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FedEx (FDX) Financials

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$219.72 +3.11 (+1.44%)
Closing price 03:59 PM Eastern
Extended Trading
$220.10 +0.38 (+0.18%)
As of 07:55 PM Eastern
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Annual Income Statements for FedEx

Annual Income Statements for FedEx

This table shows FedEx's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 5/31/2024 5/31/2023 5/31/2022 5/31/2021 5/31/2020 5/31/2019 5/31/2018 5/31/2017 5/31/2016 5/31/2015
Net Income / (Loss) Attributable to Common Shareholders
4,331 3,972 3,826 5,231 1,286 540 4,572 2,997 1,820 1,050
Consolidated Net Income / (Loss)
4,331 3,972 3,826 5,231 1,286 540 4,572 2,997 1,820 1,050
Net Income / (Loss) Continuing Operations
4,331 3,972 3,826 5,231 1,286 540 4,572 2,997 1,820 1,050
Total Pre-Tax Income
5,836 5,363 4,896 6,674 1,669 655 4,353 4,579 2,740 1,627
Total Operating Income
5,559 4,912 6,245 5,857 2,417 4,466 4,272 4,566 3,077 1,867
Total Gross Profit
23,239 23,342 24,137 21,747 16,959 18,180 17,197 16,313 12,959 11,169
Total Revenue
87,693 90,155 93,512 83,959 69,217 69,693 65,450 60,319 50,365 47,453
Operating Revenue
87,693 90,155 93,512 83,959 69,217 69,693 65,450 60,319 50,365 47,453
Total Cost of Revenue
64,454 66,813 69,375 62,212 52,258 51,513 48,253 44,006 37,406 36,284
Operating Cost of Revenue
64,454 66,813 69,375 62,212 52,258 51,513 48,253 44,006 37,406 36,284
Total Operating Expenses
17,680 18,430 17,892 15,890 14,542 13,714 12,925 11,747 9,882 9,302
Selling, General & Admin Expense
12,654 13,828 13,644 11,981 10,492 10,041 9,450 8,752 7,251 6,415
Depreciation Expense
4,287 4,176 3,970 3,793 3,615 3,353 3,095 2,995 2,631 2,611
Impairment Charge
157 117 0.00 0.00 435 0.00 380 - 0.00 276
Restructuring Charge
582 309 - - - - - - - -
Total Other Income / (Expense), net
277 451 -1,349 817 -748 -3,811 81 13 -337 -240
Interest Expense
745 694 689 1,186 672 588 558 512 336 235
Interest & Investment Income
370 198 53 52 55 59 48 33 21 14
Other Income / (Expense), net
652 947 -713 1,951 -131 -3,282 591 492 -22 -19
Income Tax Expense
1,505 1,391 1,070 1,443 383 115 -219 1,582 920 577
Basic Earnings per Share
$17.41 $15.60 $14.54 $19.79 $4.92 $2.06 $17.08 $11.24 $6.59 $3.70
Weighted Average Basic Shares Outstanding
244.30M 251.19M 259.85M 267.35M 261.95M 262.10M 267.70M 266M 276M 283M
Diluted Earnings per Share
$17.21 $15.48 $14.33 $19.45 $4.90 $2.03 $16.79 $11.07 $6.51 $3.65
Weighted Average Diluted Shares Outstanding
244.30M 251.19M 259.85M 267.35M 261.95M 262.10M 267.70M 266M 276M 283M
Weighted Average Basic & Diluted Shares Outstanding
244.30M 251.19M 259.85M 267.35M 261.95M 262.10M 267.70M 266M 276M 283M
Cash Dividends to Common per Share
$3.78 $5.86 $3.00 $2.60 $2.60 $2.60 $2.00 $1.60 $1.00 $0.80

Quarterly Income Statements for FedEx

This table shows FedEx's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023
Period end date 2/28/2025 11/30/2024 8/31/2024 5/31/2024 2/29/2024 11/30/2023 8/31/2023 5/31/2023 2/28/2023 11/30/2022 8/31/2022
Net Income / (Loss) Attributable to Common Shareholders
909 741 794 1,474 879 900 1,078 1,538 771 788 875
Consolidated Net Income / (Loss)
909 741 794 1,474 879 900 1,078 1,538 771 788 875
Net Income / (Loss) Continuing Operations
909 741 794 1,474 879 900 1,078 1,538 771 788 875
Total Pre-Tax Income
1,181 981 1,056 2,028 1,183 1,202 1,423 2,128 1,022 1,059 1,154
Total Operating Income
1,292 1,052 1,080 1,555 1,243 1,276 1,485 1,503 1,042 1,176 1,191
Total Gross Profit
5,797 5,642 5,454 6,227 5,611 5,617 5,784 6,318 5,606 5,687 5,731
Total Revenue
22,160 21,967 21,579 22,109 21,738 22,165 21,681 21,930 22,169 22,814 23,242
Operating Revenue
22,160 21,967 21,579 22,109 21,738 22,165 21,681 21,930 22,169 22,814 23,242
Total Cost of Revenue
16,363 16,325 16,125 15,882 16,127 16,548 15,897 15,612 16,563 17,127 17,511
Operating Cost of Revenue
16,363 16,325 16,125 15,882 16,127 16,548 15,897 15,612 16,563 17,127 17,511
Total Operating Expenses
4,505 4,590 4,374 4,672 4,368 4,341 4,299 4,815 4,564 4,511 4,540
Selling, General & Admin Expense
3,260 3,201 3,168 3,193 3,182 3,156 3,123 3,511 3,410 3,429 3,478
Depreciation Expense
1,066 1,063 1,078 1,104 1,072 1,040 1,071 1,075 1,031 1,046 1,024
Other Operating Expenses / (Income)
179 326 128 - - 145 105 - 123 36 -
Total Other Income / (Expense), net
-111 -71 -24 473 -60 -74 -62 625 -20 -117 -37
Interest & Investment Income
-116 -102 -84 649 -91 -97 -91 589 -122 -127 -142
Other Income / (Expense), net
5.00 -19 60 569 31 -18 29 730 102 10 105
Income Tax Expense
272 240 262 554 304 302 345 590 251 271 279
Basic Earnings per Share
$3.79 $3.06 $3.24 $5.99 $3.55 $3.59 $4.28 $6.08 $3.07 $3.08 $3.37
Weighted Average Basic Shares Outstanding
239.60M 240.85M 244.32M 244.30M 246.08M 249.89M 251.42M 251.19M 251.35M 252.40M 260.22M
Diluted Earnings per Share
$3.76 $3.03 $3.21 $5.92 $3.51 $3.55 $4.23 $6.03 $3.05 $3.07 $3.33
Weighted Average Diluted Shares Outstanding
239.60M 240.85M 244.32M 244.30M 246.08M 249.89M 251.42M 251.19M 251.35M 252.40M 260.22M
Weighted Average Basic & Diluted Shares Outstanding
239.60M 240.85M 244.32M 244.30M 246.08M 249.89M 251.42M 251.19M 251.35M 252.40M 260.22M
Cash Dividends to Common per Share
$1.38 $1.38 $2.76 - $1.26 $1.26 $1.26 - $1.15 $1.15 $2.30

Annual Cash Flow Statements for FedEx

This table details how cash moves in and out of FedEx's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 5/31/2024 5/31/2023 5/31/2022 5/31/2021 5/31/2020 5/31/2019 5/31/2018 5/31/2017 5/31/2016 5/31/2015
Net Change in Cash & Equivalents
-355 -41 -190 2,206 2,562 -899 -704 435 -229 855
Net Cash From Operating Activities
8,312 8,848 9,832 10,135 5,097 5,613 4,674 4,930 5,708 5,366
Net Cash From Continuing Operating Activities
8,312 8,848 9,832 10,135 5,097 5,613 4,674 4,930 5,708 5,366
Net Income / (Loss) Continuing Operations
4,331 3,972 3,826 5,231 1,286 540 4,572 2,997 1,820 1,050
Consolidated Net Income / (Loss)
4,331 3,972 3,826 5,231 1,286 540 4,572 2,997 1,820 1,050
Depreciation Expense
4,287 4,176 3,970 3,793 3,615 3,353 3,095 2,995 2,631 2,611
Non-Cash Adjustments To Reconcile Net Income
3,125 3,840 5,155 96 1,839 4,211 467 231 1,763 2,714
Changes in Operating Assets and Liabilities, net
-3,431 -3,140 -3,119 1,015 -1,643 -2,491 -3,460 -1,293 -506 -1,009
Net Cash From Investing Activities
-5,200 -6,174 -6,816 -6,010 -5,846 -5,473 -5,677 -4,981 -9,446 -5,752
Net Cash From Continuing Investing Activities
-5,200 -6,174 -6,816 -6,010 -5,846 -5,473 -5,677 -4,981 -9,446 -5,752
Purchase of Property, Plant & Equipment
-5,176 -6,174 -6,763 -5,884 -5,868 -5,490 -5,663 -5,116 -4,818 -4,347
Purchase of Investments
-176 -84 -147 0.00 0.00 - - - - -
Sale of Property, Plant & Equipment
114 84 94 - - - - - - -
Sale and/or Maturity of Investments
38 0.00 0.00 - - - - - - -
Other Investing Activities, net
0.00 0.00 0.00 102 22 83 42 135 -10 24
Net Cash From Financing Activities
-3,426 -2,597 -3,019 -2,090 3,381 -1,039 227 528 3,611 1,349
Net Cash From Continuing Financing Activities
-3,426 -2,597 -3,019 -2,090 3,381 -1,039 227 528 3,611 1,349
Repayment of Debt
-158 -151 -162 -6,356 -2,557 -1,440 -38 -82 -92 19
Repurchase of Common Equity
-2,500 -1,500 -2,248 0.00 -3.00 -1,480 -1,017 -509 -2,722 -1,254
Payment of Dividends
-1,259 -1,177 -793 -686 -679 -683 -535 -426 -277 -227
Issuance of Debt
0.00 0.00 0.00 4,212 6,556 2,463 1,490 1,208 6,519 2,491
Issuance of Common Equity
491 231 184 740 64 101 327 337 183 320
Effect of Exchange Rate Changes
-41 -118 -187 171 -70 - 72 -42 -102 -108

Quarterly Cash Flow Statements for FedEx

This table details how cash moves in and out of FedEx's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023
Period end date 2/28/2025 11/30/2024 8/31/2024 5/31/2024 2/29/2024 11/30/2023 8/31/2023 5/31/2023 2/28/2023 11/30/2022 8/31/2022
Net Change in Cash & Equivalents
106 -914 -558 857 -1,085 -326 199 1,483 727 -2,204 -47
Net Cash From Operating Activities
2,012 1,318 1,187 2,698 1,610 1,774 2,230 3,447 2,276 1,518 1,607
Net Cash From Continuing Operating Activities
2,012 1,318 1,187 2,698 1,610 1,774 2,230 3,447 2,276 1,518 1,607
Net Income / (Loss) Continuing Operations
909 741 794 1,474 879 900 1,078 1,538 771 788 875
Consolidated Net Income / (Loss)
909 741 794 1,474 879 900 1,078 1,538 771 788 875
Depreciation Expense
1,066 1,063 1,078 1,104 1,072 1,040 1,071 1,075 1,031 1,046 1,024
Non-Cash Adjustments To Reconcile Net Income
917 1,123 925 581 833 897 814 717 2,630 194 299
Changes in Operating Assets and Liabilities, net
-880 -1,609 -1,610 -461 -1,174 -1,063 -733 117 -2,156 -510 -591
Net Cash From Investing Activities
-1,054 -804 -802 -1,234 -1,358 -1,328 -1,280 -1,744 -1,230 -1,891 -1,309
Net Cash From Continuing Investing Activities
-1,054 -804 -802 -1,234 -1,358 -1,328 -1,280 -1,744 -1,230 -1,891 -1,309
Purchase of Property, Plant & Equipment
-997 -818 -767 -1,202 -1,379 -1,305 -1,290 -1,754 -1,278 -1,858 -1,284
Purchase of Investments
-90 -46 -61 -66 -35 -73 -2.00 -2.00 -4.00 -43 -35
Sale of Property, Plant & Equipment
8.00 21 13 20 32 50 12 12 - - -
Sale and/or Maturity of Investments
25 39 13 14 24 - 0.00 - - - -
Net Cash From Financing Activities
-863 -1,340 -969 -592 -1,316 -791 -727 -201 -356 -1,793 -247
Net Cash From Continuing Financing Activities
-863 -1,340 -969 -592 -1,316 -791 -727 -201 -356 -1,793 -247
Repayment of Debt
-66 -19 -34 -8.00 -56 -28 -66 -29 -91 -2.00 -29
Repurchase of Common Equity
-497 -1,020 -1,000 -500 -1,000 -500 -500 - - -1,500 0.00
Payment of Dividends
-332 -337 -339 -310 -314 -317 -318 -289 -290 -299 -299
Issuance of Common Equity
32 36 404 226 54 54 157 117 25 8.00 81
Effect of Exchange Rate Changes
11 -88 26 -15 -21 19 -24 -19 37 -38 -98

Annual Balance Sheets for FedEx

This table presents FedEx's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 5/31/2024 5/31/2023 5/31/2022 5/31/2021 5/31/2020 5/31/2019 5/31/2018 5/31/2017 5/31/2016 5/31/2015
Total Assets
87,007 87,143 85,994 82,777 73,537 54,403 52,330 48,552 45,959 36,531
Total Current Assets
18,207 18,610 20,365 20,580 16,383 13,086 13,341 12,628 11,989 10,335
Cash & Equivalents
6,501 6,856 6,897 7,087 4,881 2,319 3,265 3,969 3,534 3,763
Accounts Receivable
10,087 10,188 11,863 12,069 10,102 9,116 8,481 7,599 7,252 5,719
Inventories, net
614 604 637 587 572 553 525 514 496 498
Prepaid Expenses
1,005 962 968 837 828 1,098 1,070 546 707 355
Plant, Property, & Equipment, net
41,491 40,698 38,091 35,752 33,608 30,429 28,154 25,981 24,284 20,875
Plant, Property & Equipment, gross
84,391 80,624 75,275 70,077 65,024 119,022 55,121 50,626 47,018 42,864
Accumulated Depreciation
42,900 39,926 37,184 34,325 31,416 29,082 26,967 24,645 22,734 21,989
Total Noncurrent Assets
27,309 27,835 27,538 26,445 23,546 10,888 10,835 9,943 9,686 5,321
Goodwill
6,423 6,435 6,544 6,992 6,372 6,884 6,973 7,154 6,747 3,810
Intangible Assets
17,115 17,347 16,613 15,383 13,917 - - - - -
Other Noncurrent Operating Assets
3,771 4,053 4,381 4,070 3,257 4,004 3,862 2,789 2,939 1,511
Total Liabilities & Shareholders' Equity
87,007 87,143 85,994 82,777 73,537 54,403 52,330 48,552 45,959 36,531
Total Liabilities
59,425 61,055 61,055 58,609 55,242 36,646 32,914 32,479 32,175 21,538
Total Current Liabilities
13,355 13,586 14,274 13,660 10,344 9,013 9,627 7,918 8,008 5,956
Short-Term Debt
68 126 82 146 51 964 1,342 22 29 19
Accounts Payable
3,189 3,848 4,030 3,841 3,269 3,030 2,977 2,752 2,944 2,066
Accrued Expenses
4,962 4,747 5,188 4,562 3,532 3,278 3,131 3,230 3,063 2,435
Current Employee Benefit Liabilities
2,673 2,475 2,531 2,903 1,569 1,741 2,177 1,914 1,972 1,436
Other Current Liabilities
2,463 2,390 2,443 2,208 1,923 0.00 - - - -
Total Noncurrent Liabilities
46,070 47,469 46,781 44,949 44,898 27,633 23,287 24,561 24,167 15,582
Long-Term Debt
20,135 20,453 20,182 20,733 21,952 16,617 15,243 14,909 13,733 7,249
Asset Retirement Reserve & Litigation Obligation
3,701 3,339 2,889 2,430 2,104 - - - 1,314 1,120
Noncurrent Deferred & Payable Income Tax Liabilities
4,482 4,489 4,093 3,927 3,162 2,821 2,867 2,485 1,567 1,210
Noncurrent Employee Benefit Liabilities
2,010 3,130 4,448 3,501 5,019 5,095 2,187 4,487 6,227 4,893
Other Noncurrent Operating Liabilities
15,742 16,058 15,169 14,358 12,661 2,569 2,318 2,012 771 218
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
27,582 26,088 24,939 24,168 18,295 17,757 19,416 16,073 13,784 14,993
Total Preferred & Common Equity
27,582 26,088 24,939 24,168 18,295 17,757 19,416 16,073 13,784 14,993
Total Common Equity
27,582 26,088 24,939 24,168 18,295 17,757 19,416 16,073 13,784 14,993
Common Stock
4,020 3,801 3,744 3,513 3,388 3,263 3,149 3,037 2,924 2,818
Retained Earnings
38,649 35,259 32,782 29,817 25,216 24,648 24,823 20,833 18,371 16,900
Treasury Stock
-13,728 -11,645 -10,484 -8,430 -9,162 -9,289 -7,978 -7,382 -7,342 -4,897
Accumulated Other Comprehensive Income / (Loss)
-1,359 -1,327 -1,103 -732 -1,147 -865 -578 -415 -169 172

Quarterly Balance Sheets for FedEx

This table presents FedEx's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023
Period end date 2/28/2025 11/30/2024 8/31/2024 5/31/2024 2/29/2024 11/30/2023 8/31/2023 5/31/2023 2/28/2023 11/30/2022 8/31/2022
Total Assets
85,043 85,481 86,711 87,007 86,114 88,051 87,576 87,143 85,775 85,591 85,826
Total Current Assets
17,214 17,721 18,094 18,207 17,424 19,117 18,887 18,610 17,944 18,217 19,606
Cash & Equivalents
5,135 5,029 5,943 6,501 5,644 6,729 7,055 6,856 5,373 4,646 6,850
Accounts Receivable
10,230 10,737 10,312 10,087 9,904 10,665 10,207 10,188 10,721 11,644 11,055
Inventories, net
617 620 611 614 640 632 631 604 631 655 647
Prepaid Expenses
1,232 1,335 1,228 1,005 1,236 1,091 994 962 1,219 1,272 1,054
Plant, Property, & Equipment, net
40,964 41,006 41,255 41,491 41,529 41,532 41,174 40,698 39,849 39,721 38,806
Plant, Property & Equipment, gross
86,565 85,658 85,158 84,391 84,145 83,281 81,992 80,624 79,335 78,532 76,712
Accumulated Depreciation
45,601 44,652 43,903 42,900 42,616 41,749 40,818 39,926 39,486 38,811 37,906
Total Noncurrent Assets
26,865 26,754 27,362 27,309 27,161 27,402 27,515 27,835 27,982 27,653 27,414
Goodwill
6,332 6,290 6,512 6,423 6,425 6,468 6,422 6,435 6,455 6,377 6,316
Intangible Assets
16,468 16,821 17,094 17,115 16,935 17,243 17,327 17,347 17,410 17,373 17,219
Other Noncurrent Operating Assets
4,065 3,643 3,756 3,771 3,801 3,691 3,766 4,053 4,117 3,903 3,879
Total Liabilities & Shareholders' Equity
85,043 85,481 86,711 87,007 86,114 88,051 87,576 87,143 85,775 85,591 85,826
Total Liabilities
58,335 59,021 59,535 59,425 59,739 61,285 61,042 61,055 61,042 61,476 60,686
Total Current Liabilities
13,896 14,392 14,111 13,355 13,308 14,248 13,811 13,586 13,580 14,039 13,765
Short-Term Debt
611 592 622 68 67 334 351 126 147 172 139
Accounts Payable
3,604 3,896 3,738 3,189 3,780 4,002 3,794 3,848 3,987 3,989 4,167
Accrued Expenses
4,556 4,658 4,905 4,962 4,473 4,747 4,919 4,747 4,734 4,960 4,726
Current Employee Benefit Liabilities
2,601 2,710 2,336 2,673 2,541 2,732 2,365 2,475 2,266 2,420 2,263
Other Current Liabilities
2,524 2,536 2,510 2,463 2,447 2,433 2,382 2,390 2,446 2,498 2,470
Total Noncurrent Liabilities
44,439 44,629 45,424 46,070 46,431 47,037 47,231 47,469 47,462 47,437 46,921
Long-Term Debt
19,530 19,433 19,664 20,135 20,122 20,193 20,145 20,453 20,122 20,076 19,918
Asset Retirement Reserve & Litigation Obligation
3,914 3,825 3,833 3,701 3,836 3,688 3,583 3,339 3,201 3,106 3,042
Noncurrent Deferred & Payable Income Tax Liabilities
4,308 4,436 4,485 4,482 4,378 4,386 4,450 4,489 4,313 4,188 4,134
Noncurrent Employee Benefit Liabilities
1,664 1,571 1,780 2,010 2,527 2,854 3,021 3,130 3,779 4,115 4,055
Other Noncurrent Operating Liabilities
15,023 15,364 15,662 15,742 15,568 15,916 16,032 16,058 16,047 15,952 15,772
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
26,708 26,460 27,176 27,582 26,375 26,766 26,534 26,088 24,733 24,115 25,140
Total Preferred & Common Equity
26,708 26,460 27,176 27,582 26,375 26,766 26,534 26,088 24,733 24,115 25,140
Total Common Equity
26,708 26,460 27,176 27,582 26,375 26,766 26,534 26,088 24,733 24,115 25,140
Common Stock
4,277 4,197 4,166 4,020 3,930 3,881 3,832 3,801 3,767 3,519 3,783
Retained Earnings
39,754 39,175 38,767 38,649 37,174 36,605 36,021 35,259 34,040 33,557 33,060
Treasury Stock
-15,824 -15,397 -14,425 -13,728 -13,394 -12,426 -11,963 -11,645 -11,766 -11,576 -10,389
Accumulated Other Comprehensive Income / (Loss)
-1,499 -1,515 -1,332 -1,359 -1,335 -1,294 -1,356 -1,327 -1,308 -1,385 -1,314

Annual Metrics And Ratios for FedEx

This table displays calculated financial ratios and metrics derived from FedEx's official financial filings.

Metric 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Period end date 5/31/2024 5/31/2023 5/31/2022 5/31/2021 5/31/2020 5/31/2019 5/31/2018 5/31/2017 5/31/2016 5/31/2015
Growth Metrics
- - - - - - - - - -
Revenue Growth
-2.73% -3.59% 11.38% 21.30% -0.68% 6.48% 8.51% 19.76% 6.14% 4.14%
EBITDA Growth
4.61% 5.61% -18.09% 96.59% 30.06% -42.99% -1.18% 41.63% 27.52% -30.19%
EBIT Growth
6.01% 5.91% -29.15% 241.56% 93.07% -75.65% -3.86% 65.56% 65.31% -51.37%
NOPAT Growth
13.40% -25.45% 6.31% 146.50% -49.42% -17.94% 50.14% 46.22% 69.63% -50.29%
Net Income Growth
9.04% 3.82% -26.86% 306.77% 138.15% -88.19% 52.55% 64.67% 73.33% -54.82%
EPS Growth
11.18% 8.03% -26.32% 296.94% 141.38% -87.91% 51.67% 70.05% 78.36% -51.20%
Operating Cash Flow Growth
-6.06% -10.01% -2.99% 98.84% -9.19% 20.09% -5.19% -13.63% 6.37% 98.30%
Free Cash Flow Firm Growth
24.35% -52.96% 121.43% 482.27% -115.22% 393.80% -7,157.27% 99.52% -2,024.53% -120.02%
Invested Capital Growth
3.70% 3.93% 0.91% 7.18% 7.26% 0.49% 20.92% 12.43% 29.38% 7.90%
Revenue Q/Q Growth
0.20% -2.66% 1.99% 6.61% -0.64% 0.71% 2.48% 4.78% 1.75% 0.58%
EBITDA Q/Q Growth
-0.76% 16.86% -19.54% 41.20% 51.97% -43.85% -0.40% 27.89% 28.88% -39.35%
EBIT Q/Q Growth
-1.72% 31.13% -29.81% 74.64% 594.83% -75.29% -1.62% 49.25% 70.58% -61.09%
NOPAT Q/Q Growth
1.18% -10.65% 6.00% 25.06% -18.34% 3.27% 10.43% 35.90% 69.32% -60.14%
Net Income Q/Q Growth
-1.46% 32.75% -25.51% 72.70% 468.48% -85.15% 2.40% 57.16% 82.73% -63.81%
EPS Q/Q Growth
-0.64% 33.33% -24.78% 72.12% 504.96% -85.05% 2.50% 55.48% 80.83% -63.13%
Operating Cash Flow Q/Q Growth
-8.27% -0.62% 8.37% 10.03% -8.46% -17.88% 35.60% 8.19% -22.08% 173.08%
Free Cash Flow Firm Q/Q Growth
-4.81% -37.50% 105.92% -86.96% 95.03% 93.60% 57.74% 99.64% -437.29% -179.94%
Invested Capital Q/Q Growth
0.89% 0.46% -1.70% 3.81% -27.13% -7.14% -2.82% 0.97% 20.02% -6.37%
Profitability Metrics
- - - - - - - - - -
Gross Margin
26.50% 25.89% 25.81% 25.90% 24.50% 26.09% 26.28% 27.04% 25.73% 23.54%
EBITDA Margin
11.97% 11.13% 10.16% 13.82% 8.53% 6.51% 12.16% 13.35% 11.29% 9.40%
Operating Margin
6.34% 5.45% 6.68% 6.98% 3.49% 6.41% 6.53% 7.57% 6.11% 3.93%
EBIT Margin
7.08% 6.50% 5.92% 9.30% 3.30% 1.70% 7.43% 8.39% 6.07% 3.89%
Profit (Net Income) Margin
4.94% 4.41% 4.09% 6.23% 1.86% 0.77% 6.99% 4.97% 3.61% 2.21%
Tax Burden Percent
74.21% 74.06% 78.15% 78.38% 77.05% 82.44% 105.03% 65.45% 66.42% 64.54%
Interest Burden Percent
93.96% 91.53% 88.50% 85.48% 73.01% 55.32% 89.51% 90.53% 89.69% 88.04%
Effective Tax Rate
25.79% 25.94% 21.85% 21.62% 22.95% 17.56% -5.03% 34.55% 33.58% 35.46%
Return on Invested Capital (ROIC)
10.17% 9.31% 12.80% 12.51% 5.44% 11.18% 14.95% 11.64% 9.54% 6.70%
ROIC Less NNEP Spread (ROIC-NNEP)
11.67% 11.78% 5.03% 16.66% 1.88% -10.71% 15.64% 11.72% 6.36% 1.28%
Return on Net Nonoperating Assets (RNNOA)
5.97% 6.25% 2.78% 12.13% 1.69% -8.27% 10.82% 8.43% 3.11% 0.24%
Return on Equity (ROE)
16.14% 15.57% 15.58% 24.64% 7.13% 2.91% 25.77% 20.08% 12.65% 6.94%
Cash Return on Invested Capital (CROIC)
6.54% 5.46% 11.89% 5.58% -1.57% 10.69% -3.99% -0.06% -16.08% -0.90%
Operating Return on Assets (OROA)
7.13% 6.77% 6.56% 9.99% 3.57% 2.22% 9.64% 10.70% 7.41% 5.31%
Return on Assets (ROA)
4.97% 4.59% 4.53% 6.69% 2.01% 1.01% 9.06% 6.34% 4.41% 3.02%
Return on Common Equity (ROCE)
16.14% 15.57% 15.58% 24.64% 7.13% 2.91% 25.77% 20.08% 12.65% 6.94%
Return on Equity Simple (ROE_SIMPLE)
15.70% 15.23% 15.34% 21.64% 7.03% 3.04% 23.55% 18.65% 13.20% 7.00%
Net Operating Profit after Tax (NOPAT)
4,125 3,638 4,880 4,591 1,862 3,682 4,487 2,988 2,044 1,205
NOPAT Margin
4.70% 4.04% 5.22% 5.47% 2.69% 5.28% 6.86% 4.95% 4.06% 2.54%
Net Nonoperating Expense Percent (NNEP)
-1.50% -2.47% 7.76% -4.14% 3.56% 21.89% -0.69% -0.08% 3.18% 5.41%
Cost of Revenue to Revenue
73.50% 74.11% 74.19% 74.10% 75.50% 73.91% 73.73% 72.96% 74.27% 76.46%
SG&A Expenses to Revenue
14.43% 15.34% 14.59% 14.27% 15.16% 14.41% 14.44% 14.51% 14.40% 13.52%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
20.16% 20.44% 19.13% 18.93% 21.01% 19.68% 19.75% 19.47% 19.62% 19.60%
Earnings before Interest and Taxes (EBIT)
6,211 5,859 5,532 7,808 2,286 1,184 4,863 5,058 3,055 1,848
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
10,498 10,035 9,502 11,601 5,901 4,537 7,958 8,053 5,686 4,459
Valuation Ratios
- - - - - - - - - -
Price to Book Value (P/BV)
2.25 2.05 2.22 3.29 1.75 2.09 3.13 2.92 2.88 2.92
Price to Tangible Book Value (P/TBV)
15.37 23.16 31.12 44.32 0.00 3.42 4.88 5.26 5.64 3.91
Price to Revenue (P/Rev)
0.71 0.59 0.59 0.95 0.46 0.53 0.93 0.78 0.79 0.92
Price to Earnings (P/E)
14.35 13.44 14.49 15.19 24.92 68.77 13.29 15.64 21.81 41.69
Dividend Yield
2.00% 2.17% 1.40% 0.87% 2.12% 1.82% 0.88% 0.91% 0.68% 0.52%
Earnings Yield
6.97% 7.44% 6.90% 6.58% 4.01% 1.45% 7.53% 6.39% 4.59% 2.40%
Enterprise Value to Invested Capital (EV/IC)
1.84 1.69 1.80 2.46 1.39 1.59 2.26 2.13 2.07 2.54
Enterprise Value to Revenue (EV/Rev)
0.87 0.74 0.74 1.11 0.71 0.75 1.13 0.96 0.99 1.00
Enterprise Value to EBITDA (EV/EBITDA)
7.23 6.69 7.24 8.04 8.33 11.55 9.32 7.20 8.81 10.64
Enterprise Value to EBIT (EV/EBIT)
12.21 11.46 12.44 11.94 21.51 44.25 15.26 11.46 16.39 25.68
Enterprise Value to NOPAT (EV/NOPAT)
18.39 18.45 14.10 20.32 26.40 14.23 16.54 19.40 24.50 39.39
Enterprise Value to Operating Cash Flow (EV/OCF)
9.13 7.59 7.00 9.20 9.65 9.33 15.87 11.76 8.77 8.84
Enterprise Value to Free Cash Flow (EV/FCFF)
28.60 31.47 15.18 45.55 0.00 14.89 0.00 0.00 0.00 0.00
Leverage & Solvency
- - - - - - - - - -
Debt to Equity
0.73 0.79 0.81 0.86 1.20 0.99 0.86 0.94 1.01 0.50
Long-Term Debt to Equity
0.73 0.78 0.81 0.86 1.20 0.94 0.79 0.94 1.01 0.50
Financial Leverage
0.51 0.53 0.55 0.73 0.90 0.77 0.69 0.72 0.49 0.19
Leverage Ratio
3.24 3.39 3.44 3.68 3.55 2.87 2.84 3.17 2.87 2.30
Compound Leverage Factor
3.05 3.11 3.04 3.15 2.59 1.59 2.54 2.87 2.57 2.02
Debt to Total Capital
42.28% 44.10% 44.83% 46.35% 54.60% 49.75% 46.25% 48.39% 50.24% 33.19%
Short-Term Debt to Total Capital
0.14% 0.27% 0.18% 0.32% 0.13% 2.73% 3.72% 0.07% 0.10% 0.08%
Long-Term Debt to Total Capital
42.14% 43.83% 44.65% 46.03% 54.47% 47.02% 42.53% 48.32% 50.14% 33.11%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital
57.72% 55.90% 55.17% 53.65% 45.40% 50.25% 53.75% 51.61% 49.76% 66.81%
Debt to EBITDA
1.92 2.05 2.13 1.80 3.73 3.88 2.10 1.87 2.45 1.67
Net Debt to EBITDA
1.31 1.37 1.41 1.19 2.90 3.36 1.69 1.38 1.83 0.83
Long-Term Debt to EBITDA
1.92 2.04 2.12 1.79 3.72 3.66 1.93 1.87 2.44 1.67
Debt to NOPAT
4.90 5.66 4.15 4.55 11.81 4.78 3.72 5.04 6.81 6.18
Net Debt to NOPAT
3.32 3.77 2.74 3.00 9.19 4.15 3.00 3.71 5.08 3.06
Long-Term Debt to NOPAT
4.88 5.62 4.14 4.52 11.79 4.51 3.42 5.03 6.80 6.17
Altman Z-Score
2.56 2.42 2.46 2.74 1.97 2.69 3.41 3.17 2.72 3.48
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios
- - - - - - - - - -
Current Ratio
1.36 1.37 1.43 1.51 1.58 1.45 1.39 1.59 1.50 1.74
Quick Ratio
1.24 1.25 1.31 1.40 1.45 1.27 1.22 1.46 1.35 1.59
Cash Flow Metrics
- - - - - - - - - -
Free Cash Flow to Firm (FCFF)
2,652 2,133 4,534 2,048 -536 3,520 -1,198 -17 -3,444 -162
Operating Cash Flow to CapEx
164.20% 145.29% 147.43% 172.25% 86.86% 102.24% 82.54% 96.36% 118.47% 123.44%
Free Cash Flow to Firm to Interest Expense
3.56 3.07 6.58 1.73 -0.80 5.99 -2.15 -0.03 -10.25 -0.69
Operating Cash Flow to Interest Expense
11.16 12.75 14.27 8.55 7.58 9.55 8.38 9.63 16.99 22.83
Operating Cash Flow Less CapEx to Interest Expense
4.36 3.97 4.59 3.58 -1.15 0.21 -1.77 -0.36 2.65 4.34
Efficiency Ratios
- - - - - - - - - -
Asset Turnover
1.01 1.04 1.11 1.07 1.08 1.31 1.30 1.28 1.22 1.36
Accounts Receivable Turnover
8.65 8.18 7.81 7.57 7.20 7.92 8.14 8.12 7.77 8.49
Inventory Turnover
105.84 107.68 113.36 107.35 92.90 95.57 92.88 87.14 75.26 75.51
Fixed Asset Turnover
2.13 2.29 2.53 2.42 2.16 2.38 2.42 2.40 2.23 2.35
Accounts Payable Turnover
18.32 16.96 17.63 17.50 16.59 17.15 16.85 15.45 14.93 17.98
Days Sales Outstanding (DSO)
42.19 44.64 46.71 48.19 50.67 46.08 44.84 44.93 47.00 42.99
Days Inventory Outstanding (DIO)
3.45 3.39 3.22 3.40 3.93 3.82 3.93 4.19 4.85 4.83
Days Payable Outstanding (DPO)
19.93 21.52 20.71 20.86 22.00 21.28 21.67 23.62 24.44 20.31
Cash Conversion Cycle (CCC)
25.72 26.51 29.22 30.74 32.60 28.62 27.10 25.50 27.41 27.52
Capital & Investment Metrics
- - - - - - - - - -
Invested Capital
41,284 39,811 38,306 37,960 35,417 33,019 32,857 27,172 24,167 18,679
Invested Capital Turnover
2.16 2.31 2.45 2.29 2.02 2.12 2.18 2.35 2.35 2.64
Increase / (Decrease) in Invested Capital
1,473 1,505 346 2,543 2,398 162 5,685 3,005 5,488 1,367
Enterprise Value (EV)
75,857 67,119 68,815 93,266 49,171 52,396 74,193 57,980 50,078 47,460
Market Capitalization
62,155 53,396 55,448 79,474 32,049 37,134 60,752 46,881 39,695 43,774
Book Value per Share
$112.09 $103.79 $96.22 $91.08 $70.03 $68.15 $72.66 $60.11 $51.35 $52.84
Tangible Book Value per Share
$16.43 $9.17 $6.88 $6.76 ($7.63) $41.73 $46.57 $33.36 $26.22 $39.41
Total Capital
47,785 46,667 45,203 45,047 40,298 35,338 36,122 31,141 27,701 22,442
Total Debt
20,203 20,579 20,264 20,879 22,003 17,581 16,706 15,068 13,917 7,449
Total Long-Term Debt
20,135 20,453 20,182 20,733 21,952 16,617 15,364 15,046 13,888 7,430
Net Debt
13,702 13,723 13,367 13,792 17,122 15,262 13,441 11,099 10,383 3,686
Capital Expenditures (CapEx)
5,062 6,090 6,669 5,884 5,868 5,490 5,663 5,116 4,818 4,347
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-1,581 -1,706 -724 -21 1,209 2,718 1,791 763 476 635
Debt-free Net Working Capital (DFNWC)
4,920 5,150 6,173 7,066 6,090 5,037 5,056 4,732 4,010 4,398
Net Working Capital (NWC)
4,852 5,024 6,091 6,920 6,039 4,073 3,714 4,710 3,981 4,379
Net Nonoperating Expense (NNE)
-206 -334 1,054 -640 576 3,142 -85 -8.51 224 155
Net Nonoperating Obligations (NNO)
13,702 13,723 13,367 13,792 17,122 15,262 13,441 11,099 10,383 3,686
Total Depreciation and Amortization (D&A)
4,287 4,176 3,970 3,793 3,615 3,353 3,095 2,995 2,631 2,611
Debt-free, Cash-free Net Working Capital to Revenue
-1.80% -1.89% -0.77% -0.03% 1.75% 3.90% 2.74% 1.26% 0.95% 1.34%
Debt-free Net Working Capital to Revenue
5.61% 5.71% 6.60% 8.42% 8.80% 7.23% 7.73% 7.85% 7.96% 9.27%
Net Working Capital to Revenue
5.53% 5.57% 6.51% 8.24% 8.72% 5.84% 5.67% 7.81% 7.90% 9.23%
Earnings Adjustments
- - - - - - - - - -
Adjusted Basic Earnings per Share
$17.41 $15.60 $14.54 $19.79 $4.92 $2.06 $17.08 $11.24 $6.59 $3.70
Adjusted Weighted Average Basic Shares Outstanding
244.30M 251.19M 259.85M 267.35M 261.95M 260.81M 265.92M 268.26M 265.52M 282.43M
Adjusted Diluted Earnings per Share
$17.21 $15.48 $14.33 $19.45 $4.90 $2.03 $16.79 $11.07 $6.51 $3.65
Adjusted Weighted Average Diluted Shares Outstanding
244.30M 251.19M 259.85M 267.35M 261.95M 260.81M 265.92M 268.26M 265.52M 282.43M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $2.06 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
244.30M 251.19M 259.85M 267.35M 261.95M 260.81M 265.92M 268.26M 265.52M 282.43M
Normalized Net Operating Profit after Tax (NOPAT)
4,674 3,953 4,880 4,591 2,198 3,682 3,256 2,988 2,044 1,383
Normalized NOPAT Margin
5.33% 4.39% 5.22% 5.47% 3.17% 5.28% 4.98% 4.95% 4.06% 2.91%
Pre Tax Income Margin
6.66% 5.95% 5.24% 7.95% 2.41% 0.94% 6.65% 7.59% 5.44% 3.43%
Debt Service Ratios
- - - - - - - - - -
EBIT to Interest Expense
8.34 8.44 8.03 6.58 3.40 2.01 8.72 9.88 9.09 7.86
NOPAT to Interest Expense
5.54 5.24 7.08 3.87 2.77 6.26 8.04 5.84 6.08 5.13
EBIT Less CapEx to Interest Expense
1.54 -0.33 -1.65 1.62 -5.33 -7.32 -1.43 -0.11 -5.25 -10.63
NOPAT Less CapEx to Interest Expense
-1.26 -3.53 -2.60 -1.09 -5.96 -3.08 -2.11 -4.16 -8.26 -13.37
Payout Ratios
- - - - - - - - - -
Dividend Payout Ratio
29.07% 29.63% 20.73% 13.11% 52.80% 126.48% 11.70% 14.21% 15.22% 21.62%
Augmented Payout Ratio
86.79% 67.40% 79.48% 13.11% 53.03% 400.56% 33.95% 31.20% 164.78% 141.05%

Quarterly Metrics And Ratios for FedEx

This table displays calculated financial ratios and metrics derived from FedEx's official financial filings.

Metric Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023
Period end date 2/28/2025 11/30/2024 8/31/2024 5/31/2024 2/29/2024 11/30/2023 8/31/2023 5/31/2023 2/28/2023 11/30/2022 8/31/2022
Growth Metrics
- - - - - - - - - - -
Revenue Growth
1.94% -0.89% -0.47% 0.82% -1.94% -2.84% -6.72% -10.10% -6.23% -2.81% 5.63%
EBITDA Growth
0.72% -8.79% -14.20% -2.42% 7.86% 2.96% 11.42% 77.85% -13.83% -11.78% -10.36%
EBIT Growth
1.81% -17.89% -24.70% -4.88% 11.36% 6.07% 16.82% 165.20% -25.62% -22.74% -19.85%
NOPAT Growth
7.67% -16.83% -27.82% 4.04% 17.49% 9.18% 24.57% -30.79% -26.70% -27.57% -15.36%
Net Income Growth
3.41% -17.67% -26.35% -4.16% 14.01% 14.21% 23.20% 175.63% -30.67% -24.52% -21.31%
EPS Growth
7.12% -14.65% -24.11% -1.82% 15.08% 15.64% 27.03% 179.17% -27.38% -20.88% -18.58%
Operating Cash Flow Growth
24.97% -25.70% -46.77% -21.73% -29.26% 16.86% 38.77% -1.57% 1.25% -24.02% -22.89%
Free Cash Flow Firm Growth
154.55% -189.82% -45.51% 18.13% -389.11% 146.74% -171.55% -134.22% 109.56% 83.24% 154.88%
Invested Capital Growth
1.94% 2.20% 3.86% 3.70% 3.26% 2.13% 4.25% 3.93% 1.69% 2.87% 0.52%
Revenue Q/Q Growth
0.88% 1.80% -2.40% 1.71% -1.93% 2.23% -1.14% -1.08% -2.83% -1.84% -4.72%
EBITDA Q/Q Growth
12.74% -5.50% -31.29% 37.60% 2.09% -11.10% -21.86% 52.09% -2.55% -3.79% 24.73%
EBIT Q/Q Growth
25.56% -9.39% -46.33% 66.72% 1.27% -16.91% -32.20% 95.19% -3.54% -8.49% 53.92%
NOPAT Q/Q Growth
25.14% -2.14% -28.15% 22.37% -3.33% -15.07% 3.56% 38.19% -10.17% -3.10% -42.47%
Net Income Q/Q Growth
22.67% -6.68% -46.13% 67.69% -2.33% -16.51% -29.91% 99.48% -2.16% -9.94% 56.81%
EPS Q/Q Growth
24.09% -5.61% -45.78% 68.66% -1.13% -16.08% -29.85% 97.70% -0.65% -7.81% 54.17%
Operating Cash Flow Q/Q Growth
52.66% 11.04% -56.00% 67.58% -9.24% -20.45% -35.31% 51.45% 49.93% -5.54% -54.11%
Free Cash Flow Firm Q/Q Growth
305.85% 86.70% -113.53% 6.70% -438.92% 121.55% -20.14% -429.47% 154.79% -132.99% -42.54%
Invested Capital Q/Q Growth
0.62% -0.15% 0.57% 0.89% 0.88% 1.47% 0.41% 0.46% -0.22% 3.57% 0.11%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
26.16% 25.68% 25.27% 28.17% 25.81% 25.34% 26.68% 28.81% 25.29% 24.93% 24.66%
EBITDA Margin
10.66% 9.54% 10.28% 14.60% 10.79% 10.37% 11.92% 15.08% 9.81% 9.78% 9.98%
Operating Margin
5.83% 4.79% 5.00% 7.03% 5.72% 5.76% 6.85% 6.85% 4.70% 5.15% 5.12%
EBIT Margin
5.85% 4.70% 5.28% 9.61% 5.86% 5.68% 6.98% 10.18% 5.16% 5.20% 5.58%
Profit (Net Income) Margin
4.10% 3.37% 3.68% 6.67% 4.04% 4.06% 4.97% 7.01% 3.48% 3.45% 3.76%
Tax Burden Percent
76.97% 75.54% 75.19% 72.68% 74.30% 74.88% 75.76% 72.27% 75.44% 74.41% 75.82%
Interest Burden Percent
91.06% 94.97% 92.63% 95.48% 92.86% 95.55% 93.99% 95.30% 89.34% 89.29% 89.04%
Effective Tax Rate
23.03% 24.46% 24.81% 27.32% 25.70% 25.12% 24.24% 27.73% 24.56% 25.59% 24.18%
Return on Invested Capital (ROIC)
9.54% 7.71% 8.09% 11.06% 9.23% 9.44% 11.74% 11.43% 8.36% 9.22% 9.63%
ROIC Less NNEP Spread (ROIC-NNEP)
8.96% 7.34% 7.96% 13.56% 8.93% 9.07% 11.39% 14.77% 8.25% 8.62% 9.42%
Return on Net Nonoperating Assets (RNNOA)
4.99% 3.97% 4.12% 6.93% 5.14% 5.24% 5.87% 7.84% 4.92% 5.14% 5.15%
Return on Equity (ROE)
14.53% 11.68% 12.21% 17.99% 14.38% 14.68% 17.61% 19.27% 13.27% 14.36% 14.77%
Cash Return on Invested Capital (CROIC)
7.08% 6.73% 5.57% 6.54% 6.92% 7.70% 5.70% 5.46% 8.68% 8.36% 11.81%
Operating Return on Assets (OROA)
6.01% 4.74% 5.31% 9.68% 5.97% 5.75% 7.14% 10.60% 5.63% 5.76% 6.29%
Return on Assets (ROA)
4.21% 3.40% 3.70% 6.71% 4.12% 4.11% 5.08% 7.30% 3.79% 3.83% 4.25%
Return on Common Equity (ROCE)
14.53% 11.68% 12.21% 17.99% 14.38% 14.68% 17.61% 19.27% 13.27% 14.36% 14.77%
Return on Equity Simple (ROE_SIMPLE)
14.67% 14.69% 14.89% 0.00% 16.66% 16.02% 15.73% 0.00% 12.10% 13.82% 14.28%
Net Operating Profit after Tax (NOPAT)
994 795 812 1,130 924 955 1,125 1,086 786 875 903
NOPAT Margin
4.49% 3.62% 3.76% 5.11% 4.25% 4.31% 5.19% 4.95% 3.55% 3.84% 3.89%
Net Nonoperating Expense Percent (NNEP)
0.58% 0.37% 0.13% -2.51% 0.30% 0.38% 0.35% -3.33% 0.10% 0.59% 0.21%
Return On Investment Capital (ROIC_SIMPLE)
2.12% 1.71% - - 1.98% 2.02% - - - - -
Cost of Revenue to Revenue
73.84% 74.32% 74.73% 71.84% 74.19% 74.66% 73.32% 71.19% 74.71% 75.07% 75.34%
SG&A Expenses to Revenue
14.71% 14.57% 14.68% 14.44% 14.64% 14.24% 14.40% 16.01% 15.38% 15.03% 14.96%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
20.33% 20.90% 20.27% 21.13% 20.09% 19.58% 19.83% 21.96% 20.59% 19.77% 19.53%
Earnings before Interest and Taxes (EBIT)
1,297 1,033 1,140 2,124 1,274 1,258 1,514 2,233 1,144 1,186 1,296
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
2,363 2,096 2,218 3,228 2,346 2,298 2,585 3,308 2,175 2,232 2,320
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
2.36 2.78 2.67 2.25 2.30 2.37 2.41 2.05 2.02 1.91 2.11
Price to Tangible Book Value (P/TBV)
16.11 21.97 20.35 15.37 20.11 20.77 22.96 23.16 57.58 126.38 33.02
Price to Revenue (P/Rev)
0.72 0.84 0.83 0.71 0.69 0.72 0.72 0.59 0.54 0.49 0.56
Price to Earnings (P/E)
16.07 18.93 17.95 14.35 13.80 14.80 15.32 13.44 16.71 13.84 14.77
Dividend Yield
2.07% 1.75% 1.74% 2.00% 2.03% 1.91% 2.30% 2.17% 2.12% 2.14% 1.67%
Earnings Yield
6.22% 5.28% 5.57% 6.97% 7.25% 6.75% 6.53% 7.44% 5.99% 7.23% 6.77%
Enterprise Value to Invested Capital (EV/IC)
1.87 2.14 2.09 1.84 1.84 1.90 1.94 1.69 1.64 1.55 1.73
Enterprise Value to Revenue (EV/Rev)
0.89 1.01 0.99 0.87 0.86 0.88 0.87 0.74 0.70 0.66 0.70
Enterprise Value to EBITDA (EV/EBITDA)
7.84 8.92 8.59 7.23 7.13 7.45 7.51 6.69 7.56 6.91 7.17
Enterprise Value to EBIT (EV/EBIT)
13.84 15.78 14.90 12.21 11.97 12.57 12.73 11.46 14.52 12.70 12.71
Enterprise Value to NOPAT (EV/NOPAT)
20.97 24.25 22.81 18.39 18.44 19.62 20.05 18.45 15.93 14.09 14.03
Enterprise Value to Operating Cash Flow (EV/OCF)
10.81 13.00 11.97 9.13 8.30 7.94 8.17 7.59 7.29 6.96 7.08
Enterprise Value to Free Cash Flow (EV/FCFF)
26.66 32.09 38.32 28.60 26.98 24.99 34.68 31.47 19.01 18.85 14.65
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
0.75 0.76 0.75 0.73 0.77 0.77 0.77 0.79 0.82 0.84 0.80
Long-Term Debt to Equity
0.73 0.73 0.72 0.73 0.76 0.75 0.76 0.78 0.81 0.83 0.79
Financial Leverage
0.56 0.54 0.52 0.51 0.58 0.58 0.52 0.53 0.60 0.60 0.55
Leverage Ratio
3.22 3.26 3.25 3.24 3.36 3.41 3.36 3.39 3.45 3.46 3.39
Compound Leverage Factor
2.94 3.10 3.01 3.10 3.12 3.26 3.15 3.23 3.08 3.09 3.02
Debt to Total Capital
42.99% 43.08% 42.74% 42.28% 43.36% 43.40% 43.58% 44.10% 45.04% 45.64% 44.38%
Short-Term Debt to Total Capital
1.30% 1.27% 1.31% 0.14% 0.14% 0.71% 0.75% 0.27% 0.33% 0.39% 0.31%
Long-Term Debt to Total Capital
41.69% 41.80% 41.43% 42.14% 43.21% 42.70% 42.83% 43.83% 44.71% 45.25% 44.07%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital
57.01% 56.92% 57.26% 57.72% 56.64% 56.60% 56.42% 55.90% 54.96% 54.36% 55.62%
Debt to EBITDA
2.03 2.02 2.00 1.92 1.92 1.98 1.99 2.05 2.36 2.27 2.17
Net Debt to EBITDA
1.51 1.51 1.42 1.31 1.38 1.33 1.31 1.37 1.73 1.75 1.43
Long-Term Debt to EBITDA
1.96 1.96 1.94 1.92 1.91 1.95 1.96 2.04 2.34 2.25 2.16
Debt to NOPAT
5.42 5.48 5.32 4.90 4.95 5.21 5.31 5.66 4.98 4.62 4.25
Net Debt to NOPAT
4.04 4.11 3.76 3.32 3.57 3.50 3.48 3.77 3.66 3.56 2.80
Long-Term Debt to NOPAT
5.25 5.32 5.16 4.88 4.94 5.13 5.22 5.62 4.94 4.58 4.22
Altman Z-Score
2.43 2.50 2.47 2.40 2.34 2.32 2.34 2.28 2.23 2.20 2.30
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
1.24 1.23 1.28 1.36 1.31 1.34 1.37 1.37 1.32 1.30 1.42
Quick Ratio
1.11 1.10 1.15 1.24 1.17 1.22 1.25 1.25 1.19 1.16 1.30
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
200 -97 -732 -343 -367 108 -503 -419 127 -232 703
Operating Cash Flow to CapEx
203.44% 165.37% 157.43% 228.26% 119.52% 141.35% 174.49% 197.88% 178.09% 81.70% 125.16%
Free Cash Flow to Firm to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
1.03 1.01 1.01 1.01 1.02 1.01 1.02 1.04 1.09 1.11 1.13
Accounts Receivable Turnover
8.72 8.17 8.54 8.65 8.49 7.88 8.33 8.18 8.27 7.89 8.54
Inventory Turnover
102.94 102.97 104.16 105.84 101.00 100.42 102.03 107.68 110.84 112.14 115.10
Fixed Asset Turnover
2.13 2.12 2.13 2.13 2.15 2.16 2.22 2.29 2.40 2.45 2.52
Accounts Payable Turnover
17.52 16.32 17.18 18.32 16.53 16.17 16.38 16.96 16.84 17.12 17.63
Days Sales Outstanding (DSO)
41.84 44.69 42.75 42.19 43.01 46.29 43.80 44.64 44.12 46.24 42.72
Days Inventory Outstanding (DIO)
3.55 3.54 3.50 3.45 3.61 3.63 3.58 3.39 3.29 3.25 3.17
Days Payable Outstanding (DPO)
20.83 22.36 21.25 19.93 22.08 22.57 22.28 21.52 21.67 21.31 20.70
Cash Conversion Cycle (CCC)
24.56 25.88 25.01 25.72 24.54 27.36 25.09 26.51 25.74 28.18 25.19
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
41,714 41,456 41,519 41,284 40,920 40,564 39,975 39,811 39,629 39,717 38,347
Invested Capital Turnover
2.13 2.13 2.15 2.16 2.17 2.19 2.26 2.31 2.36 2.40 2.48
Increase / (Decrease) in Invested Capital
794 892 1,544 1,473 1,291 847 1,628 1,505 659 1,107 200
Enterprise Value (EV)
77,981 88,582 86,977 75,857 75,178 77,264 77,384 67,119 64,879 61,732 66,207
Market Capitalization
62,975 73,586 72,634 62,155 60,633 63,466 63,943 53,396 49,983 46,130 53,000
Book Value per Share
$110.89 $108.30 $111.24 $112.09 $105.55 $106.46 $105.63 $103.79 $97.99 $92.67 $96.75
Tangible Book Value per Share
$16.23 $13.71 $14.61 $16.43 $12.07 $12.15 $11.09 $9.17 $3.44 $1.40 $6.18
Total Capital
46,849 46,485 47,462 47,785 46,564 47,293 47,030 46,667 45,002 44,363 45,197
Total Debt
20,141 20,025 20,286 20,203 20,189 20,527 20,496 20,579 20,269 20,248 20,057
Total Long-Term Debt
19,530 19,433 19,664 20,135 20,122 20,193 20,145 20,453 20,122 20,076 19,918
Net Debt
15,006 14,996 14,343 13,702 14,545 13,798 13,441 13,723 14,896 15,602 13,207
Capital Expenditures (CapEx)
989 797 754 1,182 1,347 1,255 1,278 1,742 1,278 1,858 1,284
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-1,206 -1,108 -1,338 -1,581 -1,461 -1,526 -1,628 -1,706 -862 -296 -870
Debt-free Net Working Capital (DFNWC)
3,929 3,921 4,605 4,920 4,183 5,203 5,427 5,150 4,511 4,350 5,980
Net Working Capital (NWC)
3,318 3,329 3,983 4,852 4,116 4,869 5,076 5,024 4,364 4,178 5,841
Net Nonoperating Expense (NNE)
85 54 18 -344 45 55 47 -452 15 87 28
Net Nonoperating Obligations (NNO)
15,006 14,996 14,343 13,702 14,545 13,798 13,441 13,723 14,896 15,602 13,207
Total Depreciation and Amortization (D&A)
1,066 1,063 1,078 1,104 1,072 1,040 1,071 1,075 1,031 1,046 1,024
Debt-free, Cash-free Net Working Capital to Revenue
-1.37% -1.27% -1.53% -1.80% -1.67% -1.74% -1.84% -1.89% -0.93% -0.31% -0.92%
Debt-free Net Working Capital to Revenue
4.47% 4.49% 5.26% 5.61% 4.78% 5.92% 6.13% 5.71% 4.87% 4.62% 6.31%
Net Working Capital to Revenue
3.78% 3.81% 4.55% 5.53% 4.70% 5.54% 5.73% 5.57% 4.71% 4.44% 6.16%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$3.79 $3.06 $3.24 $5.99 $3.55 $3.59 $4.28 $6.08 $3.07 $3.08 $3.37
Adjusted Weighted Average Basic Shares Outstanding
239.60M 240.85M 244.32M 244.30M 246.08M 249.89M 251.42M 251.19M 251.35M 252.40M 260.22M
Adjusted Diluted Earnings per Share
$3.76 $3.03 $3.21 $5.92 $3.51 $3.55 $4.23 $6.03 $3.05 $3.07 $3.33
Adjusted Weighted Average Diluted Shares Outstanding
239.60M 240.85M 244.32M 244.30M 246.08M 249.89M 251.42M 251.19M 251.35M 252.40M 260.22M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
239.60M 240.85M 244.32M 244.30M 246.08M 249.89M 251.42M 251.19M 251.35M 252.40M 260.22M
Normalized Net Operating Profit after Tax (NOPAT)
994 795 812 1,130 1,008 955 1,125 1,086 786 875 932
Normalized NOPAT Margin
4.49% 3.62% 3.76% 5.11% 4.64% 4.31% 5.19% 4.95% 3.55% 3.84% 4.01%
Pre Tax Income Margin
5.33% 4.47% 4.89% 9.17% 5.44% 5.42% 6.56% 9.70% 4.61% 4.64% 4.97%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
33.64% 33.44% 31.63% 29.07% 28.17% 28.32% 28.65% 29.63% 36.20% 29.73% 24.85%
Augmented Payout Ratio
110.64% 123.97% 105.76% 86.79% 73.67% 51.64% 76.55% 67.40% 86.33% 119.74% 72.19%

Frequently Asked Questions About FedEx's Financials

When does FedEx's financial year end?

According to the most recent income statement we have on file, FedEx's fiscal year ends in May. Their fiscal year 2024 ended on May 31, 2024.

How has FedEx's net income changed over the last 9 years?

FedEx's net income appears to be on an upward trend, with a most recent value of $4.33 billion in 2024, rising from $1.05 billion in 2015. The previous period was $3.97 billion in 2023. View FedEx's forecast to see where analysts expect FedEx to go next.

What is FedEx's operating income?
FedEx's total operating income in 2024 was $5.56 billion, based on the following breakdown:
  • Total Gross Profit: $23.24 billion
  • Total Operating Expenses: $17.68 billion
How has FedEx revenue changed over the last 9 years?

Over the last 9 years, FedEx's total revenue changed from $47.45 billion in 2015 to $87.69 billion in 2024, a change of 84.8%.

How much debt does FedEx have?

FedEx's total liabilities were at $59.43 billion at the end of 2024, a 2.7% decrease from 2023, and a 175.9% increase since 2015.

How much cash does FedEx have?

In the past 9 years, FedEx's cash and equivalents has ranged from $2.32 billion in 2019 to $7.09 billion in 2021, and is currently $6.50 billion as of their latest financial filing in 2024.

How has FedEx's book value per share changed over the last 9 years?

Over the last 9 years, FedEx's book value per share changed from 52.84 in 2015 to 112.09 in 2024, a change of 112.1%.



This page (NYSE:FDX) was last updated on 5/27/2025 by MarketBeat.com Staff
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