FedEx's latest earnings report is due after the closing bell Thursday, with the stock seen possibly nearing its record highs following the results.

Analysts expect the company to report a rise in revenues, but decline in profits.

FedEx is due to report earnings after the closing bell Thursday. Its stock is seen nearing its record highs following the results.

Options pricing suggests traders see FedEx (FDX) stock swinging up to 6% in either direction following the report. A move of that magnitude from Wednesday's close could lift shares to $372 at the high end, approaching last month's record highs. The low end of that range would drag them below $328, giving up some of this year's gains.

Though they've pulled back from last month's highs, FedEx shares have added more than a fifth of their value since the start of the year as investors piled into stocks perceived as less exposed to AI-driven disruption.

Investors will likely be watching for updates from FedEx on the impact to its business from tariffs, its efforts to cut costs, and its plans to spin off its Freight business by this summer.

Bank of America analysts lifted their price target for the stock to $431 from $414 following last month's investor day, citing FedEx's long-term targets focused on profitable growth and controlling costs. Morgan Stanley analysts recently warned, however, that FedEx's cost-cutting efforts could leave it more vulnerable to macroeconomic headwinds impacting its margins.

FedEx's fiscal third-quarter revenue is anticipated to have grown 6% year-over-year to $23.51 billion, while adjusted earnings per share likely fell to $4.14 from $4.51 a year ago.

Wall Street analysts are overwhelmingly bullish on the shipping giant's stock. All but one of the 12 analysts with current ratings tracked by Visible Alpha have recommended buying FedEx, compared to one neutral rating. Their mean price target around $413 would suggest about 18% upside from Wednesday's close.

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