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FedEx (FDX) Financials

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$236.19 +10.91 (+4.84%)
Closing price 08/22/2025 03:59 PM Eastern
Extended Trading
$236.54 +0.35 (+0.15%)
As of 08/22/2025 07:44 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 5/31/2015 5/31/2016 5/31/2017 5/31/2018 5/31/2019 5/31/2020 5/31/2021 5/31/2022 5/31/2023 5/31/2024 5/31/2025
Net Income / (Loss) Attributable to Common Shareholders
1,050 1,820 2,997 4,572 540 1,286 5,231 3,826 3,972 4,331 4,092
Consolidated Net Income / (Loss)
1,050 1,820 2,997 4,572 540 1,286 5,231 3,826 3,972 4,331 4,092
Net Income / (Loss) Continuing Operations
1,050 1,820 2,997 4,572 540 1,286 5,231 3,826 3,972 4,331 4,092
Total Pre-Tax Income
1,627 2,740 4,579 4,353 655 1,669 6,674 4,896 5,363 5,836 5,441
Total Operating Income
1,867 3,077 4,566 4,272 4,466 2,417 5,857 6,245 4,912 5,559 5,217
Total Gross Profit
11,169 12,959 16,313 17,197 18,180 16,959 21,747 24,137 23,342 23,239 23,259
Total Revenue
47,453 50,365 60,319 65,450 69,693 69,217 83,959 93,512 90,155 87,693 87,926
Operating Revenue
47,453 50,365 60,319 65,450 69,693 69,217 83,959 93,512 90,155 87,693 87,926
Total Cost of Revenue
36,284 37,406 44,006 48,253 51,513 52,258 62,212 69,375 66,813 64,454 64,667
Operating Cost of Revenue
36,284 37,406 44,006 48,253 51,513 52,258 62,212 69,375 66,813 64,454 64,667
Total Operating Expenses
9,302 9,882 11,747 12,925 13,714 14,542 15,890 17,892 18,430 17,680 18,042
Selling, General & Admin Expense
6,415 7,251 8,752 9,450 10,041 10,492 11,981 13,644 13,828 12,654 13,001
Depreciation Expense
2,611 2,631 2,995 3,095 3,353 3,615 3,793 3,970 4,176 4,287 4,264
Other Operating Expenses / (Income)
- - - 0.00 320 0.00 116 278 309 582 756
Impairment Charge
276 0.00 - 380 0.00 435 0.00 0.00 117 157 21
Total Other Income / (Expense), net
-240 -337 13 81 -3,811 -748 817 -1,349 451 277 224
Interest Expense
235 336 512 558 588 672 1,186 689 694 745 789
Interest & Investment Income
14 21 33 48 59 55 52 53 198 370 363
Other Income / (Expense), net
-19 -22 492 591 -3,282 -131 1,951 -713 947 652 650
Income Tax Expense
577 920 1,582 -219 115 383 1,443 1,070 1,391 1,505 1,349
Basic Earnings per Share
$3.70 $6.59 $11.24 $17.08 $2.06 $4.92 $19.79 $14.54 $15.60 $17.41 $16.96
Weighted Average Basic Shares Outstanding
283M 276M 266M 267.70M 262.10M 261.95M 267.35M 259.85M 251.19M 244.30M 235.90M
Diluted Earnings per Share
$3.65 $6.51 $11.07 $16.79 $2.03 $4.90 $19.45 $14.33 $15.48 $17.21 $16.81
Weighted Average Diluted Shares Outstanding
283M 276M 266M 267.70M 262.10M 261.95M 267.35M 259.85M 251.19M 244.30M 235.90M
Weighted Average Basic & Diluted Shares Outstanding
283M 276M 266M 267.70M 262.10M 261.95M 267.35M 259.85M 251.19M 244.30M 235.90M
Cash Dividends to Common per Share
$0.80 $1.00 $1.60 $2.00 $2.60 $2.60 $2.60 $3.00 $5.86 $3.78 $5.52

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 11/30/2022 2/28/2023 5/31/2023 8/31/2023 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025 5/31/2025
Net Income / (Loss) Attributable to Common Shareholders
788 771 1,538 1,078 900 879 1,474 794 741 909 1,648
Consolidated Net Income / (Loss)
788 771 1,538 1,078 900 879 1,474 794 741 909 1,648
Net Income / (Loss) Continuing Operations
788 771 1,538 1,078 900 879 1,474 794 741 909 1,648
Total Pre-Tax Income
1,059 1,022 2,128 1,423 1,202 1,183 2,028 1,056 981 1,181 2,223
Total Operating Income
1,176 1,042 1,503 1,485 1,276 1,243 1,555 1,080 1,052 1,292 1,793
Total Gross Profit
5,687 5,606 6,318 5,784 5,617 5,611 6,227 5,454 5,642 5,797 6,366
Total Revenue
22,814 22,169 21,930 21,681 22,165 21,738 22,109 21,579 21,967 22,160 22,220
Operating Revenue
22,814 22,169 21,930 21,681 22,165 21,738 22,109 21,579 21,967 22,160 22,220
Total Cost of Revenue
17,127 16,563 15,612 15,897 16,548 16,127 15,882 16,125 16,325 16,363 15,854
Operating Cost of Revenue
17,127 16,563 15,612 15,897 16,548 16,127 15,882 16,125 16,325 16,363 15,854
Total Operating Expenses
4,511 4,564 4,815 4,299 4,341 4,368 4,672 4,374 4,590 4,505 4,573
Selling, General & Admin Expense
3,429 3,410 3,511 3,123 3,156 3,182 3,193 3,168 3,201 3,260 3,372
Depreciation Expense
1,046 1,031 1,075 1,071 1,040 1,072 1,104 1,078 1,063 1,066 1,057
Other Operating Expenses / (Income)
36 123 - 105 145 - - 128 326 179 123
Total Other Income / (Expense), net
-117 -20 625 -62 -74 -60 473 -24 -71 -111 430
Interest & Investment Income
-127 -122 589 -91 -97 -91 649 -84 -102 -116 665
Other Income / (Expense), net
10 102 730 29 -18 31 569 60 -19 5.00 604
Income Tax Expense
271 251 590 345 302 304 554 262 240 272 575
Basic Earnings per Share
$3.08 $3.07 $6.08 $4.28 $3.59 $3.55 $5.99 $3.24 $3.06 $3.79 $6.87
Weighted Average Basic Shares Outstanding
252.40M 251.35M 251.19M 251.42M 249.89M 246.08M 244.30M 244.32M 240.85M 239.60M 235.90M
Diluted Earnings per Share
$3.07 $3.05 $6.03 $4.23 $3.55 $3.51 $5.92 $3.21 $3.03 $3.76 $6.81
Weighted Average Diluted Shares Outstanding
252.40M 251.35M 251.19M 251.42M 249.89M 246.08M 244.30M 244.32M 240.85M 239.60M 235.90M
Weighted Average Basic & Diluted Shares Outstanding
252.40M 251.35M 251.19M 251.42M 249.89M 246.08M 244.30M 244.32M 240.85M 239.60M 235.90M

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 5/31/2015 5/31/2016 5/31/2017 5/31/2018 5/31/2019 5/31/2020 5/31/2021 5/31/2022 5/31/2023 5/31/2024 5/31/2025
Net Change in Cash & Equivalents
855 -229 435 -704 -899 2,562 2,206 -190 -41 -355 -999
Net Cash From Operating Activities
5,366 5,708 4,930 4,674 5,613 5,097 10,135 9,832 8,848 8,312 7,036
Net Cash From Continuing Operating Activities
5,366 5,708 4,930 4,674 5,613 5,097 10,135 9,832 8,848 8,312 7,036
Net Income / (Loss) Continuing Operations
1,050 1,820 2,997 4,572 540 1,286 5,231 3,826 3,972 4,331 4,092
Consolidated Net Income / (Loss)
1,050 1,820 2,997 4,572 540 1,286 5,231 3,826 3,972 4,331 4,092
Depreciation Expense
2,611 2,631 2,995 3,095 3,353 3,615 3,793 3,970 4,176 4,287 4,264
Non-Cash Adjustments To Reconcile Net Income
2,714 1,763 231 467 4,211 1,839 96 5,155 3,840 3,125 3,380
Changes in Operating Assets and Liabilities, net
-1,009 -506 -1,293 -3,460 -2,491 -1,643 1,015 -3,119 -3,140 -3,431 -4,700
Net Cash From Investing Activities
-5,752 -9,446 -4,981 -5,677 -5,473 -5,846 -6,010 -6,816 -6,174 -5,200 -4,092
Net Cash From Continuing Investing Activities
-5,752 -9,446 -4,981 -5,677 -5,473 -5,846 -6,010 -6,816 -6,174 -5,200 -4,092
Purchase of Property, Plant & Equipment
-4,347 -4,818 -5,116 -5,663 -5,490 -5,868 -5,884 -6,763 -6,174 -5,176 -4,055
Purchase of Investments
- - - - - 0.00 0.00 -147 -84 -176 -262
Sale of Property, Plant & Equipment
- - - - - - - 94 84 114 115
Sale and/or Maturity of Investments
- - - - - - - 0.00 0.00 38 110
Net Cash From Financing Activities
1,349 3,611 528 227 -1,039 3,381 -2,090 -3,019 -2,597 -3,426 -4,019
Net Cash From Continuing Financing Activities
1,349 3,611 528 227 -1,039 3,381 -2,090 -3,019 -2,597 -3,426 -4,019
Repayment of Debt
19 -92 -82 -38 -1,440 -2,557 -6,356 -162 -151 -158 -187
Repurchase of Common Equity
-1,254 -2,722 -509 -1,017 -1,480 -3.00 0.00 -2,248 -1,500 -2,500 -3,017
Payment of Dividends
-227 -277 -426 -535 -683 -679 -686 -793 -1,177 -1,259 -1,339
Issuance of Common Equity
320 183 337 327 101 64 740 184 231 491 524
Effect of Exchange Rate Changes
-108 -102 -42 72 - -70 171 -187 -118 -41 76

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 11/30/2022 2/28/2023 5/31/2023 8/31/2023 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025 5/31/2025
Net Change in Cash & Equivalents
-2,204 727 1,483 199 -326 -1,085 857 -558 -914 106 367
Net Cash From Operating Activities
1,518 2,276 3,447 2,230 1,774 1,610 2,698 1,187 1,318 2,012 2,519
Net Cash From Continuing Operating Activities
1,518 2,276 3,447 2,230 1,774 1,610 2,698 1,187 1,318 2,012 2,519
Net Income / (Loss) Continuing Operations
788 771 1,538 1,078 900 879 1,474 794 741 909 1,648
Consolidated Net Income / (Loss)
788 771 1,538 1,078 900 879 1,474 794 741 909 1,648
Depreciation Expense
1,046 1,031 1,075 1,071 1,040 1,072 1,104 1,078 1,063 1,066 1,057
Non-Cash Adjustments To Reconcile Net Income
194 2,630 717 814 897 833 581 925 1,123 917 415
Changes in Operating Assets and Liabilities, net
-510 -2,156 117 -733 -1,063 -1,174 -461 -1,610 -1,609 -880 -601
Net Cash From Investing Activities
-1,891 -1,230 -1,744 -1,280 -1,328 -1,358 -1,234 -802 -804 -1,054 -1,432
Net Cash From Continuing Investing Activities
-1,891 -1,230 -1,744 -1,280 -1,328 -1,358 -1,234 -802 -804 -1,054 -1,432
Purchase of Property, Plant & Equipment
-1,858 -1,278 -1,754 -1,290 -1,305 -1,379 -1,202 -767 -818 -997 -1,473
Purchase of Investments
-43 -4.00 -2.00 -2.00 -73 -35 -66 -61 -46 -90 -65
Sale of Property, Plant & Equipment
- - 12 12 50 32 20 13 21 8.00 73
Sale and/or Maturity of Investments
- - - 0.00 - 24 14 13 39 25 33
Net Cash From Financing Activities
-1,793 -356 -201 -727 -791 -1,316 -592 -969 -1,340 -863 -847
Net Cash From Continuing Financing Activities
-1,793 -356 -201 -727 -791 -1,316 -592 -969 -1,340 -863 -847
Repayment of Debt
-2.00 -91 -29 -66 -28 -56 -8.00 -34 -19 -66 -68
Repurchase of Common Equity
-1,500 - - -500 -500 -1,000 -500 -1,000 -1,020 -497 -500
Payment of Dividends
-299 -290 -289 -318 -317 -314 -310 -339 -337 -332 -331
Issuance of Common Equity
8.00 25 117 157 54 54 226 404 36 32 52
Effect of Exchange Rate Changes
-38 37 -19 -24 19 -21 -15 26 -88 11 127

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 5/31/2015 5/31/2016 5/31/2017 5/31/2018 5/31/2019 5/31/2020 5/31/2021 5/31/2022 5/31/2023 5/31/2024 5/31/2025
Total Assets
36,531 45,959 48,552 52,330 54,403 73,537 82,777 85,994 87,143 87,007 87,627
Total Current Assets
10,335 11,989 12,628 13,341 13,086 16,383 20,580 20,365 18,610 18,207 18,386
Cash & Equivalents
3,763 3,534 3,969 3,265 2,319 4,881 7,087 6,897 6,856 6,501 5,502
Accounts Receivable
5,719 7,252 7,599 8,481 9,116 10,102 12,069 11,863 10,188 10,087 11,368
Inventories, net
498 496 514 525 553 572 587 637 604 614 602
Prepaid Expenses
355 707 546 1,070 1,098 828 837 968 962 1,005 914
Plant, Property, & Equipment, net
20,875 24,284 25,981 28,154 30,429 33,608 35,752 38,091 40,698 41,491 41,642
Plant, Property & Equipment, gross
42,864 47,018 50,626 55,121 119,022 65,024 70,077 75,275 80,624 84,391 87,622
Accumulated Depreciation
21,989 22,734 24,645 26,967 29,082 31,416 34,325 37,184 39,926 42,900 45,980
Total Noncurrent Assets
5,321 9,686 9,943 10,835 10,888 23,546 26,445 27,538 27,835 27,309 27,599
Goodwill
3,810 6,747 7,154 6,973 6,884 6,372 6,992 6,544 6,435 6,423 6,603
Intangible Assets
- - - - - 13,917 15,383 16,613 17,347 17,115 16,453
Other Noncurrent Operating Assets
1,511 2,939 2,789 3,862 4,004 3,257 4,070 4,381 4,053 3,771 4,543
Total Liabilities & Shareholders' Equity
36,531 45,959 48,552 52,330 54,403 73,537 82,777 85,994 87,143 87,007 87,627
Total Liabilities
21,538 32,175 32,479 32,914 36,646 55,242 58,609 61,055 61,055 59,425 59,553
Total Current Liabilities
5,956 8,008 7,918 9,627 9,013 10,344 13,660 14,274 13,586 13,355 15,411
Short-Term Debt
19 29 22 1,342 964 51 146 82 126 68 1,428
Accounts Payable
2,066 2,944 2,752 2,977 3,030 3,269 3,841 4,030 3,848 3,189 3,692
Accrued Expenses
2,435 3,063 3,230 3,131 3,278 3,532 4,562 5,188 4,747 4,962 4,995
Current Employee Benefit Liabilities
1,436 1,972 1,914 2,177 1,741 1,569 2,903 2,531 2,475 2,673 2,731
Other Current Liabilities
- - - - 0.00 1,923 2,208 2,443 2,390 2,463 2,565
Total Noncurrent Liabilities
15,582 24,167 24,561 23,287 27,633 44,898 44,949 46,781 47,469 46,070 44,142
Long-Term Debt
7,249 13,733 14,909 15,243 16,617 21,952 20,733 20,182 20,453 20,135 19,151
Asset Retirement Reserve & Litigation Obligation
1,120 1,314 - - - 2,104 2,430 2,889 3,339 3,701 4,033
Noncurrent Deferred & Payable Income Tax Liabilities
1,210 1,567 2,485 2,867 2,821 3,162 3,927 4,093 4,489 4,482 4,205
Noncurrent Employee Benefit Liabilities
4,893 6,227 4,487 2,187 5,095 5,019 3,501 4,448 3,130 2,010 1,698
Other Noncurrent Operating Liabilities
218 771 2,012 2,318 2,569 12,661 14,358 15,169 16,058 15,742 15,055
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
14,993 13,784 16,073 19,416 17,757 18,295 24,168 24,939 26,088 27,582 28,074
Total Preferred & Common Equity
14,993 13,784 16,073 19,416 17,757 18,295 24,168 24,939 26,088 27,582 28,074
Total Common Equity
14,993 13,784 16,073 19,416 17,757 18,295 24,168 24,939 26,088 27,582 28,074
Common Stock
2,818 2,924 3,037 3,149 3,263 3,388 3,513 3,744 3,801 4,020 4,322
Retained Earnings
16,900 18,371 20,833 24,823 24,648 25,216 29,817 32,782 35,259 38,649 41,402
Treasury Stock
-4,897 -7,342 -7,382 -7,978 -9,289 -9,162 -8,430 -10,484 -11,645 -13,728 -16,288
Accumulated Other Comprehensive Income / (Loss)
172 -169 -415 -578 -865 -1,147 -732 -1,103 -1,327 -1,359 -1,362

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

Annual Metrics And Ratios for FedEx

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 5/31/2015 5/31/2016 5/31/2017 5/31/2018 5/31/2019 5/31/2020 5/31/2021 5/31/2022 5/31/2023 5/31/2024 5/31/2025
Growth Metrics
- - - - - - - - - - -
Revenue Growth
4.14% 6.14% 19.76% 8.51% 6.48% -0.68% 21.30% 11.38% -3.59% -2.73% 0.27%
EBITDA Growth
-30.19% 27.52% 41.63% -1.18% -42.99% 30.06% 96.59% -18.09% 5.61% 4.61% -3.50%
EBIT Growth
-51.37% 65.31% 65.56% -3.86% -75.65% 93.07% 241.56% -29.15% 5.91% 6.01% -5.54%
NOPAT Growth
-50.29% 69.63% 46.22% 50.14% -17.94% -49.42% 146.50% 6.31% -25.45% 13.40% -4.89%
Net Income Growth
-54.82% 73.33% 64.67% 52.55% -88.19% 138.15% 306.77% -26.86% 3.82% 9.04% -5.52%
EPS Growth
-51.20% 78.36% 70.05% 51.67% -87.91% 141.38% 296.94% -26.32% 8.03% 11.18% -2.32%
Operating Cash Flow Growth
98.30% 6.37% -13.63% -5.19% 20.09% -9.19% 98.84% -2.99% -10.01% -6.06% -15.35%
Free Cash Flow Firm Growth
-120.02% -2,024.53% 99.52% -7,157.27% 393.80% -115.22% 482.27% 121.43% -52.96% 24.35% -22.47%
Invested Capital Growth
7.90% 29.38% 12.43% 20.92% 0.49% 7.26% 7.18% 0.91% 3.93% 3.70% 4.52%
Revenue Q/Q Growth
0.58% 1.75% 4.78% 2.48% 0.71% -0.64% 6.61% 1.99% -2.66% 0.20% 0.13%
EBITDA Q/Q Growth
-39.35% 28.88% 27.89% -0.40% -43.85% 51.97% 41.20% -19.54% 16.86% -0.76% 1.86%
EBIT Q/Q Growth
-61.09% 70.58% 49.25% -1.62% -75.29% 594.83% 74.64% -29.81% 31.13% -1.72% 4.12%
NOPAT Q/Q Growth
-60.14% 69.32% 35.90% 10.43% 3.27% -18.34% 25.06% 6.00% -10.65% 1.18% 5.51%
Net Income Q/Q Growth
-63.81% 82.73% 57.16% 2.40% -85.15% 468.48% 72.70% -25.51% 32.75% -1.46% 4.44%
EPS Q/Q Growth
-63.13% 80.83% 55.48% 2.50% -85.05% 504.96% 72.12% -24.78% 33.33% -0.64% 5.59%
Operating Cash Flow Q/Q Growth
173.08% -22.08% 8.19% 35.60% -17.88% -8.46% 10.03% 8.37% -0.62% -8.27% -2.48%
Free Cash Flow Firm Q/Q Growth
-179.94% -437.29% 99.64% 57.74% 93.60% 95.03% -86.96% 105.92% -37.50% -4.81% -29.68%
Invested Capital Q/Q Growth
-6.37% 20.02% 0.97% -2.82% -7.14% -27.13% 3.81% -1.70% 0.46% 0.89% 3.44%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
23.54% 25.73% 27.04% 26.28% 26.09% 24.50% 25.90% 25.81% 25.89% 26.50% 26.45%
EBITDA Margin
9.40% 11.29% 13.35% 12.16% 6.51% 8.53% 13.82% 10.16% 11.13% 11.97% 11.52%
Operating Margin
3.93% 6.11% 7.57% 6.53% 6.41% 3.49% 6.98% 6.68% 5.45% 6.34% 5.93%
EBIT Margin
3.89% 6.07% 8.39% 7.43% 1.70% 3.30% 9.30% 5.92% 6.50% 7.08% 6.67%
Profit (Net Income) Margin
2.21% 3.61% 4.97% 6.99% 0.77% 1.86% 6.23% 4.09% 4.41% 4.94% 4.65%
Tax Burden Percent
64.54% 66.42% 65.45% 105.03% 82.44% 77.05% 78.38% 78.15% 74.06% 74.21% 75.21%
Interest Burden Percent
88.04% 89.69% 90.53% 89.51% 55.32% 73.01% 85.48% 88.50% 91.53% 93.96% 92.74%
Effective Tax Rate
35.46% 33.58% 34.55% -5.03% 17.56% 22.95% 21.62% 21.85% 25.94% 25.79% 24.79%
Return on Invested Capital (ROIC)
6.70% 9.54% 11.64% 14.95% 11.18% 5.44% 12.51% 12.80% 9.31% 10.17% 9.29%
ROIC Less NNEP Spread (ROIC-NNEP)
1.28% 6.36% 11.72% 15.64% -10.71% 1.88% 16.66% 5.03% 11.78% 11.67% 10.46%
Return on Net Nonoperating Assets (RNNOA)
0.24% 3.11% 8.43% 10.82% -8.27% 1.69% 12.13% 2.78% 6.25% 5.97% 5.41%
Return on Equity (ROE)
6.94% 12.65% 20.08% 25.77% 2.91% 7.13% 24.64% 15.58% 15.57% 16.14% 14.70%
Cash Return on Invested Capital (CROIC)
-0.90% -16.08% -0.06% -3.99% 10.69% -1.57% 5.58% 11.89% 5.46% 6.54% 4.87%
Operating Return on Assets (OROA)
5.31% 7.41% 10.70% 9.64% 2.22% 3.57% 9.99% 6.56% 6.77% 7.13% 6.72%
Return on Assets (ROA)
3.02% 4.41% 6.34% 9.06% 1.01% 2.01% 6.69% 4.53% 4.59% 4.97% 4.69%
Return on Common Equity (ROCE)
6.94% 12.65% 20.08% 25.77% 2.91% 7.13% 24.64% 15.58% 15.57% 16.14% 14.70%
Return on Equity Simple (ROE_SIMPLE)
7.00% 13.20% 18.65% 23.55% 3.04% 7.03% 21.64% 15.34% 15.23% 15.70% 14.58%
Net Operating Profit after Tax (NOPAT)
1,205 2,044 2,988 4,487 3,682 1,862 4,591 4,880 3,638 4,125 3,924
NOPAT Margin
2.54% 4.06% 4.95% 6.86% 5.28% 2.69% 5.47% 5.22% 4.04% 4.70% 4.46%
Net Nonoperating Expense Percent (NNEP)
5.41% 3.18% -0.08% -0.69% 21.89% 3.56% -4.14% 7.76% -2.47% -1.50% -1.17%
Return On Investment Capital (ROIC_SIMPLE)
- - - - - - - - - - 8.06%
Cost of Revenue to Revenue
76.46% 74.27% 72.96% 73.73% 73.91% 75.50% 74.10% 74.19% 74.11% 73.50% 73.55%
SG&A Expenses to Revenue
13.52% 14.40% 14.51% 14.44% 14.41% 15.16% 14.27% 14.59% 15.34% 14.43% 14.79%
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
19.60% 19.62% 19.47% 19.75% 19.68% 21.01% 18.93% 19.13% 20.44% 20.16% 20.52%
Earnings before Interest and Taxes (EBIT)
1,848 3,055 5,058 4,863 1,184 2,286 7,808 5,532 5,859 6,211 5,867
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
4,459 5,686 8,053 7,958 4,537 5,901 11,601 9,502 10,035 10,498 10,131
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
2.92 2.88 2.92 3.13 2.09 1.75 3.29 2.22 2.05 2.25 1.85
Price to Tangible Book Value (P/TBV)
3.91 5.64 5.26 4.88 3.42 0.00 44.32 31.12 23.16 15.37 10.35
Price to Revenue (P/Rev)
0.92 0.79 0.78 0.93 0.53 0.46 0.95 0.59 0.59 0.71 0.59
Price to Earnings (P/E)
41.69 21.81 15.64 13.29 68.77 24.92 15.19 14.49 13.44 14.35 12.69
Dividend Yield
0.52% 0.68% 0.91% 0.88% 1.82% 2.12% 0.87% 1.40% 2.17% 2.00% 2.55%
Earnings Yield
2.40% 4.59% 6.39% 7.53% 1.45% 4.01% 6.58% 6.90% 7.44% 6.97% 7.88%
Enterprise Value to Invested Capital (EV/IC)
2.54 2.07 2.13 2.26 1.59 1.39 2.46 1.80 1.69 1.84 1.55
Enterprise Value to Revenue (EV/Rev)
1.00 0.99 0.96 1.13 0.75 0.71 1.11 0.74 0.74 0.87 0.76
Enterprise Value to EBITDA (EV/EBITDA)
10.64 8.81 7.20 9.32 11.55 8.33 8.04 7.24 6.69 7.23 6.61
Enterprise Value to EBIT (EV/EBIT)
25.68 16.39 11.46 15.26 44.25 21.51 11.94 12.44 11.46 12.21 11.42
Enterprise Value to NOPAT (EV/NOPAT)
39.39 24.50 19.40 16.54 14.23 26.40 20.32 14.10 18.45 18.39 17.08
Enterprise Value to Operating Cash Flow (EV/OCF)
8.84 8.77 11.76 15.87 9.33 9.65 9.20 7.00 7.59 9.13 9.52
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 0.00 0.00 0.00 14.89 0.00 45.55 15.18 31.47 28.60 32.58
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
0.50 1.01 0.94 0.86 0.99 1.20 0.86 0.81 0.79 0.73 0.73
Long-Term Debt to Equity
0.50 1.01 0.94 0.79 0.94 1.20 0.86 0.81 0.78 0.73 0.68
Financial Leverage
0.19 0.49 0.72 0.69 0.77 0.90 0.73 0.55 0.53 0.51 0.52
Leverage Ratio
2.30 2.87 3.17 2.84 2.87 3.55 3.68 3.44 3.39 3.24 3.14
Compound Leverage Factor
2.02 2.57 2.87 2.54 1.59 2.59 3.15 3.04 3.11 3.05 2.91
Debt to Total Capital
33.19% 50.24% 48.39% 46.25% 49.75% 54.60% 46.35% 44.83% 44.10% 42.28% 42.30%
Short-Term Debt to Total Capital
0.08% 0.10% 0.07% 3.72% 2.73% 0.13% 0.32% 0.18% 0.27% 0.14% 2.94%
Long-Term Debt to Total Capital
33.11% 50.14% 48.32% 42.53% 47.02% 54.47% 46.03% 44.65% 43.83% 42.14% 39.36%
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
66.81% 49.76% 51.61% 53.75% 50.25% 45.40% 53.65% 55.17% 55.90% 57.72% 57.70%
Debt to EBITDA
1.67 2.45 1.87 2.10 3.88 3.73 1.80 2.13 2.05 1.92 2.03
Net Debt to EBITDA
0.83 1.83 1.38 1.69 3.36 2.90 1.19 1.41 1.37 1.31 1.49
Long-Term Debt to EBITDA
1.67 2.44 1.87 1.93 3.66 3.72 1.79 2.12 2.04 1.92 1.89
Debt to NOPAT
6.18 6.81 5.04 3.72 4.78 11.81 4.55 4.15 5.66 4.90 5.25
Net Debt to NOPAT
3.06 5.08 3.71 3.00 4.15 9.19 3.00 2.74 3.77 3.32 3.84
Long-Term Debt to NOPAT
6.17 6.80 5.03 3.42 4.51 11.79 4.52 4.14 5.62 4.88 4.88
Altman Z-Score
3.48 2.72 3.17 3.41 2.69 1.97 2.74 2.46 2.42 2.56 2.45
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
1.74 1.50 1.59 1.39 1.45 1.58 1.51 1.43 1.37 1.36 1.19
Quick Ratio
1.59 1.35 1.46 1.22 1.27 1.45 1.40 1.31 1.25 1.24 1.09
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
-162 -3,444 -17 -1,198 3,520 -536 2,048 4,534 2,133 2,652 2,057
Operating Cash Flow to CapEx
123.44% 118.47% 96.36% 82.54% 102.24% 86.86% 172.25% 147.43% 145.29% 164.20% 178.58%
Free Cash Flow to Firm to Interest Expense
-0.69 -10.25 -0.03 -2.15 5.99 -0.80 1.73 6.58 3.07 3.56 2.61
Operating Cash Flow to Interest Expense
22.83 16.99 9.63 8.38 9.55 7.58 8.55 14.27 12.75 11.16 8.92
Operating Cash Flow Less CapEx to Interest Expense
4.34 2.65 -0.36 -1.77 0.21 -1.15 3.58 4.59 3.97 4.36 3.92
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
1.36 1.22 1.28 1.30 1.31 1.08 1.07 1.11 1.04 1.01 1.01
Accounts Receivable Turnover
8.49 7.77 8.12 8.14 7.92 7.20 7.57 7.81 8.18 8.65 8.20
Inventory Turnover
75.51 75.26 87.14 92.88 95.57 92.90 107.35 113.36 107.68 105.84 106.36
Fixed Asset Turnover
2.35 2.23 2.40 2.42 2.38 2.16 2.42 2.53 2.29 2.13 2.12
Accounts Payable Turnover
17.98 14.93 15.45 16.85 17.15 16.59 17.50 17.63 16.96 18.32 18.80
Days Sales Outstanding (DSO)
42.99 47.00 44.93 44.84 46.08 50.67 48.19 46.71 44.64 42.19 44.53
Days Inventory Outstanding (DIO)
4.83 4.85 4.19 3.93 3.82 3.93 3.40 3.22 3.39 3.45 3.43
Days Payable Outstanding (DPO)
20.31 24.44 23.62 21.67 21.28 22.00 20.86 20.71 21.52 19.93 19.42
Cash Conversion Cycle (CCC)
27.52 27.41 25.50 27.10 28.62 32.60 30.74 29.22 26.51 25.72 28.54
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
18,679 24,167 27,172 32,857 33,019 35,417 37,960 38,306 39,811 41,284 43,151
Invested Capital Turnover
2.64 2.35 2.35 2.18 2.12 2.02 2.29 2.45 2.31 2.16 2.08
Increase / (Decrease) in Invested Capital
1,367 5,488 3,005 5,685 162 2,398 2,543 346 1,505 1,473 1,867
Enterprise Value (EV)
47,460 50,078 57,980 74,193 52,396 49,171 93,266 68,815 67,119 75,857 66,998
Market Capitalization
43,774 39,695 46,881 60,752 37,134 32,049 79,474 55,448 53,396 62,155 51,921
Book Value per Share
$52.84 $51.35 $60.11 $72.66 $68.15 $70.03 $91.08 $96.22 $103.79 $112.09 $117.17
Tangible Book Value per Share
$39.41 $26.22 $33.36 $46.57 $41.73 ($7.63) $6.76 $6.88 $9.17 $16.43 $20.94
Total Capital
22,442 27,701 31,141 36,122 35,338 40,298 45,047 45,203 46,667 47,785 48,653
Total Debt
7,449 13,917 15,068 16,706 17,581 22,003 20,879 20,264 20,579 20,203 20,579
Total Long-Term Debt
7,430 13,888 15,046 15,364 16,617 21,952 20,733 20,182 20,453 20,135 19,151
Net Debt
3,686 10,383 11,099 13,441 15,262 17,122 13,792 13,367 13,723 13,702 15,077
Capital Expenditures (CapEx)
4,347 4,818 5,116 5,663 5,490 5,868 5,884 6,669 6,090 5,062 3,940
Debt-free, Cash-free Net Working Capital (DFCFNWC)
635 476 763 1,791 2,718 1,209 -21 -724 -1,706 -1,581 -1,099
Debt-free Net Working Capital (DFNWC)
4,398 4,010 4,732 5,056 5,037 6,090 7,066 6,173 5,150 4,920 4,403
Net Working Capital (NWC)
4,379 3,981 4,710 3,714 4,073 6,039 6,920 6,091 5,024 4,852 2,975
Net Nonoperating Expense (NNE)
155 224 -8.51 -85 3,142 576 -640 1,054 -334 -206 -168
Net Nonoperating Obligations (NNO)
3,686 10,383 11,099 13,441 15,262 17,122 13,792 13,367 13,723 13,702 15,077
Total Depreciation and Amortization (D&A)
2,611 2,631 2,995 3,095 3,353 3,615 3,793 3,970 4,176 4,287 4,264
Debt-free, Cash-free Net Working Capital to Revenue
1.34% 0.95% 1.26% 2.74% 3.90% 1.75% -0.03% -0.77% -1.89% -1.80% -1.25%
Debt-free Net Working Capital to Revenue
9.27% 7.96% 7.85% 7.73% 7.23% 8.80% 8.42% 6.60% 5.71% 5.61% 5.01%
Net Working Capital to Revenue
9.23% 7.90% 7.81% 5.67% 5.84% 8.72% 8.24% 6.51% 5.57% 5.53% 3.38%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$3.70 $6.59 $11.24 $17.08 $2.06 $4.92 $19.79 $14.54 $15.60 $17.41 $16.96
Adjusted Weighted Average Basic Shares Outstanding
282.43M 265.52M 268.26M 265.92M 260.81M 261.95M 267.35M 259.85M 251.19M 244.30M 235.90M
Adjusted Diluted Earnings per Share
$3.65 $6.51 $11.07 $16.79 $2.03 $4.90 $19.45 $14.33 $15.48 $17.21 $16.81
Adjusted Weighted Average Diluted Shares Outstanding
282.43M 265.52M 268.26M 265.92M 260.81M 261.95M 267.35M 259.85M 251.19M 244.30M 235.90M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $2.06 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
282.43M 265.52M 268.26M 265.92M 260.81M 261.95M 267.35M 259.85M 251.19M 244.30M 235.90M
Normalized Net Operating Profit after Tax (NOPAT)
1,383 2,044 2,988 3,256 3,682 2,198 4,591 4,880 3,953 4,674 3,939
Normalized NOPAT Margin
2.91% 4.06% 4.95% 4.98% 5.28% 3.17% 5.47% 5.22% 4.39% 5.33% 4.48%
Pre Tax Income Margin
3.43% 5.44% 7.59% 6.65% 0.94% 2.41% 7.95% 5.24% 5.95% 6.66% 6.19%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
7.86 9.09 9.88 8.72 2.01 3.40 6.58 8.03 8.44 8.34 7.44
NOPAT to Interest Expense
5.13 6.08 5.84 8.04 6.26 2.77 3.87 7.08 5.24 5.54 4.97
EBIT Less CapEx to Interest Expense
-10.63 -5.25 -0.11 -1.43 -7.32 -5.33 1.62 -1.65 -0.33 1.54 2.44
NOPAT Less CapEx to Interest Expense
-13.37 -8.26 -4.16 -2.11 -3.08 -5.96 -1.09 -2.60 -3.53 -1.26 -0.02
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
21.62% 15.22% 14.21% 11.70% 126.48% 52.80% 13.11% 20.73% 29.63% 29.07% 32.72%
Augmented Payout Ratio
141.05% 164.78% 31.20% 33.95% 400.56% 53.03% 13.11% 79.48% 67.40% 86.79% 106.45%

Quarterly Metrics And Ratios for FedEx

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

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 11/30/2022 2/28/2023 5/31/2023 8/31/2023 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025 5/31/2025
Growth Metrics
- - - - - - - - - - -
Revenue Growth
-2.81% -6.23% -10.10% -6.72% -2.84% -1.94% 0.82% -0.47% -0.89% 1.94% 0.50%
EBITDA Growth
-11.78% -13.83% 77.85% 11.42% 2.96% 7.86% -2.42% -14.20% -8.79% 0.72% 5.66%
EBIT Growth
-22.74% -25.62% 165.20% 16.82% 6.07% 11.36% -4.88% -24.70% -17.89% 1.81% 10.72%
NOPAT Growth
-27.57% -26.70% -30.79% 24.57% 9.18% 17.49% 4.04% -27.82% -16.83% 7.67% 17.61%
Net Income Growth
-24.52% -30.67% 175.63% 23.20% 14.21% 14.01% -4.16% -26.35% -17.67% 3.41% 11.80%
EPS Growth
-20.88% -27.38% 179.17% 27.03% 15.64% 15.08% -1.82% -24.11% -14.65% 7.12% 15.03%
Operating Cash Flow Growth
-24.02% 1.25% -1.57% 38.77% 16.86% -29.26% -21.73% -46.77% -25.70% 24.97% -6.63%
Free Cash Flow Firm Growth
83.24% 109.56% -134.22% -171.55% 146.74% -389.11% 18.13% -45.51% -189.82% 154.55% -56.88%
Invested Capital Growth
2.87% 1.69% 3.93% 4.25% 2.13% 3.26% 3.70% 3.86% 2.20% 1.94% 4.52%
Revenue Q/Q Growth
-1.84% -2.83% -1.08% -1.14% 2.23% -1.93% 1.71% -2.40% 1.80% 0.88% 0.27%
EBITDA Q/Q Growth
-3.79% -2.55% 52.09% -21.86% -11.10% 2.09% 37.60% -31.29% -5.50% 12.74% 46.17%
EBIT Q/Q Growth
-8.49% -3.54% 95.19% -32.20% -16.91% 1.27% 66.72% -46.33% -9.39% 25.56% 84.81%
NOPAT Q/Q Growth
-3.10% -10.17% 38.19% 3.56% -15.07% -3.33% 22.37% -28.15% -2.14% 25.14% 33.67%
Net Income Q/Q Growth
-9.94% -2.16% 99.48% -29.91% -16.51% -2.33% 67.69% -46.13% -6.68% 22.67% 81.30%
EPS Q/Q Growth
-7.81% -0.65% 97.70% -29.85% -16.08% -1.13% 68.66% -45.78% -5.61% 24.09% 81.12%
Operating Cash Flow Q/Q Growth
-5.54% 49.93% 51.45% -35.31% -20.45% -9.24% 67.58% -56.00% 11.04% 52.66% 25.20%
Free Cash Flow Firm Q/Q Growth
-132.99% 154.79% -429.47% -20.14% 121.55% -438.92% 6.70% -113.53% 86.70% 305.85% -368.30%
Invested Capital Q/Q Growth
3.57% -0.22% 0.46% 0.41% 1.47% 0.88% 0.89% 0.57% -0.15% 0.62% 3.44%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
24.93% 25.29% 28.81% 26.68% 25.34% 25.81% 28.17% 25.27% 25.68% 26.16% 28.65%
EBITDA Margin
9.78% 9.81% 15.08% 11.92% 10.37% 10.79% 14.60% 10.28% 9.54% 10.66% 15.54%
Operating Margin
5.15% 4.70% 6.85% 6.85% 5.76% 5.72% 7.03% 5.00% 4.79% 5.83% 8.07%
EBIT Margin
5.20% 5.16% 10.18% 6.98% 5.68% 5.86% 9.61% 5.28% 4.70% 5.85% 10.79%
Profit (Net Income) Margin
3.45% 3.48% 7.01% 4.97% 4.06% 4.04% 6.67% 3.68% 3.37% 4.10% 7.42%
Tax Burden Percent
74.41% 75.44% 72.27% 75.76% 74.88% 74.30% 72.68% 75.19% 75.54% 76.97% 74.13%
Interest Burden Percent
89.29% 89.34% 95.30% 93.99% 95.55% 92.86% 95.48% 92.63% 94.97% 91.06% 92.74%
Effective Tax Rate
25.59% 24.56% 27.73% 24.24% 25.12% 25.70% 27.32% 24.81% 24.46% 23.03% 25.87%
Return on Invested Capital (ROIC)
9.22% 8.36% 11.43% 11.74% 9.44% 9.23% 11.06% 8.09% 7.71% 9.54% 12.46%
ROIC Less NNEP Spread (ROIC-NNEP)
8.62% 8.25% 14.77% 11.39% 9.07% 8.93% 13.56% 7.96% 7.34% 8.96% 14.67%
Return on Net Nonoperating Assets (RNNOA)
5.14% 4.92% 7.84% 5.87% 5.24% 5.14% 6.93% 4.12% 3.97% 4.99% 7.59%
Return on Equity (ROE)
14.36% 13.27% 19.27% 17.61% 14.68% 14.38% 17.99% 12.21% 11.68% 14.53% 20.05%
Cash Return on Invested Capital (CROIC)
8.36% 8.68% 5.46% 5.70% 7.70% 6.92% 6.54% 5.57% 6.73% 7.08% 4.87%
Operating Return on Assets (OROA)
5.76% 5.63% 10.60% 7.14% 5.75% 5.97% 9.68% 5.31% 4.74% 6.01% 10.86%
Return on Assets (ROA)
3.83% 3.79% 7.30% 5.08% 4.11% 4.12% 6.71% 3.70% 3.40% 4.21% 7.47%
Return on Common Equity (ROCE)
14.36% 13.27% 19.27% 17.61% 14.68% 14.38% 17.99% 12.21% 11.68% 14.53% 20.05%
Return on Equity Simple (ROE_SIMPLE)
13.82% 12.10% 0.00% 15.73% 16.02% 16.66% 0.00% 14.89% 14.69% 14.67% 0.00%
Net Operating Profit after Tax (NOPAT)
875 786 1,086 1,125 955 924 1,130 812 795 994 1,329
NOPAT Margin
3.84% 3.55% 4.95% 5.19% 4.31% 4.25% 5.11% 3.76% 3.62% 4.49% 5.98%
Net Nonoperating Expense Percent (NNEP)
0.59% 0.10% -3.33% 0.35% 0.38% 0.30% -2.51% 0.13% 0.37% 0.58% -2.22%
Return On Investment Capital (ROIC_SIMPLE)
- - - - 2.02% 1.98% - - 1.71% 2.12% 2.73%
Cost of Revenue to Revenue
75.07% 74.71% 71.19% 73.32% 74.66% 74.19% 71.84% 74.73% 74.32% 73.84% 71.35%
SG&A Expenses to Revenue
15.03% 15.38% 16.01% 14.40% 14.24% 14.64% 14.44% 14.68% 14.57% 14.71% 15.18%
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
19.77% 20.59% 21.96% 19.83% 19.58% 20.09% 21.13% 20.27% 20.90% 20.33% 20.58%
Earnings before Interest and Taxes (EBIT)
1,186 1,144 2,233 1,514 1,258 1,274 2,124 1,140 1,033 1,297 2,397
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
2,232 2,175 3,308 2,585 2,298 2,346 3,228 2,218 2,096 2,363 3,454
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
1.91 2.02 2.05 2.41 2.37 2.30 2.25 2.67 2.78 2.36 1.85
Price to Tangible Book Value (P/TBV)
126.38 57.58 23.16 22.96 20.77 20.11 15.37 20.35 21.97 16.11 10.35
Price to Revenue (P/Rev)
0.49 0.54 0.59 0.72 0.72 0.69 0.71 0.83 0.84 0.72 0.59
Price to Earnings (P/E)
13.84 16.71 13.44 15.32 14.80 13.80 14.35 17.95 18.93 16.07 12.69
Dividend Yield
2.14% 2.12% 2.17% 2.30% 1.91% 2.03% 2.00% 1.74% 1.75% 2.07% 2.55%
Earnings Yield
7.23% 5.99% 7.44% 6.53% 6.75% 7.25% 6.97% 5.57% 5.28% 6.22% 7.88%
Enterprise Value to Invested Capital (EV/IC)
1.55 1.64 1.69 1.94 1.90 1.84 1.84 2.09 2.14 1.87 1.55
Enterprise Value to Revenue (EV/Rev)
0.66 0.70 0.74 0.87 0.88 0.86 0.87 0.99 1.01 0.89 0.76
Enterprise Value to EBITDA (EV/EBITDA)
6.91 7.56 6.69 7.51 7.45 7.13 7.23 8.59 8.92 7.84 6.61
Enterprise Value to EBIT (EV/EBIT)
12.70 14.52 11.46 12.73 12.57 11.97 12.21 14.90 15.78 13.84 11.42
Enterprise Value to NOPAT (EV/NOPAT)
14.09 15.93 18.45 20.05 19.62 18.44 18.39 22.81 24.25 20.97 17.08
Enterprise Value to Operating Cash Flow (EV/OCF)
6.96 7.29 7.59 8.17 7.94 8.30 9.13 11.97 13.00 10.81 9.52
Enterprise Value to Free Cash Flow (EV/FCFF)
18.85 19.01 31.47 34.68 24.99 26.98 28.60 38.32 32.09 26.66 32.58
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
0.84 0.82 0.79 0.77 0.77 0.77 0.73 0.75 0.76 0.75 0.73
Long-Term Debt to Equity
0.83 0.81 0.78 0.76 0.75 0.76 0.73 0.72 0.73 0.73 0.68
Financial Leverage
0.60 0.60 0.53 0.52 0.58 0.58 0.51 0.52 0.54 0.56 0.52
Leverage Ratio
3.46 3.45 3.39 3.36 3.41 3.36 3.24 3.25 3.26 3.22 3.14
Compound Leverage Factor
3.09 3.08 3.23 3.15 3.26 3.12 3.10 3.01 3.10 2.94 2.91
Debt to Total Capital
45.64% 45.04% 44.10% 43.58% 43.40% 43.36% 42.28% 42.74% 43.08% 42.99% 42.30%
Short-Term Debt to Total Capital
0.39% 0.33% 0.27% 0.75% 0.71% 0.14% 0.14% 1.31% 1.27% 1.30% 2.94%
Long-Term Debt to Total Capital
45.25% 44.71% 43.83% 42.83% 42.70% 43.21% 42.14% 41.43% 41.80% 41.69% 39.36%
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
54.36% 54.96% 55.90% 56.42% 56.60% 56.64% 57.72% 57.26% 56.92% 57.01% 57.70%
Debt to EBITDA
2.27 2.36 2.05 1.99 1.98 1.92 1.92 2.00 2.02 2.03 2.03
Net Debt to EBITDA
1.75 1.73 1.37 1.31 1.33 1.38 1.31 1.42 1.51 1.51 1.49
Long-Term Debt to EBITDA
2.25 2.34 2.04 1.96 1.95 1.91 1.92 1.94 1.96 1.96 1.89
Debt to NOPAT
4.62 4.98 5.66 5.31 5.21 4.95 4.90 5.32 5.48 5.42 5.25
Net Debt to NOPAT
3.56 3.66 3.77 3.48 3.50 3.57 3.32 3.76 4.11 4.04 3.84
Long-Term Debt to NOPAT
4.58 4.94 5.62 5.22 5.13 4.94 4.88 5.16 5.32 5.25 4.88
Altman Z-Score
2.20 2.23 2.28 2.34 2.32 2.34 2.40 2.47 2.50 2.43 2.32
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
1.30 1.32 1.37 1.37 1.34 1.31 1.36 1.28 1.23 1.24 1.19
Quick Ratio
1.16 1.19 1.25 1.25 1.22 1.17 1.24 1.15 1.10 1.11 1.09
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
-232 127 -419 -503 108 -367 -343 -732 -97 200 -538
Operating Cash Flow to CapEx
81.70% 178.09% 197.88% 174.49% 141.35% 119.52% 228.26% 157.43% 165.37% 203.44% 179.93%
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
1.11 1.09 1.04 1.02 1.01 1.02 1.01 1.01 1.01 1.03 1.01
Accounts Receivable Turnover
7.89 8.27 8.18 8.33 7.88 8.49 8.65 8.54 8.17 8.72 8.20
Inventory Turnover
112.14 110.84 107.68 102.03 100.42 101.00 105.84 104.16 102.97 102.94 106.36
Fixed Asset Turnover
2.45 2.40 2.29 2.22 2.16 2.15 2.13 2.13 2.12 2.13 2.12
Accounts Payable Turnover
17.12 16.84 16.96 16.38 16.17 16.53 18.32 17.18 16.32 17.52 18.80
Days Sales Outstanding (DSO)
46.24 44.12 44.64 43.80 46.29 43.01 42.19 42.75 44.69 41.84 44.53
Days Inventory Outstanding (DIO)
3.25 3.29 3.39 3.58 3.63 3.61 3.45 3.50 3.54 3.55 3.43
Days Payable Outstanding (DPO)
21.31 21.67 21.52 22.28 22.57 22.08 19.93 21.25 22.36 20.83 19.42
Cash Conversion Cycle (CCC)
28.18 25.74 26.51 25.09 27.36 24.54 25.72 25.01 25.88 24.56 28.54
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
39,717 39,629 39,811 39,975 40,564 40,920 41,284 41,519 41,456 41,714 43,151
Invested Capital Turnover
2.40 2.36 2.31 2.26 2.19 2.17 2.16 2.15 2.13 2.13 2.08
Increase / (Decrease) in Invested Capital
1,107 659 1,505 1,628 847 1,291 1,473 1,544 892 794 1,867
Enterprise Value (EV)
61,732 64,879 67,119 77,384 77,264 75,178 75,857 86,977 88,582 77,981 66,998
Market Capitalization
46,130 49,983 53,396 63,943 63,466 60,633 62,155 72,634 73,586 62,975 51,921
Book Value per Share
$92.67 $97.99 $103.79 $105.63 $106.46 $105.55 $112.09 $111.24 $108.30 $110.89 $117.17
Tangible Book Value per Share
$1.40 $3.44 $9.17 $11.09 $12.15 $12.07 $16.43 $14.61 $13.71 $16.23 $20.94
Total Capital
44,363 45,002 46,667 47,030 47,293 46,564 47,785 47,462 46,485 46,849 48,653
Total Debt
20,248 20,269 20,579 20,496 20,527 20,189 20,203 20,286 20,025 20,141 20,579
Total Long-Term Debt
20,076 20,122 20,453 20,145 20,193 20,122 20,135 19,664 19,433 19,530 19,151
Net Debt
15,602 14,896 13,723 13,441 13,798 14,545 13,702 14,343 14,996 15,006 15,077
Capital Expenditures (CapEx)
1,858 1,278 1,742 1,278 1,255 1,347 1,182 754 797 989 1,400
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-296 -862 -1,706 -1,628 -1,526 -1,461 -1,581 -1,338 -1,108 -1,206 -1,099
Debt-free Net Working Capital (DFNWC)
4,350 4,511 5,150 5,427 5,203 4,183 4,920 4,605 3,921 3,929 4,403
Net Working Capital (NWC)
4,178 4,364 5,024 5,076 4,869 4,116 4,852 3,983 3,329 3,318 2,975
Net Nonoperating Expense (NNE)
87 15 -452 47 55 45 -344 18 54 85 -319
Net Nonoperating Obligations (NNO)
15,602 14,896 13,723 13,441 13,798 14,545 13,702 14,343 14,996 15,006 15,077
Total Depreciation and Amortization (D&A)
1,046 1,031 1,075 1,071 1,040 1,072 1,104 1,078 1,063 1,066 1,057
Debt-free, Cash-free Net Working Capital to Revenue
-0.31% -0.93% -1.89% -1.84% -1.74% -1.67% -1.80% -1.53% -1.27% -1.37% -1.25%
Debt-free Net Working Capital to Revenue
4.62% 4.87% 5.71% 6.13% 5.92% 4.78% 5.61% 5.26% 4.49% 4.47% 5.01%
Net Working Capital to Revenue
4.44% 4.71% 5.57% 5.73% 5.54% 4.70% 5.53% 4.55% 3.81% 3.78% 3.38%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$3.08 $3.07 $6.08 $4.28 $3.59 $3.55 $5.99 $3.24 $3.06 $3.79 $6.87
Adjusted Weighted Average Basic Shares Outstanding
252.40M 251.35M 251.19M 251.42M 249.89M 246.08M 244.30M 244.32M 240.85M 239.60M 235.90M
Adjusted Diluted Earnings per Share
$3.07 $3.05 $6.03 $4.23 $3.55 $3.51 $5.92 $3.21 $3.03 $3.76 $6.81
Adjusted Weighted Average Diluted Shares Outstanding
252.40M 251.35M 251.19M 251.42M 249.89M 246.08M 244.30M 244.32M 240.85M 239.60M 235.90M
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
252.40M 251.35M 251.19M 251.42M 249.89M 246.08M 244.30M 244.32M 240.85M 239.60M 235.90M
Normalized Net Operating Profit after Tax (NOPAT)
875 786 1,086 1,125 955 1,008 1,130 812 795 994 1,329
Normalized NOPAT Margin
3.84% 3.55% 4.95% 5.19% 4.31% 4.64% 5.11% 3.76% 3.62% 4.49% 5.98%
Pre Tax Income Margin
4.64% 4.61% 9.70% 6.56% 5.42% 5.44% 9.17% 4.89% 4.47% 5.33% 10.00%
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
29.73% 36.20% 29.63% 28.65% 28.32% 28.17% 29.07% 31.63% 33.44% 33.64% 32.72%
Augmented Payout Ratio
119.74% 86.33% 67.40% 76.55% 51.64% 73.67% 86.79% 105.76% 123.97% 110.64% 106.45%

Key Financial Trends

FedEx (NYSE: FDX) has demonstrated relatively stable revenue and profitability over the past several quarters, with a moderate growth trend in operating revenues and net income. The financials from Q3 2022 through Q4 2025 indicate the company has managed to maintain strong gross profits and control operating expenses effectively while continuing to invest in capital expenditures.

Key positive financial highlights:

  • Operating Revenue showed gradual growth from approximately $22.1 billion in Q4 2024 to $22.2 billion in Q4 2025, indicating steady top-line expansion.
  • Net Income increased from $909 million in Q3 2025 to $1.65 billion in Q4 2025, reflecting improved profitability in the latest quarter.
  • Gross Profit remained strong and improving, with Q4 2025 at $6.37 billion compared to $5.8 billion in Q3 2025, supporting operational efficiency.
  • FedEx generated strong operating cash flows, with $2.52 billion in Q4 2025 and a consistent positive cash from operations over previous quarters, funding investments and shareholder returns.
  • Capital expenditures remain robust but controlled, with $1.47 billion spent in Q4 2025 on property, plant, and equipment, which supports ongoing operational capacity and modernization.
  • FedEx continued returning capital to shareholders via dividends ($331 million in Q4 2025) and share repurchases ($500 million in Q4 2025), indicating strong free cash flow and confidence in the business.
  • The balance sheet reflects a healthy equity base of $26.7 billion in Q3 2025 with manageable debt levels ($19.5 billion long-term debt), supporting financial stability.

Neutral factors to consider:

  • Total liabilities and debt levels remain significant, reflecting capital-intensive operations, which requires continued good cash flow management.
  • Non-cash adjustments and working capital changes have caused some volatility in operating cash flows, indicating sensitivity to operating asset and liability management.

Potential negative considerations:

  • Operating costs of revenue have increased in recent quarters (e.g., from $15.85 billion in Q4 2025 compared to higher prior periods), which could pressure operating margins if not controlled.
  • There is a modest decline in cash and equivalents at times indicating potential liquidity management challenges in certain quarters, although still sufficient overall.
  • Interest and investment income has been volatile, including some negative swings in earlier quarters, which can impact net income unpredictably.

Overall, FedEx shows a solid financial profile with steady revenue growth, improving net income, and capable cash generation. The company continues investing in infrastructure while delivering shareholder returns. Retail investors should watch operating cost trends and debt levels but can take comfort in the strong earnings and cash flow performance sustained over the past several quarters.

08/23/25 11:44 AMAI Generated. May Contain Errors.

Frequently Asked Questions About FedEx's Financials

When does FedEx's fiscal year end?

According to the most recent income statement we have on file, FedEx's financial year ends in May. Their financial year 2025 ended on May 31, 2025.

How has FedEx's net income changed over the last 10 years?

FedEx's net income appears to be on an upward trend, with a most recent value of $4.09 billion in 2025, rising from $1.05 billion in 2015. The previous period was $4.33 billion in 2024. 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 2025 was $5.22 billion, based on the following breakdown:
  • Total Gross Profit: $23.26 billion
  • Total Operating Expenses: $18.04 billion
How has FedEx's revenue changed over the last 10 years?

Over the last 10 years, FedEx's total revenue changed from $47.45 billion in 2015 to $87.93 billion in 2025, a change of 85.3%.

How much debt does FedEx have?

FedEx's total liabilities were at $59.55 billion at the end of 2025, a 0.2% increase from 2024, and a 176.5% increase since 2015.

How much cash does FedEx have?

In the past 10 years, FedEx's cash and equivalents has ranged from $2.32 billion in 2019 to $7.09 billion in 2021, and is currently $5.50 billion as of their latest financial filing in 2025.

How has FedEx's book value per share changed over the last 10 years?

Over the last 10 years, FedEx's book value per share changed from 52.84 in 2015 to 117.17 in 2025, a change of 121.8%.



This page (NYSE:FDX) was last updated on 8/23/2025 by MarketBeat.com Staff
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