(https://www.cnbc.com/2026/06/23/fedex-fdx-q4-2026-earnings.html) in its last pre-spinoff quarter and everyone's reading it as validation. But spinoff narratives always hide a darker math: two smaller, highly-leveraged companies replacing one integrated balance sheet. FedEx's freight spinoff means both entities are now individually burdened with debt that was previously manageable at scale.

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