FedEx is one of the world's largest package delivery and freight transportation companies. Its core business, Federal Express, provides express and ground package delivery across more than 220 countries and territories through an integrated air-ground network. Federal Express offers time-definite and day-definite services ranging from overnight express to multi-day ground delivery for packages up to 150 lbs, serving both B2B shippers and B2C e-commerce customers. FedEx Freight, the company's second major business, is the largest LTL (less-than-truckload) carrier in the U.S. by revenue, consolidating shipments from multiple customers into shared trailers for businesses shipping palletized freight. FedEx Freight is expected to be spun off as an independent public company by June 2026. FedEx charges per-package or per-shipment fees based on service level, weight, dimensions, and route, and manages yield through annual rate increases, weekly fuel surcharges, and demand surcharges during peak periods. The network carries high fixed costs — aircraft, hubs, sorting facilities, and vehicles — so volume leverage is critical to profitability. B2B shipments carry higher margins than B2C, so volume mix matters significantly. FedEx is mid-way through two major transformation programs: DRIVE, an enterprise cost reduction effort that has delivered ~$4B in savings vs. FY23, and Network 2.0, which consolidates its legacy ground and express surface networks into a single integrated system and is targeting ~$2B in additional savings by end of FY27.