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RETIREMENT PLANS
 4 Months Ended
Sep. 30, 2026
Retirement Benefits [Abstract]  
RETIREMENT PLANS RETIREMENT PLANS
We sponsor programs that provide retirement benefits to most of our employees. These programs include defined benefit pension plans, defined contribution plans, and postretirement healthcare plans. Key terms of our retirement plans are provided in our Annual Report.
As discussed in Note 1, our pilots are employed under a newly ratified CBA that took effect on June 29, 2026, which included an amendment to our Employees’ Pension Plan (“EPP”), resulting in an increase to the projected benefit obligation (“PBO”) of $596 million and a pre-tax, noncash mark-to-market gain of $141 million resulting from the interim remeasurement primarily due to a higher discount rate.
In advance of the Spin-Off, a legally separate FedEx Freight defined benefit pension plan was established to transfer both pension liabilities and qualified pension assets for active pension participants who transitioned to FedEx Freight. Effective June 1, 2026, the FedEx defined benefit pension plan and the FedEx Freight defined benefit pension plan were legally separated. The FedEx defined benefit pension plan completed the transfer of an immaterial amount of net liabilities to the FedEx Freight defined benefit pension plan.
Net periodic benefit cost of the pension and postretirement healthcare plans for the periods ended September 30, 2026 and 2025 included the following components (in millions):
Three Months Ended

Pension
Plans

Postretirement Healthcare Plans

2026

2025

20262025
Service cost
$107 

$108 

$7 

$7 
Interest cost
384 

370 

16 

17 
Expected return on plan assets
(484)

(436)

— 

— 
Amortization of prior service cost (credit)
10 

(2)

(1)

(1)
Actuarial losses (gains) and other
— — — — 
Net periodic benefit (income) cost
$17 

$40 

$22 

$23 

Four Months Ended

Pension
Plans

Postretirement Healthcare Plans

2026

2025

2026

2025
Service cost$146 

$146 

$9 

$9 
Interest cost518 

490 

21 

22 
Expected return on plan assets(637)

(582)

— 

— 
Amortization of prior service cost (credit)9 

(3)

(1)

(1)
Actuarial losses (gains) and other
(141)— — — 
Net periodic benefit (income) cost$(105)

$51 

$29 

$30 
The non-service components of net periodic benefit cost are included in ‘Other non-operating, net’ in the accompanying unaudited condensed consolidated statements of income. We made voluntary contributions of $300 million to our U.S. Pension Plan during the four-month period ended September 30, 2026. We anticipate making additional voluntary contributions of $100 million to the U.S. Pension Plan during the remainder of calendar year 2026.