聯邦快遞 (FDX) 2026 Q2 法說會逐字稿

Good day, and welcome to the FedEx second-quarter fiscal 2026 earnings call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to FedEx Vice President of Investor Relations, Jeni Hollander.

大家好，歡迎參加聯邦快遞2026財年第二季財報電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把會議交給聯邦快遞投資者關係副總裁珍妮·霍蘭德。

Good afternoon, and welcome to FedEx Corporation's second-quarter earnings conference call. The second quarter earnings release, Form 10-Q and Stat Book are on our website at investors.fedex.com. This call and the accompanying slides are being streamed from our website.

下午好，歡迎參加聯邦快遞公司第二季財報電話會議。第二季財報、10-Q 表格和統計手冊已發佈在投資者關係網站 investors.fedex.com 上。本次電話會議及相關投影片將透過我們的網站進行直播。

During our Q&A session, callers will be limited to one question to allow us to accommodate all those who would like to participate. 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.

在問答環節，每位來電者限提一個問題，以便我們能滿足所有想參與的人的需求。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》中定義的前瞻性陳述。此類前瞻性陳述受風險、不確定性及其他因素的影響，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 investors.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。今天的報告也包括一些非GAAP財務指標。請造訪 investors.fedex.com 查看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 指標的調整表。

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. Now I will turn the call over to Raj.

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；以及執行副總裁兼財務長 John Dietrich。現在我將把電話交給拉傑。

Thank you, Jenni. We have only 1 week left in peak season, and I want to extend my sincere thank you to our frontline workers, pilots and all of Team FedEx as we approach the finish line. These individuals are out there working hard to deliver a successful peak for our customers and making every FedEx experience outstanding.

謝謝你，珍妮。旺季只剩最後一週了，在我們即將結束之際，我要向我們的第一線工作人員、飛行員以及聯邦快遞團隊的所有成員表示衷心的感謝。這些員工都在努力工作，力求為我們的客戶帶來卓越的服務體驗，讓每一次 FedEx 體驗都令人難忘。

Before I turn to our Q2 results, I also want to acknowledge that our thoughts and priors remain with those at UPS, along with the families and community affected by the recent tragedy. We are working closely with Boeing and the FAA to ensure the safety of our own MD11 fleet, which we will discuss later on the call.

在介紹我們第二季業績之前，我還想表達我們對 UPS 員工、受近期悲劇影響的家庭和社區的關切和慰問。我們正與波音公司和美國聯邦航空管理局密切合作，以確保我們自己的 MD11 機隊的安全，我們將在稍後的電話會議上討論這個問題。

Now let's review our performance in the quarter. In Q2, we provided excellent service to our customers, on new business in high-value verticals and delivered strong results. High single-digit revenue growth, margin expansion and high teens adjusted EPS growth. Quite remarkably, we did this while navigating multiple external headwinds including the unexpected grounding of our MD11 fleet, nationwide air traffic constraints weakness in the industrial economy, and of course, the impact of global trade policy changes. We're extremely pleased with our Q2 performance, especially in the face of these challenges.

現在讓我們回顧一下本季的業績。第二季度，我們在高價值垂直領域的新業務中為客戶提供了優質的服務，並取得了強勁的業績。營收實現高個位數成長，利潤率擴張，調整後每股盈餘達到兩位數以上成長。非常值得一提的是，我們在克服了多重外部不利因素的情況下完成了這項任務，這些不利因素包括MD11機隊的意外停飛、全國範圍內的航空交通限制、工業經濟疲軟，當然還有全球貿易政策變化的影響。我們對第二季的業績非常滿意，尤其是在面臨這些挑戰的情況下。

It's a direct effect of the rigor we have embedded into our culture over the past several years and the resulting transformation from Network 2.0, Tricolor, and structural cost reductions, all enabled by data and technology. We're demonstrating the resilience and flexibility we have built into our network and our ongoing efforts to reduce structural costs are leading to significant improvements in profitability.

這是過去幾年我們文化中融入的嚴謹性的直接結果，也是網路 2.0、Tricolor 和結構性成本削減帶來的轉型的結果，而這一切都得益於數據和技術。我們正在展示我們網路中建立的韌性和靈活性，並且我們不斷努力降低結構性成本，這些努力正在顯著提高獲利能力。

We remain on track to spin off FedEx Freight on June 1, 2026, as a separately listed public company with the best value proposition in the industry. We recently appointed Marshall Witt as CFO of FedEx Freight. Marshall brings significant and external public company experience having served as the CFO of TD SYNNEX for the past 12 years. He also has deep industry and company expertise from his 15 years previously working at FedEx Freight, primarily within the finance organization.

我們仍按計劃於 2026 年 6 月 1 日將 FedEx Freight 分拆為獨立上市的公眾公司，該公司將擁有業內最佳的價值主張。我們最近任命馬歇爾·維特為聯邦快遞貨運公司的財務長。Marshall 擁有豐富的上市公司外部經驗，在過去 12 年中擔任 TD SYNNEX 的財務長。他曾在 FedEx Freight 工作 15 年，主要在財務部門任職，因此擁有深厚的行業和公司專業知識。

FedEx Freight's entire executive leadership team is now in place, and the team is moving quickly to prepare for the separation. Our conviction in the potential value that will be unlocked from this spinoff is stronger than ever.

FedEx Freight 的整個高階主管團隊現已到位，該團隊正在迅速行動，為分拆做好準備。我們比以往任何時候都更加堅信，此次分拆將釋放出巨大的潛在價值。

Turning to our consolidated Q2 results. Revenue was up year over year, driven by yield and volume strength across our US domestic package services. We achieved our targeted transformation-related savings and grew adjusted operating income by 17%. Federal Express Corporation, or FEC, delivered another quarter of strong operating leverage. On an 8% year-over-year increase in FEC revenue, we grew adjusted operating income by 24% and expanded adjusted operating margin by 100 basis points.

接下來來看看我們第二季的綜合業績。受美國國內包裹服務收益率和銷量強勁增長的推動，營收年增。我們實現了預期的轉型相關節約目標，調整後的營業收入成長了 17%。聯邦快遞公司（FEC）連續第二季實現了強勁的營運槓桿。FEC 營收年增 8%，我們調整後的營業收入成長了 24%，調整後的營業利潤率提高了 100 個基點。

Nearly half of our revenue growth was driven by B2B services, an important enabler of increased profitability. And this marked our fifth consecutive quarter of year-over-year adjusted operating margin expansion at FEC. In line with ongoing LTL industry trends, freight results remain pressured, driven primarily by lower volumes, partially offset by higher weight and revenue per shipment. This is the result of our sustained focus on maintaining strong revenue quality.

我們近一半的收入成長是由 B2B 服務推動的，這是提高獲利能力的重要推動因素。這標誌著 FEC 連續第五個季度實現年比調整後營業利潤率成長。與零擔貨運行業持續的趨勢一致，貨運業績仍承壓，主要原因是貨運量下降，但單次貨運重量和收入的增加部分抵消了這一影響。這是我們持續專注於維持高品質收入的結果。

Given the strength of our Q2 results and our updated assumptions for the second half, we are raising our adjusted EPS outlook to $17.80 to $19. Brie and John will detail the underlying assumptions shortly.

鑑於我們第二季業績的強勁表現以及我們對下半年的最新假設，我們將調整後的每股盈餘預期上調至 17.80 美元至 19 美元。Brie 和 John 稍後會詳細說明其基本假設。

We are demonstrating our ability to execute well in any environment, reflecting the progress of our network, organizational, and digital transformation efforts. This quarter truly showcase the importance of network integration and optimization, along with the power of our resilient industrial network, both shifting global trade patterns and the unexpected grounding of our MD11 fleet required significant changes to our network, which we implemented swiftly and successfully.

我們正在展現我們在任何環境下都能出色執行的能力，這反映了我們在網路、組織和數位轉型方面的進展。本季充分展現了網路整合與優化的重要性，以及我們強大的工業網絡的實力。全球貿易格局的轉變和 MD11 機隊意外停飛，都對我們的網路提出了重大要求，而我們迅速且成功地實施了這些要求。

To that end, let me provide a quick update on how we flex our network during the quarter. From a global trade perspective, we reduced our Purple-Tail trans-Pacific as bond capacity by about 25% year over year. We also decreased our third-party or White-Tail capacity by nearly 35%. We continue to shift some of our capacity to the Asia to Europe lane and importantly, these flights typically have an attractive B2B mix of over 75% with high load factors.

為此，我謹簡要介紹一下我們本季如何靈活運用我們的網路。從全球貿易角度來看，我們減少了紫尾跨太平洋債券運力約 25%。我們也減少了第三方或白尾運輸能力近 35%。我們繼續將部分運力轉移到亞洲至歐洲航線，重要的是，這些航班通常具有超過 75% 的 B2B 客源組成，且客座率很高。

When we grounded our MD11 fleet, our focus, as always, was on safety above all, making sure our planes would be inspected and as safe as possible. We're also focused on helping our customers and providing technical support to the regulators. Of the 34 MD11s we own, 25 were in operation at the time of the groundings. Our network planning team immediately implemented contingencies, prioritizing protecting our customer commitments and stabilizing the network.

當我們停飛 MD11 機隊時，我們一如既往地將安全放在首位，確保我們的飛機得到檢查，並盡可能安全。我們也致力於幫助客戶，並為監管機構提供技術支援。在我們擁有的 34 架 MD11 飛機中，有 25 架在停飛時正在運作。我們的網路規劃團隊立即實施了緊急應變計畫，優先保障對客戶的承諾並穩定網路。

We revised our November schedule quickly, condensing our planning process into three days and the actions we took included trucking more volume in the United States in stuff flying given 18 of our MD11 flights were US domestic, shifting volume to other types of aircraft within our FedEx owned fleet, adding capacity via third-party lift and adjusting the timing of maintenance for our remaining fleet while staying compliant with regulatory guidelines. As a result, we were able to mitigate the operational and financial impacts of the MD11 groundings, which ultimately pressured our Q2 adjusted operating income by about $25 million.

我們迅速修改了 11 月份的計劃，將計劃過程壓縮到三天內，我們採取的措施包括：鑑於我們 18 個 MD11 航班都是美國國內航班，我們增加了在美國的貨運量；將貨運量轉移到我們 FedEx 自有機隊中的其他機型；通過第三方運輸增加運力；以及調整剩餘機隊的維護時間，同時遵守監管準則。因此，我們得以減輕 MD11 停飛事件對營運和財務的影響，最終導致我們第二季調整後的營業收入減少了約 2,500 萬美元。

On the final week of peak, we have additional contingencies in place. We lost about 4% of our global cargo capacity before mitigating actions during our busiest season. As a result, our cross-functional teams are working around the clock to minimize any service disruption. And looking beyond peak, we are extremely focused on maintaining high service levels, the benefit of more time to plan. We'll keep you posted on the expected timing of the MD11 return to service.

在高峰期的最後一周，我們制定了額外的緊急應變計畫。在最繁忙的季節採取緩解措施之前，我們的全球貨運能力損失了約 4%。因此，我們的跨職能團隊正在日以繼夜地工作，以最大程度地減少任何服務中斷。展望未來，我們將更加重視維持高水準的服務，這得益於我們有更多的時間來進行規劃。我們會及時向您通報MD11恢復營運的預計時間。

Network transformation remains a key priority for us. In support of this ongoing transmission in October, we named Kawal Preet as Executive Vice President of Planning, Engineering, and Transformation. Kawal is known for creating high-performance cultures with nearly 30 years of institutional and industry expertise the depth of operational and engineering knowledge will support further progress towards our global integrated network. For the past five years, she served as our Asia Pacific Regional President. Kawal has a proven track record of relentlessly unlocking efficiencies and driving improved bottom line results, and I am confident she will thrive in her new role.

網路轉型仍然是我們的首要任務。為了支持這項持續推進的工作，我們在 10 月任命 Kawal Preet 為規劃、工程和轉型執行副總裁。Kawal 以打造高績效文化而聞名，擁有近 30 年的機構和行業專業知識，其深厚的營運和工程知識將支持我們進一步發展全球一體化網路。過去五年，她擔任我們的亞太區總裁。Kawal 在不斷提高效率和改善盈利方面有著卓著的成就，我相信她會在新的職位上取得成功。

This global centralized planning and engineering function marks an important shift in how we deploy our assets to reduce inefficiencies and increased profitability. Additionally, it provides enhanced oversight of our ongoing drive Tricolor and Network 2.0 efforts. We now have about 24% of of our eligible average daily volume flowing through 355 Network 2.0 optimized facilities. Additionally, we have closed more than 150 facilities.

這項全球集中規劃和工程職能標誌著我們在部署資產以減少低效率和提高獲利能力方面發生了重大轉變。此外，它還加強了對我們正在進行的 Tricolor 和 Network 2.0 工作的監督。目前，我們約有 24% 的符合條件的日均吞吐量透過 355 個 2.0 網路優化設施進行輸送。此外，我們也關閉了150多家工廠。

We also continue to prioritize improving our operations and performance in Europe, where the team is making good progress with significant opportunity ahead. We remain focused on driving growth in international and B2B segments, which is helping to offset the headwinds created by global trade policy changes. Our European operations teams have done an outstanding job absorbing the growth through improvements in surface hub, station and on-road productivity supported by sustained improvement in net service levels. Data and technology play a foundational role in our transformation, and we are scaling AI adoption across the company to all our 500,000-plus employees.

我們將繼續優先改善我們在歐洲的營運和業績，該團隊正在取得良好進展，未來將有很大的發展機會。我們將繼續專注於推動國際和 B2B 領域的成長，這有助於抵消全球貿易政策變化帶來的不利影響。我們的歐洲營運團隊出色地完成了吸收成長的工作，透過提高地面樞紐、車站和公路的生產力，以及持續提高淨服務水平，實現了成長。數據和技術在我們轉型過程中發揮基礎性作用，我們正在公司範圍內推廣人工智慧的應用，涵蓋我們超過 50 萬名員工。

The reality is that AI is becoming an integral part of all business functions from the back office to the front line, and we want to ensure that every employee is equipped to thrive in this new era. We recently launched a global AI program to help our teams innovate faster, serve customers better, and solve challenges more effectively than ever before. Importantly, we are customizing the curriculum to be directly relevant to each team member's specific role experience level and existing AI fluency.

事實上，人工智慧正成為從後台到前線所有業務職能不可或缺的一部分，我們希望確保每位員工都能在這個新時代取得成功。我們最近啟動了一項全球人工智慧計劃，旨在幫助我們的團隊更快地進行創新，更好地服務客戶，並比以往任何時候都更有效地解決挑戰。重要的是，我們正在客製化課程，使其與每位團隊成員的具體角色經驗水平和現有的人工智慧熟練程度直接相關。

We also continue to explore new approaches that leverage our real-world operational data platform. We are actively pursuing opportunities to bring digital solutions to the market, starting with logistics intelligence insights. Our recently announced strategic collaboration with ServiceNow marks an important milestone, designed to make life easier for those who manage complex sourcing and procurement operations. Through this collaboration, we are giving businesses a single system that anticipates, adapts, and acts before they experience supply chain disruptions.

我們也不斷探索利用我們真實世界運作數據平台的新方法。我們正在積極尋求機會，將數位化解決方案推向市場，首先從物流智慧洞察入手。我們最近宣布與 ServiceNow 進行策略合作，這標誌著一個重要的里程碑，旨在讓那些管理複雜採購營運的人員的工作更輕鬆。透過此次合作，我們為企業提供了一個單一的系統，該系統能夠預測、適應並在供應鏈中斷發生之前採取行動。

And by integrating into ServiceNow's procurement and supply chain solutions, we are beginning to monetize the proprietary insights that only FedEx can provide. Enterprises need access to real-world logistics intelligence to power their AI systems and workflows and this partnership demonstrates market demand for what we have built.

透過與 ServiceNow 的採購和供應鏈解決方案集成，我們開始將只有 FedEx 才能提供的專有見解貨幣化。企業需要獲取真實世界的物流情報來驅動其人工智慧系統和工作流程，而此次合作顯示市場對我們所開發的產品有需求。

In closing, I want to recognize our team for delivering another strong quarter, while navigating a very difficult operating environment. Our ability to grow adjusted earnings per share 19% year over year despite multiple headwinds speaks to the benefits of our transformation and the strength of our industrial network. I look forward to sharing more information on our strategic initiatives and our medium-term financial outlook at our February Investor Day.

最後，我要表揚我們的團隊，在非常艱難的經營環境下，他們又取得了另一個強勁的季度業績。儘管面臨多重不利因素，我們調整後的每股盈餘仍能年增 19%，這充分體現了我們轉型帶來的益處以及我們產業網絡的強大實力。我期待在二月的投資者日上與大家分享更多關於我們策略舉措和中期財務展望的資訊。

I hope to see many of you there. Now over to you, Brie.

我希望在那裡見到你們中的許多人。現在輪到你了，布里。

Thank you, Raj. First, I want to commend our commercial and operations teams for the outstanding job they are doing to support our customers during peak. Successfully picking up 25 million packages on Cyber Monday requires extensive collaboration and agility. Our Q2 performance is a function of momentum we have been building over the past year, managing key performance indicators to ensure a focus on high-quality revenue growth. The team's hard work and strong execution in Q2 led to a 7% year-over-year revenue growth across the enterprise [EZ, EZ, EZ]

謝謝你，拉傑。首先，我要表揚我們的商務和營運團隊，感謝他們在高峰期為支持我們的客戶所做的出色工作。在網路星期一成功收取 2500 萬個包裹需要廣泛的協作和敏捷的反應。我們第二季的業績得益於過去一年來我們不斷累積的發展勢頭，以及對關鍵績效指標的管理，以確保專注於高品質的收入成長。團隊在第二季的辛勤工作和出色執行力，使得企業整體營收年增了7%。[EZ，EZ，EZ]

At FEC, revenue was up 8%, driven by 12% US domestic package revenue growth with strength across all services. FedEx Freight revenue declined 2%, pressured by lower average daily shipments.

FEC 的營收成長了 8%，這主要得益於美國國內包裹收入成長了 12%，所有服務均表現強勁。受日均貨運量下降的影響，聯邦快遞貨運收入下降了2%。

We grew average daily domestic volume by 6%. Our recent B2B healthcare wins supported robust growth in the United States priority and deferred express services. The onboarding of our new Amazon business, which is focused on large and heavy weight shipments is also going well. As expected, international export volumes declined, driven again by lower volumes on the China to US lane.

我們國內日均銷量成長了 6%。我們近期在 B2B 醫療保健領域的成功案例，為美國優先和延期快遞服務的強勁成長提供了有力支撐。我們專注於大件和重型貨物運輸的新亞馬遜業務的上線工作也進展順利。正如預期的那樣，國際出口量下降，這再次是由於從中國到美國的航線出口量下降所致。

Raj mentioned how we're shifting some capacity to the Asia-Europe lane, which along with strong growth on the intra-Asia lane is providing a partial offset. Additionally, we continue to grow US international outbound revenue, which further offered another offset. And of course, it has high flow through. At FedEx Freight, weakness in the industrial economy again weighed on our average daily shipments, which were down 4%. This dynamic remains consistent with broader LTL industry trends.

Raj提到，我們正在將部分運力轉移到亞歐航線，加上亞洲內部航線的強勁成長，這在一定程度上抵消了運力不足的問題。此外，我們持續成長的美國國際出口收入也進一步抵銷了部分損失。當然，它的流量也很大。聯邦快遞貨運公司 (FedEx Freight) 的工業經濟疲軟再次拖累了我們的平均每日貨運量，貨運量下降了 4%。這一動態與零擔運輸業的整體趨勢保持一致。

Importantly, our growing FedEx Freight team positions us well for the eventual recovery. We now have more than 85% of our planned LTL sales force in place, and we expect to have the full team in place by June. And of course, this is 400 salespeople. We are also very encouraged by our Q2 service quality metrics at Freight, with claims and damage performance at some of the best levels in company history. And on-time service is at the highest level since Q3 of fiscal year '21.

重要的是，我們不斷成長的 FedEx Freight 團隊讓我們能夠更好地應對最終的復甦。目前我們已完成計畫中的零擔運輸銷售團隊的 85% 以上，預計到 6 月將完成全部團隊的組建。當然，這可是400名銷售人員啊。我們對第二季貨運服務品質指標也感到非常鼓舞，索賠和損壞處理情況達到了公司歷史上最好的水平。準點率達到了 2021 財年第三季以來的最高水準。

Across the enterprise, our strong yield performance this quarter demonstrates the benefits of our efforts to prioritize high-value shipments the strength of our value proposition and the continued improvement in the pricing environment. At FEC, US domestic package yield was up over 5%, driven by the strength across all services. International export package yield grew 3%, driven by revenue quality actions, higher weight per shipment tied to the de minimis change plus favorable currency. At FedEx Freight, revenue per shipment increased 2% driven by higher weight per shipment and revenue per hundredweight, demonstrating our sustained commitment to maintaining industry-leading yields.

從整個企業來看，本季強勁的收益表現證明了我們優先考慮高價值出貨的努力所帶來的益處，也體現了我們價值主張的強大以及定價環境的持續改善。在聯邦選舉委員會 (FEC)，受所有服務強勁表現的推動，美國國內包裹收益率上升超過 5%。國際出口包裹收益率增加了 3%，這主要得益於收入品質措施、與最低限額變更相關的每批貨物重量增加以及有利的匯率。FedEx Freight 每批貨物的收入增加了 2%，這主要得益於每批貨物重量和每百磅貨物收入的增加，這表明我們持續致力於保持行業領先的收益。

Now let me share a few highlights on our commercial priorities. As part of our B2B focus, we have developed vertical strategies, each with dedicated leadership and resources in our targeted growth areas. That B2B contributed to nearly half our revenue growth this quarter demonstrates this strategy is working. It is helping us sustain and win new business in priority areas like healthcare and automotive.

現在讓我來分享一下我們商業重點方面的一些亮點。作為我們 B2B 策略的一部分，我們制定了垂直策略，每個策略都配備了專門的領導團隊和資源，以支持我們目標成長領域的發展。本季B2B業務為我們貢獻了近一半的營收成長，證明該策略是有效的。它幫助我們在醫療保健和汽車等重點領域維持業務並贏得新業務。

For example, this quarter, we won incremental B2B business from BMW. This win is a result of our global reliability and scale, our strong service for time-critical aftermarket and production deliveries and our collaborative shipping tools. Further, technology companies are investing extraordinary amounts of CapEx in global data center infrastructure over the next several years.

例如，本季我們從寶馬公司獲得了新增的 B2B 業務。此次成功歸功於我們的全球可靠性和規模、我們為時間緊迫的售後市場和生產交付提供的強大服務以及我們的協作運輸工具。此外，未來幾年，科技公司將在全球資料中心基礎設施投入巨額資本支出。

As such, we have formalized our work in creating a data center and infrastructure vertical team. This will better support existing customers and also help us acquire new high-tech customers. I am confident our dedicated sales and solutions team will enable FedEx leadership in this high-value market with significant growth ahead. We are very pleased with how our digital tools are supporting revenue growth while creating better outcomes for our customers and their customers.

因此，我們正式成立了資料中心和基礎設施垂直團隊。這將更好地服務現有客戶，也有助於我們獲取新的高科技客戶。我相信，我們敬業的銷售和解決方案團隊將助力聯邦快遞在這個高價值市場中保持領先地位，並實現巨大的成長。我們非常高興地看到，我們的數位化工具在支援收入成長的同時，也為我們的客戶及其客戶創造了更好的結果。

Wayfair is a great example of how we're using these tools to help our customers improve their shipment-related communications and support their customer service teams. By using our premium integrated visibility tool, Wayfair is increasing their Net Promoter Score, reducing where is my order calls, otherwise known as Wizmo calls and decreasing outages with their tracking data.

Wayfair 就是一個很好的例子，它展示了我們如何利用這些工具來幫助我們的客戶改善與貨運相關的溝通，並支持他們的客戶服務團隊。透過使用我們高級的整合式視覺化工具，Wayfair 提高了淨推薦值，減少了「我的訂單在哪裡」的諮詢電話（即 Wizmo 諮詢電話），並減少了追蹤數據的中斷。

Turning to our revenue outlook for fiscal year '26. We now expect 5% to 6% consolidated revenue growth this fiscal year, supported by sustained US domestic yield and volume growth.

接下來談談我們對 2026 財年的營收展望。我們現在預計本財年綜合收入將成長 5% 至 6%，這得益於美國國內收益率和銷量的持續成長。

We expect second half international export ADV to remain pressured due to the global trade environment with a partial offset from yield. At FEC, the midpoint of our range now implies a 7% revenue growth year over year, supported by peak trends and our revenue quality actions. Peak ADV is trending in line with our expectation of a modest year-over-year increase. Peak-related demand surcharges at FEC are achieving strong capture, and we expect a year-over-year increase in the surcharge revenue.

我們預計，受全球貿易環境影響，下半年國際出口日均銷售額將持續承壓，但收益率將部分抵銷此影響。在 FEC，我們目前預測範圍的中點意味著同比增長 7% 的收入，這得益於高峰趨勢和我們的收入品質措施。峰值 ADV 的發展趨勢符合我們預期，即年比小幅成長。FEC 高峰時段需求附加費的收取情況良好，我們預計附加費收入將年增。

In light of the recent MD11 grounding, we have made targeted adjustments to protect network integrity and service reliability. On December 1, we implemented a fuel surcharge adjustment to partially mitigate the added costs required to maintaining high-quality service for our customers. And we expect strong capture of our general rate increase of 5.9%, which goes into effect next month.

鑑於最近發生的 MD11 飛機停飛事故，我們已做出有針對性的調整，以保護網路完整性和服務可靠性。12月1日，我們實施了燃油附加費調整，以部分抵銷為維持我們為客戶提供的高品質服務所需的額外成本。我們預計下個月生效的5.9%的整體利率上調將得到積極回應。

At FedEx Freight, due to the continued pressure on shipments, we now expect fiscal year 2016 revenue to be approximately flat to slightly down on a year-over-year basis. Yield growth will provide an offset to a low single-digit percentage decline in shipments.

由於貨運持續面臨壓力，聯邦快遞貨運公司預計 2016 財年的營收將與去年持平或略有下降。產量成長將抵消出貨量個位數百分比的下降。

In closing, we have a great strategy in place to capture high-value growth with our unmatched industrial network and our Q2 results demonstrate that this strategy is absolutely working. Our team is doing an exceptional job this peak season. Thank you team for delivering the Purple Promise during the holiday season and, of course, all year round.

總之，我們制定了一項出色的策略，利用我們無與倫比的產業網絡來獲取高價值成長，而我們第二季的業績表明，這項策略絕對有效。我們的團隊在旺季期間表現出色。感謝團隊在節日期間以及全年都履行了“紫色承諾”。

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

現在，我將把麥克風交給約翰。

Thank you, Brie. I'll start by saying that I'm very proud of the team for executing on our strategies to drive margin expansion and operating income growth in Q2. And we achieved these results despite multiple headwinds. Like Raj and Brie, I'm also very grateful for the dedication of our team members who are delivering on the Purple Promise every day, especially during this peak season.

謝謝你，布里。首先，我要說，我為團隊在第二季成功執行策略，推動利潤率擴張和營業收入成長感到非常自豪。我們克服重重困難，最終取得了這些成果。和 Raj 和 Brie 一樣，我也非常感謝我們團隊成員的奉獻精神，他們每天都在履行 Purple 的承諾，尤其是在這個旺季。

Turning to our financial results. On a consolidated basis, in the second quarter, we delivered $4.82 in adjusted earnings per share, up 19% year over year. Consolidated revenue grew by 7%, which supported 60 basis points of adjusted margin expansion and 17% adjusted operating income growth. As Brie mentioned, our yield management and strong commercial execution resulted in higher revenue growth from US domestic packaged services, which was the primary driver of our year-over-year adjusted operating income improvement.

接下來來看看我們的財務表現。第二季度，我們合併後的調整後每股收益為 4.82 美元，年增 19%。合併收入成長了 7%，從而推動調整後利潤率成長了 60 個基點，調整後營業收入成長了 17%。正如 Brie 所提到的，我們的收益管理和強大的商業執行力帶來了美國國內包裝服務更高的收入增長，這是我們調整後營業收入同比增長的主要驅動力。

We grew adjusted operating income by $231 million despite the headwind from global trade policy changes, higher variable incentive compensation accruals and weaker-than-expected LTL results, a $30 million headwind from the expiration of the Postal Service contract and a $25 million impact from the grounding of our MD11 fleet.

儘管受到全球貿易政策變化、可變激勵薪酬計提增加以及零擔運輸業績弱於預期等不利因素的影響，以及郵政服務合約到期帶來的 3000 萬美元不利影響和 MD11 機隊停飛造成的 2500 萬美元影響，我們調整後的營業收入仍增長了 2.31 億美元。

At FEC, we grew adjusted operating income by $306 million, up 24% and expanded adjusted operating margin by 100 basis points. This was driven by higher yields, continued cost reduction efforts and increased U.S. domestic package volume. These drivers were partially offset by higher wage and purchase transportation rates and the headwinds I previously mentioned. At FedEx Freight, we continue to experience a challenging market environment, consistent with trends across the LTL sector.

在 FEC，我們調整後的營業收入成長了 3.06 億美元，成長了 24%，調整後的營業利潤率提高了 100 個基點。這主要得益於更高的收益率、持續的成本削減措施以及美國國內包裹量的增加。這些利好因素部分被更高的工資和運輸成本以及我之前提到的不利因素所抵消。FedEx Freight 持續面臨充滿挑戰的市場環境，這與零擔貨運產業的趨勢一致。

FedEx Freight adjusted operating income declined by $70 million and adjusted operating margin contracted three percentage points. Q2 was weaker than we originally anticipated driven by lower average daily shipments.

FedEx Freight 的調整後營業收入下降了 7,000 萬美元，調整後營業利潤率下降了 3 個百分點。由於每日平均出貨量下降，第二季業績弱於預期。

Additionally, we experienced a $25 million headwind to adjusted operating income as our sales force hiring and other separation expenses accelerated in Q2.

此外，由於第二季銷售團隊招募和其他離職費用加速增加，我們的調整後營業收入也面臨 2,500 萬美元的不利影響。

That said, I'm encouraged that yields inflected positive in the quarter, demonstrating FedEx Freight's disciplined strategy. We remain confident that FedEx Freight is well positioned to see strong incremental margins when demand returns. We remain committed to prudent capital allocation and maximizing stockholder returns.

儘管如此，我感到鼓舞的是，本季殖利率轉正，這表明 FedEx Freight 採取了嚴謹的策略。我們仍然相信，當需求恢復時，聯邦快遞貨運公司將獲得強勁的利潤成長。我們將繼續秉持審慎的資本配置原則，並致力於實現股東回報最大化。

During the quarter, we opportunistically purchased nearly $300 million worth of stock, which, alongside our increased dividend payout demonstrates our commitment to returning cash to stockholders. We have $1.3 billion remaining under our 2024 stock repurchase authorization and subject to business and market conditions, we'll continue to evaluate repurchasing additional shares during the remainder of FY26.

本季度，我們抓住機會購買了價值近 3 億美元的股票，這與我們增加的股息支付一起，表明了我們致力於向股東返還現金的承諾。我們在 2024 年股票回購授權中還剩 13 億美元，根據業務和市場情況，我們將繼續評估在 2026 財年剩餘時間內是否回購更多股票。

CapEx year-to-date is $1.4 billion, driven by continued investments to maintain our fleet of aircraft and vehicles Network 2.0 related facility enhancements and hub modernization. We continue to target $4.5 billion in annual CapEx for FY26.

今年迄今的資本支出為 14 億美元，這主要得益於持續投資，用於維護我們的飛機和車輛機隊、網路 2.0 相關設施的改進以及樞紐現代化。我們繼續將 2026 財年的年度資本支出目標設定為 45 億美元。

Given the healthy status of our pension plan, we are further reducing our expected pension cash contribution. We now anticipate making $275 million in voluntary pension contributions to our US qualified plans in fiscal 2026 and compared to our prior forecast of up to $400 million.

鑑於我們退休金計劃的良好狀況，我們將進一步減少預期退休金現金繳款。我們現在預計在 2026 財年向我們的美國合格退休金計畫繳納 2.75 億美元的自願退休金，而我們先前的預測是高達 4 億美元。

Moving to our FY26 adjusted EPS outlook. I want to note that our outlook is based on information known to us today and our business trends from the first half of the fiscal year. Though the global operating environment remains fluid, our year-to-date results demonstrate our operating leverage and proven ability to successfully drive premium revenue growth. As a result, we now expect to deliver adjusted EPS of $17.80 to $19 this compares to our prior range of $17.20 to $19 and reflects a range of potential scenarios for the back half of the year.

接下來是我們對2026財年調整後每股盈餘的展望。我想指出，我們的展望是基於我們目前掌握的資訊以及本財年上半年的業務趨勢。儘管全球經營環境仍然瞬息萬變，但我們今年迄今的業績顯示了我們的經營槓桿作用以及成功推動保費收入成長的成熟能力。因此，我們現在預計調整後的每股收益為 17.80 美元至 19 美元，這與我們之前的 17.20 美元至 19 美元的範圍相比有所變化，反映了下半年各種可能的情況。

At the midpoint of our range, we now anticipate a 7% increase in FEC revenue with adjusted op margin up slightly. Also at the midpoint, we expect revenue for FedEx Freight to be down slightly with margin down year-over-year and our expected FY26 effective tax rate remains approximately 25%.

在我們預測範圍的中點，我們現在預計 FEC 收入將成長 7%，調整後的營業利潤率將略有上升。此外，我們預計 FedEx Freight 的營收將在年中略有下降，利潤率將年減，我們預計 2026 財年的實際稅率仍約為 25%。

I also want to take a moment to walk through what is implied in our second half outlook at the adjusted EPS midpoint of $18.40. We expect continued FEC revenue momentum on a year-over-year basis in the fiscal second half. We also expect to benefit from strong operational execution and ongoing efficiency initiatives. At the same time, we anticipate somewhat more limited flow-through in the second half versus the first half due to several discrete items challenging comparability year over year.

我還想花點時間解釋一下我們下半年業績展望中調整後每股盈餘中位數為 18.40 美元所蘊含的意義。我們預計下半年 FEC 收入將繼續保持同比增長勢頭。我們也期望從強而有力的營運執行和持續的效率提升措施中受益。同時，由於一些特殊因素導致年比數據不具可比性，我們預計下半年的銷售額將比上半年略低。

First, variable incentive compensation accruals. For context, in FY25, we paid variable incentive compensation well below target levels. Given strong year-to-date performance, we have embedded a higher accrual for this performance-based pay in our revised outlook. This is important compensation that our people are earning due to their strong execution in a challenged environment.

首先是可變激勵薪酬的提列。作為參考，在 2025 財年，我們支付的浮動激勵薪酬遠低於目標水準。鑑於今年迄今的強勁業績，我們在修訂後的業績展望中提高了這項績效工資的提列額。這是我們的員工在充滿挑戰的環境中出色完成工作所獲得的重要回報。

Second, given the sustained weak LTL industry trends, we've lowered our FedEx Freight expectations for the second half of the year. And third, we expect meaningful headwinds in the second half from our MD11 groundings, primarily in Q3. Taken together, these items represent roughly a $600 million year-over-year headwind to adjusted operating income in the second half for the full year, they represent nearly a $900 million headwind.

其次，鑑於零擔貨運業持續疲軟的趨勢，我們下調了對 FedEx Freight 下半年的預期。第三，我們預計下半年 MD11 停飛將帶來顯著的不利影響，主要體現在第三季。綜合來看，這些項目對下半年的調整後營業收入造成了約 6 億美元的年比不利影響；而對全年而言，則造成了近 9 億美元的不利影響。

Our revised FY26 adjusted operating income bridge shows the year-over-year elements embedded in our full year outlook in one midpoint scenario, resulting in adjusted operating income of $6.2 billion, up $200 million versus our prior outlook. Of course, this is just one scenario and the assumptions at the midpoint may vary as the environment changes.

我們修訂後的 2026 財年調整後營業收入過渡圖顯示了我們全年展望中嵌入的同比因素，其中一種中間情景顯示，調整後營業收入為 62 億美元，比我們之前的展望增加了 2 億美元。當然，這只是其中一種情況，隨著環境的變化，中間點的假設可能會有所不同。

In this scenario, for FEC volume-related revenue net of variable costs we now expect a $500 million tailwind. This marks a $100 million improvement compared to what we shared in September. This is driven largely by US domestic package services, offset by a material headwind and from reduced international export demand.

在這種情況下，扣除變動成本後，FEC 銷售相關收入預計將獲得 5 億美元的利多。這比我們9月公佈的數據增加了1億美元。這主要得益於美國國內包裹服務的成長，但受到物質逆風和國際出口需求下降的抵銷。

With respect to FEC yield, we now expect a $3 billion tailwind. This marks a $700 million improvement compared to what we shared in September and demonstrates our commitment to revenue quality and pricing traction. Our bridge includes partial offsets to these tailwinds. Most remain unchanged from what we shared in September, except for the FedEx Freight headwind. We now expect a $300 million decline in adjusted operating income at FedEx Freight compared to the $100 million expectation we shared in September.

就聯邦出口信貸公司（FEC）的收益率而言，我們現在預計將有30億美元的利多因素。這比我們在 9 月公佈的數據提高了 7 億美元，顯示了我們對收入品質和定價策略的承諾。我們的橋樑設計中包含了這些順風的部分偏移。除了 FedEx Freight 面臨的不利因素外，大部分情況與我們 9 月分享的內容保持不變。我們現在預計 FedEx Freight 的調整後營業收入將下降 3 億美元，而我們在 9 月的預期為 1 億美元。

Additionally, we added a bar to reflect the variable incentive compensation headwind I mentioned earlier. As I mentioned last quarter, embedded in our assumptions is the $1 billion in headwind to adjusted operating profit from the global trade environment, offset by $1 billion in transformation-related savings. We're pleased with our year-to-date cost reduction progress and are on track to achieve the $1 billion savings target. With regard to Q3 adjusted EPS, we now anticipate adjusted EPS to be sequentially lower than Q2. For further context, we expect Q3 revenue to be essentially in line with Q2 and with slight increases sequentially in operating expense due to increased peak demand and higher cost due to the MD11 grounding.

此外，我們還增加了一個長條圖，以反映我之前提到的可變激勵薪酬帶來的不利影響。正如我上個季度提到的，我們的假設中包含了全球貿易環境對調整後營業利潤造成的 10 億美元不利影響，但同時也包含了與轉型相關的 10 億美元節省。我們對今年迄今為止的成本削減進度感到滿意，並有望實現節省 10 億美元的目標。關於第三季調整後每股盈餘，我們現在預計調整後每股盈餘將比第二季季減。進一步說明，我們預計第三季營收將與第二季基本持平，由於高峰需求增加以及 MD11 停飛造成的成本上升，營運支出將較上季略有成長。

And as a reminder, we are lapping a third quarter that was unusually strong seasonally. We expect Q4 to be our strongest adjusted EPS quarter of this fiscal year. These directional trends are consistent with the patterns we typically experience.

提醒大家，我們剛結束了第三季度，第三季度在季節性方面表現異常強勁。我們預計第四季將是本財年調整後每股收益表現最好的季度。這些方向性趨勢與我們通常經歷的模式是一致的。

Before turning to Q&A, I want to provide an update on our spinoff of FedEx Freight, which is on track for June 1, 2026. As previously mentioned, we submitted our confidential Form-10 to the SEC, as well as a request for a private letter ruling on the tax treatment of the transaction to the IRS. These were important milestones as we move toward the tax-efficient spin-off. We expect the Form-10 which will provide more details on our go-forward strategy and financials to be available to the public in January.

在進入問答環節之前，我想就 FedEx Freight 的分拆計劃提供最新進展，該計劃預計將於 2026 年 6 月 1 日按計劃完成。如前所述，我們已向美國證券交易委員會提交了保密的 Form-10 表格，並向美國國稅局提交了關於該交易稅務處理的私人信函裁決請求。這些都是我們在邁向節稅型分拆過程中的重要里程碑。我們預計，將於 1 月向公眾提供 Form-10 表格，其中將提供有關我們未來策略和財務狀況的更多詳細資訊。

As a further update, upon the spin-off of FedEx Freight, FedEx Corp. intends to retain up to 19.9% of FedEx Freight's outstanding shares. To preserve the tax-free nature of the spin-off, we expect to monetize these shares within a time frame permitted by the IRS. Additionally, FedEx Freight will be hosting an Investor Day in New York City on April 8. John Smith and his team look forward to unveiling for you FedEx Freight's forward-looking strategy to unlock significant stockholder value in the years ahead.

最新消息是，在 FedEx Freight 分拆後，FedEx 公司計劃保留 FedEx Freight 至多 19.9% 的流通股。為了保持分拆的免稅性質，我們預計將在美國國稅局允許的時間範圍內將這些股份變現。此外，聯邦快遞貨運公司將於4月8日在紐約市舉辦投資者日活動。約翰史密斯和他的團隊期待著向您揭曉 FedEx Freight 的前瞻性策略，該策略旨在未來幾年釋放巨大的股東價值。

And as Raj noted, we also look forward to seeing you in Memphis at our FedEx Corporation Investor Day in February. With that, let's open it up for questions.

正如 Raj 所指出的，我們也期待在二月於孟菲斯舉行的 FedEx 公司投資者日上見到您。那麼，接下來就進入提問環節。

(Operator Instructions) Brandon Oglenski, Barclays.

（操作說明）布蘭登·奧格倫斯基，巴克萊銀行。

Hey good evening, everyone. Thanks for taking the questions. John, you just covered a lot in guidance there, and I'm sure we get plenty of questions on it. But I guess, longer term, it looks like you guys are definitely capturing incremental volume share in your domestic US business, the package business that is and seeing quite a bit of pricing upside too.

大家晚上好。謝謝您回答問題。約翰，你剛才講了很多指導方面的內容，我相信我們會收到很多相關的問題。但從長遠來看，你們在美國國內業務（即包裹業務）中似乎確實獲得了越來越多的市場份額，而且價格上漲的空間也相當大。

So I wondered if you can talk to some of the dynamics there on both B2C and B2B and maybe if there's more to come on yield gains? Thank you.

所以我想知道您能否談談 B2C 和 B2B 方面的一些動態，以及未來在收益率方面是否還有更多發展空間？謝謝。

Hi, Brad, it's Brie. I'm happy to answer the question. So from a volume and a market share perspective, yes, we are very pleased with the profitable market share. And again, from an SEC perspective, we were really pleased with the flow-through in the quarter. The incremental margin expansion of 100 basis points at FEC is something we're really proud of.

嗨，布拉德，我是布里。我很樂意回答這個問題。因此，從銷售量和市佔率的角度來看，是的，我們對獲利的市佔率非常滿意。再次強調，從美國證券交易委員會（SEC）的角度來看，我們對本季的業績表現非常滿意。FEC 利潤率提升 100 個基點，我們對此感到非常自豪。

And that was driven by a couple of things: one, continued focus on B2B. We've been building this strategy for over a year. We've been very focused on our KPIs and our metrics within the sales organization. We made a pivot to our sales compensation model as well to make sure that, that is balanced from a B2B and a B2C perspective.

這主要受兩方面因素驅動：一是持續專注於 B2B 業務。我們制定這項策略已經一年多了。我們一直非常關注銷售組織內部的關鍵績效指標和衡量標準。我們也對銷售薪酬模式進行了調整，以確保從 B2B 和 B2C 的角度來看都能保持平衡。

And then also, as you heard, we were really pleased with our overall rate discipline and the capture on surcharges. So our goal is to continue to push on this, continue to acquire new B2B market share, and we're really pleased with the underlying momentum.

另外，正如你所聽到的，我們對整體費率控制和附加費的收取情況非常滿意。因此，我們的目標是繼續推進這項工作，繼續獲取新的 B2B 市場份額，我們對目前的發展勢頭感到非常滿意。

Jonathan Chappell, Evercore ISI.

Jonathan Chappell，Evercore ISI。

Thank you. Brie, I want to stick with that topic. The B2B over half the revenue growth in 2Q. Just wondering if there's any way to break down how much of that is completely new volume business? How much of that is related to kind of yield and some of the surcharges or initiatives you're putting in?

謝謝。布里，我想繼續討論這個話題。第二季B2B業務貢獻了超過一半的營收成長。我想知道有沒有辦法細分其中有多少是全新的業務量？其中有多少與收益率以及你們推出的一些附加費或舉措有關？

And should we think about that as being kind of a similar magnitude of overall growth as you think about the guide for the back half of the year?

我們是否應該認為這與您對下半年業績指引的預期在整體成長幅度上具有相似性？

Jonathan, great question. So overall from a trend perspective, and I just want to be clear, it was nearly half, it wasn't over half. Still very pleased with that metric. Let me be clear about that as well. But we expect that to be pretty consistent throughout the year from Q1 through Q4.

喬納森，問得好。所以從整體趨勢來看，我想澄清一下，這個數字接近一半，而不是超過一半。我對這個指標仍然非常滿意。我也想把這一點說清楚。但我們預計從第一季到第四季度，這種情況將全年保持相當穩定。

To your question on acquisition, I will really say that the quarter had multiple things going from a B2B perspective, yes, did acquire new B2B. We also did a great job from a share of wallet, and I should not understate that also it was the strongest quarter that we had seen from a small business B2B perspective. So it really was the combination of all three combined with our revenue quality strategy. I don't think it was any one of those things.

關於您提出的收購問題，我只想說，從 B2B 的角度來看，本季有很多事情發生，是的，我們確實收購了一些新的 B2B 企業。從市場佔有率來看，我們也做得非常出色，而且我也不應該低估這一點，從小型企業 B2B 的角度來看，這也是我們所見過的最強勁的一個季度。所以，這其實是這三者與我們的營收品質策略結合的結果。我覺得都不是這些原因中的任何一個。

Richa Harnain, Deutsche Bank.

Richa Harnain，德意志銀行。

So I wanted to ask about service, more specifically the cost of service. Recently, you shared plans regarding management's annual cash incentive and you added a service component to that, which speaks to the significance you place on service as you work through your Network 2.0 transformation. We would think that comes with additional costs. So how much do you estimate you're carrying today in terms of those additional costs? And what's worked in the outlook?

所以我想問服務方面的問題，更具體地說是服務費用。最近，您分享了有關管理層年度現金獎勵的計劃，並增加了服務獎勵，這表明您在推動 Network 2.0 轉型過程中非常重視服務。我們認為這會帶來額外的成本。那麼，您估計目前您在這些額外成本上承擔了多少責任？那麼，展望未來，哪些面向行之有效呢？

And how should we think about those costs trickling off? I'm sure, for instance, Canada is being run much more efficiently now than when you started your integration efforts. So how long did it take for that to become fully efficient?

我們該如何看待這些成本的逐步擴散？例如，我確信加拿大現在的運作效率比你開始整合工作時高得多。那麼，它花了多久時間才完全發揮效率？

Okay, Richa, let me answer that question. In fact, let me answer two components of it. One, you started to talk about the annual incentive compensation and to add to the point that was made earlier in our prepared remarks, as last year, our IC payouts were well below target.

好的，Richa，讓我來回答這個問題。事實上，讓我來回答其中的兩個組成部分。第一，您開始談論年度激勵薪酬，並補充了我們先前在準備好的演講稿中提出的觀點，因為去年我們的激勵薪酬遠低於目標。

This year, we have included the service component. And we anticipated several headwinds. And despite that, the team is doing an absolutely incredible job of performing in this quarter. So while that's a financial headwind for the year is absolutely the right thing to do as our team is going band beyond the call of duty on delivering on the purple promise. So that's in the IC.

今年，我們加入了服務部分。我們預料到會遇到一些不利因素。儘管如此，這支球隊在本季的表現仍然非常出色。因此，雖然這會為今年帶來財務上的不利影響，但這絕對是正確的做法，因為我們的團隊正在竭盡全力兌現紫色承諾。所以這部分在積體電路裡。

Your question was really around the Network 2.0 and the cost. Listen, first of all, we are not going to compromise on our service, good service, good quality, good quality is actually less waste. And we're very pleased with the progress that we are making there. And obviously, we have made very good progress in Canada as well. You can typically expect in the market roughly three to six months where we get the efficiency back.

你的問題實際上是關於Network 2.0和成本的。首先，我們不會在服務上妥協，好的服務，好的品質，好的品質其實意味著更少的浪費。我們對目前的進展非常滿意。顯然，我們在加拿大也取得了非常好的進展。通常情況下，市場需要大約三到六個月的時間才能恢復效率。

And that's all dialed into our forecast, both for the short and long-term Network 2.0. Thank you again for the question, Richa.

這些都已納入我們對 Network 2.0 短期和長期發展的預測。再次感謝你的提問，Richa。

Chris Wetherbee, Wells Fargo.

克里斯‧韋瑟比，富國銀行。

Yeah, hi. I wanted to ask a little bit about the LTL business, the freight business. As you think about some of the -- I guess maybe we're curious about potential duplicative costs as you guys get prepared for the spin. Is there a sense of how much or maybe the increment on the further decline from $100 million to $300 million on the EBIT decline comes from that. I guess just trying to get a sense that there are some temporary costs associated with the spin to stuff come out? Or is it really more of a function of what's happening in the broader market? Obviously, shipments are a little bit weaker. Yields a little bit under pressure, too.

嗨，你好。我想稍微了解一下零擔貨運業務。考慮到一些問題——我想我們可能對你們準備旋轉時可能出現的重複成本感到好奇。EBIT 進一步下降 1 億美元至 3 億美元，其中有多少或多少增量是由此造成的？我猜我只是想了解一下，宣傳造勢會帶來一些暫時的代價嗎？或者，這其實更取決於更廣泛的市場狀況？顯然，出貨量略有下降。在壓力下也會略為屈服。

Yeah. Thanks, Chris. I'll take that. As I mentioned in my remarks, we had $25 million in this quarter. We are anticipating of the $300 million, $100 million of that is the result of the separation costs. That is a combination of the acceleration of the sales force hiring, which we mentioned is going extremely well, as well as IT and other costs, all in the spirit of accelerating, which we're seeing some of the results and the improved performance, so thank you.

是的。謝謝你，克里斯。我接受。正如我在演講中提到的，我們本季收入為 2500 萬美元。我們預計這 3 億美元中，有 1 億美元是分離成本。這既包括銷售團隊招募的加速推進（我們之前提到過，這方面進展非常順利），也包括 IT 和其他成本的增加，所有這些都是為了加速發展，我們已經看到了一些成果和業績的提升，所以謝謝大家。

Brian Ossenbeck, JPMorgan.

Brian Ossenbeck，摩根大通。

Hey, good evening. THanks for taking the question. Maybe first, John, just to clarify, the costs you're talking about, are those separate from the spin-off costs, which are included -- excluded rather from a EPS guide? And then just wanted to hear a little bit more about the process, getting them back up to speed, it seems like it will take a little while, but it also seems like there's an incremental step-up in terms of headwind into the third fiscal quarter. Is that more or less because of the peak season? And I think we're expecting that to tail off a little bit, but it seems like it's actually increasing. So additional thoughts around that would be helpful.

嘿，晚上好。感謝您回答這個問題。約翰，或許首先需要澄清一下，你所說的這些成本是否與分拆成本分開計算？分拆成本是包含在每股盈餘指南中的，而不是被排除在外的。然後，我還想多了解這個過程，讓他們重新跟上進度，這似乎需要一段時間，但似乎在第三財季，阻力也會逐漸增加。這主要是因為正值旅遊旺季嗎？我們原本預期這種趨勢會減弱，但現在看來似乎還在加劇。所以，如果能就此提出更多想法就更好了。

Yeah. Thanks, Brian. I'll cover the first part. Those are separate costs that I identified in the $600 million. These were included in our reportable earnings.

是的。謝謝你，布萊恩。我來介紹第一部分。這些是我在6億美元中單獨列出的成本。這些都已計入我們的應報告收益中。

So with regard to the MD11, yeah, our current outlook reflects that those aircraft will return to service in the fourth quarter. We do have some incremental costs in the third quarter, particularly in December. As I noted, $25 million was in November. But in December, will have significantly higher costs incurred on the MD11, that's peak season. And it's an expensive time of year to be getting outsourced lift to begin with, let alone when you have fleet grounded.

所以關於MD11，是的，我們目前的預期是這些飛機將在第四季恢復運作。第三季我們確實有一些新增成本，尤其是在 12 月。正如我之前提到的，2500萬美元是在11月份獲得的。但到了 12 月，MD11 的成本將會顯著增加，因為那是旺季。而且，在這個時期外包起降本來就很昂貴，更何況你的車隊還停駛了。

So I would say of the remaining $150 million substantial part of that $175 million will be in the third quarter.

因此，我認為剩餘的 1.5 億美元中，相當一部分（1.75 億美元）將在第三季到位。

Let me just add one more point on this thing, Brian. Our first priority and will always be safety above all. And that's the principle which we have built. We are working hand in hand with the authorities on the protocol to get these aircraft back in flight. I was there with the MD11 hangar just on Tuesday night. We have a phenomenal set of aircraft technicians who are working on it. And we're waiting for the right protocol to get it released and the timing that John talked about. Thank you.

布萊恩，關於這件事，我只想再補充一點。安全始終是我們的首要任務。這就是我們所秉持的原則。我們正與相關部門密切合作，制定相關方案，以使這些飛機恢復飛行。就在星期二晚上，我還在MD11機庫附近。我們擁有一批非常優秀的飛機技術人員正在參與這項工作。我們正在等待合適的發布流程和約翰提到的時機。謝謝。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

Hey, guys. John, I just want to follow up on that $600 million headwind you talked about in the back half of the year. I think you gave -- there's three pieces to it. Any way you can sort of break down that $600 million into the three buckets you laid out and maybe how much of that is in Q3? And then maybe just along with that, like, I know you said earnings would be lower in Q3, but any sort of magnitude, I don't know, maybe the way to think about it, do you think earnings are flat, higher, lower year-over-year? Maybe that will be helpful if you could give a little bit more color.

嘿，夥計們。約翰，我只是想跟進一下你在今年下半年提到的 6 億美元的逆風問題。我認為你給出的答案——它包含三個部分。你能不能把這 6 億美元分成你列出的三個部分，並說明其中有多少是第三季的？然後，也許可以這樣想，我知道你說過第三季的收益會下降，但是下降的幅度是多少呢？我不知道，也許應該這樣想，你認為收益是與去年同期持平、上升還是下降？如果你能再添加一些色彩，或許會有幫助。

Yes. Thanks, Scott. So of the $900 million, we incurred $300 million of that in the first half of the year. To your question for the second half of the year, we've embedded the remaining $600 million in our outlook with about $160 million of that due to expected continued softness in the LTL business. up to a total of about $175 million for the MD11 grounding and for the majority of which we expect in and the remainder, about $265 million for increased variable increased variable compensation.

是的。謝謝你，斯科特。因此，在9億美元的支出中，我們上半年就產生了3億美元。關於您提出的下半年問題，我們已將剩餘的 6 億美元納入預期，其中約 1.6 億美元是由於預計零擔運輸業務持續疲軟；約 1.75 億美元用於 MD11 停飛事件，我們預計其中大部分將在…之後公佈；剩餘部分約 2.65 億美元用於增加可變薪酬。

So with regard to your question on Q3, I'm not going to give Q3 guidance. But what I can tell you is that the Q3 adjusted EPS will be sequentially lower than Q2. We expect revenue sequentially to be essentially in line with Q2 and slight increases as well in operating expense on a sequential basis due to the increased peak demand, some of the increased volumes we're talking about and higher costs due to the MD11 grounding.

所以關於你提出的Q3問題，我不會給Q3的指導。但我可以告訴你的是，第三季調整後的每股盈餘將較上季低於第二季。我們預計營收季比將與第二季基本持平，營運支出較上季也將略有成長，這是由於高峰需求增加、我們所謂的銷售增加以及MD11停飛造成的成本上升所致。

I think an important reminder, too, is we'll be lapping a third quarter that was unusually strong seasonally. We had a lot of drive benefits in the third quarter of last year. We also expect Q4 to be our strongest adjusted EPS quarter for the fiscal year.

我認為還有一個重要的提醒，那就是我們即將結束的第三季度，是本季異常強勁的第三季。去年第三季我們獲得了許多推動效益。我們也預期第四季將是本財年調整後每股收益最高的季度。

And directionally, that's consistent with the patterns that we've typically experienced.

從方向上看，這與我們通常經歷的模式是一致的。

Tom Wadewitz, UBS.

瑞銀集團的湯姆·瓦德維茨。

Yeah. So I wanted to get your sense of -- I think what we've seen in the past over time is that FedEx can -- as they're developing momentum a couple of quarters into margin improvement, you do tend to run into this refilling of the incentive comp bucket, and that tends to be a headwind for a period of time. It seems like sometimes that can be like you go a couple of $100 million one year and then there's more to go to next year.

是的。所以我想了解一下您的感受——我認為我們過去一段時間看到的是，聯邦快遞在利潤率改善幾個季度後，隨著發展勢頭的增強，往往會遇到激勵性薪酬資金重新註入的問題，這在一段時間內往往會成為不利因素。有時候似乎就是這樣，一年賺了數億美元，然後第二年還有更多要賺。

So I guess I'm just wondering about do you think this is kind of like you get -- you take the hit over a couple of quarters now and then you're kind of ready to go for fiscal where you see more of the Network 2.0 savings come in? Or I guess, just how do we kind of think about that. And then relative to just the progress on your FEC margin, which has been good for -- I think you said five quarters in a row and it seems like you're maybe pausing admittedly for a couple of reasons.

所以我想知道，你覺得這種情況是不是有點像——你現在承受幾個季度的損失，然後你就準備好迎接下一個財政年度，屆時你會看到 Network 2.0 帶來的更多節省？或者說，我們該如何看待這個問題呢？然後，就你們在聯邦選舉委員會（FEC）的利潤率方面取得的進展而言，你們的利潤率已經連續五個季度保持良好——我想你說過，現在看來你們可能因為一些原因而暫停了。

But just kind of how do we think about broader FCC margin improvement? And is this kind of a couple of quarter headwind on refilling the incentive comp? Or is this something that might carry into kind of next year as well?

但我們該如何看待更廣泛的 FCC 利潤率提升問題呢？這是否會對補充激勵性薪酬造成持續數季的不利影響？或者這種情況可能會延續到明年？

Well, thank you, Tom, for the question. Let me lead off and if John wants to add to it, he can. As we are looking at FY26, we are basically catching back up where we should have -- we're comparing it to last year, I think that is not a headwind that we'll have going forward into fiscal '27. So that hopefully answers that question.

謝謝你的提問，湯姆。我先開始，如果約翰想補充，他可以。展望 2026 財年，我們基本上已經趕上了應有的水平——與去年相比，我認為這不會成為我們進入 2027 財年時的阻礙。希望這能解答你的疑問。

The second part of it is, we are very, very pleased with the underlying momentum that we have in our business. This is now working the transformation that we have on our network transformation, our organizational transformation, our digital transformation, all are working. Our commercial teams are executing at a high level as you can see the results.

第二點是，我們對公司目前的發展動能非常非常滿意。現在，我們正在進行的轉型，包括網路轉型、組織轉型和數位轉型，都在順利進行中。正如您所看到的，我們的銷售團隊執行力很強。

So we are pleased with the underlying momentum and the flow-through. There are certain things that are happening peculiarly. There are incremental headwinds for this next three to six months. But on an ongoing basis, we are very pleased with the ongoing momentum here.

因此，我們對潛在的成長動能和實際效果感到滿意。有些事情發生得很奇怪。未來三到六個月將面臨逐漸增加的不利因素。但就目前的發展動能而言，我們非常滿意。

Jordan Alliger, Goldman Sachs.

喬丹·阿利格，高盛。

Just a question. The bridge to the midpoint is very helpful. I'm just sort of curious, though, the $19 are at the high end, is there a way you could frame up what would push it? Is that mostly tied to volumes looking better, the LTL environment looking better, more acceleration in B2B? Like, how do we think about framing to the north of the midpoint?

問個問題。通往中點的橋樑非常有幫助。我只是有點好奇，19 美元算是比較高的價格了，你能說說是什麼因素會讓它漲價嗎？這是否主要與銷售成長、零擔運輸環境改善、B2B業務加速發展有關？例如，我們如何考慮以中點為基準進行構圖？

Yes. Jordan, I guess my quick response is all of the above. We're not going to really speculate as to all the factors that could go into it. Obviously, if revenue is stronger, and our cost environment is better than we're anticipating. You're going to find yourself in the upward end of the range.

是的。喬丹，我想我的快速答案是以上所有選項。我們不會去推測所有可能影響結果的因素。顯然，如果收入強勁，而且我們的成本環境比預期的要好。你會發現自己處於價格區間的較高位置。

So there are so many variables in place. And we feel comfortable with the assumptions we've laid out that we're going to be within the range. and focused on being as far into the range as we possibly can.

所以這裡有很多變數。我們對已提出的假設感到滿意，即我們將處於該範圍內，並專注於盡可能地在該範圍內。

Bascome Majors, Susquehanna.

巴斯科姆少校，薩斯奎哈納。

Thanks for taking my question. The domestic parcel growth rates have been really solid for several quarters in a row now. And as we get the indication from the guidance is that you expect that to continue.

謝謝您回答我的問題。國內包裹成長率已連續幾季保持穩健成長。從指導意見來看，你們似乎預期這種情況還會持續下去。

As we get further in the next year and UPS potentially gets some competitive advantages back with relationship with the Postal Service and potentially maybe some contractual competition three years past the new Teamsters deal and some of the share shift that happened there, do you think that growth is something that we can maintain at a high level into fiscal '27? Or could those potentially be headwinds that we should consider tapering the rate?

隨著明年時間的推移，UPS 可能會透過與郵政服務的關係重新獲得一些競爭優勢，並且可能會在新的卡車司機工會協議生效三年後，面臨一些合約競爭以及由此發生的一些市場份額轉移，您認為我們能否在 2027 財年保持高水平的增長？或者這些因素可能成為阻礙我們降低利率的因素？

Thanks for the question, Bascome. I do not believe that a relationship between our two competitors is a competitive threat. As we've talked about, our focus right now is high value segments, B2B home delivery, ground commercial, these are not services that could be serviced by the Post Office. And so if that does materialize, I do not see it as a threat to our primary growth strategy. We have the stronger value proposition, and we're very focused on continuing to take profitable market share.

謝謝你的提問，巴斯科姆。我不認為我們兩個競爭對手之間的關係會構成競爭威脅。正如我們之前討論過的，我們目前的重點是高價值領域、B2B 家庭配送、地面商業運輸，這些服務郵局無法提供。因此，即使這種情況真的發生，我也不認為這會對我們的主要成長策略構成威脅。我們擁有更強的價值主張，我們非常專注於繼續獲取盈利的市場份額。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

Hey, good afternoon. Just on the simplify that freight, John, I guess you've mentioned it a few times, but the $300 million impact, if you pull out the $100 million in ongoing costs, is that the left over $200 million? Is that due to weakening demand. And I'm wondering what your view is of the competitive environment there. And then the $152 million in spin costs, is there anything you can maybe detail or break out what's going into that? Is that just continued?

嘿，下午好。關於簡化貨運的問題，約翰，我想你已經提過好幾次了，但是如果扣除 1 億美元的持續成本，剩下的 2 億美元就是 3 億美元的影響嗎？這是因為需求疲軟造成的嗎？我想知道您對那裡的競爭環境有何看法。還有那 1.52 億美元的分拆成本，您能否詳細說明一下或分解這筆費用都包含哪些內容？這種情況還在繼續嗎？

Is that ongoing cost? I just want to understand what's onetime, what's -- if any, and what is ongoing.

這是持續性成本嗎？我只想了解哪些是一次性的，哪些是（如果有的話）持續性的。

Yes, Ken, I'll start with the numbers and basically say the $200 million is the result of lower ADV and pressure on the business that's consistent with the LTL industry. Yes. With regard to the $152 million, those are spin-off preparation costs. And so those -- that's why those are in our adjusted and those are onetime costs.

是的，肯，我先從數字說起，基本上可以說，這 2 億美元的損失是由於 ADV 下降以及零擔運輸行業面臨的業務壓力造成的。是的。至於那 1.52 億美元，那是分拆前的準備費用。所以，這些——這就是為什麼它們被納入了我們的調整範圍，而這些都是一次性成本。

And again, if I just add one more point to it on a broader basis. Obviously, this is -- our performance is in line with our industry at this point, and this is cyclical in nature. It's very difficult to predict when the turn would come. But however, we are beginning to see some level of industry consolidation, especially in the truckload business. And while it takes a while translate in the LTL, that process seems to have begun.

再補充一點，從更廣泛的層面來說。顯然，目前我們的業績與產業整體水準一致，而且這是週期性的。很難預測何時會出現轉機。但是，我們開始看到一些產業整合的跡象，尤其是在整車運輸業。雖然用零擔語言翻譯需要一段時間，但這個過程似乎已經開始了。

Reed Seay, Stephens.

里德·西伊，史蒂芬斯。

Hey, good evening, everyone. I want to follow up real quick on that last answer about consolidation. Does that mean consolidation of LTL carriers, you seem to think will be on the horizon. And then also in that $200 million that you talked about, there is definitely some LTL industry softness.

大家晚上好。我想就上次關於合併的回答快速補充。你似乎認為零擔貨運公司即將迎來整合，這是否意味著整合即將到來？此外，在你提到的 2 億美元中，零擔貨運業也確實存在一些疲軟跡象。

But I was wondering if any of that is from an understandable rationalization of volume as you try to maybe take out some less profitable freight before spending that off on its own, just if any of that is creating some noise in the shipment numbers.

但我很好奇，這其中是否包含一些可以理解的貨運量合理化因素，例如在將部分利潤較低的貨運收入單獨支出之前，試圖減少貨運量，這是否對貨運量數據造成了一些幹擾。

I'll start off and then John can answer the second part. I just want to make sure what I said was consolidation of capacity in the truckload business and we can see a reduction of capacity starting to happen, and that will ultimately translate into benefit for the LTL sector, even though it may take a little time.

我先來，然後約翰可以回答第二部分。我只是想確認一下，我所說的是整車運輸業務的運力整合，我們可以看到運力減少的趨勢已經開始出現，這最終將有利於零擔運輸行業，儘管這可能需要一些時間。

Yeah. And if I could talk, we're actually seeing a bit of positive inflection in the yield, the first increase in yield that we've seen in several quarters. So we're encouraged by that, and it also reflects the discipline on the pricing environment in our LTL business.

是的。如果我可以發言的話，我們實際上看到收益率出現了一些積極的拐點，這是我們幾個季度以來看到的收益率首次增長。因此，我們對此感到鼓舞，這也反映了我們在零擔運輸業務定價環境方面的自律性。

Bruce Chan, Stifel.

布魯斯·陳，史蒂費爾。

So kudos to your network planning folks, certainly, plenty to keep them busy, including what might be in imminent Supreme Court ruling on the tariffs. I wondering if we see a decision against the administration, whether you view that as a tailwind to trade activity next calendar year, especially maybe in the context of your $1 billion headwind estimate. I know that's a big question, but you all are very (inaudible) into Washington. So any perspective there would be very helpful.

所以，要感謝你們的網路規劃人員，他們肯定有很多事情要忙，包括最高法院即將對關稅問題作出的裁決。我想知道，如果出現對政府不利的裁決，您是否認為這會對明年的貿易活動產生利好作用，尤其是在您估計會有 10 億美元的不利因素的情況下。我知道這是一個很大的問題，但是你們都非常（聽不清楚）關注華盛頓。所以，任何相關觀點都會非常有幫助。

Well, Bruce, first of all, thank you for the comments on the network. I mean these teams have done just an absolutely remarkable job and continue to do so. It's very, very early to answer any question regarding what might or might not happen on the tariff front. Any international volume increase, obviously, is beneficial, but we're not counting on any such thing in our outlook.

布魯斯，首先感謝你對網路上的評論。我的意思是，這些團隊已經做得非常出色，而且還在繼續保持這種狀態。現在回答有關關稅方面可能發生或不會發生的事情的任何問題都為時過早。任何國際銷售的成長顯然都是有益的，但我們的預期中並沒有指望出現這種情況。

Obviously, we are seeing significant shifts in trade and supply chain patterns and the fact that we have a scaled network in every part of the world stands to our advantage because we are able to get market signals from the bottom up, and we are able to act very quickly and with precision.

顯然，我們看到貿易和供應鏈模式發生了重大變化，而我們在世界各地都擁有規模化的網絡，這對我們有利，因為我們能夠自下而上地獲取市場信號，並能夠非常迅速、精準地採取行動。

And that's what's helping us very much as far as how the environment on global trade changes and how that might impact our volumes at this point. It's very early to comment, and we will -- we will update you as the months go by here.

而這正是對我們幫助很大的地方，讓我們能夠了解全球貿易環境的變化以及這種變化目前可能對我們的銷售產生的影響。現在評論還為時過早，我們會——我們會隨著時間的推移在這裡更新情況。

Stephanie Moore, Jefferies.

Stephanie Moore，傑富瑞集團。

Thank you. I wanted to circle back on peak season. Maybe you could provide a little bit more color on what you've seen thus far. I know you said it's tracked in line, but I think there's been a lot of commentary at a high level that we've seen talking about [same rate] recovery and also some questions just around the strength of peak season. You also commented a little bit about maybe small business or B2B. So any additional color you can provide on peak season would be great. Thanks.

謝謝。我想再談談旺季的情況。或許您可以更詳細地描述一下您目前所看到的情況。我知道你說過它正在按計劃進行，但我認為有很多高層人士評論說，我們已經看到有人在談論[同樣的速度]復甦，以及一些關於旺季強度的問題。您也稍微提到了小型企業或B2B業務。所以，如果您能在旺季提供更多色彩，那就太好了。謝謝。

Hi, Stephanie, it's Brie. So I'm really pleased with how we're doing from a peak perspective, both from a planning as well as in execution. Right now, we are basically running right on our forecast for peak what we had predicted was a mid-single-digit year-over-year growth on ADV. That is absolutely the case.

嗨，史蒂芬妮，我是布里。所以，從整體來看，無論是規劃還是執行，我都對我們目前的表現非常滿意。目前，我們的發展基本上符合預期，我們預測 ADV 將實現中等個位數的年增長。情況確實如此。

We do have an extra operating day. And so in total volume, you're going to see a high single-digit growth from a peak period. From a forecast perspective, as I mentioned, it is basically in line. What we are seeing, however, especially early in peak is actually our base and our small and medium businesses are slightly ahead of forecast. And our larger retailers are slightly below, which obviously, from a revenue quality perspective, is a good thing from a results perspective from a trend throughout peak, what we did see is that right after Black Friday.

我們多出一天營業時間。因此，總銷量將比高峰期實現高個位數成長。從預測的角度來看，正如我之前提到的，它基本上符合預期。然而，我們看到的情況，尤其是在高峰期初期，實際上是我們的基礎，而我們的中小企業略微領先於預期。而我們的大型零售商略低於預期，這顯然從收入品質的角度來看是一件好事，從業績的角度來看，從整個高峰期的趨勢來看，我們看到的情況是，在黑色星期五之後。

We had very strong, in the second week was a little bit softer, but we have seen building momentum in the last week. Time and transit is two days and John are doing a remarkable job of running the network. In addition to that, as you know, we are the market share leader in large package, and the team has done a brilliant job of actually keeping the port cities clear.

我們第一週表現非常強勁，第二週稍有下滑，但上週我們看到勢頭正在增強。時間和運輸時間為兩天，約翰在營運網路方面做得非常出色。此外，如您所知，我們在大件包裹市場佔有率領先，而且我們的團隊在保持港口城市暢通方面做得非常出色。

They that volume into kind of the middle of the country bypassing some sorts and hubs, which is really important. So right now, we feel need to execute next week without the MD11, we're very focused on that, and they have demonstrated that this is definitely going to be a strong peak and could not be more pleased.

他們將這股運輸力量輸送到該國中部，繞過了一些樞紐城市，這非常重要。所以現在，我們覺得下週在沒有 MD11 的情況下執行計劃，我們非常專注於此，他們已經證明這肯定會是一個強勁的高峰，我們對此非常滿意。

Ari Rosa, Citigroup.

Ari Rosa，花旗集團。

Nice job on the quarter here. Good to see the progress. I'm curious in the slides, you mentioned that you have 24% of volume flowing through Network 2.0 automated facilities. I think I'm remembering that correctly. I just want to understand what does that mean in terms of the margin profile for the facilities or kind of the cost structure per package on those facilities versus legacy facilities?

這季度做得很好。很高興看到取得進展。我在幻燈片中註意到，您提到有 24% 的業務量透過 Network 2.0 自動化設施進行處理。我想我應該沒記錯吧。我只是想了解這對於這些設施的利潤率或每個包裝的成本結構與傳統設施相比意味著什麼？

And how should we think about the time line or the pace for that to continue to ramp. And kind of going to Tom's question, does that just mean we're looking at kind of potentially structurally higher margins going forward?

我們該如何看待這一進程持續加速的時間安排或速度？回到湯姆的問題，這是否意味著我們未來可能會看到結構性更高的利潤率？

Yeah. Thanks, Ari. And we intend to talk a lot more about this at our upcoming Investor Day. But we also have said previously with regard to Network 2.0 benefits, we expect to see the tangible results of that later in FY27. So I would say not a material impact financially, but great contribution from an operational efficiency standpoint that Brie was talking about earlier.

是的。謝謝你，阿里。我們計劃在即將舉行的投資者日上對此進行更詳細的討論。但我們之前也說過，關於 Network 2.0 的好處，我們預計在 2027 財年晚些時候會看到實際的成果。所以我覺得從財務角度來看，這不會產生實質的經濟影響，但從布里之前提到的營運效率角度來看，這做出了巨大的貢獻。

Conor Cunningham, Melius Research.

康納‧坎寧安，梅利烏斯研究公司。

I was just curious if you could talk a little bit about the healthcare and small and medium-sized business markets and just talk about the opportunity set that you have from here. And then Raj, you've talked a little bit in the past around just the tech pipeline or the potential there just given the CapEx that's being spent on that from the AI player. Just curious on how FedEx kind of fits into that puzzle, if at all.

我只是好奇您是否可以談談醫療保健和中小企業市場，以及您從這裡獲得的機會。Raj，你過去也稍微談到技術發展方向，或者說考慮到人工智慧玩家在這方面投入的資本支出，這方面的潛力。我只是好奇聯邦快遞在這個謎題中扮演什麼角色，如果有的話。

Hi, Connor, it's Brie. Sure. I'll start first from a health care and an SMB perspective. As we mentioned several calls ago, we had just a phenomenal build last year from a health care perspective. We have, I think, the best digital portfolio from a health care segment perspective.

嗨，康納，我是布里。當然。我先從醫療保健和中小企業的角度談起。正如我們之前幾次電話會議中提到的，從醫療保健的角度來看，我們去年取得了巨大的發展。我認為，從醫療保健領域的角度來看，我們擁有最好的數位化產品組合。

What do I mean by that? We can give our health care customers customized visibility and they can set their own business rules for intervention and monitoring, which is really important. All customers are important, but patients obviously require that next level of service.

我這話是什麼意思？我們可以為醫療保健客戶提供客製化的可視性，他們可以設定自己的介入和監控業務規則，這非常重要。所有顧客都很重要，但病人顯然需要更高層次的服務。

As I just talked about some of the service performance, that means that we can actually intervene, reroute and adjust for health care customers at a level of precision that I just believe is unmatched in the network. So we are continuing to onboard health care with that tool. We also rolled out a new quality program which is really important to the pharma segment. That is sort of early days. That actually requires with each one of our pharma customers for us to work with their quality team, build out a custom SOP prove we can execute that to be able to win share of wallet, and that is going quite well.

正如我剛才談到的一些服務效能，這意味著我們實際上可以對醫療保健客戶進行幹預、重新路由和調整，其精確度我認為在網路中是無與倫比的。因此，我們正在繼續將這項工具引入醫療保健領域。我們還推出了一項新的品質管理計劃，這對製藥業來說非常重要。現在還處於早期階段。實際上，這要求我們與每位製藥客戶的品質團隊合作，制定客製化的標準作業程序 (SOP)，以證明我們可以執行該規程，從而贏得客戶的錢包份額，而目前進展相當順利。

So that will continue, I believe, the ability to take share. And then from there, we're also continuing to expand our cold chain capabilities. Right now, we've got great cold chain in a reactive place. And what do I mean by that? Most of our customers are packing out their shipments.

所以我相信，這種獲取市場佔有率的能力將會持續下去。然後，我們也將繼續擴大冷鏈能力。目前，我們擁有高效率的冷鏈系統。這話是什麼意思呢？我們的大多數客戶都在打包出貨。

And so we use cold chain predominantly to intervene and Ice something or refree something if there is a delay in the system. We're moving to end-to-end coal chain. So that's sort of the next wave had great momentum here in the United States. We're taking these capabilities to Europe and to Asia. So I think we've got a long runway we've got between $9 billion and $10 billion of health care in our base. The market is $70 billion. So this is a long-term strategy, but the team continues to execute every quarter.

因此，我們主要利用冷鏈來介入，在系統出現延誤時對某些物品進行冰凍或重新解凍。我們正在向煤炭產業鏈的全過程轉型。所以，下一波浪潮在美國勢頭強勁。我們將把這些能力帶到歐洲和亞洲。所以我認為我們有很長的路要走，我們的基礎醫療保健資金在 90 億到 100 億美元之間。市場規模達700億美元。所以這是一項長期策略，但團隊每季都會繼續執行。

From an SMB perspective, we are, I think, the easiest to do business in the United States. We just had the best quarter in SMB share and performance that I have seen in several years, a huge shout out to both our sales and marketing team. And again, we're going to keep chipping away at this. And I believe with our value proposition, we'll continue to take share. And then finally, on the data center.

從中小企業的角度來看，我認為我們是美國最容易開展業務的企業。我們剛剛取得了近年來中小企業市場份額和業績最好的一個季度，在此要特別感謝我們的銷售和行銷團隊。我們將繼續努力，一點一點地解決這個問題。我相信憑藉我們的價值主張，我們將繼續擴大市場份額。最後，是資料中心。

While it's not as big an opportunity as healthcare, healthcare is $70 billion, the data center market is probably between $7 billion and $8 billion. it is rapidly growing. I think global CapEx is predicted to be like $550 billion. In a market that is moving that quickly, there is opportunity. This market expects precision.

雖然資料中心市場不像醫療保健市場那樣潛力巨大（醫療保健市場規模達700億美元），但其市場規模可能在70億至80億美元之間，而且成長迅速。我認為全球資本支出預計約為5500億美元。在這樣一個瞬息萬變的市場中，蘊藏著機會。這個市場追求的是精準性。

I don't know anybody who does Precision better than we do. So yes, we're winning now, but I think there's a long road ahead of more opportunity.

我認識的人裡，沒有人比我們更擅長精密製造。所以，是的，我們現在贏了，但我認為未來還有很長的路要走，會有更多的機會。

David Vernon, Bernstein.

大衛‧佛農，伯恩斯坦。

So John, coming back to the question on the network 2.0 stuff, right? I think you guys had mentioned before you were looking at 40% of the volume by the end of FY26 running in an integrated facility. I'm trying to sort of reconcile that with the idea that margins are just going to be up a little. I thought the idea was that when you get the integration done, you're going to be running at a higher level of productivity, and that would flow through to margin. But I think I heard you maybe say that the financial impact maybe wasn't as great.

約翰，回到網路 2.0 的問題，對吧？我認為你們之前提到過，到 2026 財年末，你們的目標是 40% 的生產量在一體化工廠內完成。我試著調和這種說法和利潤率只會稍微上升的想法。我原以為，完成整合後，生產效率會更高，進而提高利潤率。但我好像聽你說過，經濟上的影響可能沒有那麼大。

I'm just trying to kind of get my head around that.

我只是想弄清楚這件事。

Let me just give you the latest and greatest on what we expect on net book it to as we said we are right now 24% of the volume pretty peak by the time next peak rolls on, we'll be around 65%. And that's the plan and that's what we're executing against. At the end of the day, when we are finished with it, we're targeting around a 30% footprint reduction by the end of fiscal year. And those were present -- along with FedEx, the $2 billion in cost savings. And when we see the majority of the savings skewed towards FY27.

讓我來告訴你我們對淨預訂的預期，正如我們所說，我們現在的交易量佔總交易量的 24%，到下一個高峰到來時，交易量將達到 65% 左右。這就是計劃，也是我們正在執行的計劃。最終，當我們完成這項工作時，我們的目標是在本財年結束前將佔地面積減少約 30%。這些都體現在了——還有聯邦快遞節省的 20 億美元成本。而且我們看到大部分節省都集中在 2027 財年。

I don't know, John, if you want anything more than that.

約翰，我不知道你是否還想要更多。

No. I would just add with regard to our transformational cost savings targets for this year, there are elements of Network 2.0 included in those -- and that's what I want to elaborate further on at Investor Day. I don't want to say there's no savings. It's all part and parcel.

不。關於我們今年的轉型成本節約目標，我想補充一點，其中包含了 Network 2.0 的一些要素——而這正是我希望在投資者日上進一步闡述的內容。我不想說完全沒有節省。這一切都是密不可分的。

We'll go into much more detail on our strategic initiatives, including Network 2.0 we'll see you in February.

我們將更詳細地介紹我們的策略舉措，包括 Network 2.0，我們將在二月再見。

Jeff Kauffman, Vertical Research Partners.

Jeff Kauffman，Vertical Research Partners。

A lot of my questions have been answered, but let me ask one for John here. John, thank you for explaining the headwinds on the incremental second half outlook. I want to ask about the non-GAAP add-backs. You had a nice chart in the release showing about $720 million net this year. $600 from the spin, $310 million from business optimization.

我的許多問題都得到了解答，但我想問約翰一個問題。約翰，謝謝你解釋了下半年成長前景面臨的不利因素。我想諮詢一下非GAAP調整項目。你們在新聞稿裡有一張很棒的圖表，顯示今年淨收入約為7.2億美元。其中6億美元來自分拆，3.1億美元來自業務最佳化。

You still have about $450 million of that to go and two quarters to do it. Can you give us an idea of kind of how that's going to weigh. Like did you not do as much Network 2.0 integration because of peak season this quarter and you're going to do more in the fiscal third quarter? Kind of how should we think about the flow of those expenses.

你還有大約 4.5 億美元要籌集，還有兩個季度的時間來完成。你能大概說說它的重量嗎？是因為本季是旺季，所以你們沒有進行太多 Network 2.0 整合工作，而你們打算在第三財季進行更多整合工作？我們該如何看待這些費用的流動呢？

Yes, I think the overwhelming majority of them are going to be tied to hour freight separation. We also have a much smaller portion with regard to the change in our calendar fiscal year. And also finally, a much smaller portion with the ongoing business optimization that has been in play for the last couple of years. So -- but freight separation is the overhauling majority.

是的，我認為絕大多數都將與按小時進行貨物分類有關。就我們的財政年度變更而言，我們所佔的比例也小得多。最後，還有一小部分原因是過去幾年一直在進行的業務優化。所以——但貨運分離是改造的主體。

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。我謹將會議交還給拉傑·蘇布拉馬尼亞姆先生，請他作總結發言。

Well, thank you, operator. Before we go, I want to acknowledge how proud and humbled we are by the Memphis Shelby County Airport Authority's decision today to rename the Memphis International Airport in honor of our founder, Frederick W. Smith. It's a fitting tribute to the man who launched FedEx, a company that revolutionized the airport, the City of Memphis and the way the world works. We look forward to soon operating our largest hub out of Frederick W. Smith, International Airport.

謝謝接線生。在我們離開之前，我想表達我們對孟菲斯謝爾比縣機場管理局今天決定將孟菲斯國際機場更名為我們創始人弗雷德里克·W·史密斯機場的自豪和榮幸之情。這是對聯邦快遞創始人的恰當致敬，這家公司徹底改變了機場、孟菲斯市以及世界的運作方式。我們期待著不久後能以弗雷德里克·W·史密斯國際機場為基地，營運我們最大的樞紐機場。

And finally, a big thank you to Team FedEx for your outstanding work in Q2 and throughout the peak season with just one more week to go. Happy holidays, everyone. Thank you.

最後，衷心感謝 FedEx 團隊在第二季和整個旺季的出色工作，旺季只剩下最後一週了。祝大家節日快樂。謝謝。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。