FedEx Q3 Preview: Wall Street Is Upbeat; Will A Fourth Double Beat Boost Stock Back To Record Highs?

FedEx Corporation (NYSE:FDX) could provide a look at the health of several sectors when the company reports third-quarter (Q3) financial results on Thursday after market close. Here are the earnings estimates, analyst ratings and key items to watch. FedEx Q3 Earnings Estimates Analysts expect the transportation and logistics giant to report Q3 revenue of $23.52 billion, up from $22.20 billion in last year's Q3, according to data from Benzinga Pro. The company has beaten analyst estimates for revenue in four straight quarters and five of the last 10 quarters overall. Analysts expect FedEx to report earnings per share of $4.13, versus $4.51 year-over-year. The company has beaten analyst estimates for earnings per share in three straight quarters and in seven of the last 10 quarters overall. FedEx Analyst Ratings and Price Targets Analysts have been raising their price targets on FedEx stock ahead of quarterly results. Here are some of the most recent analyst ratings on FedEx and their price targets: JPMorgan: Maintained Neutral rating, raised price target from $294 to $424 Evercore ISI Group: Maintained In-Line rating, raised price target from $364 to $380 TD Cowen: Maintained Buy rating, raised price target from $313 to $383 Key Items to Watch in FedEx Q3 Results Tariffs have not been a big topic in 2026 for companies reporting quarterly results, but FedEx could break the mold and use its results and commentary to share an update after the Supreme Court ruling. FedEx filed a lawsuit against the U.S. government in February to collect a "full refund" on tariffs it was forced to pay. While the refund is not guaranteed and could take some time, analysts may ask if the figure has been quantified and what it could mean for guidance if the company is awarded a refund. One item that could boost FedEx stock in 2026 is a recent investor day that shares goals and future financial projections. The company put an emphasis on premium growth, expanding AI capabilities and boosting profitability and shareholder value. Among the key financial figures shared at the event was a revenue goal of around $98 billion by 2029. Another area for investors and analysts to watch is the acquisition of InPost by FedEx and several other parties. The acquisition was covered briefly at the investor day, but could get more focus during the earnings call. The spinoff of FedEx Freight, expected to be completed on June 1, could be another area of topic. The move is part of the company's efforts to streamline operations and unlock shareholder value. FedEx adjusted its revenue and earnings per share guidance after second-quarter results, and investors and analysts could expect another strong quarter to have a similar impact on full-year guidance. FedEx Stock Price Action FedEx stock was down 1.4% to $349.74 on Wednesday versus a 52-week trading range of $194.30 to $392.86. FedEx stock is up 19.3% year-to-date in 2026 and shares are up over 40% in the last year. Photo: monticello / Shutterstock