Executive Summary
The S&P 500 Industrials stream reveals a sector in transition, with a clear divergence between aerospace/defense strength and transportation/logistics headwinds. Honeywell Aerospace's post-spin performance is mixed, with a 5% sales increase but a 70% net income drop and downward guidance revision, while insider equity awards signal long-term confidence.
The transportation sector is under severe pressure: FedEx Freight's operating income collapsed 62% YoY, UPS's operating profit fell 49% due to surging fuel and purchased transportation costs, and Delta Air Lines' top executives sold a combined ~$29M in stock, signaling bearish sentiment. Caterpillar stands out as a bright spot, with profit surging 47% YoY on 23% revenue growth, though its financing arm shows rising credit losses. Uber's strong Q2 performance (24% gross bookings growth, $10B TTM free cash flow) contrasts with its own Mobility revenue stagnation. The dominant themes are margin compression from cost inflation, a capital allocation shift toward debt-funded buybacks, and a 'barbell' market where industrial heavyweights outperform while logistics players struggle.
Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →
Filing types in this digest: 10-Q · Form 4 · 8-K · 10-K
Tracking the trend? Catch up on the prior S&P 500 Industrials Sector SEC Filings digest from August 04, 2026.
Investment Signals (10)
- Caterpillar Inc ↓ (BULLISH)▲
Profit surged 46.9% YoY to $6.1B on 23.2% revenue growth, with diluted EPS up 50% to $13.23. This is a standout performer in the sector, driven by infrastructure and energy demand.
- Uber Technologies ↓ (BULLISH)▲
Q2 2026 Gross Bookings grew 24% YoY to $58B, revenue up 12% to $14.2B, and TTM free cash flow exceeded $10B for the first time. Non-GAAP EPS grew 35% YoY.
- Honeywell Aerospace ↓ (BULLISH)▲
Post-spin, Q2 sales grew 5% YoY to $4.5B, backlog up 9% to $18.2B, and $15B in new YTD wins including a record 810-aircraft IndiGo deal. Long-term demand is robust despite near-term cost headwinds.
- Delta Air Lines ↓ (BEARISH)▲
CEO Bastian sold 206,510 shares (~$19.2M), President Carter sold 39,900 shares (~$3.7M), and EVP Bellemare sold 35,000 shares (~$3.25M) in coordinated insider selling. Total insider sales of ~$29M signal management concern about near-term outlook.
- FedEx Freight ↓ (BEARISH)▲
Operating income collapsed 62% YoY to $540M, operating margin contracted from 15.8% to 6.1%, and operating cash flow plunged 89% to $167M. Separation costs of $492M and a $3.9B net transfer to parent have turned equity negative.
- UPS (BEARISH)▲
Q2 operating profit fell 49% YoY to $930M, net income dropped 52.9%, and diluted EPS halved to $0.71. Fuel expense surged 60.4% YoY and purchased transportation rose 26.4%, crushing margins.
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Profit rose 5.1% YoY in Q2, but credit quality is deteriorating—write-offs surged 70% to $46M, past-due receivables jumped 61% to $457M, and operating cash flow declined 15.9%. This is a leading indicator for Caterpillar's core business. [MIXED/BEARISH]
- Johnson Controls ↓ (BEARISH)▲
VP & Pres Schlitz Lei Zhang sold 23,417 shares (~$3.6M) in a single day, a material insider sale that may indicate concerns about the building solutions segment.
- ADP (MIXED)▲
FY2026 revenue grew 7% to $21.9B, net earnings up 8%, and adjusted diluted EPS up 11% to $11.12. However, PEO Services earnings declined 2% and Employer Services growth slowed to 5% from 7%, suggesting deceleration.
- Honeywell Aerospace Insider Awards (BULLISH)▲
CEO Currier received 51,808 stock options and 22,032 RSUs, and CFO Jepsen received 25,329 options and 10,772 RSUs. These substantial equity grants align management with long-term value creation post-spin.
Risk Flags (8)
- FedEx Freight/Financial Distress↓ [HIGH RISK]▼
Long-term debt surged from $66M to $4.48B, equity turned negative to -$497M, and operating cash flow collapsed 89%. The $3.9B net transfer to parent raises questions about the subsidiary's financial independence.
- UPS/Cost Inflation [HIGH RISK]▼
Fuel expense surged 60.4% YoY and purchased transportation rose 26.4%, outpacing 7.6% revenue growth. Operating margin compressed from 8.6% to 4.1%, and cash reserves fell 20.9% to $4.65B.
- Delta Air Lines/Insider Exodus↓ [HIGH RISK]▼
Four top insiders (CEO, President, EVP, Director) sold a combined ~$29M in stock within days. CEO Bastian sold 100% of exercised options, a pattern that historically precedes stock underperformance.
- Caterpillar Financial/Credit Deterioration↓ [MEDIUM RISK]▼
Write-offs increased 70% YoY to $46M, provision for credit losses rose 48% to $31M, and past-due receivables jumped 61% to $457M. This is the first warning sign of stress in Caterpillar's customer base.
- Honeywell Aerospace/Guidance Cut↓ [MEDIUM RISK]▼
Full-year organic growth guidance was slashed from 7-9% to 4-5%, and pro forma adjusted EBIT guidance was cut by $300M at the midpoint. Separation costs of ~$100M in Q2 alone will continue to weigh on margins.
- ADP/Slowing Growth [MEDIUM RISK]▼
Employer Services organic constant currency growth decelerated to 5% from 7% YoY, and SG&A expenses grew 9% outpacing 7% revenue growth. PEO Services earnings declined 2%, indicating margin pressure in a key segment.
- Uber/Mobility Revenue Stagnation↓ [MEDIUM RISK]▼
Mobility revenue grew only 1% YoY (flat constant currency) due to business model changes, even as total Gross Bookings grew 24%. This structural shift could limit future revenue growth.
- Caterpillar/FX Exposure↓ [MEDIUM RISK]▼
Total other comprehensive income swung from a $787M gain to a $95M loss, driven by a $97M foreign currency translation loss. This is a significant headwind for a global company with 50%+ international exposure.
Opportunities (8)
- Caterpillar/Infrastructure Supercycle↓ (OPPORTUNITY)◆
Profit surged 47% YoY on 23% revenue growth, with diluted EPS up 50% to $13.23. The company is benefiting from US infrastructure spending and energy demand. With a forward P/E likely below 15x, it remains attractively valued.
- Uber/Free Cash Flow Machine↓ (OPPORTUNITY)◆
TTM free cash flow exceeded $10B for the first time, with Q2 FCF of $2.8B. The company repurchased $3.5B in stock in H1 2026, signaling confidence. At current valuation, the FCF yield is compelling.
- Honeywell Aerospace/Post-Spin Catalyst↓ (OPPORTUNITY)◆
The spin-off from Honeywell International creates a pure-play aerospace & defense company with $18.2B backlog and $15B in YTD wins. The 9% backlog growth and record IndiGo deal provide long-term revenue visibility. Insider equity awards align management.
- FedEx Freight/Turnaround Play↓ (OPPORTUNITY)◆
The stock has likely overreacted to the 62% operating income decline. The $492M in separation costs are one-time, and revenue per shipment increased 4% to $386.63. If cost restructuring succeeds, margins could normalize from 6.1% toward the historical 15%+ level.
- UPS/Contrarian Value Play (OPPORTUNITY)◆
UPS trades at a depressed multiple after the 49% profit decline. Fuel and purchased transportation costs are cyclical—if fuel prices moderate, EPS could rebound sharply. The company's global logistics network remains irreplaceable.
- Caterpillar Financial/Stress Indicator for Shorting↓ (OPPORTUNITY)◆
The 61% jump in past-due receivables and 70% increase in write-offs may be a leading indicator for Caterpillar's core business. If this trend continues, CAT stock could face headwinds, presenting a short opportunity.
- Delta Air Lines/Insider Selling as Contrarian Signal↓ (OPPORTUNITY)◆
The coordinated insider selling at ~$92-93 may indicate the stock is near a peak. With fuel costs rising and capacity returning, Delta's earnings could face pressure. Shorting against the insider signal could be profitable.
- ADP/Defensive Growth at Reasonable Price (OPPORTUNITY)◆
ADP's 7% revenue growth, 8% net earnings growth, and 11% adjusted EPS growth provide steady compounding. The stock may offer a safe haven if industrials face a downturn, given its recurring revenue model.
Sector Themes (6)
- Transportation & Logistics Margin Crisis (SECTOR THEME)◆
3 of 3 transportation companies (FedEx Freight, UPS, Delta) reported severe margin compression. FedEx Freight's operating margin collapsed from 15.8% to 6.1%, UPS's from 8.6% to 4.1%, and Delta's insiders sold $29M in stock. Fuel costs and purchased transportation are the common culprits, with UPS fuel expense up 60% YoY. This is a sector-wide headwind that may persist.
- Capital Allocation Shift to Debt-Funded Buybacks (SECTOR THEME)◆
Caterpillar's cash decreased 32.7% despite strong earnings, and FedEx Freight's debt surged from $66M to $4.48B while transferring $3.9B to parent. Uber repurchased $3.5B in stock. Companies are prioritizing shareholder returns over balance sheet strength, increasing leverage risk.
- Aerospace & Defense Outperformance (SECTOR THEME)◆
Honeywell Aerospace's 5% sales growth, 9% backlog growth, and record $15B in YTD wins contrast sharply with transportation weakness. The $18.2B backlog provides multi-year visibility. The post-spin pure-play structure may unlock value.
- Credit Quality Deterioration in Industrial Finance (SECTOR THEME)◆
Caterpillar Financial's write-offs (+70% YoY), provisions (+48%), and past-due receivables (+61%) are all deteriorating. This is the first sign of stress in the industrial cycle and may foreshadow weakness in Caterpillar's core equipment sales.
- Insider Selling Concentration in Airlines (SECTOR THEME)◆
Delta Air Lines saw four insiders sell $29M in stock within days, while Johnson Controls' VP sold $3.6M. This contrasts with Honeywell Aerospace, where insiders received substantial equity awards. The divergence suggests management sees headwinds for airlines and building solutions but tailwinds for aerospace.
- Revenue Growth Decoupling from Profit Growth (SECTOR THEME)◆
Caterpillar (revenue +23%, profit +47%) and Uber (revenue +12%, profit +77%) show operating leverage, while UPS (revenue +7.6%, profit -49%) and FedEx Freight (revenue -1%, profit -62%) show negative operating leverage. The divergence is driven by cost structure and pricing power.
Watch List (8)
- 👁
Watch Q3 2026 for further deterioration in write-offs and past-due receivables. If past-due exceeds $500M, it could signal a broader industrial slowdown. Next earnings call expected late October 2026.
- 👁
Monitor Q3 2026 for separation cost trajectory and margin recovery. The guidance cut to 4-5% organic growth needs to stabilize. Next earnings call in late October 2026.
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Watch for additional insider sales, especially if CEO Bastian sells more shares. The stock price reaction to the $29M insider selling will be telling. Delta's next earnings call is expected in October 2026.
- UPS/Fuel Cost Pass-Through (WATCH)👁
Monitor Q3 2026 fuel expense trends. If fuel prices moderate, UPS could see a sharp margin recovery. The 60.4% YoY surge is unsustainable. Next earnings call in late October 2026.
- 👁
With $4.48B in long-term debt and negative equity, watch for any debt covenant violations or refinancing announcements. The next 10-Q filing will be critical.
- Uber/Mobility Revenue Growth↓ (WATCH)👁
Monitor Q3 2026 for Mobility revenue trends. If the 1% growth persists, it could cap the stock's upside despite strong Delivery and Freight performance. Next earnings call in early November 2026.
- Caterpillar/FX Impact↓ (WATCH)👁
Watch for further foreign currency translation losses. The swing from $787M gain to $95M loss is significant. If the USD strengthens further, it could pressure international earnings.
- 👁
Monitor for additional insider sales by VP Schlitz Lei Zhang. The $3.6M sale at $152.98 may indicate a peak. Next earnings call expected in late October 2026.
Filing Analyses
(37)
05-08-2026
05-08-2026
President & CEO ANGEL STEPHEN F was awarded 181 Phantom Stock at $49.83 (~$9.02K).
- · President & CEO ANGEL STEPHEN F was awarded 181 Phantom Stock at $49.83 (~$9.02K)
05-08-2026
Form 4 ownership filing; the structured EDGAR document could not be retrieved for automated parsing.
05-08-2026
Uber reported strong Q2 2026 results with Gross Bookings up 24% YoY to $58.0B (22% constant currency), revenue up 12% YoY to $14.2B, and GAAP diluted EPS of $1.17. Non-GAAP EPS grew 35% YoY to $0.81, and free cash flow reached $2.8B in the quarter, with trailing twelve-month free cash flow exceeding $10B for the first time. However, Mobility revenue growth was only 1% YoY (flat on constant currency) due to business model changes, and the company guided Q3 2026 Gross Bookings growth to decelerate to 18-22% on a constant currency basis.
- · Q2 2026 GAAP Net income includes a $1.6 billion net benefit (pre-tax) from revaluations of equity investments, while Q2 2025 included a $17 million net headwind.
- · Adjusted EBITDA margin as a percentage of Gross Bookings improved to 4.9% in Q2 2026 from 4.5% in Q2 2025.
- · Non-GAAP Operating Income margin as a percentage of Gross Bookings improved to 3.7% from 3.3%.
- · Q3 2026 guidance: Gross Bookings of $58.25B to $60.25B (18-22% constant currency growth), Non-GAAP EPS of $0.84 to $0.88 (28-35% growth), Adjusted EBITDA of $2.86B to $2.96B.
- · Q3 2026 outlook assumes a roughly 1 percentage-point currency headwind to total reported YoY growth.
- · Cash and cash equivalents decreased to $4.87B at June 30, 2026 from $7.11B at December 31, 2025, while short-term debt increased to $2.0B.
- · Equity method investments increased to $3.77B from $287M at year-end 2025.
- · Total assets increased to $65.8B from $61.8B at year-end 2025.
- · Accumulated deficit improved to -$7.95B from -$10.63B at year-end 2025.
05-08-2026
Caterpillar Financial Services Corporation reported a 5.1% increase in profit for the three months ended June 30, 2026, to $145M from $138M in the prior year, and a 7.8% increase for the six-month period to $289M from $268M. Total assets grew 5.6% to $40,457M from $38,313M at year-end 2025, driven by a 6.1% increase in finance receivables to $34,804M. However, comprehensive income attributable to the company fell sharply by 59.7% in Q2 2026 to $142M from $352M, and by 50.4% for the six months to $277M from $558M, due to a swing from a $222M foreign currency translation gain in Q2 2025 to a $23M loss in Q2 2026. Net cash provided by operating activities declined 15.9% to $411M for the six months, while investing activities used significantly more cash ($2,373M vs. $947M) due to higher additions to finance receivables and equipment on operating leases.
- · Write-offs for customer finance receivables increased to $46M in Q2 2026 from $27M in Q2 2025, and to $88M for H1 2026 from $57M for H1 2025.
- · Provision for credit losses rose to $31M in Q2 2026 from $21M in Q2 2025, and to $59M for H1 2026 from $54M for H1 2025.
- · Total past due finance receivables (31+ days) were $457M as of June 30, 2026, compared to $284M as of June 30, 2025 (implied from aging table).
- · Caterpillar purchased receivables increased to $6,717M as of June 30, 2026 from $5,500M at December 31, 2025, a 22.1% increase.
- · Short-term borrowings decreased to $5,046M from $5,514M at year-end 2025, while long-term debt increased to $21,384M from $20,018M.
- · Retained earnings grew to $3,641M from $3,352M at year-end 2025, reflecting profit retention.
- · Accumulated other comprehensive loss deepened to $(950)M from $(938)M at year-end 2025, primarily due to foreign currency translation losses.
05-08-2026
Caterpillar Inc. reported strong financial results for the six months ended June 30, 2026, with profit of consolidated and affiliated companies increasing 46.9% to $6,141 million from $4,182 million in the prior year period. Total sales and revenues grew 23.2% to $37,958 million from $30,818 million. However, other comprehensive income turned negative at ($95) million versus $787 million, driven by a foreign currency translation loss of ($97) million. Cash and cash equivalents decreased 32.7% to $6,713 million from $9,980 million at year-end 2025, while total assets increased 4.1% to $102,609 million.
- · Profit per common share (basic) for six months ended June 30, 2026 was $13.29, up from $8.85 in the prior year period.
- · Profit per common share (diluted) for six months ended June 30, 2026 was $13.23, up from $8.82 in the prior year period.
- · Total other comprehensive income (loss) for six months ended June 30, 2026 was ($95) million, compared to $787 million in the prior year period.
- · Dividends declared for six months ended June 30, 2026 were $1,449 million, up from $1,374 million in the prior year period.
- · Common shares repurchased during six months ended June 30, 2026 were 6,972,123 shares at a cost of $4,922 million, compared to 10,181,456 shares at a cost of $3,588 million in the prior year period.
- · Capital expenditures (excluding equipment leased to others) for six months ended June 30, 2026 were $1,315 million, up from $1,265 million in the prior year period.
- · Inventories as of June 30, 2026 were $20,627 million, up from $18,135 million at December 31, 2025.
- · Long-term debt due after one year (Machinery, Power & Energy) was $10,655 million as of June 30, 2026, relatively flat from $10,678 million at December 31, 2025.
- · Long-term debt due after one year (Financial Products) was $21,384 million as of June 30, 2026, up from $20,018 million at December 31, 2025.
05-08-2026
FedEx Freight Holding Company, Inc. reported a sharp decline in financial performance for the fiscal year ended May 31, 2026. Revenue decreased 1% to $8,795M, while operating income plummeted 62% to $540M and net income fell 51% to $655M, driven by a 10% surge in operating expenses that included $492M in separation and other costs. The company's operating margin contracted from 15.8% to 6.1%, and average daily shipments declined 4% overall, though revenue per shipment increased 4% to $386.63.
- · Separation and other costs of $492M were incurred in FY2026, with no such costs in FY2025.
- · Cash provided by operating activities collapsed 89% to $167M from $1,531M, primarily due to a $1,413M negative change in assets and liabilities.
- · Long-term debt surged from $66M to $4,484M, while total equity turned negative to ($497M) from $2,393M, reflecting a $3,910M net transfer to Parent and the accumulated deficit.
- · Capital expenditures decreased 13% to $379M, with notable cuts in vehicles/trailers (-30%) and ground support/dock equipment (-31%), but increases in facilities (+60%) and IT (+69%).
- · Economy revenue per hundredweight declined 2% to $45.60, while Priority revenue per hundredweight rose 4% to $39.74.
- · Receivables, net, increased sharply to $1,154M (allowance $204M) from $132M (allowance $14M) in the prior year.
- · Self-insurance accruals dropped from $315M to $13M, while accrued salaries and employee benefits rose to $389M from $227M.
05-08-2026
VP & Pres, GP & Solutions Schlitz Lei Zhang sold 20,917 Ordinary Shares at $152.98 (~$3.2M). Schlitz Lei Zhang holds 15,017.12 shares after the transaction.
- · VP & Pres, GP & Solutions Schlitz Lei Zhang sold 20,917 Ordinary Shares at $152.98 (~$3.2M)
- · VP & Pres, GP & Solutions Schlitz Lei Zhang sold 2,500 Ordinary Shares at $153.79 (~$384K)
05-08-2026
UPS reported Q2 2026 revenue of $22.834B, up 7.6% YoY from $21.221B, driven by growth across all segments. However, operating profit fell sharply to $930M from $1.822B, a 49% decline, and net income dropped 52.9% to $604M from $1.283B, reflecting significant cost pressures including higher fuel and purchased transportation expenses. Diluted EPS fell to $0.71 from $1.51.
- · Q2 2026 purchased transportation expense rose 26.4% YoY to $3.187B from $2.522B.
- · Q2 2026 fuel expense surged 60.4% YoY to $1.697B from $1.058B.
- · Cash and cash equivalents fell 20.9% from $5.887B at Dec 31, 2025 to $4.653B at Jun 30, 2026.
- · Total shareowners' equity decreased 7.1% from $16.255B to $15.099B over the same period.
- · H1 2026 net cash from operating activities was $3.083B, up from $2.666B in H1 2025.
- · Capital expenditures in H1 2026 were $1.724B, down from $1.999B in H1 2025.
- · Dividends paid in H1 2026 totaled $2.708B, slightly up from $2.697B in H1 2025.
- · No share repurchases occurred in H1 2026, compared to $1.0B in H1 2025.
- · International Package revenue grew 12.5% YoY in Q2 2026, the strongest segment growth.
- · Supply Chain Solutions Forwarding revenue was $791M in Q2 2026 vs $732M in Q2 2025, while Logistics revenue was $1.540B vs $1.476B.
05-08-2026
Honeywell Aerospace reported Q2 2026 sales of $4.5 billion, up 5% year over year, but net income fell 70% to $256 million and adjusted EBIT declined 7% to $995 million, impacted by ~$100 million in separation costs. The company updated its full-year guidance downward, now expecting organic growth of 4%-5% (down from 7%-9%) and pro forma adjusted EBIT of $4.35B-$4.45B (down from $4.65B-$4.75B). Backlog grew 9% to $18.2 billion, and the company secured $15 billion in new wins year-to-date, including a record equipment win with IndiGo for 810 Airbus A320neo aircraft.
- · Honeywell Aerospace completed its spin-off from Honeywell International Inc. on June 29, 2026.
- · The company updated its full-year 2026 organic growth guidance to 4%-5% from prior 7%-9%.
- · Full-year pro forma standalone adjusted EBIT guidance was lowered to $4.35B-$4.45B from $4.65B-$4.75B.
- · Second half free cash flow guidance maintained at $1.0B-$1.5B.
- · Engines and Power Systems segment adjusted EBIT declined 32% year over year due to unfavorable mix and higher costs.
- · Electronic Solutions segment adjusted EBIT decreased 3% year over year despite 8% sales growth.
- · The company secured a record new-aircraft-selectable equipment win with IndiGo for 810 Airbus A320neo family aircraft.
- · Year to date new wins total $15 billion in estimated lifetime value.
- · Supply chain actions include qualifying over 50 new suppliers and increasing investment in supplier tooling by 20% in H2 vs H1.
- · The company employs more than 36,000 people globally.
05-08-2026
Uber reported Q2 2026 revenue of $14.2B, up 12% YoY, and net income attributable to Uber of $2.4B, up 77% YoY. However, for the first half of 2026, net income declined 15% to $2.7B from $3.1B in H1 2025, and operating cash flow improved only modestly. The company also increased debt and repurchased $3.5B in stock during the six-month period.
- · Q2 2026 other income (expense), net was $1.3B income vs ($19M) expense in Q2 2025, a significant swing.
- · H1 2026 provision for income taxes was $1.0B vs a benefit of ($260M) in H1 2025.
- · Deferred tax assets decreased from $11.0B to $10.2B during the six-month period.
- · Goodwill increased from $8.9B to $9.5B, likely due to acquisitions.
- · The company had $1.6B in total return swap purchases during H1 2026.
- · Operating lease right-of-use assets increased from $1.1B to $1.6B, with $567M in new non-cash lease obligations.
- · Short-term debt of $2.0B was issued during H1 2026, with no short-term debt at year-end 2025.
- · Equity method investments surged from $287M to $3.8B, partly due to a $2.5B reclassification of marketable securities.
- · Accumulated deficit improved from ($10.6B) to ($8.0B) during the six-month period.
- · Weighted-average diluted shares outstanding decreased from 2.125B to 2.050B YoY in Q2, reflecting buyback impact.
05-08-2026
ADP reported total revenues of $21,947.4M for fiscal year 2026, up 7% from $20,560.9M in 2025, with organic constant currency growth of 6%. Net earnings rose 8% to $4,413.5M and adjusted diluted EPS grew 11% to $11.12. However, PEO Services earnings before income taxes declined 2% to $936.1M, and Employer Services organic constant currency growth slowed to 5% from 7% in the prior year.
- · Total expenses increased 7% to $16,627.7M in FY 2026 from $15,604.9M in FY 2025.
- · Selling, general, and administrative expenses grew 9% YoY, outpacing revenue growth.
- · Interest income on corporate funds increased to $371.0M in FY 2026 from $319.5M in FY 2025.
- · PEO zero-margin benefits pass-throughs grew 7% to $4,607.3M in FY 2026.
- · Adjusted effective tax rate and organic constant currency are among the non-GAAP measures used.
05-08-2026
Director Schaeffer Melissa N. sold 145 Ordinary Shares at $472.27 (~$68.5K). Schaeffer Melissa N. holds 1,950 shares after the transaction.
- · Director Schaeffer Melissa N. sold 145 Ordinary Shares at $472.27 (~$68.5K)
05-08-2026
See Remarks below. Wadecki Adam A sold 525 Ordinary Shares at $440.54 (~$231K). Wadecki Adam A holds 1,054 shares after the transaction.
- · See Remarks below. Wadecki Adam A sold 525 Ordinary Shares at $440.54 (~$231K)
05-08-2026
Senior VP & CPO Piazza Nicholas J. had withheld for taxes 1,453 Common Stock at $152.51 (~$222K). Piazza Nicholas J. holds 30,316 shares after the transaction.
- · Senior VP & CPO Piazza Nicholas J. had withheld for taxes 1,453 Common Stock at $152.51 (~$222K)
05-08-2026
Director Smith Samantha M reported beneficial ownership in FedEx Freight Holding Company, Inc.. 3 positions reported.
- · Holds 85,327 Common Stock (direct)
- · Holds 39,705 Common Stock (indirect)
- · Holds 0 Common Stock (indirect)
05-08-2026
Director King Robert A was awarded 8,189 Common Stock. This amends a previously filed Form 4. King Robert A holds 8,189 shares after the transaction.
- · Director King Robert A was awarded 8,189 Common Stock
05-08-2026
Director Smith Samantha M was awarded 83,791 Common Stock. This amends a previously filed Form 4. Smith Samantha M holds 162,481 shares after the transaction.
- · Director Smith Samantha M was awarded 83,791 Common Stock
- · Director Smith Samantha M was awarded 39,705 Common Stock
- · Director Smith Samantha M was awarded 162,481 Common Stock
05-08-2026
Director MARTIN R BRAD was awarded 20,419 Common Stock. This amends a previously filed Form 4. 7 transactions reported in total. MARTIN R BRAD holds 375 shares after the transaction.
- · Director MARTIN R BRAD was awarded 20,419 Common Stock
- · Director MARTIN R BRAD was awarded 19,220 Common Stock
- · Director MARTIN R BRAD was awarded 3,625 Common Stock
- · Director MARTIN R BRAD was awarded 1,050 Common Stock
- · Director MARTIN R BRAD was awarded 375 Common Stock
- · Director MARTIN R BRAD was awarded 375 Common Stock
- · Director MARTIN R BRAD was awarded 375 Common Stock
05-08-2026
President Carter Peter W sold 39,900 Common Stock at $92.98 (~$3.71M). Carter Peter W holds 424,704 shares after the transaction.
- · President Carter Peter W exercised/converted 39,900 Common Stock at $49.33 (~$1.97M)
- · President Carter Peter W sold 39,900 Common Stock at $92.98 (~$3.71M)
- · President Carter Peter W exercised/converted 39,900 Employee Stock Option (right to buy)
05-08-2026
EVP & Pres. - International BELLEMARE ALAIN sold 35,000 Common Stock at $92.72 (~$3.25M). BELLEMARE ALAIN holds 95,025 shares after the transaction.
- · EVP & Pres. - International BELLEMARE ALAIN exercised/converted 35,000 Common Stock at $39.78 (~$1.39M)
- · EVP & Pres. - International BELLEMARE ALAIN sold 35,000 Common Stock at $92.72 (~$3.25M)
- · EVP & Pres. - International BELLEMARE ALAIN exercised/converted 35,000 Employee Stock Option (right to buy)
05-08-2026
Chief Executive Officer Bastian Edward H sold 206,510 Common Stock at $92.80 (~$19.2M). Bastian Edward H holds 1,363,448 shares after the transaction.
- · Chief Executive Officer Bastian Edward H exercised/converted 206,510 Common Stock at $49.33 (~$10.2M)
- · Chief Executive Officer Bastian Edward H sold 206,510 Common Stock at $92.80 (~$19.2M)
- · Chief Executive Officer Bastian Edward H exercised/converted 206,510 Employee Stock Option (right to buy)
05-08-2026
Director DEWALT DAVID G sold 31,756 Common Stock at $90.85 (~$2.88M). DEWALT DAVID G holds 22,358 shares after the transaction.
- · Director DEWALT DAVID G sold 31,756 Common Stock at $90.85 (~$2.88M)
05-08-2026
SVP, GC and Corp. Secretary Donofrio John was awarded 7,344 Restricted Stock Units. 5 transactions reported in total.
- · SVP, GC and Corp. Secretary Donofrio John was awarded 7,344 Restricted Stock Units
- · SVP, GC and Corp. Secretary Donofrio John was awarded 14,679 Employee Stock Options (right to buy)
- · SVP, GC and Corp. Secretary Donofrio John was awarded 6,243 Restricted Stock Units
- · SVP, GC and Corp. Secretary Donofrio John was awarded 41,619 Employee Stock Options (right to buy)
- · SVP, GC and Corp. Secretary Donofrio John was awarded 17,614 Restricted Stock Units
05-08-2026
SVP and CFO JEPSEN JOSHUA A was awarded 7,344 Restricted Stock Units. 5 transactions reported in total.
- · SVP and CFO JEPSEN JOSHUA A was awarded 7,344 Restricted Stock Units
- · SVP and CFO JEPSEN JOSHUA A was awarded 25,329 Employee Stock Options (right to buy)
- · SVP and CFO JEPSEN JOSHUA A was awarded 10,772 Restricted Stock Units
- · SVP and CFO JEPSEN JOSHUA A was awarded 57,654 Employee Stock Options (right to buy)
- · SVP and CFO JEPSEN JOSHUA A was awarded 24,362 Restricted Stock Units
05-08-2026
Director Goldfein David L. was awarded 572 Restricted Stock Units.
- · Director Goldfein David L. was awarded 572 Restricted Stock Units
05-08-2026
Director Reuss Mark L was awarded 572 Restricted Stock Units.
- · Director Reuss Mark L was awarded 572 Restricted Stock Units
05-08-2026
Director Roper William Bruce Jr. was awarded 572 Restricted Stock Units.
- · Director Roper William Bruce Jr. was awarded 572 Restricted Stock Units
05-08-2026
Director Seitz Michelle was awarded 572 Restricted Stock Units.
- · Director Seitz Michelle was awarded 572 Restricted Stock Units
05-08-2026
Director Desroches Pascal was awarded 572 Restricted Stock Units.
- · Director Desroches Pascal was awarded 572 Restricted Stock Units
05-08-2026
President and CEO Currier James E was awarded 51,808 Employee Stock Options (right to buy).
- · President and CEO Currier James E was awarded 51,808 Employee Stock Options (right to buy)
- · President and CEO Currier James E was awarded 22,032 Restricted Stock Units
05-08-2026
Director Denton David M was awarded 572 Restricted Stock Units.
- · Director Denton David M was awarded 572 Restricted Stock Units
05-08-2026
SVP and CHRO Arlak Karen Elizabeth was awarded 7,344 Restricted Stock Units.
- · SVP and CHRO Arlak Karen Elizabeth was awarded 7,344 Restricted Stock Units
- · SVP and CHRO Arlak Karen Elizabeth was awarded 4,347 Employee Stock Options (right to buy)
- · SVP and CHRO Arlak Karen Elizabeth was awarded 1,849 Restricted Stock Units
05-08-2026
VP, Controller & CAO Lautar William Michael was awarded 1,469 Restricted Stock Units.
- · VP, Controller & CAO Lautar William Michael was awarded 1,469 Restricted Stock Units
05-08-2026
Pres. & CEO, Control Systems DeGraff Richard was awarded 7,344 Restricted Stock Units.
- · Pres. & CEO, Control Systems DeGraff Richard was awarded 7,344 Restricted Stock Units
- · Pres. & CEO, Control Systems DeGraff Richard was awarded 5,164 Employee Stock Options (right to buy)
- · Pres. & CEO, Control Systems DeGraff Richard was awarded 2,196 Restricted Stock Units
05-08-2026
Pres. & CEO, E & P Systems Marinick David Andrew was awarded 7,344 Restricted Stock Units.
- · Pres. & CEO, E & P Systems Marinick David Andrew was awarded 7,344 Restricted Stock Units
- · Pres. & CEO, E & P Systems Marinick David Andrew was awarded 5,020 Employee Stock Options (right to buy)
- · Pres. & CEO, E & P Systems Marinick David Andrew was awarded 2,135 Restricted Stock Units
05-08-2026
Pres. & CEO, Elec. Solutions Buddecke Robert Conrad Jr. was awarded 7,344 Restricted Stock Units.
- · Pres. & CEO, Elec. Solutions Buddecke Robert Conrad Jr. was awarded 7,344 Restricted Stock Units
- · Pres. & CEO, Elec. Solutions Buddecke Robert Conrad Jr. was awarded 6,879 Employee Stock Options (right to buy)
- · Pres. & CEO, Elec. Solutions Buddecke Robert Conrad Jr. was awarded 2,926 Restricted Stock Units
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