FedEx Corporation (NYSE:FDX) reported third-quarter financial results Wednesday after market close, and the numbers looked good on the surface. Revenue came in at $22.90 billion, up 12.3% year-over-year, beating the Street consensus estimate of $22.54 billion. Adjusted earnings per share hit $3.74, also ahead of the $3.36 consensus. A double beat, as they say.

But investors weren't impressed. FedEx stock is down 2.82% to $296 in after-hours trading Wednesday, within a 52-week range of $199.31 to $345.37.

The quarter included some moving parts. FedEx said the results reflect increased package base yields and higher package volumes, offset by increased transportation rates and higher wages. The company also completed the spin-off of FedEx Freight (NYSE:FDXF) on June 1 and retains a 19.9% ownership interest. That ownership stake came with a $1.2 billion loss recognized in the quarter on short-term investment for the income statement.

CEO Raj Subramaniam framed the quarter positively: "FedEx is winning across high-value market segments while we optimize our network, driving an increase to our full-year outlook."

Elsewhere, FedEx completed the sale of its FedEx Supply Chain business to CMA CGM Group for $1.4 billion, calling it another important step in unlocking shareholder value. The company is also raising parcel shipping rates by an average of 5.9% effective Jan. 4, 2027.

On guidance, FedEx now expects full-year revenue growth of around 12%, up from a prior guide of around 11%. Adjusted EPS is now seen at $18 to $18.60, up from the previous range of $16.90 to $18.10. The updated outlook reflects the spin-off and other moves.

Subramaniam added: "We remain committed to disciplined operational execution to reduce our cost-to-serve while focusing on profitable growth. We have the right strategy in place to continue to be the world's premier B2B parcel and air freight provider, leverage our digital insights to unlock new markets, and use disciplined capital allocation to create additional stockholder value."

So why the stock drop? The guidance raise was modest relative to the beat, and the $1.2 billion loss on the FedEx Freight investment likely raised some eyebrows. Investors may have been hoping for a bigger bump. Or maybe they just wanted to see the company deliver more than a double beat with a side of accounting noise. Either way, FedEx has a lot moving parts right now, and the market is still sorting through them.