FedEx Performance & Strategy - FedEx delivered margins despite transport industry concerns about lower import volumes due to US tariffs and rule changes [2] - FedEx is on track to spin off its freight business, which is considered almost worth half the company's market capitalization [3][4] - FedEx is benefiting from structural market share gains as it merges domestic networks to lower costs, while competitor UPS faces challenges [5] Market Dynamics & Competition - UPS's business is in structural decline as Amazon takes volumes off it, leading to increased cost per package [4][5] - FedEx is gaining structural market share due to UPS's challenges [5] Financial Outlook - FedEx forecasts a 4-6% year-over-year revenue growth rate for fiscal year 2026, exceeding previous expectations [6] - Domestic volume gains are driving the revenue growth, while international side faces challenges with mixed priority shipments [6][7] - Management is expected to have a somber outlook for global trade [7]