What FedEx Tells Its Investors
The most reliable description of how FedEx delivery works is the one FedEx gives the Securities and Exchange Commission, because it is made under legal obligation and is not marketing.
In its annual report on Form 10-K, FedEx states that as of 31 May 2026 it "operated approximately 82,000 motorized vehicles in its global network and also conducts certain linehaul and pickup-and-delivery operations primarily with approximately 100,000 motorized vehicles owned or leased by independent service providers."
Read that carefully. More vehicles moving FedEx packages are owned or leased by other businesses than are operated by FedEx itself.
The same filing describes what FedEx provides to those businesses: it "offers service providers advanced route optimization technology," and "service providers contracting with us agree to use certain safety-related vehicle technologies and satisfy certain driver standards." And among the risks it identifies to its own transformation is its ability to "successfully manage challenges to the employment status of drivers employed by service providers utilized in certain linehaul and pickup-and-delivery operations."
That last sentence is the legal question of this page, stated by the company itself.

