FDX 10-K: Freight Spin-off Planned, FY End Moves, Fuel Cost Down 21 %

Q: What is FedEx鈥檚 new fiscal year end?

December 31 ; the change becomes effective for the period beginning June 1 2026.

Q: How far along is the Network 2.0 optimization project?

FedEx reports implementation in ~290 locations, including full rollout in Canada and 130 U.S. sites.

Q: How much did FedEx spend on jet fuel in FY25?

Jet fuel cost was $2.83 billion , representing 3.2 % of consolidated revenue, down from $3.60 billion in FY24.

Q: What was FedEx鈥檚 market capitalization used in the filing?

Non-affiliate market value was approximately $66.8 billion based on the 30 Nov 2024 closing price.

[8-K] CALIX, INC. Reports Material Event

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

FedEx Corporation鈥檚 FY25 Form 10-K outlines several structural and strategic shifts but provides limited current-year P&L detail. Key disclosures include:

One FedEx integration: On 1 Jun 2024 FedEx Ground and FedEx Corporate Services were merged into Federal Express, creating a unified air-ground network now reported as two segments: Federal Express and FedEx Freight.
Planned spin-off: In Dec 2024 the Board approved a tax-free spin-off of FedEx Freight, targeting completion by Jun 2026.
Fiscal-year change: Effective 1 Jun 2026 the company will shift its year-end from 31 May to 31 Dec.
Network 2.0 & DRIVE: Efficiency program now active in ~290 locations; Canada rollout finished and ~130 U.S. facilities converted.
Pricing actions: U.S. domestic & international list rates rose 5.9% on 6 Jan 2025; most pandemic-era demand surcharges were suspended 31 May 2025.
Fuel profile: Jet-fuel spend fell to $2.83 bn (3.2 % of revenue) from $3.60 bn in FY24; FedEx remains un-hedged.
Capital structure: 235.9 m shares outstanding (17 Jul 2025); non-affiliate market value c.$66.8 bn.
Labor: 440 k employees at Federal Express; pilot contract talks continue under NMB mediation after July 2023 vote.

No revenue, EPS or cash-flow figures are provided in the excerpt; investors must review the full financial statements in Item 8 for performance metrics.

FedEx Corporation鞚� FY25 須岅硠鞐半弰 Form 10-K電� 鞐煬甑“鞝� 氚� 鞝勲灥鞝� 氤€頇旊ゼ靹る獏頃橃毵�, 鞓暣靻愳澋靹鸽秬靷暛鞚€ 鞝滍暅鞝侅溂搿� 鞝滉车頃╇媹雼�. 欤检殧瓿奠嫓雮挫毄鞚€ 雼れ潓瓿� 臧欖姷雼堧嫟:

One FedEx 韱淀暕: 2024雲� 6鞗� 1鞚� FedEx Ground鞕€ FedEx Corporate Services臧€ Federal Express搿� 頃╇硲霅橃柎韱淀暕霅� 頃车-歆€靸� 雱ろ姼鞗岉伂臧€ 順曥劚霅橃棃鞙茧┌, 順勳灛霊� 臧滌潣靹戈犯毹柬姼鞚� Federal Express鞕€ FedEx Freight搿� 氤搓碃霅╇媹雼�.
瓿勴殟霅� 攵勳偓: 2024雲� 12鞗� 鞚挫偓須岆姅 FedEx Freight鞚� 氍搓臣靹� 攵勳偓毳� 鞀轨澑頄堨溂氅�, 2026雲� 6鞗� 鞕勲毳� 氇╉憸搿� 頃橁碃鞛堨姷雼堧嫟.
須岅硠鞐半弰氤€瓴�: 2026雲� 6鞗� 1鞚茧秬韯� 須岇偓鞚� 須岅硠鞐半弰膦呺鞚检潉 5鞗� 31鞚检棎靹� 12鞗� 31鞚茧 氤€瓴巾暕雼堧嫟.
Network 2.0 & DRIVE: 鞎� 290臧� 歆€鞝愳棎靹� 須湪靹� 頂勲攴鸽灗鞚� 頇滌劚頇旊悩鞐堨溂氅�, 旌愲倶雼れ棎靹滊姅搿れ晞鞗冹潉鞕勲頄堦碃氙戈淡雮� 鞎� 130臧� 鞁滌劋鞚� 鞝勴櫂霅橃棃鞀惦媹雼�.
臧€瓴� 臁办箻: 2025雲� 1鞗� 6鞚� 氙戈淡甑偞氚� 甑牅鞖旉笀鞚� 5.9% 鞚胳儊霅橃棃鞙茧┌, 雽€攵€攵勳潣韺嵃氙� 靾橃殧頃犾耄岆姅 2025雲� 5鞗� 31鞚检棎欷戨嫧霅橃棃鞀惦媹雼�.
鞐半 牍勳毄順勴櫓: 鞝滍姼鞐半 牍勳毄鞚� FY24鞚� 36鞏� 雼煬鞐愳劀 28鞏� 3觳滊 雼煬(毵れ稖鞚� 3.2%)搿� 臧愳唽頄堨溂氅�, FedEx電� 項れ頃橃 鞎婌潃靸來儨鞛呺媹雼�.
鞛愲掣甑“: 2025雲� 7鞗� 17鞚� 旮办 氚滍枆欤检嫕靾橂姅 2鞏� 3,590毵� 欤检澊氅�, 牍勱硠鞐� 鞁滌灔臧€旃橂姅鞎� 668鞏� 雼煬鞛呺媹雼�.
云鸽彊: Federal Express鞐� 44毵� 氇呾潣歆侅洂鞚� 鞛堨溂氅�, 2023雲� 7鞗� 韴憸鞚错泟 NMB 欷戩灛頃橃棎臁办靷� 瓿勳暯順戩儊鞚� 瓿勳啀歆勴枆欷戩瀰雼堧嫟.

氚滌穼氍胳棎電� 毵れ稖, 欤茧嫻靾滌澊鞚� 霕愲姅順勱笀頋愲 靾橃箻臧€ 韽暔霅橃柎鞛堨 鞎婌溂氙€搿� 韴瀽鞛愲姅靹标臣歆€響滊ゼ鞙勴暣頃 8鞚� 鞝勳泊鞛鞝滍憸毳� 瓴€韱犿暣鞎� 頃╇媹雼�.

Le formulaire 10-K de l鈥檈xercice FY25 de FedEx Corporation pr茅sente plusieurs changements structurels et strat茅giques, mais fournit peu de d茅tails sur le compte de r茅sultat de l鈥檃nn茅e en cours. Les principales informations divulgu茅es incluent :

Int茅gration One FedEx : Le 1er juin 2024, FedEx Ground et FedEx Corporate Services ont 茅t茅 fusionn茅s au sein de Federal Express, cr茅ant un r茅seau int茅gr茅 air-sol d茅sormais report茅 en deux segments : Federal Express et FedEx Freight.
Scission pr茅vue : En d茅cembre 2024, le conseil d鈥檃dministration a approuv茅 une scission exon茅r茅e d鈥檌mp么ts de FedEx Freight, dont l鈥檃ch猫vement est pr茅vu pour juin 2026.
Changement d鈥檈xercice fiscal : 脌 compter du 1er juin 2026, la soci茅t茅 d茅calera la cl么ture de son exercice du 31 mai au 31 d茅cembre.
Network 2.0 & DRIVE : Programme d鈥檈fficacit茅 d茅sormais actif dans environ 290 sites ; d茅ploiement termin茅 au Canada et environ 130 installations am茅ricaines converties.
Actions tarifaires : Les tarifs nationaux et internationaux am茅ricains ont augment茅 de 5,9% le 6 janvier 2025 ; la plupart des surtaxes li茅es 脿 la demande pand茅mique ont 茅t茅 suspendues le 31 mai 2025.
Profil carburant : Les d茅penses en carburant pour avions ont chut茅脿 2,83 milliards de dollars (3,2 % du chiffre d鈥檃ffaires) contre 3,60 milliards en FY24 ; FedEx reste non couvert.
Structure du capital : 235,9 millions d鈥檃ctions en circulation (au 17 juillet 2025) ; valeur de march茅 hors affili茅s d鈥檈nviron 66,8 milliards de dollars.
Personnel : 440 000 employ茅s chez Federal Express ; les n茅gociations du contrat des pilotes se poursuivent sous m茅diation NMB apr猫s le vote de juillet 2023.

Aucun chiffre de chiffre d鈥檃ffaires, BPA ou flux de tr茅sorerie n鈥檈st fourni dans cet extrait ; les investisseurs doivent consulter les 茅tats financiers complets 脿 la rubrique 8 pour les indicateurs de performance.

Positive

Board-approved spin-off of FedEx Freight targeted for completion by June 2026, potentially unlocking shareholder value.
Network 2.0 and DRIVE rollout has reached ~290 sites, indicating traction on cost-efficiency initiatives.
Jet-fuel expense declined 21 % YoY, easing cost pressure without hedging complexity.

Negative

Filing excerpt lacks revenue, EPS and cash-flow figures, limiting immediate assessment of financial health.
Pilot contract remains unresolved; mediation continues after failed ratification, carrying future labor-cost uncertainty.

Insights

TL;DR: Filing signals portfolio reshaping via Freight spin-off and network optimization; absent financials keep immediate valuation impact neutral.

The Freight spin-off could unlock a pure-play LTL entity and let core express focus on margin recovery, yet timelines (FY26) limit near-term catalysts. One FedEx and Network 2.0 show execution progress鈥�290 sites converted鈥攂ut benefits hinge on parcel-volume recovery. Fuel and surcharge data confirm cost tailwinds versus FY24. The fiscal-year change will shorten the next reporting period, complicating YoY comparability. Ongoing pilot negotiations pose limited operational risk at present. Overall, strategic direction is positive but incremental, with valuation implications dependent on future earnings detail.

One FedEx 韱淀暕: 2024雲� 6鞗� 1鞚� FedEx Ground鞕€ FedEx Corporate Services臧€ Federal Express搿� 頃╇硲霅橃柎韱淀暕霅� 頃车-歆€靸� 雱ろ姼鞗岉伂臧€ 順曥劚霅橃棃鞙茧┌, 順勳灛霊� 臧滌潣靹戈犯毹柬姼鞚� Federal Express鞕€ FedEx Freight搿� 氤搓碃霅╇媹雼�.
瓿勴殟霅� 攵勳偓: 2024雲� 12鞗� 鞚挫偓須岆姅 FedEx Freight鞚� 氍搓臣靹� 攵勳偓毳� 鞀轨澑頄堨溂氅�, 2026雲� 6鞗� 鞕勲毳� 氇╉憸搿� 頃橁碃鞛堨姷雼堧嫟.
須岅硠鞐半弰氤€瓴�: 2026雲� 6鞗� 1鞚茧秬韯� 須岇偓鞚� 須岅硠鞐半弰膦呺鞚检潉 5鞗� 31鞚检棎靹� 12鞗� 31鞚茧 氤€瓴巾暕雼堧嫟.
Network 2.0 & DRIVE: 鞎� 290臧� 歆€鞝愳棎靹� 須湪靹� 頂勲攴鸽灗鞚� 頇滌劚頇旊悩鞐堨溂氅�, 旌愲倶雼れ棎靹滊姅搿れ晞鞗冹潉鞕勲頄堦碃氙戈淡雮� 鞎� 130臧� 鞁滌劋鞚� 鞝勴櫂霅橃棃鞀惦媹雼�.
臧€瓴� 臁办箻: 2025雲� 1鞗� 6鞚� 氙戈淡甑偞氚� 甑牅鞖旉笀鞚� 5.9% 鞚胳儊霅橃棃鞙茧┌, 雽€攵€攵勳潣韺嵃氙� 靾橃殧頃犾耄岆姅 2025雲� 5鞗� 31鞚检棎欷戨嫧霅橃棃鞀惦媹雼�.
鞐半 牍勳毄順勴櫓: 鞝滍姼鞐半 牍勳毄鞚� FY24鞚� 36鞏� 雼煬鞐愳劀 28鞏� 3觳滊 雼煬(毵れ稖鞚� 3.2%)搿� 臧愳唽頄堨溂氅�, FedEx電� 項れ頃橃 鞎婌潃靸來儨鞛呺媹雼�.
鞛愲掣甑“: 2025雲� 7鞗� 17鞚� 旮办 氚滍枆欤检嫕靾橂姅 2鞏� 3,590毵� 欤检澊氅�, 牍勱硠鞐� 鞁滌灔臧€旃橂姅鞎� 668鞏� 雼煬鞛呺媹雼�.
云鸽彊: Federal Express鞐� 44毵� 氇呾潣歆侅洂鞚� 鞛堨溂氅�, 2023雲� 7鞗� 韴憸鞚错泟 NMB 欷戩灛頃橃棎臁办靷� 瓿勳暯順戩儊鞚� 瓿勳啀歆勴枆欷戩瀰雼堧嫟.

Int茅gration One FedEx : Le 1er juin 2024, FedEx Ground et FedEx Corporate Services ont 茅t茅 fusionn茅s au sein de Federal Express, cr茅ant un r茅seau int茅gr茅 air-sol d茅sormais report茅 en deux segments : Federal Express et FedEx Freight.
Scission pr茅vue : En d茅cembre 2024, le conseil d鈥檃dministration a approuv茅 une scission exon茅r茅e d鈥檌mp么ts de FedEx Freight, dont l鈥檃ch猫vement est pr茅vu pour juin 2026.
Changement d鈥檈xercice fiscal : 脌 compter du 1er juin 2026, la soci茅t茅 d茅calera la cl么ture de son exercice du 31 mai au 31 d茅cembre.
Network 2.0 & DRIVE : Programme d鈥檈fficacit茅 d茅sormais actif dans environ 290 sites ; d茅ploiement termin茅 au Canada et environ 130 installations am茅ricaines converties.
Actions tarifaires : Les tarifs nationaux et internationaux am茅ricains ont augment茅 de 5,9% le 6 janvier 2025 ; la plupart des surtaxes li茅es 脿 la demande pand茅mique ont 茅t茅 suspendues le 31 mai 2025.
Profil carburant : Les d茅penses en carburant pour avions ont chut茅脿 2,83 milliards de dollars (3,2 % du chiffre d鈥檃ffaires) contre 3,60 milliards en FY24 ; FedEx reste non couvert.
Structure du capital : 235,9 millions d鈥檃ctions en circulation (au 17 juillet 2025) ; valeur de march茅 hors affili茅s d鈥檈nviron 66,8 milliards de dollars.
Personnel : 440 000 employ茅s chez Federal Express ; les n茅gociations du contrat des pilotes se poursuivent sous m茅diation NMB apr猫s le vote de juillet 2023.

07/21/2025 - 04:14 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 21, 2025

CALIX, INC.

(Exact name of Registrant as specified in its charter)

Delaware

001-34674

68-0438710

(State or other jurisdiction
of incorporation)

(Commission
File No.)

(I.R.S. Employer
Identification No.)

2777 Orchard Parkway, San Jose, California

95134

(Address of principal executive offices)

(Zip Code)


(408) 514-3000
(Registrant’s telephone number, including area code)


Not Applicable
(Former name or former address if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

Common Stock, par value $0.025 per share

CALX

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).


Emerging Growth Company						☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act). o

Item 2.02 Results of Operations and Financial Condition.

On July 21, 2025, Calix, Inc. (the “Company”) issued a press release announcing it has publicly disseminated a stockholder letter with its financial results for the second quarter ended June 28, 2025. The press release is attached hereto as Exhibit 99.1. The stockholder letter, a copy of which is attached hereto as Exhibit 99.2 and incorporated herein by reference, includes reference to the non-GAAP measures of non-GAAP gross margin, non-GAAP operating expenses, non-GAAP sales and marketing investments, non-GAAP research and development investments, non-GAAP general and administrative investments, non-GAAP effective income tax rate, non-GAAP net income or profitability, non-GAAP net income per diluted common share and non-GAAP free cash flow. These non-GAAP measures are provided to enhance the reader’s understanding of the Company’s operating performance as they primarily exclude non-cash stock-based compensation, U.S. tariff and tariff-related costs, intangible asset amortization and the impact from changes in income taxes, which the Company believes are not indicative of its core operating results. Management believes that the non-GAAP measures used in this stockholder letter provide investors with important perspectives into the Company’s ongoing business performance and management uses these non-GAAP measures to evaluate financial results and to establish operational goals. The presentation of these non-GAAP measures is not meant to be a substitute for results presented in accordance with U.S. GAAP, but rather should be evaluated in conjunction with those GAAP results. A reconciliation of the non-GAAP results to the most directly comparable U.S. GAAP results is contained in tabular form in Exhibit 99.2. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

Such information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits


Exhibit No.						Description
99.1						Press Release, dated July 21, 2025 announcing second quarter 2025 financial results.
99.2						Stockholder Letter dated July 21, 2025 announcing financial results of the Company.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:

July 21, 2025

CALIX, INC.

By:

/s/ Cory Sindelar

Cory Sindelar

Chief Financial Officer

EXHIBIT INDEX


Exhibit No.						Description
99.1						Press Release, dated July 21, 2025 announcing second quarter 2025 financial results.
99.2						Stockholder Letter dated July 21, 2025 announcing financial results of the Company.

Source:

FAQ

Why is FedEx (FDX) spinning off FedEx Freight?

The Board believes a separate publicly traded LTL company will enhance strategic focus and could unlock shareholder value; completion is targeted by June 2026.

What is FedEx鈥檚 new fiscal year end?

December 31; the change becomes effective for the period beginning June 1 2026.

How far along is the Network 2.0 optimization project?

FedEx reports implementation in ~290 locations, including full rollout in Canada and 130 U.S. sites.

How much did FedEx spend on jet fuel in FY25?

Jet fuel cost was $2.83 billion, representing 3.2 % of consolidated revenue, down from $3.60 billion in FY24.

What was FedEx鈥檚 market capitalization used in the filing?

Non-affiliate market value was approximately $66.8 billion based on the 30 Nov 2024 closing price.

Is there any change to FedEx鈥檚 rate structure for 2025?

Yes, average list prices for U.S. domestic and international services rose 5.9 % on 6 Jan 2025; most pandemic demand surcharges were later suspended.

AG真人官方

[8-K] CALIX, INC. Reports Material Event

Insights

FAQ

Why is FedEx (FDX) spinning off FedEx Freight?

What is FedEx鈥檚 new fiscal year end?

How far along is the Network 2.0 optimization project?

How much did FedEx spend on jet fuel in FY25?

What was FedEx鈥檚 market capitalization used in the filing?

Is there any change to FedEx鈥檚 rate structure for 2025?

NYSE:CALX

CALX Rankings

CALX Latest News

CALX Latest SEC Filings

CALX Stock Data

AG真人官方

Trending News

[8-K] CALIX, INC. Reports Material Event

Insights

Corporate Strategy Analyst neutral

FAQ

Why is FedEx (FDX) spinning off FedEx Freight?

What is FedEx鈥檚 new fiscal year end?

How far along is the Network 2.0 optimization project?

How much did FedEx spend on jet fuel in FY25?

What was FedEx鈥檚 market capitalization used in the filing?

Is there any change to FedEx鈥檚 rate structure for 2025?

NYSE:CALX

CALX Rankings

CALX Latest News

CALX Latest SEC Filings

CALX Stock Data