回報。

With respect to pension contributions, in FY26, we're planning for up to $600 million of voluntary pension contributions to our US qualified plans, which are 103% funded as of the end of FY25. And finally, we have $1.3 billion of debt maturing in FY26, which we expect to pay off or refinance.

關於退休金繳款，在 2026 財年，我們計劃向我們的美國合格計劃自願繳納高達 6 億美元的退休金，截至 2025 財年末，這些計劃的資金已達到 103%。最後，我們有 13 億美元的債務將於 26 財年到期，我們預計將償還或再融資。

Now I'd like to walk you through our expectations for Q1. As we've talked about, the macroeconomic environment remains uncertain. Our outlook is, therefore, based on current tariff rates, recent trends we're seeing as well as that which we're hearing from our customers.

現在我想向您介紹我們對第一季的期望。正如我們所討論的，宏觀經濟環境仍然不確定。因此，我們的展望是基於當前的關稅稅率、我們看到的近期趨勢以及我們從客戶那裡聽到的消息。

As Brie shared, we're currently planning for consolidated Q1 revenue to be in the range of flat to up 2% including $170 million adjusted operating income headwind from international export due to global trade policy impacts.

正如布里所分享的，我們目前計劃將第一季的綜合收入保持在持平至增長 2% 的範圍內，其中包括由於全球貿易政策影響而導致的國際出口 1.7 億美元的調整後營業收入逆風。

This translates to a Q1 adjusted EPS range of $3.40 to $4 which includes approximately $200 million in transformation benefits. We also anticipate our quarterly effective tax rate to be approximately 25%. At $3.70 of adjusted EPS, the midpoint of our range, we anticipate a 1% increase in Federal Express revenue with adjusted operating margin up modestly. Also at the midpoint, we anticipate FedEx Freight revenue to be down slightly with a modest decline in operating margin.

這意味著第一季調整後的每股收益範圍為 3.40 美元至 4 美元，其中包括約 2 億美元的轉型收益。我們也預計季度有效稅率約為 25%。調整後每股收益為 3.70 美元（即我們預期範圍的中點），我們預計聯邦快遞的收入將成長 1%，調整後的營業利潤率將小幅上升。此外，我們預計聯邦快遞貨運收入將略有下降，營業利潤率也將小幅下降。

Now turning to our FY26 Q1 operating income bridge, which shows the year-over-year elements embedded in our outlook. This bridge reflects adjusted operating income of $1.25 billion, which is equivalent to $3.70 of adjusted EPS. For revenue, net of costs, we expect $130 million tailwind, reflecting our assumptions of operating expense inflation and revenue growth, mostly US domestic.

現在轉向我們的 26 財年第一季營業收入橋，它顯示了我們展望中包含的同比因素。這座橋樑反映了 12.5 億美元的調整後營業收入，相當於 3.70 美元的調整後每股收益。對於扣除成本後的收入，我們預計順風收入為 1.3 億美元，這反映了我們對營運費用膨脹和收入成長的假設，主要是美國國內收入。

We're forecasting $170 million in headwinds from international export, as I mentioned, driven by the global trade policy impacts primarily on our transpacific lane, Lastly, we anticipate $120 million in headwinds from the expiration of the US post-service contract. Partially offsetting these headwinds is $200 million of benefit from our transformation initiatives.

正如我所提到的，我們預測國際出口將面臨 1.7 億美元的逆風，這主要是由於全球貿易政策對我們的跨太平洋航線的影響。最後，我們預計美國售後服務合約到期將帶來 1.2 億美元的逆風。我們的轉型措施帶來了 2 億美元的收益，可部分抵銷這些不利因素。

Now turning to some important considerations for FY26. We expect around $1 billion in incremental year-over-year benefit from our transformation-related efforts, which includes structural cost reduction benefits from DRIVE and Network 2.0, we anticipate a moderate ramp of these savings throughout the fiscal year.

現在來談談 FY26 的一些重要考慮因素。我們預計，與轉型相關的努力將帶來約 10 億美元的年增收益，其中包括 DRIVE 和 Network 2.0 帶來的結構性成本削減效益，我們預計整個財年這些節省的收益將適度增加。

In addition, US Postal Service contract expiration will be a near-term headwind. For modeling purposes, I want to note that the significant revenue and operating income headwind is limited to the first four months of FY26 and likely to skew typical seasonality.

此外，美國郵政服務合約到期將成為近期的阻力。為了建模的目的，我想指出的是，顯著的收入和營業收入逆風僅限於 26 財年的前四個月，並且可能會扭曲典型的季節性。

As a reminder, small upticks in B2B revenues can result in significant incremental flow-through. So if we see a recovery in the industrial economy, we're well positioned to see strong leverage to operating income. In addition to our Q1 outlook, we remain committed to being transparent and resuming our full-year outlook for adjusted EPS, effective tax rate, and capital returns as visibility improves.

提醒一下，B2B 收入的小幅上漲可能會帶來顯著的增量流通。因此，如果我們看到工業經濟復甦，我們就很有可能看到營業收入的強勁槓桿作用。除了第一季的展望之外，隨著可見度的提高，我們仍致力於保持透明度並恢復對調整後每股收益、有效稅率和資本回報的全年展望。

Now that we're into a new fiscal year, we're very excited about the significant value creation opportunities ahead for both FedEx Corporation and the future stand-alone FedEx Freight company. In that regard, we plan to host a FedEx Corporation Investor Day in Memphis in early calendar 2026, where we'll share more details on our long-term strategy.

現在我們已進入新的財政年度，我們對聯邦快遞公司和未來獨立的聯邦快遞貨運公司未來的巨大價值創造機會感到非常興奮。在這方面，我們計劃於 2026 年初在孟菲斯舉辦聯邦快遞公司投資者日，屆時我們將分享更多有關我們長期策略的細節。

This will include a detailed update on our strategic initiatives, such as Network 2.0, which represents a $2 billion savings opportunity from our physical network integration and associated One FedEx savings by the end of fiscal 2027. Additionally, we'll continue to progress our freight separation plans and expect to spin off freight in June of 2026. We also look forward to hosting a FedEx Freight Investor Day next spring prior to the spin-off.

這將包括我們策略性舉措的詳細更新，例如 Network 2.0，這意味著到 2027 財年末，透過實體網路整合和相關的 One FedEx 節省，我們將獲得 20 億美元的節省機會。此外，我們將繼續推動貨運分離計劃，預計在 2026 年 6 月分拆貨運業務。我們也期待在明年春天分拆之前舉辦聯邦快遞貨運投資者日。

In closing, while FY26 presents unique challenges and uncertainties, what remains unchanged is our commitment to driving stockholder returns and building a more profitable FedEx. Our transformation initiatives, capacity reductions, and successful commercial strategies are helping us navigate the current environment and position us extremely well for when demand recovers. I'm confident in the value creation opportunity that remains in front of us.

最後，儘管 26 財年面臨獨特的挑戰和不確定性，但我們對推動股東回報和打造更獲利的聯邦快遞的承諾始終不變。我們的轉型措施、產能削減和成功的商業策略正在幫助我們應對當前環境，並為需求復甦做好充分準備。我對眼前的價值創造機會充滿信心。

And with that, operator, let's please open it up for questions.

接線員，現在讓我們開始提問吧。

(Operator Instructions) Daniel Imbro, Stephens.

（操作員指示）丹尼爾·伊姆布羅，史蒂芬斯。

Hey. Good evening, everybody. Thanks for taking our questions. Raj, I guess I want to start on the network too savings. And maybe John, you can help chime in here, too. But Raj, you mentioned ramping the pace of them through the fourth quarter and into the first quarter.

嘿。大家晚上好。感謝您回答我們的問題。Raj，我想我也想開始在網路上儲蓄。也許約翰，你也可以幫忙加入。但是拉吉，你提到了在第四節和第一節加快他們的節奏。

I guess, I think John said $200 million of DRIVE and Network 2.0 in the first quarter, but can you talk about the shape of how you see that $1 billion developing through this year just given the pace of the rollout.

我想，我認為約翰說第一季的 DRIVE 和 Network 2.0 的投入是 2 億美元，但考慮到推出的速度，您能否談談您認為今年這 10 億美元的發展情況？

And then, John, just digging into that $200 million, it looks like you got almost $700 million of DRIVE savings in the fourth quarter. Can you just flatline that, it should be a few hundred million of benefit in the first quarter. So are there any offsets as to why those DRIVE savings are not larger in the first half of the year, that would be great. Thanks.

然後，約翰，深入研究這 2 億美元，看起來你在第四季度獲得了近 7 億美元的 DRIVE 節省。您能否大致估算一下，第一季的利潤應該是幾億美元。那麼，是否有任何補償措施可以解釋為什麼上半年的 DRIVE 節省額沒有增加，如果可以的話就太好了。謝謝。

So thank you, Daniel. I'll take that. And with regard, I'll start in reverse order to make sure I capture all your questions. Yes, with regard to the $1 billion, we're anticipating $200 million of that in the first quarter as we stated. And as I said in my remarks, we see a ramping up of that through the year, and that will include not only DRIVE but Network 2.0 savings.

所以謝謝你，丹尼爾。我會接受的。對此，我將按相反的順序開始，以確保我能夠解答你們的所有問題。是的，關於這 10 億美元，正如我們所說的，我們預計第一季將達到 2 億美元。正如我在演講中所說，我們看到這一數字在今年不斷上升，這不僅包括 DRIVE，還包括 Network 2.0 的節省。

And we've been clear that with regard to financial returns on Network 2.0. We're really not going to see a material impact of that until end of fiscal year 2027.

關於 Network 2.0 的財務回報，我們已經明確表示，要到 2027 財年末才能真正看到其帶來的實質影響。

So with regard to your comment on the Q4 results, you're right. We achieved our north of $600 million, I think it was $650 million roughly of DRIVE benefit, which we committed to at the beginning of the year. We ramped up sequentially through the year and achieved our $4 billion for the two years and our $2.2 billion for FY25. So DRIVE is going to be something we're going to continue to focus on. We're going to continue to feed the pipeline, it runs across and is part of our culture here.

因此，關於您對第四季度業績的評論，您是對的。我們實現了超過 6 億美元的 DRIVE 福利，我想大概是 6.5 億美元，這是我們在年初承諾的。我們全年都持續增加收入，兩年內實現了 40 億美元的收入，25 財年實現了 22 億美元的收入。因此，DRIVE 將是我們將繼續關注的重點。我們將繼續為這條管道提供動力，它貫穿整個地區並且是我們文化的一部分。

It's a way of doing business for us. And the way I've described it to some, it's really a journey, not a destination. So we're going to keep feeding it, but our current outlook.

這是我們做生意的一種方式。正如我向一些人描述的那樣，這實際上是一段旅程，而不是一個目的地。因此，我們將繼續提供資金，但我們目前的觀點是。

Brian Ossenbeck, JPMorgan.

摩根大通的 Brian Ossenbeck。

Thank you for taking my questions. Brie, I just wanted to talk about the competitive dynamic in pricing in your commentary. Maybe I think in the past, you said competition is still pretty challenging and at times increasing, but it sounded like the pricing environment is actually improving. So maybe you can give us a sense as to what changed?

感謝您回答我的問題。布里，我只是想談談你評論中定價的競爭動態。也許我認為在過去，您說過競爭仍然相當具有挑戰性，有時甚至會加劇，但聽起來定價環境實際上正在改善。那麼也許您可以讓我們了解一下發生了什麼變化？

And then also how you're trying to balance the extra capacity in network with some of the improving utilization with some of these pricing initiatives like tool surcharges and other over-dimensional hard to handle that we're seeing in the market. Thank you.

然後，您如何嘗試平衡網路中的額外容量與一些提高的利用率，以及一些定價舉措，例如工具附加費和我們在市場上看到的其他難以處理的超維度問題。謝謝。

Thanks, Brian. As I did mention in my prepared remarks, we do see improvement in the pricing environment, which is encouraging. I do want to know that this is compounded with our team's focus on revenue quality, and I could not be more proud of the team's execution. As you saw over the last quarter, they pulled multiple pricing levers. We continue to work on our large package strategy because we get a higher price relative to market because this is a very differentiated capability.

謝謝，布萊恩。正如我在準備好的演講中提到的那樣，我們確實看到定價環境有所改善，這是令人鼓舞的。我確實想知道這是否與我們團隊對收入品質的關注有關，我對團隊的執行力感到無比自豪。正如您在上個季度看到的，他們採取了多種定價手段。我們繼續致力於我們的大包裝策略，因為我們可以獲得相對於市場更高的價格，因為這是一個非常差異化的能力。

We've got great coverage in rural. We're continuing to look at opportunities to monetize that and get paid for the differentiated value. And then, of course, we did make a significant change in our fuel surcharge of 2%. So we are pleased with the market, but we're equally pleased with the team's ability to execute.

我們在農村地區有很好的覆蓋範圍。我們將繼續尋找機會將其貨幣化並因差異化價值而獲得報酬。當然，我們對 2% 的燃油附加費做出了重大調整。因此，我們對市場感到滿意，但我們同樣對團隊的執行能力感到滿意。

I think a great proof point of this is in Q4 when you look at the domestic yield for the quarter, you will see that the overall domestic parcel yield is still pressured but what you can see is that for home delivery and ground commercial, we had our best year-over-year yield improvement for those two really important products in Q4. So again, just a great point of how well the team is executing. Thanks for the question.

我認為一個很好的證明點是，當您查看第四季度的國內收益率時，您會發現整體國內包裹收益率仍然面臨壓力，但您可以看到，對於送貨上門和地面商業，我們在第四季度這兩種非常重要的產品的收益率同比增長最好。所以，這再次證明了團隊執行力有多好。謝謝你的提問。

Chris Wetherbee, Wells Fargo.

富國銀行的克里斯‧韋瑟比。

Yes. Hey. Thanks. Good evening, guys. Maybe I could ask about the guidance and thinking a little bit about what shows up in fiscal 1Q that may not as we go through the rest of the year. So the $120 million from the post office, I think that's easy to understand.

是的。嘿。謝謝。大家晚上好。也許我可以詢問一下指導意見，並稍微思考一下第一財季會出現什麼情況，而今年剩餘時間可能不會出現這些情況。因此，我認為郵局撥付的 1.2 億美元很容易理解。

The $170 million on the international side, I guess, can you maybe help us understand -- break it down a little bit between maybe de minimis or what we're seeing and so China to the US or relative to maybe other countries to the US. And then where does that play out?

我想，您能否幫助我們理解國際方面的 1.7 億美元，將其細分為最低限度或我們所看到的金額，以及中國相對於美國或相對於其他國家相對於美國的金額。那麼，這一切會如何發生呢？

What do we need to see to change that dynamic into the next several quarters of the year? In other words, does it stick around for a while? Is there a certain event that you're looking for to give you some more comfort that, that's maybe not going to be around for the rest of the year?

我們需要看到什麼才能在接下來的幾季中改變這種動態？換句話說，它會持續一段時間嗎？您是否期待某個特定的事件能帶給您更多安慰，但這個事件在今年餘下的時間裡可能不會再發生了？

Yes. I think I'll take that one. So from a -- Obviously, the trade environment is the primary reason that we are focused on Q1 versus a range for the entire year. We just simply cannot predict how that's going to play out. we built the range, as John talked about, based on the current trade and tariff environment. What we do anticipate is that from a year-over-year perspective, we will have pressure in the Trans-Pacific lane.

是的。我想我會選擇那個。因此從——顯然，貿易環境是我們關注第一季而不是全年範圍的主要原因。我們根本無法預測事情會如何發展。正如約翰所說，我們根據當前的貿易和關稅環境制定了這個範圍。我們確實預計，從年比來看，跨太平洋航線將面臨壓力。

And so when we talked about the headwind on tariffs, the vast majority of that is impact from China to the US. And within that, the vast majority is the impact of de minimis?

因此，當我們談論關稅方面的阻力時，絕大多數是來自中國對美國的影響。其中，絕大多數都是微不足道的影響？

I think what I'd add to that, Brie, is for other points in the globe outside of China, there's still some trade negotiations going on there as well, which we don't yet know the outcome of. So I think that additional color. Yes. Let me just say this much. I think over the next 30 to 60 days, the trade environment will change. And so we will see how that evolves and it was very dynamic. And at that point, we'll be able to be more prescriptive.

布里，我想補充的是，除了中國之外，全球其他地方也仍在進行一些貿易談判，但我們還不知道結果。所以我認為那是額外的顏色。是的。我就說這麼多吧。我認為在接下來的30到60天內，貿易環境將會改變。因此，我們將看到它如何演變，它是非常動態的。到那時，我們就能做出更規範的決定。

Richa Harnain, Deutsche Bank.

德意志銀行的 Richa Harnain。

Okay. Thanks for the question. So I know -- and I appreciate a lot of challenges and uncertainties out there, as you all said, hence no full year guide. But just as we think about the cadence of the year in terms of some of the discrete tailwinds and headwinds related to cost savings and the like. Perhaps you can help us a little bit more. So recently, Q1 has represented something like 20% of fiscal year EPS results.

好的。謝謝你的提問。所以我知道——正如大家所說，我知道存在著許多挑戰和不確定性，因此沒有全年指南。但正如我們思考今年節奏時所考慮的一些與成本節約等相關的離散順風和逆風一樣。也許您可以給我們更多幫助。因此最近，第一季的每股收益約佔財政年度每股收益的 20%。

John, you mentioned some of those things in the bridge like the USPS will be a headwind early part of the year that goes away and that will influence normal seasonality. So should we assume Q1 will have a lower weight than usual, especially as the structural cost savings ramp up through the year?

約翰，你在橋上提到了一些事情，例如美國郵政服務在年初會成為阻力，但這種阻力會逐漸消失，從而影響正常的季節性。那麼，我們是否應該假設第一季的權重會比平常低，尤其是隨著全年結構性成本節約的增加？

Yes. Thanks, Richa. Yes, I think that's a fair assumption there. When you look at the particular headwind with regard to the Postal Service contract that we're going to lap in subsequent quarters. So as you said, we're only providing first quarter outlook at this time and that US Postal Service headwind will be a factor.

是的。謝謝，Richa。是的，我認為這是一個合理的假設。當您看到與郵政服務合約有關的特殊阻力時，我們將在接下來的幾個季度中克服它。正如您所說，我們目前僅提供第一季的展望，而美國郵政服務的逆風將是一個因素。

As a reminder, we'll lap that. And as we continue to build out on our expected $1 billion in transformation benefit throughout FY26, that could have an impact depending what happens on the revenue environment, particularly in US domestic.

提醒一下，我們會解決這個問題。隨著我們在整個 26 財年繼續實現預期的 10 億美元轉型收益，這可能會產生影響，具體取決於收入環境，尤其是美國國內的收入環境。

Jason Seidl, TD Cowen.

傑森·塞德爾（Jason Seidl），TD Cowen。

Thank you, operator, and condolences to the Smith family, the transportation sector definitely lost a giant. I wanted to just parse out between B2B and consumer. It sounded like a lot of the pressure was on the B2B side, still maybe you could talk a little bit about the consumer. And I think you mentioned May was better than expected. What were you guys seeing so far month-to-date in June?

謝謝接線員，並向史密斯一家表示哀悼，交通運輸業確實失去了一位巨人。我只是想分析一下 B2B 和消費者之間的差異。聽起來很多壓力都在 B2B 方面，但也許您可以稍微談談消費者方面。我認為您曾提到 5 月的情況比預期要好。你們六月到目前為止看到了什麼？

Jason, thank you for your comments, and we'll pass on to the family. Brie?

傑森，謝謝你的評論，我們會轉達給你的家人。布里？

Thank you for the question. So from a B2B perspective, yes, you're absolutely right. We have not a marked improvement in the industrial economy, and that's certainly pressuring both our FedEx Ground commercial, but also our base at Express and certainly the FedEx Freight division. So we have not seen improvement there. Obviously, when we see improvement, we're ready to capture that.

謝謝你的提問。所以從 B2B 的角度來看，是的，你完全正確。我們的工業經濟並沒有明顯改善，這無疑給我們的聯邦快遞地面商業業務、我們的快遞基地以及聯邦快遞貨運部門帶來了壓力。因此我們尚未看到改善。顯然，當我們看到進步時，我們就準備好抓住它。

From a consumer perspective, when we saw the May increase, obviously, we spent a lot of time looking at the data there is no one indication that we can point to that says that there was a consumer pull forward. What I can tell you is onboarding within our own pipeline was stronger in May, and that was the largest driver, whether or not there is consumer pull forward is TBD, which is why we gave you the range that we did from a revenue perspective.

從消費者的角度來看，當我們看到五月的成長時，顯然，我們花了很多時間查看數據，沒有任何跡象表明消費者有所成長。我可以告訴您的是，我們自己的管道在 5 月份的入職情況更加強勁，這是最大的驅動力，是否有消費者提前拉動還有待確定，這就是為什麼我們從收入角度給出了這樣的範圍。

Let me just make one more point here. I think on Q4, we noticed that the operating leverage that we have with the volume increases primarily driven by B2C. So obviously, that's the hard work that we have done over the last three years. This gives us that operating leverage. And when the B2B starts to grow again, there is significant opportunity here.

我在此再強調一點。我認為在第四季度，我們注意到我們的經營槓桿隨著交易量的增加而增加，這主要受到 B2C 的推動。顯然，這是我們過去三年來所做的艱苦工作。這給了我們經營槓桿。當 B2B 再次開始成長時，這裡就存在著巨大的機會。

Jon Chappell, Evercore ISI.

喬恩‧查佩爾 (Jon Chappell)，Evercore ISI。

Good afternoon and our condolences as well as the Smith family and the FedEx family. Struck me in to Raj's comments about cutting each the US capacity by 35% in the first week of May and exiting May down 20%. As we think about this tariff impact, how much of that $170 million at least as it relates to the first quarter is strictly revenue? And how much of it is cost that could be fleeting, so to speak, around the flexibility of your network.

下午好，我們以及史密斯家族和聯邦快遞家族都對此表示哀悼。讓我想起了 Raj 的評論，他表示將在 5 月第一周削減美國的運力 35%，並在 5 月底削減 20%。當我們考慮關稅的影響時，至少與第一季相關的 1.7 億美元中有多少是嚴格的收入？其中有多少成本可能是轉瞬即逝的，可以這麼說，這取決於網路的靈活性。

I'll say, this is Raj. I think the -- first of all, because of the implementation of Tricolor, our network has become incredibly more flexible. What we have accomplished in May would not have been possible without the implementation of Tricor. I will leave it to John to parse the revenue and the cost side of the equation.

我會說，這是 Raj。我認為——首先，由於實施了 Tricolor，我們的網路變得更加靈活。如果沒有 Tricor 的實施，我們五月所取得的成就是不可能實現的。我會讓約翰來分析這個等式的收入和成本面。

Yes. Thanks, Raj. I think it's a fluid situation in that in areas where we may be contracting in terms of flights and so forth, we're redirecting that to where the demand is going to. So it's not a straight takeout of the cost, and we're going to continue to adjust to the demand flows. So we're going to be watching that closely.

是的。謝謝，拉傑。我認為這是一個不穩定的情況，在我們可能在航班等方面收縮的地區，我們會將其重新定向到有需求的地方。因此，這並不是直接降低成本，我們將繼續根據需求流進行調整。因此我們將密切關注此事。

We're going to be watching our assets closely. So I think it's fair to say I'm not going to parse out the $170 million in top line and bottom line, but I will say we're watching it closely, and it's an appropriate estimate of what we're seeing right now.

我們將密切關注我們的資產。因此，我認為公平地說，我不會分析 1.7 億美元的頂線和底線，但我會說我們正在密切關注它，這是對我們目前所看到的一個適當的估計。

Conor Cunningham, Melius Research.

康納·坎寧安（Conor Cunningham），Melius Research。

Hi, everyone. Thank you. Just going back to Network 2.0. You mentioned, I think, 2.5 million packages that are going through the new network now or by the end of June, I should say. Can you just talk about the margin contribution of those? Are they coming in as you would expect? And you downplayed the potential of those being more of an FY27.

大家好。謝謝。回到網路2.0的問題。您提到，現在，或者應該說到6月底，將有250萬個包裹透過新網路進行投遞。您能談談這些的利潤貢獻嗎？他們是否如您所期望的那樣進來了？而您低估了這些成為 FY27 的潛力。

I'm just trying to understand why there is that lagging gap. Is there like a lag period between those needing to go up to where you would -- thing from a margin contribution standpoint. Thank you.

我只是想了解為什麼會有這種滯後差距。從保證金貢獻的角度來看，在需要上升到什麼程度之間是否存在滯後期？謝謝。

Hi, Conor. Thank you for the question. So from a Network 2.0, I cannot emphasize enough how pleased we are with Scott and the execution that this team has demonstrated. When we looked at the original case from a P&D perspective, the majority of savings are on the pick up and delivery of reduction and we are hitting those targets so we're very pleased with that.

你好，康納。謝謝你的提問。因此，從 Network 2.0 的角度來看，我無法過度強調我們對 Scott 以及該團隊所展現出的執行力有多滿意。當我們從 P&D 角度看待原始案例時，大部分節省都來自於減量的提取和交付，而且我們正在實現這些目標，因此我們對此感到非常滿意。

As we think about when we want the flow through, expect the flow-through from Network 2.0, it is important that it is going to follow because when we go into a market, we have cost to implement the change in service and to make sure that we've got the right contingency. So we have no revenue breakage. So that's why you're seeing a lag. We are on track, as we talked about for FY27 and the $2 billion. So we feel really good about this program.

當我們考慮何時需要流通時，預計網路 2.0 的流通，重要的是它會隨之而來，因為當我們進入市場時，我們需要成本來實施服務變更並確保我們有正確的應急措施。因此我們的收入沒有受到損失。這就是您看到滯後的原因。正如我們談到的 27 財年和 20 億美元的目標一樣，我們的計劃正在按計劃進行。所以我們對這個項目感到非常滿意。

Jordan Alliger, Goldman Sachs.

喬丹·阿利格，高盛。

Yes. Hi and I offer my condolences to the Smith family as well, truly visionary. So a secular question. If you have perhaps some of your perspective on the change in global trade patterns due to tariffs, I know it's early, but specifically for less than truckload and potential ramifications to domestic manufacturing? And then from more of a global perspective, indeed, do you expect to see an emergence of a China Plus One and even a Plus Two strategy from a logistics perspective. Thanks.

是的。大家好，我也向史密斯一家表示哀悼，他們確實富有遠見。所以這是一個世俗的問題。如果您對關稅導致的全球貿易模式變化有一些看法，我知道現在還為時過早，但具體針對零擔運輸以及對國內製造業的潛在影響呢？那麼從全球角度來看，您是否確實希望從物流角度看到「中國+1」甚至「中國+2」策略的出現？謝謝。

Thank you, Jordan. I appreciate your condolences as well. The patterns are changing as we speak. And clearly, we are seeing growth from Southeast Asia, for example, Vietnam, we launched this direct flight or redirected this flight now go Singapore directly to the United States, which is a significant value proposition improvement for that market. We're seeing -- we're looking at Asia to Europe as an opportunity.

謝謝你，喬丹。我也非常感謝您的慰問。正如我們所說，模式正在改變。顯然，我們看到了東南亞地區的成長，例如，在越南，我們推出了這條直飛航班，或將這條航班改道從新加坡直飛美國，這對該市場來說是一個重大的價值主張提升。我們看到——我們將亞洲與歐洲視為一個機會。

I was in the Miami right quarters that Latin America inbound markets are growing. So -- and this pattern and markets like India are growing substantially as well. So the patterns are changing as we speak. And -- but the good news for FedEx is that we have built out this global network. This is where we get to flex our scale of the network that we build out because we don't have to do much different because we are already there in these markets.

我當時在邁阿密，剛好看到拉丁美洲的入境旅遊市場正在成長。所以——這種模式和印度等市場也在大幅成長。因此，當我們說話時，模式正在改變。但對聯邦快遞來說，好消息是我們已經建立起這個全球網路。在這裡，我們可以靈活地擴大我們所建造的網路規模，因為我們不需要做太多不同的事情，因為我們已經進入了這些市場。

We had to be careful making sure that our capacity is right in markets, but we can move faster than how manufacturing can move. And we get the feedback of what's happening on the ground from the bottom up.

我們必須小心確保我們的產能適合市場，但我們的行動速度可以比製造業的行動速度更快。我們從下至上了解當地正在發生的事情的回饋。

As you see, we are reference them on global supply chains every single day. So this is something that we are working with. The second part of it is the fact that over the last many, many years for every country, to every other country or every commodity, we have the data.

如您所見，我們每天都在全球供應鏈中參考它們。這就是我們正在努力的事情。第二部分是，在過去的許多年裡，我們擁有每個國家、每個其他國家或每種商品的資料。

And not only do we have the data, we have engineered it and created the digital twin -- so then we are able to apply the most modern technology to be able to create a platform solutions for our customers in this very complex environment. And so whether it's importers, whether it's exporters, whether it's brokers, whether it's regulators.

我們不僅擁有數據，我們還對其進行了設計並創建了數位孿生——因此，我們能夠應用最現代的技術，在這個非常複雜的環境中為我們的客戶創建平台解決方案。無論是進口商、出口商、經紀人或監管機構。

So yes, complexity is increasing. The environment is changing, but here's where we get to flex our scale.

是的，複雜性正在增加。環境正在發生變化，但這正是我們可以擴大規模的地方。

Raj, I don't have very much to add. I think you covered that comprehensively. I think post COVID, we already saw a focus on regionalizing supply chains. I think there was that impetus to diversify, and I think that there's going to be a continuation there. So, I'm really pleased with the commercial team and their execution in developing markets.

Raj，我沒有什麼好補充的。我認為你已經全面地闡述了這一點。我認為在新冠疫情之後，我們已經看到了對區域化供應鏈的關注。我認為存在著多樣化的動力，而且我認為這種動力將會持續下去。因此，我對商業團隊及其在發展中市場的表現感到非常滿意。

India comes to mind right now. We have a relatively small revenue base, but they are really doing well from a profitable growth perspective. We can say the same thing. We've got great momentum from Asia Latin America. So I think the team is executing really well.

現在我想到的是印度。我們的收入基礎相對較小，但從獲利成長的角度來看，我們確實做得很好。我們可以說同樣的話。我們在亞洲拉丁美洲獲得了巨大的發展動能。所以我認為團隊的表現非常好。

I think the other thing that's critically important is Jill and the team have put an extraordinary program in place that incents the Chinese sales team to notify their counterparts around the world.

我認為另一件至關重要的事情是吉爾和團隊制定了一項非凡的計劃，激勵中國銷售團隊通知世界各地的同行。

So to Raj's point, from a bottoms up, when they make a sales call in China and they have a customer there that is diversifying, we know we are connected. And so we have the right conversation with their counterpart in Mexico or Vietnam or Malaysia, wherever else they are moving or thinking about shifting their demand. So I think we are really well prepared for any change in the market.

因此，正如 Raj 所指出的，從下至上來說，當他們在中國進行銷售拜訪並且他們在中國擁有多樣化的客戶時，我們知道我們已經建立了聯繫。因此，無論他們在其他地方轉向什麼地方或考慮轉移需求，我們都會與墨西哥、越南或馬來西亞的同行進行正確的對話。所以我認為我們已經為市場的任何變化做好了充分的準備。

Bascome Majors, Susquehanna.

巴斯科姆梅傑斯，薩斯奎漢納。

Yes. Thanks for taking my question. John, when you walked through the cash flow, I know we'll see this when we get the 10-K later, but how much CapEx is in the Freight segment for last year? And how is that anticipated to trend in the budget for this year and the $4.5 billion that you talked about?

是的。感謝您回答我的問題。約翰，當你介紹現金流時，我知道我們稍後拿到 10-K 時會看到這一點，但是去年貨運部門的資本支出是多少？那麼，您預計今年的預算和您提到的 45 億美元會如何變化？

Yes, Bascome, I'm going to -- I may have to get back to you on that. I don't have that number right at my fingertips. And if you just give me a minute, I'll come back to revisit that answer.

是的，巴斯科姆，我將會——我可能必須就此事回覆你。我手頭上沒有這個數字。如果您能給我一分鐘時間，我會回來重新審視這個答案。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

Before I do, Scott, hey, as I do have that number. It's $437 million, so I apologize for that slight delay. Thank you.

在此之前，斯科特，嘿，我確實有這個號碼。該金額為 4.37 億美元，因此對於稍有延遲我深表歉意。謝謝。

Hi. Thanks. And I'll echo condolences as well to Fred's family and the FedEx team. John, I guess my questions are for you. Can you clarify how much of the $1 billion this year is DRIVE versus Network 2.0? And then I guess I understand we don't have a full year guide, but what's your degree of confidence that we'll see full year earnings growth this year? I'm not asking for a range, but just directionally, do you think we're set up to grow earnings this year?

你好。謝謝。我還要向弗雷德的家人和聯邦快遞團隊表示哀悼。約翰，我想我的問題是針對你的。您能否澄清一下今年的 10 億美元中有多少是用於 DRIVE，有多少是用於 Network 2.0？然後我想我明白我們沒有全年指南，但您對我們今年將看到全年盈利增長的信心程度有多大？我並不是詢問一個範圍，而只是詢問一個方向，您認為我們今年的收益會增加嗎？

So thanks, Scott. So on your first question of the $1 billion, we're not really breaking out the -- how much of that is DRIVE and Network 2.0. I expect we're going to have puts and takes on both fronts. And what we are committed to is the $1 billion. And when you look at our prior goals, we put it out there and we achieve them. So I'm looking forward to achieving this $1 billion. And as I said before, keeping to feed the pipeline.

所以謝謝你，斯科特。所以關於你第一個問題，10億美元，我們並沒有具體說明其中有多少是用於DRIVE和Network 2.0的。我預計我們會在這兩個方面進行權衡。我們承諾的金額是 10 億美元。當你回顧我們先前的目標時，你會發現我們設定了目標並且實現了它們。所以我期待實現這10億美元。正如我之前所說，繼續為管道提供供給。

So with regard to our guidance, I think it's dependent on where the demand environment goes to. We're going to be focusing on those things within our control. We've got a handle on those things within our control.

因此，關於我們的指導，我認為這取決於需求環境的發展。我們將集中精力於我們能夠控制的事情。我們已經掌握了控制範圍內的事。

And depending on what happens in the macro environment will depend on where we fall within the range. So we put a range out there for a reason and we believe if there are favorable factors, we're going to be on the top end of the range.

而宏觀環境的變化將決定我們處於何種範圍。因此，我們出於某種原因設定了一個範圍，我們相信，如果有有利因素，我們就會處於該範圍的上限。

And if we're under pressure, will be on the lower end of the range. So I think a good way to think about it is zero flat revenue, we're at the lower end of the range at the $3.40 at what 1%, we'll be at the $3.70, and at the 2%, we'll be at about $4. So obviously, we're going to shoot for that $4 and then some.

如果我們面臨壓力，就會處於範圍的較低端。所以我認為一個很好的思考方式是零固定收入，我們處於 3.40 美元的低端，1% 時我們將處於 3.70 美元，而 2% 時我們將處於 4 美元左右。所以顯然，我們要爭取達到那 4 美元甚至更多。

And Scott, let me just talk a little bit more broadly I think if you look back at the last three years, we have reduced our total cost in absolute terms by $4 billion plus. And this is in a period of inflation. That provides us a lot of leverage.

史考特，讓我更廣泛地談談，如果回顧過去三年，我們發現我們的總成本絕對值減少了 40 多億美元。現在正處於通貨膨脹時期。這給了我們很大的優勢。

And we can see the opportunities now in your own words, the jaws of the crocodile, the mouth potentially open I think we have the -- even with B2C volume increasing, we are seeing now significant operating leverage. And at some point, the industrial economy will turn.

我們現在可以用你自己的話來看待機會，就像鱷魚的下巴，嘴巴可能張開，我認為我們有——即使 B2C 交易量不斷增加，我們現在也看到了顯著的經營槓桿。到了某個時候，工業經濟就會發生轉變。

So we have opportunities on both sides on one on the revenue side. We have to deal with an uncertain and dynamic economy. But then on the secondly, the operating leverage we have created because of our cost structure will help us going forward.

因此，我們在收入方面也有機會。我們必須應對不確定且動態的經濟。其次，我們透過成本結構所創造的經營槓桿將幫​​助我們向前發展。

Brandon Oglenski, Barclays.

巴克萊銀行的布蘭登‧奧格倫斯基。

Good afternoon, everyone, and thanks for taking the question. And obviously, America lost a great visionary and a Patriot over the weekend. So condolences, friends, family, friends, and colleagues. But Raj, I think over the years, what we we're going to now is we would get Fred's insight into global policies, especially on trade.

大家下午好，感謝您提出這個問題。顯然，美國上週末失去了一位偉大的夢想家和愛國者。因此，向朋友、家人、朋友和同事們表示哀悼。但是拉吉，我認為多年來，我們現在要做的是了解弗雷德對全球政策，特別是貿易政策的見解。

We know over the years, he was a big proponent of free trade I guess, can you give us some insight into his past guidance and maybe recent guidance on how to navigate higher US barriers that maybe are here to stay, and how do you navigate the FedEx network in that scenario? I really appreciate it.

我們知道，多年來，他一直是自由貿易的重要支持者，您能否向我們介紹他過去的指導以及最近的指導，即如何應對可能持續存在的美國更高壁壘，以及在這種情況下您如何應對聯邦快遞網絡？我真的很感激。

Thank you, Brandon. We're all laughing here about how in the world I'm going to answer that question. But first of all, thank you for your condolences. Yes, Fred was absolutely seamless on the side of free trade. But as you constantly reminded me, we don't make policy and we get to implement the policies in times.

謝謝你，布蘭登。我們都笑我到底該如何回答這個問題。但首先，感謝您的慰問。是的，弗雷德在自由貿易方面絕對是無懈可擊的。但正如您不斷提醒我的那樣，我們不制定政策，而是及時實施政策。

And that's what we're doing. And I think the point that I would make to you is -- it's very, very difficult to predict what is going to happen over the next 30 to 60 days or even further. And it's a dynamic environment. So we just have to live with that.

這正是我們正在做的事情。我想向你們指出的是——預測未來 30 到 60 天甚至更長時間內會發生什麼是非常非常困難的。這是一個動態的環境。所以我們只能接受這個現實。

What I would say is the point I stressed before, the scale of FedEx comes into play in these situations, both on the physical side and the digital side as the complexity and the friction increases and the trade flow patterns change, we have the advantage from perspective that we have the scale to execute for our customers. So that's what we will focus on, and I'll stay away from the prediction game right now.

我想說的是我之前強調的一點，聯邦快遞的規模在這些情況下發揮了作用，無論是在物理方面還是在數字方面，隨著複雜性和摩擦的增加以及貿易流動模式的變化，從我們的角度來看，我們擁有為客戶執行的規模優勢。所以這就是我們要關注的重點，我現在不會參與預測遊戲。

Tom Wadewitz, UBS.

瑞銀的湯姆·韋德維茨（Tom Wadewitz）。

Yes. Good afternoon. Look, my condolences as well. I know it's got to be painful, the unexpected loss of your founder, so condolence is also to the FedEx family. The question I have, I have a bit of difficulty translating, I guess, the information you gave us on the Network 2.0 in terms of like is it just -- is it tracking?

是的。午安.瞧，我也表示哀悼。我知道這肯定令人痛苦，意外失去創辦人，所以我也向聯邦快遞大家庭表示哀悼。我的問題是，我猜，我有點難以翻譯您向我們提供的有關網絡 2.0 的信息，例如，它是否只是 - 它是否在跟踪？

Or I think in terms of terminal closures maybe as being a better read as opposed to terminal conversion, just a better read on cost savings.

或者我認為，就終端關閉而言，可能比終端轉換更值得關注，只是更有利於節省成本。

So I know you're going to give us some updates in the future, but just any thoughts, do you feel like you're ahead of the game on how that's going and -- or just how would you think about it in terms of how it's progressing versus the program that you've had had the same targets out there for a while?

所以我知道您將來會向我們提供一些更新信息，但只是任何想法，您是否覺得自己在事情進展方面處於領先地位 - 或者您如何看待它的進展情況與您一段時間以來一直具有相同目標的計劃相比？

And are there any components within that, just like instead of terminals that are up and running on 2.0, how many terminals have actually been -- or stations have actually been shut down at this point. Thank you.

其中是否存在任何組成部分，例如，除了 2.0 上啟動和運行的終端機之外，實際上有多少終端 - 或者網站實際上已經關閉。謝謝。

Thanks, Tom. It's John. I think the best way to describe it is that we're on track. Look, this was a long game exercise and initiative. And one of the things that is paramount is that we, as Brie mentioned before, preserve our customer service.

謝謝，湯姆。是約翰。我認為最好的描述就是我們正走在正軌上。看，這是一場長期的演習和倡議。正如布里之前提到的，最重要的事情之一就是我們要維護我們的客戶服務。

And not only maintain but enhance our service. We're seeing good progress on both the reliability side as well as the financial side for those locations we have transitioned. We're seeing a 10% improvement on our P&D. So we're learning along the way, too, and we're adapting along the way. So I think it's fair to say we're on track.

不僅維持而且增強我們的服務。我們看到，對於我們已轉型的地區來說，可靠性和財務方面都取得了良好的進展。我們的 P&D 提高了 10%。所以我們也在不斷學習，不斷適應。所以我認為可以說我們正走在正確的軌道上。

We've put our targets out there in terms of the $2 billion with Network 2.0 and as part of one FedEx, I view those as going hand in hand, and we look forward to updating you. But I'd say it's on track.

我們已經設定了 Network 2.0 20 億美元的目標，作為聯邦快遞的一部分，我認為這些目標是齊頭並進的，我們期待著向您匯報最新情況。但我想說一切都在按計劃進行。

Yes. And thank you, Tom, again. I think I will just say, first of all, I'm very pleased with how we are progressing here. As at the end of FY25, we have closed 100 stations and integrated 290 stations under the Network 2.0 model. And we expect to, by the end of this program, expect to remove roughly 30% of our surface facilities.

是的。再次感謝你，湯姆。我想我只想說，首先，我對我們在這裡的進展感到非常高興。截至 25 財年末，我們已關閉 100 個車站，並在網路 2.0 模式下整合了 290 個車站。我們預計，到該計劃結束時，我們將拆除約 30% 的地面設施。

So I was just out there in the West Coast, where we just implemented Network 2.0. I was just so delighted to see how well that they have done, the morale of the team, and how the team is working together. So yes, this is a journey for us, but I think so far, so good, Tom. Thank you.

我剛剛去了西海岸，我們剛剛在那裡實施了網路2.0。看到他們做得這麼好，團隊士氣高昂，合作默契，我真是太高興了。是的，這對我們來說是一次旅程，但我認為到目前為止一切都很好，湯姆。謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Raj Subramaniam for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Raj Subramaniam 做最後發言。

Well, in closing, I would like to extend a sincere thank you for the outpouring of support received for Fred's loss. The words of support, anecdotes, thoughts, and prayers that have poured in over the last 72 hours are a testament to the life and legacy he leaves behind.

好吧，最後，我想對大家對弗雷德的去世給予的支持表示誠摯的感謝。過去 72 小時湧現的支持話語、趣聞、思念和祈禱都證明了他留下的生命和遺產。

I'll end with a story that embodies who Fred was as a person and what he stood for. As the family gathered over the weekend, his son Cannon noticed an engraving on the back of Fred's watch. The same watch he wore for many, many years, as he shook thousands of hands from heads of state and business leaders to military veterans and countless FedEx team member.

最後，我想用一個故事來結束我的演講，這個故事體現了弗雷德的為人以及他的立場。週末全家人聚在一起時，他的兒子坎農注意到弗雷德手錶背面有刻字。多年來，他一直戴著同一隻手錶，與數千位國家元首、商界領袖、退伍軍人和無數聯邦快遞團隊成員握手。

And engraved on the back of this well-worn, unassuming time piece is the phrase, waste not a moment. Let me say it again, waste not a moment. We will carry that sentiment with us as we honor Fred's memory and lead FedEx through the next chapter. Thank you very much.

這塊磨損嚴重、不起眼的鐘錶背面刻著這樣一句話：不要浪費一刻。讓我再說一遍，不要浪費一分鐘。我們將懷著這種情感，緬懷弗雷德，帶領聯邦快遞邁下一篇章。非常感謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。