Revenue share gains in priority B2B verticals were “an important driver” of FedEx Q3 performance, according to CEO Rajesh Subramaniam.
On a quarterly earnings call with investors, he noted that nearly half of FedEx revenue growth in Q3 came from B2B services — similar to Q2. He called them “an important enabler of increased profitability.”
Additionally, he said “high-value B2B verticals are a core priority” in FedEx’s profitable growth strategy.
FedEx’s “strategic focus on B2B verticals supported 7% volume growth in U.S. Priority and Deferred Express services,” said chief customer officer Brie Carere. “International export volumes inflected positively for the first time in fiscal year ’26, up 2% year over year.”
She also confirmed that most of FedEx’s handling of Amazon package volume will be for home delivery.
“It is still ramping, and it is not material in this quarter, and we don’t anticipate it will be material,” Carere said. “We feel really good about the partnership.”
Close to half of the Top 2000 retailers in North America use FedEx as a shipping carrier, according to Digital Commerce 360 data. The Top 2000 refers to North America’s largest online retailers by annual ecommerce sales. In 2025, 927 online retailers in the Top 2000 Database used FedEx as a shipping carrier.
How B2B factored into FedEx Q3 revenue growth
Carere referred to “high-value B2B and specialized B2C” as segments where FedEx “differentiation matters the most to our customers.” Wins in those areas encouraged FedEx in Q3, she said, as did its “growing sales pipeline across key B2B verticals.”
As part of those successes, the carrier’s sales team sold bundled FedEx services to customers, “supporting higher win rates and stronger customer loyalty.” Within the health care field, she said, FedEx grew its transportation revenue in addition to value-added services. To
FedEx also seeks to attract new business in pharmaceuticals. Carere called it a market where the carrier is “currently underpenetrated.” To attract that business, she said FedEx is enhancing its offering “to serve the specialized unique needs of our customers with an extreme emphasis on quality.”
As part of that focus on health care, she said, includes onboarding a health care-focused vice president of quality in its current fiscal quarter (its Q4).
She said the new executive “brings deep external experience in global health care logistics. This newly created position will help strengthen our global quality governance and harmonize standards across our network.”
FedEx also sees its growing involvement in the automotive industry as an opportunity for its commercial ground services.
“We’ve been looking at some of the opportunity to expand our weekend even further and use our weekend coverage for commercial purposes versus just ecommerce purposes,” Carere said. “And we see some opportunity there. We know that as data centers expand that, yes, there will be some LTL business for my friends over at freight. But in addition, there is going to be some parcel business going to drive commercial up.”
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