FedEx (FDX) Financials

$220.03 +2.88 (+1.33%)

Closing price 03:59 PM Eastern

Extended Trading

$219.38 -0.65 (-0.30%)

As of 07:58 PM Eastern

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

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

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

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

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

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

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%

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. See FedEx's forecast for analyst expectations on what’s next for the company.

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%.

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This page (NYSE:FDX) was last updated on 5/29/2025 by MarketBeat.com Staff

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