In short: Cited alongside NVIDIA and CVS Health as an established customer use case for the ITSM Level-1 automation offering introduced at Knowledge.
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In short: Doesn't own it but respects the turnaround — the LTL spin-off, narrowed focus and new ROIC discipline make it a better-run global logistics name than UPS. Delivery is still cyclical, so he doesn't love the category.
FedEx is the global package-delivery company. Harris doesn't own it, but he respects its turnaround: it spun off its slower freight (less-than-truckload) division, narrowed its focus, and now manages for "return on invested capital" — i.e. only doing things that actually earn a good return.
He rates it ahead of rival UPS, but delivery is an inherently cyclical business he doesn't love, so it's an appreciate-the-progress call rather than a buy.
29:16coming from Gil. FedEx recently split off, spun off its um less than truckload business. So now it's two separate companies. uh and and they're in the midst of a turnaround that seems to be going well. Yeah. So I I mean you know like delivery services are um uh cyclical in a way but
In short: Q4 revenue +13% to $25.0B ($1.0B beat), adj EPS $6.31 (+6%, $0.36 beat); FY26 adj EPS $20.24 (above guide), $4.7B adj FCF. Shares −6% on Q4 operating-margin compression to 8.4% (from 9.1%) + a soft CY26 guide. Freight spin-off closed Jun 1; fiscal year shifting to the calendar year. Premium B2B (healthcare/aerospace/auto/AI-data-center logistics) drove growth; Network 2.0 at 45% of eligible volume. (Recap, not a stance call.)
FedEx moves packages and freight. The quarter beat expectations, but the stock still fell about 6% for two reasons: its operating margin (profit per dollar of revenue) shrank, and its guidance for the next year was softer than some analysts wanted. The bigger story is structural change. FedEx just spun off its trucking ("Freight") business into a separate company on June 1, and it's switching its financial calendar to match the regular calendar year — so the next reporting stub is an unusual 7-month period.
Underneath, FedEx is doing two things: chasing efficiency rather than growth (it beat a $1 billion cost-savings target and has been retiring planes), and leaning into higher-value "premium" deliveries — healthcare, aerospace, and especially logistics for AI data centers, its fastest-growing area. "Network 2.0" is its plan to consolidate overlapping pickup-and-delivery routes into a cheaper combined network. The open question the article poses: can FedEx's premium pricing cover rising labor and pilot costs, and will Amazon building out its own delivery network start eating into FedEx's gains? A recap, not a call.
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