聯邦快遞 (FDX) 2026 Q4 法說會逐字稿

Good day, and welcome to the FedEx fourth quarter and fiscal 2026 earnings call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 FedEx 第四季及 2026 會計年度財報電話會議。(操作員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to FedEx Vice President of Investor Relations, Jeni Hollander.

現在我想將會議交給 FedEx 投資人關係副總裁 Jeni Hollander。

Good afternoon and welcome to FedEx Corporation's fourth quarter earnings conference call. The fourth quarter earnings release and stat books are on our website at investors.fedex.com. This call and the accompanying slides are being streamed from our website.

各位下午好，歡迎參加 FedEx Corporation 第四季財報電話會議。第四季財報新聞稿與統計手冊已公布於我們的網站 investors.fedex.com。本次電話會議及隨附投影片亦將透過我們的網站進行串流播放。

Today's earnings release includes segment results for FedEx Freight given the separation occurred on June 1 after Q4 FY26 ended. Additionally, as a result of the spinoff, we will not cover FedEx Freight results in detail in our prepared remarks or Q&A session. FedEx Freight will host a separate earnings call on June 25.

今日的財報新聞稿包含 FedEx Freight 的分部結果，因為分拆於 6 月 1 日完成，時間點在 2026 會計年度第四季結束之後。此外，由於此次分拆，我們在預先準備的發言及問答環節中將不會詳細說明 FedEx Freight 的業績。FedEx Freight 將於 6 月 25 日另行舉辦財報電話會議。

(Event Instructions)

(活動指示)

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. For additional information on these factors, please refer to our press releases and filings with the SEC.

本次電話會議中的某些陳述，可能構成 1995 年《私人證券訴訟改革法》所定義的前瞻性陳述。此等前瞻性陳述受風險、不確定性及其他因素影響，可能導致實際結果與該等前瞻性陳述所明示或暗示者存在重大差異。有關上述因素的更多資訊，請參閱我們的新聞稿及向美國證券交易委員會（SEC）提交的文件。

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.

今日簡報亦包含若干非 GAAP 財務衡量指標。請至 investors.fedex.com 查閱本次電話會議所討論之非 GAAP 財務衡量指標與最直接可比之 GAAP 指標的調節表。

Joining us for prepared remarks on the call today are Raj Subramaniam, President and CEO; Brie Carere, Executive Vice President and Chief Customer Officer; and Claude Russ, Enterprise Vice President and Interim CFO.

今日參與電話會議並進行預先準備發言的有：總裁暨執行長 Raj Subramaniam；執行副總裁暨首席客戶長 Brie Carere；以及企業副總裁暨代理財務長 Claude Russ。

Now, I will turn the call over to Raj.

現在，我把電話會議交給 Raj。

Thank you, Jeni, and a heartfelt thank you to team FedEx for a very strong finish to FY26, a year of tremendous value creation. Each quarter of this fiscal year, we delivered on our financial commitments while supporting our customers with excellence. Our results demonstrate that we are growing revenue in the most premium segments of the global economy.

謝謝你，Jeni，也衷心感謝 FedEx 團隊在 2026 會計年度以非常強勁的表現收官，這是一個創造巨大價值的一年。在本會計年度的每一季，我們都在支持客戶、提供卓越服務的同時，履行了我們的財務承諾。我們的成果顯示，我們正在全球經濟中最具高端價值的領域實現營收成長。

As trade patterns evolved, we flex our network to keep supply chains moving. Our network transmission via Network 2.0, Tricolor, and opportunities in Europe is driving better density and efficiency. This progress, combined with a sharp focus on structural cost reduction enabled us to exceed the $1 billion transformation-related savings target that we shared at the start of the fiscal year. And our data and technology advantage is helping us win new business, improve the customer experience, and create new value.

隨著貿易型態演變，我們彈性調整網路以確保供應鏈持續運轉。我們透過 Network 2.0、Tricolor 以及歐洲的機會所帶動的網路傳輸，正在提升密度與效率。這項進展，加上對結構性成本降低的高度聚焦，使我們得以超越在會計年度開始時所分享的 10 億美元轉型相關節省目標。同時，我們在數據與科技方面的優勢，正協助我們贏得新業務、改善客戶體驗並創造新價值。

The momentum you are seeing across our business is proof that our strategy is working. It's translating to favorable financial outcomes, including very strong free cash flow and FY26 results that far exceeded our initial FY26 outlook. Our results also surpassed the high end of the revised outlook range we provided in March.

各位在我們業務中看到的動能，證明我們的策略正在奏效。這正轉化為有利的財務成果，包括非常強勁的自由現金流，以及 2026 會計年度的結果遠超我們最初對 FY26 的展望。我們的結果也超過了我們在 3 月提供之修訂展望區間的上緣。

Additionally, we completed the spin-off of FedEx Freight on June 1, positioning both companies for success as separate focused industry leaders. I want to thank the teams that executed the spin-related work to achieve this milestone, especially given how well they also maintain focus on our day-to-day core operations. I'm confident FedEx Freight is extremely well-positioned as an independent company. And I wish John Smith and the Freight team the very best.

此外，我們已於 6 月 1 日完成 FedEx Freight 的分拆，使兩家公司得以作為各自聚焦的產業領導者，為成功奠定定位。我要感謝執行分拆相關工作的團隊，達成這一里程碑，尤其是在他們同時也能維持對日常核心營運的專注之下。我相信 FedEx Freight 作為一家獨立公司已具備極佳的競爭定位。並祝福 John Smith 與 Freight 團隊一切順利。

Now turning to our full-year consolidated results on a year-over-year basis. We grew both revenue and adjusted operating income by 8% with significant adjusted operating income growth at Federal Express Corporation or FEC, partially offset by a decline at FedEx Freight. At FEC, we grew full year revenue by 9% and adjusted operating income by 17%.

接著談我們全年合併業績的年對年表現。我們的營收與調整後營業利益皆成長 8%，其中 Federal Express Corporation（FEC）的調整後營業利益顯著成長，部分被 FedEx Freight 的下滑所抵銷。在 FEC，我們全年營收成長 9%，調整後營業利益成長 17%。

With 60 basis points of year-over-year adjusted margin expansion, we delivered a 7.7% adjusted operating margin, the highest margin rate in four years, reflecting the structural improvements we have made to the business. What also stands out is that we achieved these results despite several significant headwinds, particularly global trade policy changes and the grounding of our MD-11 aircraft fleet.

在調整後利潤率年對年擴張 60 個基點的帶動下，我們達成 7.7% 的調整後營業利潤率，為四年來最高，反映我們對業務所做的結構性改善。同樣值得注意的是，儘管面臨數項重大逆風，特別是全球貿易政策變動以及我們 MD-11 機隊停飛，我們仍取得上述成果。

We began safely returning the MD-11s to service last month, working in lockstep with Boeing, the FAA and the NTSB. I appreciate the efforts of our flight operations, technical operations, and airline safety teams, whose work enabled four MD-11s to resume flight to date. We expect to have the full fleet back in service before peak.

我們上個月開始在確保安全的前提下讓 MD-11 逐步恢復執飛，並與波音、FAA 及 NTSB 緊密協作。我感謝我們的飛航營運、技術營運與航空安全團隊所付出的努力，他們的工作使得截至目前已有 4 架 MD-11 恢復飛行。我們預期在旺季前讓全數機隊恢復執飛。

In Q4, on a consolidated basis, we grew revenue 13%, and adjusted operating income 3%, led by FEC and partially offset as expected by a decline in adjusted operating income at Freight. At FEC, revenue increased 14%, driven by yield and volume strength across almost all of our services. This demonstrates our deliberate strategy to grow in the higher yielding segments of the market.

在第四季，以合併口徑計算，我們的營收成長 13%，調整後營業利益成長 3%，主要由 FEC 帶動，並如預期部分被 Freight 調整後營業利益下滑所抵銷。在 FEC，營收成長 14%，主要受惠於幾乎所有服務的收益率與運量強勁。這顯示我們有意識地在市場中收益率較高的區隔推動成長的策略。

Q4 adjusted operating income at the FEC increased 13%. The revenue strength I just mentioned offset the impact of higher fuel costs and variable compensation. Against this backdrop, today, we are initiating an outlook for calendar year 2026 as we transition to a December '31 fiscal year end.

第四季 FEC 的調整後營業利益成長 13%。我剛提到的營收強勁，抵銷了燃油成本上升與變動薪酬的影響。在此背景下，隨著我們轉換為 12 月 31 日為會計年度結束日，我們今天將啟動對 2026 曆年的展望。

Based on our current assumptions, we expect calendar year 2026 adjusted earnings from continuing operations to be $16.90 to $18.10 per diluted share. This range implies 20% adjusted EPS growth in the June through December transition year, highlighting the momentum in our business. We remain firmly on track to achieve our Investor Day commitments for 2029 with clear proof points in the quarter.

基於我們目前的假設，我們預期 2026 曆年持續營運的調整後每股盈餘為每股稀釋後 16.90 至 18.10 美元。此區間意味著在 6 月至 12 月的過渡年度中，調整後 EPS 成長 20%，凸顯我們業務的動能。我們仍穩健朝向達成 2029 年投資人日所承諾的目標前進，且本季已有明確的佐證。

B2B services drove the majority of our quarterly revenue growth, supporting high-profit flow-through. I'm especially encouraged by our progress and pipelines in the key healthcare, automotive, aerospace, and data center verticals. Brie will share highlights shortly.

B2B 服務帶動了我們本季營收成長的大部分，並支撐高獲利的流量轉化。我尤其對我們在關鍵的醫療保健、汽車、航太與資料中心等垂直領域的進展與商機管線感到振奮。Brie 稍後將分享重點。

We successfully advanced Network 2.0 in Q4. By the end of this month, about 45% of eligible volume will flow through nearly 490 Network 2.0 optimized stations, rising to 65% before peak. At that point, as we have done in the past two years, we will pause implementation until early 2027, helping us set up for a very strong peak.

我們在第四季成功推進 Network 2.0。到本月底，約 45% 的符合條件運量將流經近 490 個經 Network 2.0 最佳化的站點，並在旺季前提升至 65%。屆時，如同過去兩年所做，我們將暫停導入，直到 2027 年初再恢復，以協助我們為非常強勁的旺季做好準備。

We remain Network 2.0 and associated one FedEx savings by the end of this calendar year and the full $2 billion by the end of CY27.

我們仍預期在今年曆年年底前達成 Network 2.0 及相關 one FedEx 節省目標，並在 2027 曆年年底前達成完整的 20 億美元。

In Europe, we achieved our 12th consecutive quarter of international revenue share gains, driven by our strong value proposition and improving service levels. Leveraging our US surface playbook in Europe, we recently announced a strategic investment to expand our technologically advanced and strategically located road hub in Duiven, Netherlands, supporting continued growth in the premium international parcel and freight markets.

在歐洲，在我們強勁的價值主張與服務水準改善的帶動下，我們已連續第 12 季取得國際營收市占率提升。運用我們在歐洲的美國地面運輸作戰手冊，我們近期宣布一項策略性投資，以擴建位於荷蘭 Duiven、具備先進科技且地理位置優越的公路樞紐，支持高端國際包裹與貨運市場的持續成長。

We believe Europe remains our largest international profit improvement opportunity, and our transformation plans remain on track.

我們相信歐洲仍是我們最大的國際獲利改善機會，而我們的轉型計畫也持續按進度推進。

Across the globe, supported by our Tricolor strategy, we continue to see strong international airfreight growth as we further increase our share in this $90 billion global market. You've heard me speak about the strength of our data from transporting more than $2 trillion worth of goods each year and delivering nearly 18 million packages each business day.

在全球各地，在我們「三色」策略的支持下，隨著我們進一步提升在這個規模達900億美元的全球市場中的市占率，我們持續看到強勁的國際空運貨運成長。你們也聽我談過，我們每年運送超過2兆美元的貨物、並在每個工作日遞送近1,800萬件包裹，這些數據的強大之處。

We have embedded AI into our drive process, enhancing the rigor with which we work. Our data and how we deploy is helping to drive significant innovation across the company, driving differentiation and improving the customer experience.

我們已將AI嵌入我們的營運流程，提升我們工作的嚴謹度。我們的數據以及我們如何加以運用，正協助推動公司各處的重大創新，形成差異化並改善客戶體驗。

Our ability to leverage this data has earned us the distinction of being named to Fast Company's Most Innovative Companies list for 2026 for our efforts to reshape global trade, simplify the cross-border experience, and strengthen economic resilience for businesses and consumers worldwide.

我們運用這些數據的能力，使我們因致力於重塑全球貿易、簡化跨境體驗，並強化全球企業與消費者的經濟韌性，而獲選進入《Fast Company》2026年「最具創新力公司」榜單。

Before I close, I want to acknowledge the agreement we recently reached with our pilots on a new contract. This agreement marks a pivotal step forward, uniting our team behind a shared strategy for success as we continue to modernize our global operations and transform the business.

在我結束之前，我想先肯定我們近期與飛行員就新合約達成的協議。這項協議標誌著向前邁出的關鍵一步，讓我們的團隊在共同的成功策略下更加團結；同時我們也將持續現代化我們的全球營運並推動業務轉型。

Overall, our FY26 results demonstrate the power of our unique global industrial network, strong value proposition, and an outstanding execution of our profitable growth strategy, which is translating to strong free cash flow and value creation. I have never been more confident on our path ahead, and I'm excited to build on this momentum in the weeks and months ahead.

整體而言，我們FY26的成果展現了我們獨特的全球工業網路、強勁的價值主張，以及對獲利成長策略的卓越執行力，並正轉化為強勁的自由現金流與價值創造。我從未對我們前進的道路如此有信心，也很期待在未來幾週與幾個月持續乘勢而上。

Now, over to Brie.

接下來交給Brie。

Thank you, Raj. I want to commend team FedEx for a year of outstanding execution on our commercial strategy, including a very strong finish to fiscal year '26. With a focus on premium B2B verticals and high-value B2C, we grew volume and yield every quarter of fiscal year '26. As a result, we profitably increased revenue by nearly $7 billion compared to last year, a truly impressive achievement.

謝謝你，Raj。我想表揚FedEx團隊在商業策略上的一年卓越執行，包括在2026會計年度非常強勁的收官。聚焦於高端B2B垂直領域與高價值B2C，我們在2026會計年度每一季都實現了量與單位收益（yield）的成長。因此，相較去年我們在獲利前提下將營收提高了近70億美元，這確實是令人印象深刻的成就。

We have continued to help our customers navigate a very dynamic and complex environment. The implementation of global trade policy changes, geopolitical unrest in the Middle East, and the IEEPA refund process. In April, we began to file claims with CBP on behalf of our customers, and beginning in August, we will be passing these refunds through to our customers.

我們持續協助客戶在高度動態且複雜的環境中前行。包括全球貿易政策變更的落地、中東地緣政治動盪，以及IEEPA退款流程。4月起，我們開始代表客戶向CBP提出申請；並自8月起，我們將把這些退款轉付給客戶。

Turning now to our Q4 results. FEC revenue was up 14%, supported by yield strength across all services and volume growth aligned with our commercial strategy. This growth includes a 5 percentage point benefit from fuel price-driven surcharge revenue. As a reminder, fuel was not a material driver of our adjusted operating income, given the higher expense.

接著談我們的第四季（Q4）業績。FEC營收成長14%，主要受惠於各項服務的單位收益走強，以及與我們商業策略一致的量成長。這項成長包含因燃油價格帶動的附加費收入所帶來的5個百分點貢獻。提醒一下，由於費用也較高，燃油並非我們調整後營業利益的重要驅動因素。

In Q4, we grew US Domestic volume by 3% year-over-year, led by ground commercial and home delivery strength. Aligned with our deliberate strategy to focus on parts of the market that value our competitive differentiation, ground economy volume declined about 5%, a trend we expect to continue for the remainder of CY26.

在Q4，我們的美國國內量年增3%，主要由地面商業件與到府配送的強勁表現帶動。配合我們有意識地聚焦於重視我們競爭差異化的市場區塊，地面經濟型（ground economy）量下滑約5%；我們預期這一趨勢將在CY26剩餘期間持續。

As anticipated, US Priority volume continued to grow, with a sequential deceleration in the growth rate as we lapped the onboarding of new healthcare business in Q4 of fiscal year '25. International export package volumes were up for the second consecutive quarter, going 5% year-over-year. We supported changing trade patterns by flexing our network, enabling double-digit international export revenue growth on the Asia-Europe lane, within Asia, and US Outbound lanes in Q4.

如預期，美國優先（US Priority）量持續成長，但由於我們在2025會計年度Q4導入新的醫療保健業務所形成的比較基期效應，成長率較前期放緩。國際出口包裹量連續第二季成長，年增5%。我們透過彈性調整網路以因應貿易型態變化，使Q4在亞歐航線、亞洲區內，以及美國出境航線的國際出口營收實現雙位數成長。

Strength in Asia was a key driver of our international priority volume. A 9% decline in international domestic volume is part of our European improvement strategy, where we are intentionally focused on growing higher-yielding cross-border volumes. We continue to win share in the international export freight market, enabled by Tricolor, with average daily pounds up 12% year-over-year.

亞洲的強勁表現是我們國際優先量的關鍵驅動因素。國際國內量下滑9%是我們歐洲改善策略的一部分；我們刻意聚焦於成長單位收益更高的跨境量。在「三色」策略的推動下，我們持續在國際出口貨運市場贏得市占，平均每日磅數年增12%。

FEC package yield increased 11% in Q4. While fuel was a meaningful driver, base yield, supported by our value proposition and service, remained very healthy. In fact, the significant majority of our incremental profit from yield was due to base price increases, demonstrating our disciplined approach to revenue quality.

FEC包裹單位收益在Q4提升11%。雖然燃油是重要驅動因素，但在我們的價值主張與服務支撐下，基礎單位收益仍維持非常健康。事實上，我們因單位收益帶來的增量獲利中，絕大多數來自基礎價格上調，展現我們對營收品質的紀律化管理。

Within our US Domestic services, we grew yield to 10%, driven by fuel surcharges, higher base rates and favorable service mix. International export package yields increased 10%, driven by fuel surcharges, higher weight per shipment due to mix shifts, and favorable currency movements. We are very encouraged by our progress and retention rates across key high-value B2B and specialized B2C verticals.

在美國國內服務方面，我們的單位收益成長至10%，主要由燃油附加費、更高的基礎費率以及有利的服務組合所帶動。國際出口包裹單位收益提升10%，主要由燃油附加費、因組合轉變導致每票重量提高，以及有利的匯率變動所驅動。我們對於在關鍵高價值B2B與專業化B2C垂直領域的進展與留存率感到非常振奮。

With our small and medium business customers, fiscal year '26 was a year of remarkable strength. Our seamless, digitally-enabled experiences complement our loyalty program and physical network well. About 40% of our US Micro and small business volume is tendered at retail, providing a frictionless touchpoint.

在中小企業客戶方面，2026會計年度展現了非凡的強勁表現。我們無縫、數位化賦能的體驗，與我們的忠誠計畫及實體網路形成良好互補。我們約40%的美國微型與小型企業量是在零售通路交寄，提供無摩擦的接觸點。

And the vast majority of our small and medium revenue comes from direct shipper relationships on FedEx contracts, not through digital resellers. So we can truly demonstrate our differentiation. This approach supports both revenue quality and customer retention.

而我們中小企業營收的絕大多數，來自與FedEx簽約的直接託運人關係，而非透過數位轉售商。因此我們能真正展現我們的差異化。這種做法同時支持營收品質與客戶留存。

As part of our continued focus on the $80 billion-plus healthcare transportation market, earlier this month, we launched FedEx Life Sciences, a dedicated organization supporting the increasingly complex movement of healthcare shipments and strengthening our end-to-end pharma solution.

作為我們持續聚焦於規模超過800億美元的醫療保健運輸市場的一部分，本月稍早我們推出了FedEx Life Sciences，這是一個專責組織，用以支援日益複雜的醫療保健貨件運輸，並強化我們端到端的製藥解決方案。

While the formal launch of this organization is new, our capabilities are backed by years of strategic investment in healthcare and life sciences. This includes specialized life science centers across Europe and APAC, dedicated quality resources, and the development of global healthcare corridors connecting key markets. Our value proposition continues to expand, anchored by the recent launch of a temperature-controlled corridor connecting Ireland to our US network.

雖然該組織的正式啟動是新的，但我們的能力建立在多年對醫療保健與生命科學的策略性投資之上。包括遍布歐洲與亞太地區（APAC）的專業生命科學中心、專責品質資源，以及打造連結關鍵市場的全球醫療保健走廊。我們的價值主張持續擴大，並以近期推出的溫控走廊為基礎，該走廊連結愛爾蘭與我們的美國網路。

Exiting fiscal year '26 with nearly $10 billion in healthcare transportation revenue, I am confident our new suite of life sciences services will further strengthen our ability to support complex, time-critical, and highly regulated healthcare supply chains.

在2026會計年度結束時，我們的醫療保健運輸營收接近100億美元；我有信心，我們新的生命科學服務組合將進一步強化我們支援複雜、時間敏感且高度受監管的醫療保健供應鏈的能力。

The AI and data center space is an emerging and rapidly scaling growth engine for us, delivering double-digit revenue growth. Rather than a narrow vertical, this space represents a horizontal ecosystem. We are capturing demand across the entire value chain from traditional hyperscalers to the industrial and power infrastructures that support these massive build-outs.

AI與資料中心領域是我們新興且快速擴張的成長引擎，帶來雙位數營收成長。這個領域並非狹義的單一垂直產業，而是一個橫向的生態系。我們正從整個價值鏈中掌握需求，從傳統超大規模業者（hyperscalers）到支撐這些大規模建置的工業與電力基礎設施。

What differentiates FedEx here is our unmatched responsiveness and our premium capabilities, leveraging network priority, near real-time monitoring and white glove handling. We are getting very positive feedback from our customers on our agility.

FedEx在此的差異化在於我們無可匹敵的即時回應能力與高端服務能力，運用網路優先權、近即時監控與白手套式處理。客戶對我們的敏捷性給予非常正面的回饋。

As a recent example, a major global technology customer had a last-minute critical need to move multiple pallets of tech infrastructure to the United States. Through seamless cross-regional collaboration, we executed flawlessly. This example is not a one-off. We are seeing these initial time-critical shipments convert quickly into larger repeatable revenue streams.

以近期一個例子來說，一家全球大型科技客戶在最後一刻出現關鍵需求，必須將多個棧板的科技基礎設施運往美國。透過跨區域的無縫協作，我們完美執行。這個案例並非特例。我們看到這些初期的時間敏感型貨件，正快速轉化為更大且可重複的營收來源。

Looking ahead, we believe continued enhancements to our value proposition and our global airfreight portfolio will strengthen our competitive positioning across all our high-value B2B center verticals.

展望未來，我們相信持續強化我們的價值主張以及全球空運產品組合，將在我們所有高價值B2B中心垂直領域中強化我們的競爭定位。

Let's now turn to our revenue outlook for CY26 and using a CY25 revenue baseline of approximately $82 billion. We assume current volume and yield trends continue, reporting revenue growth of approximately 11%, including approximately 3 percentage points for assumed fuel price-driven surcharge benefits. This equates to revenue growth of 10% in the June through December transition year.

接下來談談我們對CY26的營收展望，並以CY25約820億美元的營收作為基準。我們假設目前的貨量與單位收益（yield）趨勢延續，營收約成長11%，其中約3個百分點來自假設燃油價格帶動的附加費收益。這相當於在6月至12月的過渡年度中，營收成長10%。

During that period, we expect broad-based growth across services with deceleration in the US Domestic growth rate as we lap last year's strength from new business onboarding. We also expect a low-single-digit volume decline within ground economy and high-single-digit decline within international domestic services, given our focus on higher-yielding parts of the market where customers deeply value the solutions that FedEx can deliver. We expect trends across our international export services to largely be in line with Q4.

在此期間，我們預期各項服務將呈現廣泛成長，但美國國內業務的成長率將放緩，因為我們將與去年因新客戶導入而帶來的強勁表現形成比較基期。我們也預期地面經濟型（ground economy）貨量將小幅下滑（低個位數），而國際國內服務（international domestic services）貨量將下滑高個位數；這反映我們聚焦於市場中單位收益較高的部分，因為客戶高度重視FedEx所能提供的解決方案。我們預期國際出口服務的趨勢大致將與Q4一致。

Our fiscal year '26 results demonstrate the strength and durability of our commercial strategy. Congratulations again to our team for delivering outstanding results across the entire globe, supporting our customers with innovation and reliability, growing in key high-value verticals, and delivering profitable revenue growth.

我們2026會計年度的成果展現了我們商業策略的實力與韌性。再次恭喜我們的團隊在全球各地交出卓越成績，以創新與可靠性支援客戶、在關鍵高價值垂直領域成長，並實現具獲利性的營收成長。

We believe our value proposition is industry-leading, and it will enable us to sustain this momentum as we continue supporting critical supply chains globally.

我們相信我們的價值主張在業界具領先地位，並將使我們在持續支援全球關鍵供應鏈的同時，得以延續這股動能。

Now, over to Claude.

接下來交給Claude。

Thanks, Brie. Our Q4 results reflect the consistent execution we have demonstrated all year. We took bold actions to manage capital spending, we executed our business plan to deliver strong adjusted operating income growth, and as a result, we delivered historic levels of adjusted free cash flow. These results demonstrate our momentum toward our calendar year '29 targets. We continue to unlock significant stockholder value.

謝謝，Brie。我們Q4的成果反映了我們全年一貫展現的穩健執行力。我們採取果斷行動管理資本支出，並執行我們的營運計畫以帶動強勁的調整後營業利益成長，因此創下歷史新高的調整後自由現金流。這些成果展現我們朝向2029曆年（CY29）目標的動能。我們持續釋放顯著的股東價值。

On a consolidated basis in FY26, we delivered $20.24 in adjusted earnings per share, growing adjusted earnings for seven consecutive quarters. We achieved this while successfully navigating significant headwinds from the global trade environment, variable compensation, the grounding of our MD-11 fleet and lower FedEx Freight results.

以FY26合併口徑計算，我們交出調整後每股盈餘20.24美元，調整後盈餘已連續七個季度成長。我們在達成此成果的同時，也成功因應全球貿易環境、變動薪酬、MD-11機隊停飛，以及FedEx Freight業績較低等重大逆風。

[Validated] adjusted operating income improved $491 million or 8% for the full year, despite a nearly $400 million headwind from FedEx Freight results. FEC posted higher FY26 results year-over-year with adjusted operating income of $940 million on almost $7 billion in revenue growth. A strong flow-through to the bottom line demonstrates a powerful operating leverage in our business.

[Validated]全年調整後營業利益增加4.91億美元（或8%），儘管FedEx Freight業績帶來近4億美元的逆風。FEC在FY26的表現較去年同期提升，調整後營業利益達9.40億美元，並帶來近70億美元的營收成長。強勁的獲利流入（flow-through）顯示我們業務具備強大的營運槓桿。

In Q4, on a consolidated basis, we delivered $6.31 in adjusted EPS, above the high end of our outlook range driven by FEC. Strong commercial execution and premium verticals that Brie mentioned paired with transformation-related savings enabled these results.

Q4以合併口徑計算，我們交出調整後每股盈餘6.31美元，高於我們展望區間的上緣，主要由FEC帶動。Brie提到的強勁商業執行與高端垂直領域，加上轉型相關節省，促成了這些成果。

At FEC in Q4, adjusted operating income increased by $214 million, 13%. Our adjusted operating income performance was driven by base yield momentum across most services, increased US and international export volume, and continued structural cost reductions. These drivers were partially offset by operating expense increases, which included increased variable incentive compensation accruals and direct trade-related costs.

FEC在Q4的調整後營業利益增加2.14億美元，成長13%。我們的調整後營業利益表現主要受多數服務的基礎單位收益（base yield）動能、美國與國際出口貨量增加，以及持續的結構性成本降低所帶動。上述因素部分被營業費用增加所抵銷，其中包括變動激勵薪酬提列增加，以及直接的貿易相關成本。

Our base yield growth was robust, which, combined with sustained volume growth, shows the underlying health of our financial results. While a price-driven increase in fuel surcharges drove higher revenue, it was not a material driver of our adjusted operating income for the quarter. FedEx Freight Q4 adjusted operating income fell by $114 million, and adjusted operating margins declined 570 basis points.

我們的基礎單位收益成長強勁，結合持續的貨量成長，顯示我們財務成果的基本面健康。雖然燃油附加費因價格驅動而上升、帶動營收增加，但並非本季調整後營業利益的重要驅動因素。FedEx Freight在Q4的調整後營業利益下滑1.14億美元，調整後營業利益率下降570個基點。

As we mentioned earlier, due to the June 1 spin-off, the FedEx Freight leadership team will provide additional commentary around their Q4 results during their earnings call on June 25. Our fourth quarter results include a non-cash impairment charge of $23 million related to our decision to permanently retire an additional 10 jet aircraft, including five MD-11s.

如先前所述，由於6月1日的分拆（spin-off），FedEx Freight管理團隊將在6月25日的法說會中，針對其Q4結果提供更多說明。我們第四季結果包含一筆2,300萬美元的非現金減損費用，與我們決定永久退役另外10架噴射機（包括5架MD-11）相關。

Over the last four years, we have removed a net 34 jet aircraft from our fleet, which is an 8% reduction versus FY22. These actions are aligned with our Tricolor Network 2.0 strategies to drive improved efficiency and density across both our global air network and North American service operations.

過去四年，我們機隊淨減34架噴射機，相較FY22減少8%。這些行動與我們的Tricolor Network 2.0策略一致，旨在提升全球空運網路與北美服務營運的效率與密度。

Moving to capital allocation, in FY26, CapEx was $3.8 billion, $300 million below the outlook we provided in March. CapEx as a percentage of revenue is 4%, the lowest level since FedEx Corporation was formed. As a reminder, we target CY29 capital intensity to remain at approximately 4% of revenue. This is a durable trend as we anticipate continuing to leverage our modernized network.

談到資本配置，FY26的資本支出（CapEx）為38億美元，較我們3月提供的展望低3億美元。CapEx占營收比重為4%，為FedEx Corporation成立以來最低水準。提醒一下，我們的目標是CY29資本強度維持在約占營收4%。隨著我們預期持續運用已現代化的網路，這將是一項可持續的趨勢。

Additionally, FY26 is only the third fiscal year in our history where CapEx was lower than depreciation and amortization, a result of our continued capital discipline and network optimization.

此外，FY26是我們歷史上僅第三個CapEx低於折舊與攤銷的會計年度，這反映我們持續的資本紀律與網路最佳化成果。

In FY26, we achieved $4.7 billion in adjusted free cash flow. This is up $800 million versus FY25. This year's free cash flow represents nearly 100% conversion from adjusted net income, another monumental achievement. We are laser-focused on unlocking stockholder value for strong free cash flow generation.

FY26我們達成調整後自由現金流47億美元。較FY25增加8億美元。今年的自由現金流幾乎達到調整後淨利的100%轉換率，這是另一項里程碑式的成就。我們高度聚焦於透過強勁的自由現金流創造來釋放股東價值。

Our free cash flow growth supports our capital returns framework. We recently increased our dividend by 5% after adjusting for the FedEx Freight spin-off, making this the 6th consecutive annual dividend increase. During the remainder of CY26, we plan to repurchase up to $1 billion worth of shares opportunistically as we leverage continued balance sheet flexibility and free cash flow generation to offset dilution from equity compensation as discussed at our Investor Day.

自由現金流的成長支撐我們的資本回饋架構。在就FedEx Freight分拆進行調整後，我們最近將股利提高5%，這是連續第6年調升年度股利。在CY26剩餘期間，我們計畫視情況機動回購最多10億美元的股份；我們將運用持續的資產負債表彈性與自由現金流創造能力，以抵銷如我們在投資人日所討論的股權薪酬造成的稀釋。

As a reminder, we are now transitioning to a calendar year reporting cycle. Today, we will orient our forward-looking commentary to align with this new framework. In CY26, we expect CapEx to be approximately $3.9 billion. We anticipate contributing $475 million to our pension plan, which was 105% funded as of May 31.

提醒一下，我們目前正轉換為曆年制的財務報導週期。今天，我們將使前瞻性評論與此新架構對齊。在CY26，我們預期CapEx約為39億美元。我們預計對退休金計畫提撥4.75億美元；截至5月31日，該計畫資金提撥比率為105%。

We expect robust levels of free cash flow for CY26 and are fully committed to realizing our targeted $6 billion in adjusted free cash flow in CY29. Going forward, we will continue a balanced approach to capital allocation across dividends, share repurchases, pension contributions, and strategic growth investments.

我們預期CY26將有強勁的自由現金流水準，並完全致力於在CY29實現我們目標的60億美元調整後自由現金流。展望未來，我們將在股利、股票回購、退休金提撥與策略性成長投資之間，持續採取均衡的資本配置方式。

Now I'll walk you through our expectations for CY26, which includes the five months we've already reported as well as the June through December transition year. As Brie shared, we are currently planning for consolidated CY26 revenue growth to be approximately 11%, including about 3 percentage points assumed fuel price-driven surcharge benefits. We expect this outlook to be supported by continued momentum within base pricing and increased demand for premium B2B and high-value B2C services.

接下來我將說明我們對CY26的預期，其中包含我們已公告的前五個月，以及6月至12月的過渡年度。如Brie所分享，我們目前規劃合併CY26營收成長約11%，其中包含約3個百分點來自假設燃油價格帶動的附加費收益。我們預期此展望將受基礎定價（base pricing）動能延續，以及對高端B2B與高價值B2C服務需求增加所支撐。

This translates to an adjusted EPS range of $16.90 to $18.10 with a midpoint of $17.50. We will finalize CY25 adjusted EPS baseline by mid-August when we release an 8-K filing with our recasted and resegmented financials for CY24 and CY25. For preliminary comparison purposes, we assume a $15 CY25 adjusted EPS baseline, which excludes FedEx Freight results.

這相當於調整後每股盈餘（EPS）區間為 16.90 美元至 18.10 美元，中點為 17.50 美元。我們將在 8 月中旬發布 8-K 申報文件、並公布我們針對 CY24 與 CY25 重編列與重新分部後的財務資訊時，最終確定 CY25 調整後 EPS 基準。為便於初步比較，我們假設 CY25 調整後 EPS 基準為 15 美元，該基準不包含 FedEx Freight 的業績。

Our recasted financials, including the CY25 baseline, reflect continuing operations only and are burdened with stranded costs previously allocated from FEC to FedEx Freight for intercompany charges.

我們重編列後的財務資訊（包含 CY25 基準）僅反映持續營運，並承擔先前因公司間費用分攤而由 FEC 分配至 FedEx Freight 的滯留成本（stranded costs）。

Our CY26 adjusted operating income bridge shows the key year-over-year element embedded in our outlook for continuing operations. This bridge reflects adjusted operating income of $5.8 billion, equivalent to $17.50 of adjusted EPS to the midpoint of our range. Our assumed CY25 adjusted operating income starting point was $5 billion, which includes approximately $350 million of stranded costs.

我們的 CY26 調整後營業利益橋接表（bridge）顯示了我們對持續營運展望中所嵌入的關鍵年對年要素。該橋接表反映調整後營業利益為 58 億美元，對應於我們區間中點的 17.50 美元調整後 EPS。我們假設的 CY25 調整後營業利益起點為 50 億美元，其中包含約 3.5 億美元的滯留成本。

In this scenario, FEC volume-related revenue, net of variable costs, is expected to be a $600 million tailwind in CY26. This is driven by a continuation of strong trends we have seen in the first five months of the year as our commercial team continues to capture increased demand from the most premium verticals of the global economy.

在此情境下，FEC 與運量相關的收入（扣除變動成本後）預期在 CY26 將帶來 6 億美元的順風。這主要來自我們在今年前五個月所見的強勁趨勢延續，因為我們的商務團隊持續從全球經濟中最具高端特性的垂直領域攫取增加的需求。

With respect to FEC yield, we expect a $3.7 billion tailwind. This demonstrates our ongoing commitment to revenue quality and improved base pricing. Consistent with prior practice, the yield bar does not factor in revenue from the fuel price-driven surcharge benefit, which we assume will be neutral to full-year adjusted operating income results. It also does not factor in revenue and currency exchange rate effects.

就 FEC 單位收益（yield）而言，我們預期將有 37 億美元的順風。這展現我們對收入品質與改善基礎定價的持續承諾。依照以往慣例，單位收益項目不納入因燃油價格驅動的附加費（surcharge）效益所帶來的收入；我們假設其對全年調整後營業利益結果為中性。此外亦未納入收入與匯率變動的影響。

Moving to anticipated headwinds. The base expense increase, we assume $2.6 billion to higher costs year-over-year related to higher wage and purchase transportation rates and other inflationary factors. This also incorporates ongoing structural cost reduction efforts, including savings from our Network 2.0 transformation.

接著談預期的逆風。基礎費用增加方面，我們假設年對年因薪資上升、外購運輸費率提高及其他通膨因素而增加 26 億美元成本。其中也納入持續的結構性降本措施，包括我們 Network 2.0 轉型所帶來的節省。

Additionally, we expect variable compensation to be an $800 million headwind, reflecting our commitment to rewarding employees for their outstanding performance. For context, we have already incurred most of this expected CY26 headwind in the first five months of the year. Only $100 million of this headwind is incremental to the remaining seven months of CY26.

此外，我們預期變動薪酬將帶來 8 億美元的逆風，反映我們致力於獎勵員工的卓越表現。作為背景說明，我們在今年前五個月已經承擔了這項預期 CY26 逆風的大部分。在 CY26 剩餘七個月中，僅有 1 億美元的逆風屬於新增增量。

We are also assuming a $200 million headwind from the ratification of our new pilot agreement and a $100 million benefit from the removal of stranded costs related to the spin-off of FedEx Freight. Against the $600 million base of costs that we previously allocated to Freight, we have conveyed approximately $250 million directly to FedEx Freight.

我們也假設新飛行員協議獲得批准將帶來 2 億美元逆風，並因 FedEx Freight 分拆而移除相關滯留成本帶來 1 億美元的效益。在我們先前分攤至 Freight 的 6 億美元成本基礎中，我們已將約 2.5 億美元直接轉由 FedEx Freight 承擔。

As noted on the CY26 grid slot, we expect to remove about 30% of the remaining stranded this calendar year through transition services agreements and cost management.

如 CY26 表格欄位所示，我們預期透過過渡服務協議（transition services agreements）與成本管理，在本曆年移除剩餘滯留成本約 30%。

Regarding the near term, we expect the revenue trends we saw in Q4 FY26 to continue into the first four months of our June through December transition year, with US Domestic growth rate decelerating as we continue to lap last year's strong trends. Given the reporting calendar change, our next earnings release on October 28 will cover our June through September 2026 results.

就短期而言，我們預期 FY26 第四季所見的收入趨勢將延續至我們 6 月至 12 月過渡年度的前四個月；隨著我們持續與去年強勁趨勢形成基期比較，美國國內（US Domestic）成長率將放緩。鑑於報導日曆變更，我們下一次於 10 月 28 日發布的財報將涵蓋 2026 年 6 月至 9 月的結果。

In addition to shifting to a calendar year reporting cycle, we are also resegmenting our results to cover Express US Domestic, Express International, Incorporate and Others. At the midpoint of our CY26 outlook range, we expect our seven-month transition year consolidated adjusted operating income to be $3.8 billion, up 19% year-over-year. We expect the majority of this adjusted operating income to fall in Q4, in line with our recent higher peak profitability trends.

除了改採曆年制報導週期外，我們也將重新劃分分部，以涵蓋 Express US Domestic、Express International、Incorporate 以及 Others。在我們 CY26 展望區間的中點，我們預期七個月過渡年度的合併調整後營業利益為 38 億美元，年對年成長 19%。我們預期大部分調整後營業利益將落在第四季，符合我們近期旺季獲利能力提高的趨勢。

We also anticipate strong performance in June based on current trends and note the June 29 effective date for the new pilot contract. We expect both US Domestic and international profit to improve year-over-year in the transition period. Transition year assumptions translate to an estimated $11.30 of adjusted EPS for the June through December '26 period, representing 20% year-over-year growth. We forecast our CY26 average share count to approximate our Q4 FY26 average share count.

基於目前趨勢，我們也預期 6 月表現強勁，並提醒新飛行員合約的生效日為 6 月 29 日。我們預期在過渡期間，美國國內與國際業務的獲利皆將年對年改善。過渡年度假設換算為 2026 年 6 月至 12 月期間估計調整後 EPS 為 11.30 美元，代表年對年成長 20%。我們預測 CY26 平均流通股數將大致接近 FY26 第四季的平均流通股數。

In closing, our FY26 results indicate that our strategy is working. We are on track to achieve our CY29 targets. We plan to continue driving profitable growth through our superior value proposition while simultaneously lowering our cost to serve.

最後，我們 FY26 的結果顯示我們的策略正在奏效。我們正按計畫達成 CY29 目標。我們計畫在持續降低服務成本的同時，透過我們卓越的價值主張持續推動獲利性成長。

With that, let's open it up for questions.

接下來，我們開放提問。

(Operator Instructions)

（接線員指示）

Chris Wetherbee, Wells Fargo.

Chris Wetherbee，富國銀行（Wells Fargo）。

Good afternoon, guys, and appreciate that outlook for EPS so we can level set the numbers on a calendar basis. But I guess maybe the question is around the relative profitability. So obviously, expecting a pretty decent acceleration in the stub seven-month period for the rest of the calendar year. Can you talk a little bit about sort of the cost that maybe were lingering in the last year?

各位下午好，感謝你們提供 EPS 展望，讓我們能以曆年基礎把數字對齊。不過我想問題可能在於相對獲利能力。顯然，你們預期在本曆年剩餘的七個月短期期間（stub period）會有相當不錯的加速。你們能否談談去年可能仍然殘留的一些成本？

I guess, fiscal fourth quarter and maybe how you see those sort of working their way out as we see that growth reaccelerate over the course of the next several months? Kind of just getting a sense of why the relative growth in fiscal fourth quarter was a bit lower than what we're expecting to see over the coming several months?

我想是 FY 第四季，還有你們如何看待在接下來幾個月成長重新加速時，這些成本如何逐步消退？也就是想了解，為什麼 FY 第四季的相對成長略低於我們預期未來幾個月會看到的水準？

Thanks, Chris, for that question. As we think about -- two things to go think about here, and it's really from an overall perspective, the variable compensation headwind we see in the fourth quarter of FY26, that really dissipates. That becomes only a headwind of $100 million in the transition year.

謝謝你，Chris，這個問題。我們在思考時——這裡有兩點需要考量；從整體角度來看，我們在 FY26 第四季看到的變動薪酬逆風，確實會消退。在過渡年度中，這只會成為 1 億美元的逆風。

But you also have to really rethink about the seasonality. So overall, going forward, from a calendar year basis, the Q4 will be our strongest seasonal quarter. And then in addition to that, just from an overall headwind perspective, we'll fewer headwinds in that transition year.

但你也必須重新思考季節性。因此整體而言，未來以曆年為基礎，第四季將是我們季節性最強的一季。此外，從整體逆風角度來看，過渡年度的逆風會更少。

And the key to remember here is the ongoing base business, the momentum we have in that base business, both from a revenue growth, our ongoing cost management, we feel strong about that. And that's reflected in our 19% at the midpoint of the range of our profit growth and 20% EPS growth.

而這裡要記住的關鍵是：基礎業務本身的持續動能——無論是收入成長或持續的成本管理——我們對此很有信心。這也反映在我們於區間中點所預期的獲利成長 19% 與 EPS 成長 20%。

Tom Wadewitz, UBS.

Tom Wadewitz，瑞銀（UBS）。

Yes, good afternoon, and thanks for the perspective on things. I wanted to, I guess, get a sense of kind of how much FEC margin improvement are you looking at and in kind of calendar year '26, kind of what's the base look like, what's the improvement look like?

是的，下午好，也謝謝你們提供的觀點。我想了解一下，你們預期 FEC 利潤率改善大概有多少；在曆年 2026 年，基礎水準看起來如何、改善幅度看起來如何？

And then, I don't know if you have a thought on stranded costs. You said that's coming out partially in the calendar '26. Has that come out fully in '27 or how do we think about kind of the remaining pieces of $600 million? So appreciate any thoughts on those two.

另外，我不確定你們對滯留成本是否有進一步看法。你們說在曆年 2026 年會部分移除。那在 2027 年是否會完全移除，或我們該如何看待剩餘 6 億美元的部分？因此也希望聽聽你們對這兩點的看法。

Yeah, appreciate the question. First, from a margin perspective, we are confident that the margin in the transition period, both the calendar year and the transition period will improve year-over-year. It will improve a little bit more year-over-year in the transition year than it does in the calendar year because of the variable comp headwinds in the first five months of the year, but we're confident in margin improvement during that period.

是的，感謝你的提問。首先，從利潤率的角度來看，我們有信心在過渡期間，無論是曆年還是過渡期間，利潤率都會較去年同期改善。在過渡年度的年增改善幅度會比曆年更大一些，因為年初前五個月的變動薪酬帶來逆風，但我們對該期間的利潤率改善很有信心。

And then on the stranded cost piece, yes, we're confident that we will go on from that starting point of $600 million. We've already conveyed $250 million of that in the form of employees and vendor costs from a starting point perspective, and so the $350 million starting point in that CY25 starting point, we're confident we'll get $100 million of that out during CY26. And then I don't expect to be talking about stranded costs at CY27, from an exit rate perspective of CY27 is when we're confident we'll mitigate the remaining stranded costs.

接著談到閒置成本（stranded cost）的部分，是的，我們有信心會從那個 6 億美元的起點繼續往下改善。我們已經以員工與供應商成本的形式，從起點角度傳達（並實現）了其中的 2.5 億美元，因此在 CY25 的起點剩下 3.5 億美元，我們有信心在 CY26 期間可以再消除其中的 1 億美元。此外，我預期到 CY27 就不需要再談閒置成本了；從退出率（exit rate）的角度來看，我們有信心在 CY27 時能夠緩解剩餘的閒置成本。

David Vernon, Bernstein.

David Vernon，Bernstein。

So, Claude, I just wanted to come back and make sure we understood the cadence here. So $11.30 from June to December. And as we think about that exit rate accelerating, is that just a function of the timing of the variable incentive comp, or are we seeing an actual acceleration in the underlying results of the business? That's kind of the first part of the question.

所以，Claude，我只是想再回來確認一下我們對這裡的節奏（cadence）理解正確。也就是 6 月到 12 月是 11.30 美元。當我們思考這個退出率加速時，這只是變動激勵薪酬時點的因素，還是我們看到業務基本面結果確實在加速？這算是問題的第一部分。

The second part of the question around a balanced approach to capital allocation, just given the outsized size of the cash balance right now. Are you and the Board or is the man of team and the Board having any conversations with the Board about maybe doing something a little bit less balanced to kind of work some of that cash off?

第二部分是關於資本配置的均衡做法，考量到目前現金餘額的規模特別大。你和董事會，或管理團隊和董事會，是否有在討論是否採取一個「沒那麼均衡」的做法，來消化一部分現金？

I appreciate the question. I'll go first back to the question about the -- the underlying momentum of the business is strong. And we're confident both on the revenue side and the expense side. Like I said, originally on a seasonality perspective, we've got some nuance this year. Or actually, when you think about it, June, when we report our results in October, it'll include the month of June, which is the last month of the second quarter, it's very strong. It's got 22 operating days. It's got five Mondays. A pilot contract will not have started yet. So we expect very strong absolute performance in June.

感謝你的提問。我先回到第一個問題——業務的內在動能很強。我們對營收端與費用端都很有信心。如我先前所說，從季節性角度來看，今年有一些細微差異。或者其實你這樣想：我們在 10 月公布結果時，會包含 6 月，而 6 月是第二季的最後一個月，表現非常強。它有 22 個營運日。有五個星期一。飛行員合約尚未開始生效。因此我們預期 6 月的絕對表現會非常強勁。

Q3 will just traditionally will be our weakest quarter from an absolute basis just from a seasonality perspective. But from an underlying year-over-year growth perspective, we're confident in the momentum of the business driven by both the continued revenue momentum as well as the expense management.

第三季從絕對值來看，傳統上會是我們最弱的一季，主要是季節性因素。但從內在的年增成長角度來看，我們對業務動能很有信心，動能來自於持續的營收動能以及費用管理。

To your question on capital allocation, it's a nice issue to have. We are committed to a balanced approach on capital allocation. This strong cash position does give us flexibility. As I said in my prepared remarks, we increased our dividend by 5% post-spin, and we do plan to repurchase up to 1 billion shares in the remainder of CY26. A reminder, we will also use a portion of this cash to fund our investment in in-post, which we expect to close during CY26.

至於你問到的資本配置，這算是一個「很好的煩惱」。我們承諾採取均衡的資本配置方式。這個強勁的現金部位確實給了我們彈性。如我在事先準備的發言中提到，分拆（spin）後我們把股利提高了 5%，而且我們計畫在 CY26 剩餘期間回購最多 10 億股。提醒一下，我們也會用其中一部分現金來資助我們對 in-post 的投資，預期會在 CY26 期間完成交割。

And as we've said previously, we're committed to using the dividend from the freight spin-off in a manner consistent with preserving the tax-free nature of the transaction and maintaining a leveraged neutral balance sheet position.

此外，如我們先前所說，我們承諾以符合維持該筆貨運分拆交易免稅性質、並維持槓桿中性（leveraged neutral）的資產負債表部位之方式，來運用來自貨運分拆的股利。

So I'm not going to give you kind of the detailed playbook beyond CY26, but I am excited about the balanced approach as well as bringing the same level of discipline and rigor to the balance sheet and shareholder returns that we've been delivering operationally and on our P&L. Our goal will be to deploy cash to enhance shareholder returns.

所以我不會在 CY26 之後提供非常細的行動手冊，但我對這個均衡做法感到振奮；同時，我們也會把在營運與損益表（P&L）上所展現的同等紀律與嚴謹，帶到資產負債表與股東報酬上。我們的目標是部署現金以提升股東報酬。

Jordan Alliger, Goldman Sachs.

Jordan Alliger，Goldman Sachs。

The commercial B2B business picked up quite a bit. I think it was up 3.5%. I'm just curious if how much of that was sort of tied to macros up versus the verticals you're targeting? And I know you touched on AI, with some portion of it sort of that AI-driven CapEx spending having an impact in that segment? Thanks.

商業 B2B 業務回升得相當明顯。我記得是成長了 3.5%。我想了解其中有多少是與總體環境（macro）改善有關，還是更多來自你們鎖定的垂直領域？另外我知道你們提到 AI，其中是否有一部分是 AI 驅動的資本支出（CapEx）對該分部帶來影響？謝謝。

Hi, Jordan. It's Brie. Thank you for the question. You broke up a bit, but I think I got the gist of it, which is essentially what is driving the B2B momentum in the business. I think, first and foremost, it's profitable market share. This has been several years in the making where we've been re-pivoting our commercial team to focus on the core B2B and really getting back to our roots as the industrial heartbeat of quick funds and, frankly, the global economy.

嗨，Jordan。我是 Brie。謝謝你的提問。你剛剛訊號有點斷，但我想我抓到重點了，也就是：究竟是什麼在推動我們業務中的 B2B 動能。我認為首要因素是「有利潤的市占」（profitable market share）。這是我們多年來持續打造的成果：我們一直在重新調整商業團隊的方向，聚焦核心 B2B，真正回到我們的根本——作為快速資金流動的工業心跳，坦白說，也是全球經濟的心跳。

In the quarter, B2B was the majority of our revenue growth and actually it was the brightest quarter within the fiscal year from a B2B perspective. We actually saw improvement across all four of our key verticals from a B2B perspective. Yes, we did like to see some of the wins from an AI and a data center perspective, especially coming out of Asia.

在本季，B2B 是我們營收成長的主要來源，而且就 B2B 角度而言，這也是本財年表現最亮眼的一季。我們在四個關鍵垂直領域的 B2B 表現其實都有改善。是的，我們也很樂見來自 AI 與資料中心相關的勝出案（wins），尤其是亞洲那邊。

Our APAC team is just incredibly responsive and really building momentum there, but it was equally distributed across the base of those verticals. And I will say that we did see some momentum outside of the four key verticals. I do think that there's a little bit of inventory build-up and restocking going on, but phenomenal, successful quarter. We're really proud of the team.

我們的亞太（APAC）團隊反應非常迅速，並且正在那裡建立動能，但整體來看，成長在這些垂直領域的基礎上分布相當平均。我也要說，我們在四個關鍵垂直領域之外也看到一些動能。我確實認為目前有一些庫存回補與補貨（restocking）的情況正在發生，但這是一個非常出色、非常成功的季度。我們對團隊感到非常自豪。

Brandon Oglenski, Barclays.

Brandon Oglenski，Barclays。

And I don't mean to be near-term focus here, but just given all the changes in reporting structure, can you guys maybe help us understand how fuel impacted the quarter as well and how you think about the fuel dynamic going forward, especially if there's any lead or lag in the surcharge? I know that's maybe reset every other week, but maybe you could speak to that. I appreciate it.

我不是想把焦點放得太短期，但考量到你們在揭露架構上有這麼多變動，你們能否幫我們理解燃油對本季的影響，以及你們如何看待未來的燃油動態，特別是附加費（surcharge）是否存在任何領先或落後？我知道那可能是每隔一週重設一次，但也許你們可以談談。謝謝。

And I appreciate the question. Like as you said, we feel very confident in the structure of the fuel surcharge. It actually resets every week, not every other week. And so it's been a very effective tool as prices have gone up during fiscal -- the third and fourth quarter of fiscal '26 is acted exactly the way it was designed to act.

也謝謝你的提問。如你所說，我們對燃油附加費的機制非常有信心。它其實是每週重設一次，不是每隔一週。因此，當價格在財年——財年 26 的第三季與第四季上升時，它的運作方式完全符合設計初衷。

And so overall, it did not have a material impact on our profit. The increased revenue from those higher prices was able to materially offset the increased expense that shows up both in our fuel expense line item as well as our purchase transportation line item. Also, is higher because of the fuel from our purchase transportation provider. So overall net-net, I feel good about the overall impact and our ability to negate that impact, maybe turn over to Brie from a demand perspective, but from an expense perspective, we're covered.

因此整體而言，它對我們的獲利沒有造成重大影響。因燃油價格上升帶來的營收增加，足以在很大程度上抵銷費用增加；這些費用增加會反映在我們的燃油費用科目，以及我們的外購運輸（purchase transportation）科目。此外，外購運輸也因我們外購運輸供應商的燃油因素而更高。所以整體淨額（net-net）來看，我對整體影響以及我們抵銷該影響的能力感到滿意；也許可以把需求面的部分交給 Brie，但就費用面而言，我們是有覆蓋的。

Yeah, I think, Claude, you covered it. From a demand perspective, I was concerned a quarter ago that we maybe would see some demand destruction. That has not at all been the case. We're growing around the world, and we have seen no impact to demand because of the elevated fuel prices.

是的，我想，Claude，你已經把重點都涵蓋了。從需求的角度來看，一個季度前我擔心我們可能會看到一些需求被破壞（需求萎縮）。但事實完全不是如此。我們在全球各地都在成長，而且我們沒有看到因燃油價格高企而對需求造成任何影響。

Let me just add one thing, just on this fuel issue. If you had taken the fuel surcharge out, our margin would have been up year-over-year rather than down year-over-year.

我再補充一點，就這個燃油問題。如果把燃油附加費拿掉，我們的利潤率其實會是年增，而不是年減。

Jonathan Chappell, Evercore ISI.

Jonathan Chappell，Evercore ISI。

Brie, you mentioned the exit rate from healthcare-related revenue being nearly $10 billion at this point. I understand that that's probably the most identifiable TAM and an area of focus for several years. To go back to that AI data center, is there any way to kind of replicate at least some broad-based number on what that market looks like today? And is that kind of a higher growth rate type business or vertical as you think about the coming years?

Brie，你提到醫療保健相關營收的退出（run-rate）目前接近100億美元。我理解那可能是最容易辨識的TAM（總可服務市場），也是你們多年來的重點領域。回到AI資料中心這塊，有沒有辦法大致複製出一個廣泛的數字，來描述這個市場目前的規模？以及展望未來幾年，你認為這會是一個高成長率的業務或垂直領域嗎？

Yeah, great question. So a couple of things. Yes, we have started to size the total market, but I will tell you what we have found and that's why I mentioned in my prepared remark is more of an ecosystem. You cannot identify customers. Well, you can. You've got the hyperscalers. But in addition to that, what we are seeing is broad-based industrial growth in support of the build-out of these data centers.

是的，問得很好。有幾點。是的，我們已經開始估算整體市場規模，但我可以告訴你，我們的發現——也就是我在事先準備的發言中提到的——更像是一個生態系。你無法明確界定客戶。嗯，你可以。你有超大規模雲端業者（hyperscalers）。但除此之外，我們看到的是為了支援這些資料中心建置而帶動的廣泛工業成長。

I walked in to do what I thought was an automotive sales call and it ended up being a data centers because this customer had actually pivoted an entire line to power generation for data centers. And so it is a little bit hard to categorize and define.

我走進去原本以為是要做一通汽車業的銷售拜訪，結果最後變成在談資料中心，因為這位客戶其實已經把整條產線轉向做資料中心的發電設備。所以這確實有點難以分類與定義。

What I can tell you is across both our industrial base and the AI base, it is growing. The growth rates are the highest in all four of the verticals, I don't think entirely surprising. And we also see that from a commercial response perspective, our team is moving incredibly quickly.

我能告訴你的是，無論是在我們的工業客群基礎或AI相關客群基礎上，它都在成長。成長率在四個垂直領域中是最高的，我想這並不令人意外。而且從商務回應的角度來看，我們的團隊行動非常迅速。

This is a market that is changing at a pace I've certainly never experienced, and I really do think this is the moment for FedEx to forge relationships that will benefit us, certainly in the short-term, but in many years to come.

這個市場變化的速度是我從未經歷過的，我也真的認為，這正是FedEx建立關係的時刻，這些關係不僅在短期內會讓我們受益，也會在未來很多年持續帶來好處。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

Can you just give color on timing to sell the FedEx Freight stock and if -- just clarity, in the interim, does the guidance assume include like equity earnings from FedEx Freight? And then just Claude, on the bridge that you gave that was helpful, that $3.7 billion of yield, the $2.6 billion of cost, so call it $1.1 billion of net like price cost. Like, what's been realized in the first five months of the year? I just want to understand if price cost is getting better-worse, similar just as the years progressing? Thank you.

你能否說明一下出售FedEx Freight股票的時間點？以及——再釐清一下——在此期間，財測指引是否假設包含來自FedEx Freight的權益法收益？另外，Claude，關於你提供的那個橋接（bridge）很有幫助：37億美元的收益率（yield）提升、26億美元的成本，所以淨額大概是11億美元的「價格對成本」（price-cost）。今年前五個月已經實現了多少？我只是想了解，隨著年度推進，價格對成本是變好、變差，還是大致相同？謝謝。

I appreciate the question. As we've said in our previous filings, we plan to monetize our stake and freight in a tax-efficient manner within 24 months of the spend as required by the RRS. So we'll continue to be on track for that, and that's all I can say on that right now.

謝謝你的提問。正如我們在先前的申報文件中所說，我們計畫在RRS要求的分拆後24個月內，以具稅務效率的方式將我們在Freight的持股變現。所以我們會持續按計畫推進，目前我能說的就到這裡。

To your question on the bridge, it really -- from an overall perspective, not a significant shift in the core business from a mental perspective in terms of the five months we've seen and the remaining seven months, pretty consistent, both on the revenue side and the expense side.

關於你問的橋接，整體來看——從心態上說——在我們看到的這五個月與接下來剩餘七個月之間，核心業務並沒有出現顯著變化；無論在營收端或費用端，都相當一致。

Obviously, the timing of the headwinds is where there's a lot of noise, whether it be the pilot contract, even the variable comp. But from a core, those first bars on that bridge of the volume, the yield and the base expense, pretty consistent trend across both the first five months and what we expect for the next seven months.

當然，逆風出現的時間點會帶來很多雜訊，不管是飛行員合約，甚至是變動薪酬。但就核心而言，在那個橋接中前幾個柱狀項——量（volume）、收益率（yield）與基礎費用（base expense）——在前五個月以及我們對接下來七個月的預期之間，趨勢都相當一致。

Brian Ossenbeck, JPMorgan.

Brian Ossenbeck，JPMorgan。

Brie, maybe you can give us an update on utilization across the network. I know in the past you said it's pretty tight, especially in the US, but ground economy volumes expect to come down, international, domestic, also down, assuming that's in Europe. Are things still running pretty tight as you go through Network 2.0?

Brie，也許你可以更新一下整個網路的產能利用率。我知道過去你說過相當吃緊，尤其是在美國；但地面經濟（ground economy）量預期會下滑，國際、國內也都下滑，我猜那是在歐洲。在推進Network 2.0的過程中，現在仍然運行得很吃緊嗎？

And then just maybe some broader comments on the competition is? We expect some of those contracts you guys won during the disruption of the labor market a few years ago. I would expect those to come back up to bid. So maybe some few thoughts on what you're seeing and expecting there as well. Thank you.

另外也請談談更廣泛的競爭情況？我們預期你們在幾年前勞動市場動盪期間贏得的一些合約，可能會重新進入招標。我會預期那些會再拿出來競標。所以也請分享一下你們目前看到的情況與未來的預期。謝謝。

Sure, of course. Thanks, Brian. So I think here in the US market, our network continues to run at very high utilization levels. I think it's really important, and I intentionally put the comments in FedEx ground economy in my prepared remarks because there was a perception that we were not focused. We are incredibly focused on B2B and high-value B2C.

當然可以。謝謝，Brian。我認為在美國市場，我們的網路仍然維持在非常高的利用率水準運行。我覺得很重要的一點是——我也刻意在事先準備的發言中提到FedEx ground economy——因為外界曾有一種看法，認為我們沒有聚焦。其實我們非常聚焦在B2B以及高價值的B2C。

And so even with the decline, the small decline in FedEx ground economy, you will note that total volume is up, and we will continue to optimize the network. So I feel really good about the position of the network here in the United States.

因此，即便FedEx ground economy出現小幅下滑，你會注意到總量仍然是成長的，而我們也會持續優化網路。所以我對我們在美國的網路定位感到非常有信心。

Again, in Europe, we have a very disciplined growth strategy. We continue to take market share 12 quarters in a row. We really like the momentum we have intra-Europe, and so we are trading domestic volume for intra-Europe volume, which moves yield and profitability, and we think it's the right strategy, and we are going to continue to optimize the network. [Water] has made significant changes in France with more to come, so we feel good about that.

同樣地，在歐洲，我們有非常嚴謹的成長策略。我們已經連續12個季度取得市占。我們很喜歡我們在歐洲區內（intra-Europe）的動能，因此我們用國內量去換取區內量，這會提升收益率與獲利能力；我們認為這是正確的策略，也會持續優化網路。[Water]已在法國做出重大調整，後續還會有更多，所以我們對此感到樂觀。

From a competition perspective, as you all know, and actually I think some of you asked me previously if our renewal rate was too high. We run in the mid-90s from a renewal rate. I feel really confident about the partnerships we've built, about our value proposition, and so when customers come to FedEx, they stay.

從競爭的角度來看，大家都知道——而且我想你們其中一些人之前也問過我，我們的續約率是不是太高——我們的續約率大約在90%中段。我們的續約率在90%中段。我對我們建立的合作夥伴關係、以及我們的價值主張非常有信心，所以客戶一旦來到FedEx，就會留下來。

They stay because they get to experience that value proposition, the speed helps their cart conversion Picture-proof of delivery reduces their customer service calls. And I do believe that we have the best commercial support organization. So, I am quite confident in our renewal rate.

他們留下來，是因為他們能體驗到那個價值主張：速度能提升他們的購物車轉換率；到貨照片證明（Picture-proof of delivery）能減少他們的客服來電。而且我確實相信我們擁有最好的商務支援組織。所以，我對我們的續約率相當有信心。

And then, I guess, finally, it's important to remember that it wasn't like one week that all these accounts came over. It was over a long period of time, and they do renew at different periods. And I guess, finally, we won't be that far off from the next contract period as well.

最後我想說，重要的是要記得，並不是某一週所有這些客戶帳戶就全部轉過來。那是經過很長一段時間累積的，而且他們的續約時間點也各不相同。而且我想最後一點是，我們距離下一個合約週期其實也不會太遠。

And I'll just jump in real quick. I forgot on Scott's question, you asked about the freight, how we're accounting for that. That is not included in our guidance. So on an ongoing basis, we will be required each quarter to mark that investment to fair value, and we don't have any assumptions built into our outlook for that.

我先很快插一句。我忘了在 Scott 的問題上，你問到貨運（freight）我們是如何會計處理的。那部分不包含在我們的指引之中。因此在持續性的基礎上，我們每一季都必須將那項投資按公允價值重估，而我們在展望中並未把任何相關假設納入。

Richa Harnain, Deutsche Bank.

Richa Harnain，德意志銀行。

So I know this question has been asked a couple of times, but just to get some clarity. Pricing was very robust on a headline basis of 11%, where you talked about how 5 percentage points of that was fuel to the implied ex-fuel rate, kept pace of last quarter's very robust results. Maybe talk to us more about how much of that fuel dynamic weighed on margins?

我知道這個問題已經被問過幾次了，但我想再釐清一下。定價在表面數字上非常強勁，達到 11%；你提到其中有 5 個百分點是燃油因素，使得隱含的扣除燃油（ex-fuel）費率，延續了上一季非常強勁的表現。能否再多談談，這個燃油動態對利潤率造成了多大壓力？

Raj, you just said if it wasn't for fuel, margins would be up year-over-year. I'd love to understand and get more details on how much more expansion we would have seen, specifically just trying to square incremental margins of only 8% on very robust mid-teens revenue growth. I know incremental comp was an issue -- incentive comp was an issue year-over-year, but FedEx had that last quarter too and incrementals were a bit higher.

Raj，你剛才說如果不是燃油因素，利潤率會年增。我很想了解並取得更多細節：我們本來會看到多大的擴張？尤其是想釐清，在非常強勁的中段十位數營收成長下，增量利潤率卻只有 8%。我知道增量薪酬是個問題——激勵性薪酬（incentive comp）年對年是個問題，但 FedEx 上一季也有同樣情況，而增量利潤率稍微高一些。

Yeah, I'll take that and then, Raj, brief to add on. But start with, variable comp is the biggest impact of that. But when you think about fuel, the higher fuel revenue does show up in the denominator and so has an impact. It was maybe 20 or so basis points. It wasn't a huge impact, but it would have flipped to positive versus the negative it was.

好，我先回答，然後 Raj 再簡短補充。先從最大影響來看，變動薪酬（variable comp）是最大的因素。但談到燃油時，較高的燃油收入會反映在分母上，因此也會產生影響。大概是 20 個基點左右。影響不算很大，但確實會讓結果從原本的負面翻轉為正面。

But from an absolute basis, variable comp was a bigger impact. But like I said, the key here is, from a TY perspective, both the CY and the TY will be improving our margin and improving the margin at a higher rate going forward in our TY is the momentum we're seeing in the business.

但就絕對值而言，變動薪酬的影響更大。不過如我所說，關鍵在於：從 TY（轉型年度）的角度來看，無論是 CY 或 TY，我們都會改善利潤率，而且未來在 TY 以更高的速度改善利潤率，這就是我們在業務中看到的動能。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

Claude getting a lot of airtime here, so congrats. Can you dig into, maybe Brie, dig into international? You've noticed trends are in line the balance of the year versus seeing acceleration. Can you talk opportunity there in terms of share gains and maybe talk about margins on international versus domestic? Thanks.

Claude 在這裡曝光很多，恭喜。能否深入談談——也許 Brie——國際業務？你提到趨勢與全年其餘時間一致，而不是看到加速。能否談談在市占提升方面的機會，以及國際相較於國內的利潤率？謝謝。

Hi, Ken. Yeah, happy to talk about international. I'll talk about the top line and then turn it over to Claude, who loves the airtime, to talk about margin.

嗨，Ken。好的，很樂意談國際業務。我先談營收端（top line），然後交給很愛曝光的 Claude 來談利潤率。

First and foremost, I've got to give a huge shout-out to our APAC team. As you can imagine, last year was a very tough year from them. They faced the largest headwind from the tariff environment and the de minimis, and we've now had two consecutive quarters of international volume growth, thanks to their determination.

首先，我必須大力稱讚我們的亞太（APAC）團隊。如你所想像，去年對他們來說非常艱難。他們面臨來自關稅環境與小額豁免（de minimis）的最大逆風，而在他們的努力之下，我們現在已連續兩季看到國際貨量成長。

They have built incredible momentum, as I mentioned, in the data center and AI space, but also leaning into their industrial base out of APAC. It's been really nice to see. That being said, we're growing around the world. We saw strong momentum from Asia to Europe. As I've mentioned, Europe is now on a run of 12 consecutive quarters of international market share growth.

他們建立了驚人的動能，如我提到的，在資料中心與 AI 領域表現突出，同時也更深入耕耘來自亞太的工業基礎客群。看到這些真的很棒。話雖如此，我們在全球各地都在成長。我們看到亞洲到歐洲的強勁動能。如我提過，歐洲現在已連續 12 季在國際市場市占成長。

We also saw some really strong results from our US export team. We've been really focused on push-pull and even saw some bright spots from Asia into Mexico. As the world has sort of diversified trade, our team has been incredibly responsive. I expect those trends to continue right through the TY. I don't see any slowing down from an international volume.

我們也看到美國出口團隊的一些非常強勁的成果。我們一直非常專注於推拉（push-pull），甚至也看到一些從亞洲到墨西哥的亮點。隨著全球貿易某種程度上走向多元化，我們的團隊反應非常迅速。我預期這些趨勢會一路延續到 TY。我不認為國際貨量會有任何放緩。

And then, of course, the same is true from an airfreight perspective. It's a very large market, about $80 billion. We're still a relatively small player, but we've had tremendous response to our Tricolor strategy, and so I think that that momentum will continue. I'll let Claude talk about margin.

當然，從空運貨運（airfreight）的角度也是一樣。那是一個非常大的市場，大約 800 億美元。我們目前仍是相對較小的參與者，但市場對我們的 Tricolor 策略反應非常熱烈，因此我認為這股動能會持續。我讓 Claude 來談利潤率。

I appreciate it. As we think about the overall guidance that we've given you with both op profit and op margin improving for the transition year, it's pretty evenly split between international and domestic. We'll obviously give you those details. When we file our 8-K in mid-August. You'll the recast financials and be able to build out the models from a comparison purpose.

謝謝。就我們給出的整體指引來看，在轉型年度（transition year），營業利益（op profit）與營業利潤率（op margin）的改善，國際與國內的貢獻大致各半。我們當然會提供你們那些細節。在 8 月中旬提交 8-K 時。你們會看到重編（recast）的財務報表，並能從比較的角度建立模型。

But if we think about it right now, I see both the international and the domestic margins improving. It is important from a seasonality perspective. The absolute number for will be lower in Q3, particularly for international as Europe slows down in the summer, late summer months. But overall, from an overall perspective, excited about the momentum and see both international and domestic having absolute profit improvement as well as margin improvement in the transition in the calendar year.

但以目前來看，我看到國際與國內的利潤率都在改善。從季節性角度來看這點很重要。Q3 的絕對數字會較低，尤其是國際業務，因為歐洲在夏季、尤其是夏末月份會放緩。但整體而言，我對這股動能感到振奮，並且看到在曆年轉型期間，國際與國內都會出現絕對獲利改善以及利潤率改善。

Ariel Rosa, Citigroup.

Ariel Rosa，花旗集團。

So it seems like FEC is executing well, all the credit in the world to you guys on that. But is there anything that's enabled from an operating standpoint without the freight segment? How are you thinking strategically about managing the business going forward? And then are there incremental costs that can come out from here?

看起來 FEC 執行得很好，這點完全要給你們肯定。但在沒有貨運事業部（freight segment）的情況下，營運面是否有任何被促成或得以實現的因素？你們在策略上如何思考未來的業務管理？另外，從這裡開始是否還有可再釋出的增量成本？

And maybe in that context, could you help us understand why June in particular was so strong? And then why do we see a little bit of a deterioration, I guess, in that cadence? It sounds like there's a deterioration in that cadence as we think about the rest of third quarter. Thanks.

也許在這個脈絡下，你們能否幫我們理解為什麼 6 月特別強勁？以及為什麼我們看到節奏上有一點惡化？聽起來在思考第三季剩餘時間時，這個節奏似乎會走弱。謝謝。

I'll start it off and then turn it over to Raj as well. But when we talk about June, the one difference about June, it's strong from both a seasonal perspective, from an absolute basis, and then has the operating days, the amount of Mondays, but it really is also the pilot contract that we've talked about and show on the bridge. That does not hit until July, and so that weighs on the third quarter.

我先開頭，然後也交給 Raj 補充。談到 6 月，6 月的不同之處在於：從季節性角度與絕對值來看都很強，另外也與營運天數有關，例如週一的數量；但更重要的是我們一直在談、也在橋接表（bridge）中呈現的飛行員合約。那項影響要到 7 月才會反映，因此會對第三季造成壓力。

In addition, we told you in that bridge that the $100 million of variable comp remains for the transition year. All of that $100 million will show up in the third quarter, just from a timing perspective. So the overall transition year is on the bridge, but from a timing of that variable comp. Maybe turnover to Raj from a strategy without freight perspective.

此外，我們也在那個橋接表中告訴你們，轉型年度仍有 1 億美元的變動薪酬（variable comp）。從時間點來看，這 1 億美元將全部反映在第三季。因此整體轉型年度的影響已在橋接表中呈現，但就變動薪酬的入帳時點而言是如此。接下來也許請 Raj 從「沒有貨運」的策略角度來談。

Yes, and I would just say that the fundamentals of our business remain strong even through the Q3. It's just these one-offs. But even with that, it's just a normal seasonality. But your question about the overarching strategy is very consistent with what you heard at Investor Day.

是的，我想我只想說，即使在第三季，我們業務的基本面仍然強勁。只是有這些一次性因素。但即便如此，也只是正常的季節性。至於你問到的整體策略，與你在投資人日所聽到的內容非常一致。

We are very much focused on being the heartbeat of the industrial economy, focused on premium B2B and high-value B2C. And that's exactly what we have done in executing in the last few months, and you can see the results already. We are obviously in the middle of a huge transformation that's driven by our network transformation, our organizational transformation, digital transformation.

我們非常專注於成為工業經濟的脈動核心，聚焦高端B2B與高價值B2C。而這正是我們在過去幾個月執行所做的事情，你已經可以看到成果。我們顯然正處於一場由我們的網路轉型、組織轉型與數位轉型所驅動的巨大轉型之中。

Those are well underway, and that's our targets that we set for CY29, is a 14% CAGR on the bottom line, and that's what we will accomplish. We also have noted that free cash flow is a very important metric for FedEx, and our target of $6 billion free cash flow for FEC by CY29, and we remain on target for that.

這些都在順利推進中，而我們為CY29設定的目標是：底線以14%的年複合成長率（CAGR）成長，這也是我們將會達成的。我們也指出，自由現金流對FedEx而言是一項非常重要的指標；我們為FEC在CY29前設定的自由現金流目標為60億美元，我們仍按計畫達標。

So it's a very exciting time. We are -- we have a lot of upside in our business. We are focused on the core and key fundamentals. And the Q4 results are very strong, and I'm just excited about it. And again, I also want to take up one more opportunity to thank the FedEx for delivering such a strong quarter.

所以這是一個非常令人振奮的時刻。我們——我們的業務仍有很大的上行空間。我們專注於核心與關鍵基本面。而第四季的結果非常強勁，我對此感到非常興奮。另外，我也想再把握一次機會，感謝FedEx交出如此強勁的一季。

Stephanie Moore, Jefferies.

Stephanie Moore，Jefferies。

I know that building your SMB portfolio is a key strategy, as you think over the next couple of years, as outlined at your analyst day, but maybe you could talk a little bit about your SMB strategy here? It does seem like there's a large competitor, Amazon, that continues to talk about expanding their third-party logistics, SMB fulfillment, and the like. So a lot of headlines there. Would love to get your thoughts and your ability to compete in the, what is very competitive SMB market. Thanks.

我知道，正如你們在分析師日所概述的，建立你們的SMB（中小企業）組合是未來幾年的關鍵策略，但也許你可以多談一點你們在這裡的SMB策略？看起來有一個大型競爭對手Amazon，持續在談擴張其第三方物流、SMB履約等業務。因此相關新聞標題很多。很想聽聽你對於在競爭非常激烈的SMB市場中，你們的看法以及競爭能力。謝謝。

Thanks, Stephanie. First and foremost, I was incredibly proud of our SMB performance all fiscal year, but the team just had a stellar, solid momentum in Q4 with double-digit growth. We have the best loyalty program, which even though our overall renewal rate is in the mid-90s, it's even higher in our SMB base. So these are really sticky, loyal customers.

謝謝你，Stephanie。首先，我對我們整個會計年度的SMB表現感到無比自豪，而團隊在第四季更是以兩位數成長展現出亮眼且穩健的動能。我們擁有最好的忠誠計畫；即使我們整體續約率在90%中段，SMB客群的續約率更高。因此這些客戶非常黏著、非常忠誠。

And one of the things that they tell us often that they really appreciate both the digital experience complemented by our sales team and that those relationships are sometimes decades long. So we really do have a lot of great relationships in small and medium business.

而他們也常告訴我們，他們非常欣賞我們的數位體驗，再加上銷售團隊的配合，而且這些關係有時長達數十年。所以我們在中小企業領域確實擁有許多很棒的關係。

To your question about Amazon entering the market, I think first and foremost, we don't see this as a new portfolio or a new value offering. And what we're doing is we're very focused on our strategy. As we've talked about, we are first and foremost focused on the B2B. We have a global network from pickup and delivery around the world, including a parcel and airfreight portfolio.

至於你問到Amazon進入市場，我認為首先，我們不把這視為一個新的產品組合或新的價值主張。而我們所做的是非常專注於我們的策略。如同我們談過的，我們首先聚焦於B2B。我們擁有從取件到派送、遍及全球的網路，並包含包裹與空運貨運的產品組合。

The momentum that we have right now is market-leading, and the response continues to be really strong. We also, as I mentioned, have the best visibility portfolio, which really matters to our B2B customers. Their advanced notifications of what is moving through our supply chain. If something does go wrong, that we intervene and that they have an action plan is simply best in market. So we feel incredibly strong in B2B.

我們目前的動能是市場領先的，市場回應也持續非常強勁。此外，如我提到的，我們擁有最好的可視性產品組合，這對我們的B2B客戶非常重要。他們能提前收到在我們供應鏈中流動貨件的進階通知。如果真的出了問題，我們會介入處理，並且讓他們有一套行動計畫，這在市場上就是最好的。因此我們在B2B方面感到非常有信心。

From a B2C perspective, we have the best value proposition in the United States from a B2C perspective. We go everywhere every day. We have the fastest network. We've got Saturday and Sunday delivery coverage, and then again, picture proof of delivery and estimated delivery time windows. It's fun to sell both B2B and B2C.

從B2C角度來看，我們在美國的B2C價值主張是最好的。我們每天無所不達。我們擁有最快的網路。我們提供週六與週日的派送覆蓋，並且同樣提供送達照片證明與預估送達時間窗。同時銷售B2B與B2C是一件很有趣的事。

And then I think finally, going back to that relationship. We have complete goal congruency with our customers. When they grow. Profitably, we grow profitably. We want to support their business growth. For example, at peak, we just had our most profitable peak ever because we built the right infrastructure to help our customers grow when it matters to their P&L while still improving our own profitability. So great relationships, goal congruency, and the very best value proposition in the market. So I feel really good about our momentum.

最後，我想回到關係這一點。我們與客戶的目標完全一致。當他們成長時，而且是以獲利的方式成長時，我們也會以獲利的方式成長。我們希望支持他們的業務成長。例如，在旺季，我們剛剛迎來史上最賺錢的一個旺季，因為我們建立了正確的基礎設施，能在對客戶損益表（P&L）最重要的時刻協助他們成長，同時也提升我們自身的獲利能力。所以是很好的關係、目標一致性，以及市場上最好的價值主張。因此我對我們的動能感到非常樂觀。

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

問答環節到此結束。我想把會議交回給Raj Subramaniam，請他做任何結語。

Thank you, operator. Once again, congratulations to team FedEx for the hard work and outstanding execution through FY26. Our strong Q4 and FY26 results demonstrate that we are gaining profitable market share in the most premium verticals of the global economy. I'm proud of our momentum as we enter the transition year, and I'm confident in this continued value creation that's ahead of us. Thank you very much.

謝謝你，接線員。再次恭喜FedEx團隊在FY26期間的辛勤工作與卓越執行。我們強勁的第四季與FY26業績顯示，我們正在全球經濟中最具高端屬性的垂直領域取得具獲利性的市占率提升。在我們進入轉型年度之際，我為我們的動能感到自豪，也對未來持續創造價值充滿信心。非常感謝。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。