Tuesday, June 23, 2026 brings two notable earnings events for investors tracking the S&P 500 and broader markets. Equipment rental leader Sunbelt Rentals Holdings (NYSE: SUNB) held its fiscal fourth quarter and full-year 2026 earnings call at 8:30 a.m. ET this morning, while logistics giant FedEx Corporation (NYSE: FDX) is set to report its fiscal fourth quarter 2026 results after market close today. Together, these two reports offer a window into the health of the transportation and industrial infrastructure sectors.
For investors, both reports carry significance beyond just their individual stocks. FedEx is widely regarded as a barometer for global trade and e-commerce activity, while Sunbelt Rentals — one of the largest equipment rental companies in the world — provides insight into construction spending and infrastructure activity.
This marks a relatively quiet week on the earnings calendar as the pre-Q2 reporting lull continues. S&P 500 companies are largely holding off on their next round of quarterly results, which will begin in earnest in mid-July. The two reports today — FedEx and Sunbelt Rentals — stand out as the most market-relevant events of the session.
Sunbelt Rentals began trading on the New York Stock Exchange earlier in 2026 after separating from its former parent Ashtead Group. Its fiscal year ends April 30, making this full-year report a comprehensive look at the company's first extended period as an independent U.S.-listed company. It operates nearly 1,600 locations with a fleet of assets exceeding $19 billion.
FedEx, meanwhile, is reporting its first full fiscal quarter following the June 1, 2026 spin-off of FedEx Freight into an independently traded company (NYSE: FDXF). The company distributed one share of FDXF for every two FDX shares held, and retained a 19.9% stake in the new entity. This quarter will mark the first time FDX reports results under its streamlined, asset-lighter structure.
Beyond the headline numbers, investors will be closely watching management commentary on: (1) the post-freight spin-off financial structure and its impact on operating margins; (2) progress on Network 2.0, the company's multi-year restructuring program targeting $2 billion in annual cost savings by end of fiscal 2027; (3) fiscal year 2027 earnings guidance (analysts currently project FY2027 EPS of ~$22.04, an 11.8% rise); and (4) plans to monetize FedEx's retained 19.9% stake in FDXF.
Sunbelt Rentals reported its fiscal Q3 2026 results (quarter ended January 31, 2026) in March, posting total revenue of $2.637 billion — up 2.7% year-over-year — with rental revenue growing 2.6% to $2.443 billion. Net income was $290 million ($0.69 diluted EPS) and adjusted EBITDA reached $1.082 billion at a 41.0% margin.
For the full fiscal year through Q3, the company reported adjusted EPS of $2.98, adjusted EBITDA of $3.610 billion (43.0% margin), cash flow from operations of $2.834 billion, and free cash flow of $1.428 billion. The company also returned $1.354 billion to shareholders through buybacks ($1.047 billion) and dividends ($307 million).
Heading into Q4, Sunbelt had narrowed and raised the midpoint of its full-year rental revenue growth outlook from 0%-4% to 2%-3%. Analysts will be watching for final full-year results, fiscal 2027 guidance, and any commentary on construction market conditions — particularly the trajectory of mega project activity versus softness in local non-residential construction.
FedEx's results and guidance will be closely watched by investors across multiple sectors. As the world's largest express delivery network, FedEx's volume data and pricing commentary provide a real-time read on global trade flows, e-commerce trends, and business-to-business shipment demand. A strong print — particularly if accompanied by bullish FY2027 guidance — could buoy transportation stocks broadly, including UPS (UPS), XPO (XPO), and C.H. Robinson (CHRW).
The newly-spun FDXF (FedEx Freight) will report its own Q4 results on June 25, providing further detail on the LTL (less-than-truckload) freight market. Investors in both FDX and FDXF are watching how each entity performs independently in the quarters ahead.
For Sunbelt Rentals, the results will help investors gauge conditions in the equipment rental and construction spending ecosystem. Competitor United Rentals (URI) — the largest equipment rental company by market cap — also operates in the same space, and Sunbelt's commentary on mega project demand, fleet utilization, and pricing trends will inform the sector outlook.
Broader context: FactSet projects S&P 500 Q2 2026 earnings growth of 22% year-over-year — the second consecutive quarter above 20%. Both FedEx and Sunbelt Rentals results today may add to confidence in that outlook, or introduce caution if guidance disappoints.
June 23 brings two meaningful earnings events: Sunbelt Rentals' full fiscal year 2026 results and FedEx's Q4 fiscal 2026 report after market close. FedEx is the higher-profile of the two, with investors focused on its first full quarter as a streamlined express and ground delivery company following the FedEx Freight spin-off, as well as its fiscal 2027 guidance. Sunbelt Rentals' results will offer important context on equipment rental demand and construction market health. Both companies are S&P 500 members and provide meaningful sector-level signals for the broader market.
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