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FedEx (FDX) Financials

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$317.35 +1.73 (+0.55%)
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Annual Income Statements for FedEx

Annual Income Statements for FedEx

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

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 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 5/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 1,820 2,997 4,572 540 1,286 5,231 3,826 3,972 4,331 4,092 4,433
Consolidated Net Income / (Loss)		 1,820 2,997 4,572 540 1,286 5,231 3,826 3,972 4,331 4,092 4,433
Net Income / (Loss) Continuing Operations		 1,820 2,997 4,572 540 1,286 5,231 3,826 3,972 4,331 4,092 4,433
Total Pre-Tax Income 		2,740 4,579 4,353 655 1,669 6,674 4,896 5,363 5,836 5,441 5,793
Total Operating Income		 3,077 4,566 4,272 4,466 2,417 5,857 6,245 4,912 5,559 5,217 5,463
Total Gross Profit		 12,959 16,313 17,197 18,180 16,959 21,747 24,137 23,342 23,239 23,259 24,991
Total Revenue		 50,365 60,319 65,450 69,693 69,217 83,959 93,512 90,155 87,693 87,926 94,720
Operating Revenue		 50,365 60,319 65,450 69,693 69,217 83,959 93,512 90,155 87,693 87,926 94,720
Total Cost of Revenue		 37,406 44,006 48,253 51,513 52,258 62,212 69,375 66,813 64,454 64,667 69,729
Operating Cost of Revenue		 37,406 44,006 48,253 51,513 52,258 62,212 69,375 66,813 64,454 64,667 69,729
Total Operating Expenses		 9,882 11,747 12,925 13,714 14,542 15,890 17,892 18,430 17,680 18,042 19,528
Selling, General & Admin Expense		 7,251 8,752 9,450 10,041 10,492 11,981 13,644 13,828 12,654 12,963 13,999
Depreciation Expense		 2,631 2,995 3,095 3,353 3,615 3,793 3,970 4,176 4,287 4,264 4,369
Other Operating Expenses / (Income)		 - - 0.00 320 0.00 116 278 309 0.00 38 771
Impairment Charge		 0.00 - 380 0.00 435 0.00 0.00 117 157 21 23
Restructuring Charge		 - - - - - - - - 582 756 366
Total Other Income / (Expense), net		 -337 13 81 -3,811 -748 817 -1,349 451 277 224 330
Interest Expense		 336 512 558 588 672 1,186 689 694 745 789 970
Interest & Investment Income		 21 33 48 59 55 52 53 198 370 363 437
Other Income / (Expense), net		 -22 492 591 -3,282 -131 1,951 -713 947 652 650 863
Income Tax Expense		 920 1,582 -219 115 383 1,443 1,070 1,391 1,505 1,349 1,360
Basic Earnings per Share		 $6.59 $11.24 $17.08 $2.06 $4.92 $19.79 $14.54 $15.60 $17.41 $16.96 $18.71
Weighted Average Basic Shares Outstanding		 276M 266M 267.70M 262.10M 261.95M 267.35M 259.85M 251.19M 244.30M 235.90M 236.58M
Diluted Earnings per Share		 $6.51 $11.07 $16.79 $2.03 $4.90 $19.45 $14.33 $15.48 $17.21 $16.81 $18.55
Weighted Average Diluted Shares Outstanding		 276M 266M 267.70M 262.10M 261.95M 267.35M 259.85M 251.19M 244.30M 235.90M 236.58M
Weighted Average Basic & Diluted Shares Outstanding		 276M 266M 267.70M 262.10M 261.95M 267.35M 259.85M 251.19M 244.30M 235.90M 236.58M

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 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026
Period end date 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025 5/31/2025 8/31/2025 11/30/2025 2/28/2026 5/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 900 879 1,474 794 741 909 1,648 824 956 1,056 1,597
Consolidated Net Income / (Loss)		 900 879 1,474 794 741 909 1,648 824 956 1,056 1,597
Net Income / (Loss) Continuing Operations		 900 879 1,474 794 741 909 1,648 824 956 1,056 1,597
Total Pre-Tax Income 		1,202 1,183 2,028 1,056 981 1,181 2,223 1,134 1,289 1,263 2,107
Total Operating Income		 1,276 1,243 1,555 1,080 1,052 1,292 1,793 1,186 1,378 1,348 1,551
Total Gross Profit		 5,617 5,611 6,227 5,454 5,642 5,618 6,366 5,719 6,170 6,235 6,867
Total Revenue		 22,165 21,738 22,109 21,579 21,967 15,348 22,220 22,244 16,373 24,000 32,103
Operating Revenue		 22,165 21,738 22,109 21,579 21,967 15,348 22,220 22,244 16,373 24,000 32,103
Total Cost of Revenue		 16,548 16,127 15,882 16,125 16,325 9,730 15,854 16,525 10,203 17,765 25,236
Operating Cost of Revenue		 16,548 16,127 15,882 16,125 16,325 9,730 15,854 16,525 10,203 17,765 25,236
Total Operating Expenses		 4,341 4,368 4,672 4,374 4,590 4,326 4,573 4,533 4,792 4,887 5,316
Selling, General & Admin Expense		 3,156 3,182 3,193 3,168 3,201 3,255 3,372 3,396 3,511 3,508 3,584
Depreciation Expense		 1,040 1,072 1,104 1,078 1,063 1,066 1,057 1,092 1,068 1,112 1,097
Other Operating Expenses / (Income)		 145 - - 128 326 5.00 123 45 213 267 246
Total Other Income / (Expense), net		 -74 -60 473 -24 -71 -111 430 -52 -89 -85 556
Interest & Investment Income		 -97 -91 649 -84 -102 -116 665 -119 -135 -138 829
Other Income / (Expense), net		 -18 31 569 60 31 5.00 604 67 46 53 697
Income Tax Expense		 302 304 554 262 240 272 575 310 333 207 510
Basic Earnings per Share		 $3.59 $3.55 $5.99 $3.24 $3.06 $3.79 $6.87 $3.48 $4.07 $4.46 $6.70
Weighted Average Basic Shares Outstanding		 249.89M 246.08M 244.30M 244.32M 240.85M 239.60M 235.90M 235.96M 235.12M 238.61M 236.58M
Diluted Earnings per Share		 $3.55 $3.51 $5.92 $3.21 $3.03 $3.76 $6.81 $3.46 $4.04 $4.41 $6.64
Weighted Average Diluted Shares Outstanding		 249.89M 246.08M 244.30M 244.32M 240.85M 239.60M 235.90M 235.96M 235.12M 238.61M 236.58M
Weighted Average Basic & Diluted Shares Outstanding		 249.89M 246.08M 244.30M 244.32M 240.85M 239.60M 235.90M 235.96M 235.12M 238.61M 236.58M

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 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 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 5/31/2026
Net Change in Cash & Equivalents		 -229 435 -704 -899 2,562 2,206 -190 -41 -355 -999 7,809
Net Cash From Operating Activities		 5,708 4,930 4,674 5,613 5,097 10,135 9,832 8,848 8,312 7,036 8,925
Net Cash From Continuing Operating Activities		 5,708 4,930 4,674 5,613 5,097 10,135 9,832 8,848 8,312 7,036 8,925
Net Income / (Loss) Continuing Operations		 1,820 2,997 4,572 540 1,286 5,231 3,826 3,972 4,331 4,092 4,433
Consolidated Net Income / (Loss)		 1,820 2,997 4,572 540 1,286 5,231 3,826 3,972 4,331 4,092 4,433
Depreciation Expense		 2,631 2,995 3,095 3,353 3,615 3,793 3,970 4,176 4,287 4,264 4,369
Non-Cash Adjustments To Reconcile Net Income		 1,763 231 467 4,211 1,839 96 5,155 3,840 3,125 3,395 3,636
Changes in Operating Assets and Liabilities, net		 -506 -1,293 -3,460 -2,491 -1,643 1,015 -3,119 -3,140 -3,431 -4,715 -3,513
Net Cash From Investing Activities		 -9,446 -4,981 -5,677 -5,473 -5,846 -6,010 -6,816 -6,174 -5,200 -4,092 -3,911
Net Cash From Continuing Investing Activities		 -9,446 -4,981 -5,677 -5,473 -5,846 -6,010 -6,816 -6,174 -5,200 -4,092 -3,911
Purchase of Property, Plant & Equipment		 -4,818 -5,116 -5,663 -5,490 -5,868 -5,884 -6,763 -6,174 -5,176 -4,055 -3,809
Purchase of Investments		 - - - - 0.00 0.00 -147 -84 -176 -262 -682
Sale of Property, Plant & Equipment		 - - - - - - 94 84 114 115 97
Sale and/or Maturity of Investments		 - - - - - - 0.00 0.00 38 110 483
Net Cash From Financing Activities		 3,611 528 227 -1,039 3,381 -2,090 -3,019 -2,597 -3,426 -4,019 2,749
Net Cash From Continuing Financing Activities		 3,611 528 227 -1,039 3,381 -2,090 -3,019 -2,597 -3,426 -4,019 2,749
Repayment of Debt		 -92 -82 -38 -1,440 -2,557 -6,356 -162 -151 -158 -187 -1,362
Repurchase of Common Equity		 -2,722 -509 -1,017 -1,480 -3.00 0.00 -2,248 -1,500 -2,500 -3,017 -796
Payment of Dividends		 -277 -426 -535 -683 -679 -686 -793 -1,177 -1,259 -1,339 -1,374
Issuance of Debt		 6,519 1,208 1,490 2,463 6,556 4,212 0.00 - 0.00 0.00 5,289
Issuance of Common Equity		 183 337 327 101 64 740 184 231 491 524 992
Effect of Exchange Rate Changes		 -102 -42 72 - -70 171 -187 -118 -41 76 46

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 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026
Period end date 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025 5/31/2025 8/31/2025 11/30/2025 2/28/2026 5/31/2026
Net Change in Cash & Equivalents		 -326 -1,085 857 -558 -914 106 367 664 404 5,118 1,623
Net Cash From Operating Activities		 1,774 1,610 2,698 1,187 1,318 2,012 2,519 1,716 1,951 1,993 3,265
Net Cash From Continuing Operating Activities		 1,774 1,610 2,698 1,187 1,318 2,012 2,519 1,716 1,951 1,993 3,265
Net Income / (Loss) Continuing Operations		 900 879 1,474 794 741 909 1,648 824 956 1,056 1,597
Consolidated Net Income / (Loss)		 900 879 1,474 794 741 909 1,648 824 956 1,056 1,597
Depreciation Expense		 1,040 1,072 1,104 1,078 1,063 1,066 1,057 1,092 1,068 1,112 1,097
Non-Cash Adjustments To Reconcile Net Income		 897 833 581 925 1,123 917 415 910 1,111 1,006 609
Changes in Operating Assets and Liabilities, net		 -1,063 -1,174 -461 -1,610 -1,609 -880 -601 -1,110 -1,184 -1,181 -38
Net Cash From Investing Activities		 -1,328 -1,358 -1,234 -802 -804 -1,054 -1,432 -619 -861 -955 -1,476
Net Cash From Continuing Investing Activities		 -1,328 -1,358 -1,234 -802 -804 -1,054 -1,432 -619 -861 -955 -1,476
Purchase of Property, Plant & Equipment		 -1,305 -1,379 -1,202 -767 -818 -997 -1,473 -623 -757 -955 -1,474
Purchase of Investments		 -73 -35 -66 -61 -46 -90 -65 -34 -292 -101 -255
Sale of Property, Plant & Equipment		 50 32 20 13 21 8.00 73 8.00 41 24 24
Sale and/or Maturity of Investments		 - 24 14 13 39 25 33 30 147 77 229
Net Cash From Financing Activities		 -791 -1,316 -592 -969 -1,340 -863 -847 -460 -632 3,968 -127
Net Cash From Continuing Financing Activities		 -791 -1,316 -592 -969 -1,340 -863 -847 -460 -632 3,968 -127
Repayment of Debt		 -28 -56 -8.00 -34 -19 -66 -68 -630 -26 -107 -599
Payment of Dividends		 -317 -314 -310 -339 -337 -332 -331 -345 -342 -341 -346
Issuance of Debt		 - - - 0.00 - - - 997 - 3,692 600
Issuance of Common Equity		 54 54 226 404 36 32 52 18 32 724 218
Effect of Exchange Rate Changes		 19 -21 -15 26 -88 11 127 27 -54 112 -39

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 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 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 5/31/2026
Total Assets		 45,959 48,552 52,330 54,403 73,537 82,777 85,994 87,143 87,007 87,627 98,937
Total Current Assets		 11,989 12,628 13,341 13,086 16,383 20,580 20,365 18,610 18,207 18,386 27,903
Cash & Equivalents		 3,534 3,969 3,265 2,319 4,881 7,087 6,897 6,856 6,501 5,502 13,311
Accounts Receivable		 7,252 7,599 8,481 9,116 10,102 12,069 11,863 10,188 10,087 11,368 12,672
Inventories, net		 496 514 525 553 572 587 637 604 614 602 669
Prepaid Expenses		 707 546 1,070 1,098 828 837 968 962 1,005 914 1,251
Plant, Property, & Equipment, net		 24,284 25,981 28,154 30,429 33,608 35,752 38,091 40,698 41,491 41,642 42,044
Plant, Property & Equipment, gross		 47,018 50,626 55,121 119,022 65,024 70,077 75,275 80,624 84,391 87,622 90,926
Accumulated Depreciation		 22,734 24,645 26,967 29,082 31,416 34,325 37,184 39,926 42,900 45,980 48,882
Total Noncurrent Assets		 9,686 9,943 10,835 10,888 23,546 26,445 27,538 27,835 27,309 27,599 28,990
Goodwill		 6,747 7,154 6,973 6,884 6,372 6,992 6,544 6,435 6,423 6,603 6,733
Intangible Assets		 - - - - 13,917 15,383 16,613 17,347 17,115 16,453 16,822
Other Noncurrent Operating Assets		 2,939 2,789 3,862 4,004 3,257 4,070 4,381 4,053 3,771 4,543 5,435
Total Liabilities & Shareholders' Equity		 45,959 48,552 52,330 54,403 73,537 82,777 85,994 87,143 87,007 87,627 98,937
Total Liabilities		 32,175 32,479 32,914 36,646 55,242 58,609 61,055 61,055 59,425 59,553 67,290
Total Current Liabilities		 8,008 7,918 9,627 9,013 10,344 13,660 14,274 13,586 13,355 15,411 18,912
Short-Term Debt		 29 22 1,342 964 51 146 82 126 68 1,428 2,421
Accounts Payable		 2,944 2,752 2,977 3,030 3,269 3,841 4,030 3,848 3,189 3,692 4,327
Accrued Expenses		 3,063 3,230 3,131 3,278 3,532 4,562 5,188 4,747 4,962 4,995 5,725
Current Employee Benefit Liabilities		 1,972 1,914 2,177 1,741 1,569 2,903 2,531 2,475 2,673 2,731 3,759
Other Current Liabilities		 - - - 0.00 1,923 2,208 2,443 2,390 2,463 2,565 2,680
Total Noncurrent Liabilities		 24,167 24,561 23,287 27,633 44,898 44,949 46,781 47,469 46,070 44,142 48,378
Long-Term Debt		 13,733 14,909 15,243 16,617 21,952 20,733 20,182 20,453 20,135 19,151 23,293
Asset Retirement Reserve & Litigation Obligation		 1,314 - - - 2,104 2,430 2,889 3,339 3,701 4,033 4,413
Noncurrent Deferred & Payable Income Tax Liabilities		 1,567 2,485 2,867 2,821 3,162 3,927 4,093 4,489 4,482 4,205 3,664
Noncurrent Employee Benefit Liabilities		 6,227 4,487 2,187 5,095 5,019 3,501 4,448 3,130 2,010 1,698 1,625
Other Noncurrent Operating Liabilities		 771 2,012 2,318 2,569 12,661 14,358 15,169 16,058 15,742 15,055 15,383
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		 13,784 16,073 19,416 17,757 18,295 24,168 24,939 26,088 27,582 28,074 31,647
Total Preferred & Common Equity		 13,784 16,073 19,416 17,757 18,295 24,168 24,939 26,088 27,582 28,074 31,647
Preferred Stock		 - - - - - - - - - 0.00 0.00
Total Common Equity		 13,784 16,073 19,416 17,757 18,295 24,168 24,939 26,088 27,582 28,074 31,647
Common Stock		 2,924 3,037 3,149 3,263 3,388 3,513 3,744 3,801 4,020 4,322 4,749
Retained Earnings		 18,371 20,833 24,823 24,648 25,216 29,817 32,782 35,259 38,649 41,402 44,461
Treasury Stock		 -7,342 -7,382 -7,978 -9,289 -9,162 -8,430 -10,484 -11,645 -13,728 -16,288 -16,336
Accumulated Other Comprehensive Income / (Loss)		 -169 -415 -578 -865 -1,147 -732 -1,103 -1,327 -1,359 -1,362 -1,227

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 5/31/2023 8/31/2023 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025 8/31/2025 11/30/2025 2/28/2026
Total Assets		 87,143 87,576 88,051 86,114 87,007 86,711 85,481 85,043 88,416 89,181 94,733
Total Current Assets		 18,610 18,887 19,117 17,424 18,207 18,094 17,721 17,214 19,344 20,653 25,477
Cash & Equivalents		 6,856 7,055 6,729 5,644 6,501 5,943 5,029 5,135 6,166 6,570 8,008
Restricted Cash		 - - - - - - - - - - 3,680
Accounts Receivable		 10,188 10,207 10,665 9,904 10,087 10,312 10,737 10,230 11,516 12,159 11,807
Inventories, net		 604 631 632 640 614 611 620 617 604 631 631
Prepaid Expenses		 962 994 1,091 1,236 1,005 1,228 1,335 1,232 1,058 1,293 1,351
Plant, Property, & Equipment, net		 40,698 41,174 41,532 41,529 41,491 41,255 41,006 40,964 41,384 41,322 41,539
Plant, Property & Equipment, gross		 80,624 81,992 83,281 84,145 84,391 85,158 85,658 86,565 88,126 88,864 90,106
Accumulated Depreciation		 39,926 40,818 41,749 42,616 42,900 43,903 44,652 45,601 46,742 47,542 48,567
Total Noncurrent Assets		 27,835 27,515 27,402 27,161 27,309 27,362 26,754 26,865 27,688 27,206 27,717
Goodwill		 6,435 6,422 6,468 6,425 6,423 6,512 6,290 6,332 6,672 6,626 6,758
Intangible Assets		 17,347 17,327 17,243 16,935 17,115 17,094 16,821 16,468 16,368 16,184 16,391
Other Noncurrent Operating Assets		 4,053 3,766 3,691 3,801 3,771 3,756 3,643 4,065 4,648 4,396 4,568
Total Liabilities & Shareholders' Equity		 87,143 87,576 88,051 86,114 87,007 86,711 85,481 85,043 88,416 89,181 94,733
Total Liabilities		 61,055 61,042 61,285 59,739 59,425 59,535 59,021 58,335 60,645 61,041 64,929
Total Current Liabilities		 13,586 13,811 14,248 13,308 13,355 14,111 14,392 13,896 15,524 16,214 17,287
Short-Term Debt		 126 351 334 67 68 622 592 611 883 901 2,422
Accounts Payable		 3,848 3,794 4,002 3,780 3,189 3,738 3,896 3,604 4,223 4,664 4,154
Accrued Expenses		 4,747 4,919 4,747 4,473 4,962 4,905 4,658 4,556 5,494 5,306 5,008
Current Employee Benefit Liabilities		 2,475 2,365 2,732 2,541 2,673 2,336 2,710 2,601 2,333 2,722 3,079
Other Current Liabilities		 2,390 2,382 2,433 2,447 2,463 2,510 2,536 2,524 2,591 2,621 2,624
Total Noncurrent Liabilities		 47,469 47,231 47,037 46,431 46,070 45,424 44,629 44,439 45,121 44,827 47,642
Long-Term Debt		 20,453 20,145 20,193 20,122 20,135 19,664 19,433 19,530 20,291 20,294 22,831
Asset Retirement Reserve & Litigation Obligation		 3,339 3,583 3,688 3,836 3,701 3,833 3,825 3,914 4,132 4,229 4,320
Noncurrent Deferred & Payable Income Tax Liabilities		 4,489 4,450 4,386 4,378 4,482 4,485 4,436 4,308 4,050 3,895 3,841
Noncurrent Employee Benefit Liabilities		 3,130 3,021 2,854 2,527 2,010 1,780 1,571 1,664 1,690 1,669 1,682
Other Noncurrent Operating Liabilities		 16,058 16,032 15,916 15,568 15,742 15,662 15,364 15,023 14,958 14,740 14,968
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		 26,088 26,534 26,766 26,375 27,582 27,176 26,460 26,708 27,771 28,140 29,804
Total Preferred & Common Equity		 26,088 26,534 26,766 26,375 27,582 27,176 26,460 26,708 27,771 28,140 29,804
Total Common Equity		 26,088 26,534 26,766 26,375 27,582 27,176 26,460 26,708 27,771 28,140 29,804
Common Stock		 3,801 3,832 3,881 3,930 4,020 4,166 4,197 4,277 4,359 4,398 4,646
Retained Earnings		 35,259 36,021 36,605 37,174 38,649 38,767 39,175 39,754 41,538 42,154 42,864
Treasury Stock		 -11,645 -11,963 -12,426 -13,394 -13,728 -14,425 -15,397 -15,824 -16,755 -16,998 -16,486
Accumulated Other Comprehensive Income / (Loss)		 -1,327 -1,356 -1,294 -1,335 -1,359 -1,332 -1,515 -1,499 -1,371 -1,414 -1,220

Annual Metrics And Ratios for FedEx

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

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 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 5/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 238,606,756.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 238,606,756.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 18.58
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 6.14% 19.76% 8.51% 6.48% -0.68% 21.30% 11.38% -3.59% -2.73% 0.27% 7.73%
EBITDA Growth		 27.52% 41.63% -1.18% -42.99% 30.06% 96.59% -18.09% 5.61% 4.61% -3.50% 5.57%
EBIT Growth		 65.31% 65.56% -3.86% -75.65% 93.07% 241.56% -29.15% 5.91% 6.01% -5.54% 7.82%
NOPAT Growth		 69.63% 46.22% 50.14% -17.94% -49.42% 146.50% 6.31% -25.45% 13.40% -4.89% 6.55%
Net Income Growth		 73.33% 64.67% 52.55% -88.19% 138.15% 306.77% -26.86% 3.82% 9.04% -5.52% 8.33%
EPS Growth		 78.36% 70.05% 51.67% -87.91% 141.38% 296.94% -26.32% 8.03% 11.18% -2.32% 10.35%
Operating Cash Flow Growth		 6.37% -13.63% -5.19% 20.09% -9.19% 98.84% -2.99% -10.01% -6.06% -15.35% 26.85%
Free Cash Flow Firm Growth		 -2,024.53% 99.52% -7,157.27% 393.80% -115.22% 482.27% 121.43% -52.96% 24.35% -22.47% 59.56%
Invested Capital Growth		 29.38% 12.43% 20.92% 0.49% 7.26% 7.18% 0.91% 3.93% 3.70% 4.52% 2.08%
Revenue Q/Q Growth		 1.75% 4.78% 2.48% 0.71% -0.64% 6.61% 1.99% -2.66% 0.20% 0.13% 3.35%
EBITDA Q/Q Growth		 28.88% 27.89% -0.40% -43.85% 51.97% 41.20% -19.54% 16.86% -0.76% 1.86% -0.55%
EBIT Q/Q Growth		 70.58% 49.25% -1.62% -75.29% 594.83% 74.64% -29.81% 31.13% -1.72% 4.12% -1.54%
NOPAT Q/Q Growth		 69.32% 35.90% 10.43% 3.27% -18.34% 25.06% 6.00% -10.65% 1.18% 5.51% -3.44%
Net Income Q/Q Growth		 82.73% 57.16% 2.40% -85.15% 468.48% 72.70% -25.51% 32.75% -1.46% 4.44% -1.14%
EPS Q/Q Growth		 80.83% 55.48% 2.50% -85.05% 504.96% 72.12% -24.78% 33.33% -0.64% 5.59% -0.91%
Operating Cash Flow Q/Q Growth		 -22.08% 8.19% 35.60% -17.88% -8.46% 10.03% 8.37% -0.62% -8.27% -2.48% 9.12%
Free Cash Flow Firm Q/Q Growth		 -437.29% 99.64% 57.74% 93.60% 95.03% -86.96% 105.92% -37.50% -4.81% -29.68% 22.71%
Invested Capital Q/Q Growth		 20.02% 0.97% -2.82% -7.14% -27.13% 3.81% -1.70% 0.46% 0.89% 3.44% 1.57%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 25.73% 27.04% 26.28% 26.09% 24.50% 25.90% 25.81% 25.89% 26.50% 26.45% 26.38%
EBITDA Margin		 11.29% 13.35% 12.16% 6.51% 8.53% 13.82% 10.16% 11.13% 11.97% 11.52% 11.29%
Operating Margin		 6.11% 7.57% 6.53% 6.41% 3.49% 6.98% 6.68% 5.45% 6.34% 5.93% 5.77%
EBIT Margin		 6.07% 8.39% 7.43% 1.70% 3.30% 9.30% 5.92% 6.50% 7.08% 6.67% 6.68%
Profit (Net Income) Margin		 3.61% 4.97% 6.99% 0.77% 1.86% 6.23% 4.09% 4.41% 4.94% 4.65% 4.68%
Tax Burden Percent		 66.42% 65.45% 105.03% 82.44% 77.05% 78.38% 78.15% 74.06% 74.21% 75.21% 76.52%
Interest Burden Percent		 89.69% 90.53% 89.51% 55.32% 73.01% 85.48% 88.50% 91.53% 93.96% 92.74% 91.57%
Effective Tax Rate		 33.58% 34.55% -5.03% 17.56% 22.95% 21.62% 21.85% 25.94% 25.79% 24.79% 23.48%
Return on Invested Capital (ROIC)		 9.54% 11.64% 14.95% 11.18% 5.44% 12.51% 12.80% 9.31% 10.17% 9.29% 9.59%
ROIC Less NNEP Spread (ROIC-NNEP)		 6.36% 11.72% 15.64% -10.71% 1.88% 16.66% 5.03% 11.78% 11.67% 10.46% 11.43%
Return on Net Nonoperating Assets (RNNOA)		 3.11% 8.43% 10.82% -8.27% 1.69% 12.13% 2.78% 6.25% 5.97% 5.41% 5.26%
Return on Equity (ROE)		 12.65% 20.08% 25.77% 2.91% 7.13% 24.64% 15.58% 15.57% 16.14% 14.70% 14.85%
Cash Return on Invested Capital (CROIC)		 -16.08% -0.06% -3.99% 10.69% -1.57% 5.58% 11.89% 5.46% 6.54% 4.87% 7.53%
Operating Return on Assets (OROA)		 7.41% 10.70% 9.64% 2.22% 3.57% 9.99% 6.56% 6.77% 7.13% 6.72% 6.78%
Return on Assets (ROA)		 4.41% 6.34% 9.06% 1.01% 2.01% 6.69% 4.53% 4.59% 4.97% 4.69% 4.75%
Return on Common Equity (ROCE)		 12.65% 20.08% 25.77% 2.91% 7.13% 24.64% 15.58% 15.57% 16.14% 14.70% 14.85%
Return on Equity Simple (ROE_SIMPLE)		 13.20% 18.65% 23.55% 3.04% 7.03% 21.64% 15.34% 15.23% 15.70% 14.58% 0.00%
Net Operating Profit after Tax (NOPAT)		 2,044 2,988 4,487 3,682 1,862 4,591 4,880 3,638 4,125 3,924 4,180
NOPAT Margin		 4.06% 4.95% 6.86% 5.28% 2.69% 5.47% 5.22% 4.04% 4.70% 4.46% 4.41%
Net Nonoperating Expense Percent (NNEP)		 3.18% -0.08% -0.69% 21.89% 3.56% -4.14% 7.76% -2.47% -1.50% -1.17% -1.84%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - - 8.06% 7.29%
Cost of Revenue to Revenue		 74.27% 72.96% 73.73% 73.91% 75.50% 74.10% 74.19% 74.11% 73.50% 73.55% 73.62%
SG&A Expenses to Revenue		 14.40% 14.51% 14.44% 14.41% 15.16% 14.27% 14.59% 15.34% 14.43% 14.79% 14.78%
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		 19.62% 19.47% 19.75% 19.68% 21.01% 18.93% 19.13% 20.44% 20.16% 20.52% 20.62%
Earnings before Interest and Taxes (EBIT)		 3,055 5,058 4,863 1,184 2,286 7,808 5,532 5,859 6,211 5,867 6,326
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 5,686 8,053 7,958 4,537 5,901 11,601 9,502 10,035 10,498 10,131 10,695
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.88 2.92 3.13 2.09 1.75 3.29 2.22 2.05 2.25 1.85 2.48
Price to Tangible Book Value (P/TBV)		 5.64 5.26 4.88 3.42 0.00 44.32 31.12 23.16 15.37 10.35 9.69
Price to Revenue (P/Rev)		 0.79 0.78 0.93 0.53 0.46 0.95 0.59 0.59 0.71 0.59 0.83
Price to Earnings (P/E)		 21.81 15.64 13.29 68.77 24.92 15.19 14.49 13.44 14.35 12.69 17.68
Dividend Yield		 0.68% 0.91% 0.88% 1.82% 2.12% 0.87% 1.40% 2.17% 2.00% 2.55% 1.77%
Earnings Yield		 4.59% 6.39% 7.53% 1.45% 4.01% 6.58% 6.90% 7.44% 6.97% 7.88% 5.66%
Enterprise Value to Invested Capital (EV/IC)		 2.07 2.13 2.26 1.59 1.39 2.46 1.80 1.69 1.84 1.55 2.06
Enterprise Value to Revenue (EV/Rev)		 0.99 0.96 1.13 0.75 0.71 1.11 0.74 0.74 0.87 0.76 0.96
Enterprise Value to EBITDA (EV/EBITDA)		 8.81 7.20 9.32 11.55 8.33 8.04 7.24 6.69 7.23 6.61 8.49
Enterprise Value to EBIT (EV/EBIT)		 16.39 11.46 15.26 44.25 21.51 11.94 12.44 11.46 12.21 11.42 14.35
Enterprise Value to NOPAT (EV/NOPAT)		 24.50 19.40 16.54 14.23 26.40 20.32 14.10 18.45 18.39 17.08 21.72
Enterprise Value to Operating Cash Flow (EV/OCF)		 8.77 11.76 15.87 9.33 9.65 9.20 7.00 7.59 9.13 9.52 10.17
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 14.89 0.00 45.55 15.18 31.47 28.60 32.58 27.67
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.01 0.94 0.86 0.99 1.20 0.86 0.81 0.79 0.73 0.73 0.81
Long-Term Debt to Equity		 1.01 0.94 0.79 0.94 1.20 0.86 0.81 0.78 0.73 0.68 0.74
Financial Leverage		 0.49 0.72 0.69 0.77 0.90 0.73 0.55 0.53 0.51 0.52 0.46
Leverage Ratio		 2.87 3.17 2.84 2.87 3.55 3.68 3.44 3.39 3.24 3.14 3.12
Compound Leverage Factor		 2.57 2.87 2.54 1.59 2.59 3.15 3.04 3.11 3.05 2.91 2.86
Debt to Total Capital		 50.24% 48.39% 46.25% 49.75% 54.60% 46.35% 44.83% 44.10% 42.28% 42.30% 44.83%
Short-Term Debt to Total Capital		 0.10% 0.07% 3.72% 2.73% 0.13% 0.32% 0.18% 0.27% 0.14% 2.94% 4.22%
Long-Term Debt to Total Capital		 50.14% 48.32% 42.53% 47.02% 54.47% 46.03% 44.65% 43.83% 42.14% 39.36% 40.61%
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		 49.76% 51.61% 53.75% 50.25% 45.40% 53.65% 55.17% 55.90% 57.72% 57.70% 55.17%
Debt to EBITDA		 2.45 1.87 2.10 3.88 3.73 1.80 2.13 2.05 1.92 2.03 2.40
Net Debt to EBITDA		 1.83 1.38 1.69 3.36 2.90 1.19 1.41 1.37 1.31 1.49 1.16
Long-Term Debt to EBITDA		 2.44 1.87 1.93 3.66 3.72 1.79 2.12 2.04 1.92 1.89 2.18
Debt to NOPAT		 6.81 5.04 3.72 4.78 11.81 4.55 4.15 5.66 4.90 5.25 6.15
Net Debt to NOPAT		 5.08 3.71 3.00 4.15 9.19 3.00 2.74 3.77 3.32 3.84 2.97
Long-Term Debt to NOPAT		 6.80 5.03 3.42 4.51 11.79 4.52 4.14 5.62 4.88 4.88 5.57
Altman Z-Score		 2.72 3.17 3.41 2.69 1.97 2.74 2.46 2.42 2.56 2.45 2.61
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		 1.50 1.59 1.39 1.45 1.58 1.51 1.43 1.37 1.36 1.19 1.48
Quick Ratio		 1.35 1.46 1.22 1.27 1.45 1.40 1.31 1.25 1.24 1.09 1.37
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -3,444 -17 -1,198 3,520 -536 2,048 4,534 2,133 2,652 2,057 3,281
Operating Cash Flow to CapEx		 118.47% 96.36% 82.54% 102.24% 86.86% 172.25% 147.43% 145.29% 164.20% 178.58% 240.44%
Free Cash Flow to Firm to Interest Expense		 -10.25 -0.03 -2.15 5.99 -0.80 1.73 6.58 3.07 3.56 2.61 3.38
Operating Cash Flow to Interest Expense		 16.99 9.63 8.38 9.55 7.58 8.55 14.27 12.75 11.16 8.92 9.20
Operating Cash Flow Less CapEx to Interest Expense		 2.65 -0.36 -1.77 0.21 -1.15 3.58 4.59 3.97 4.36 3.92 5.37
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.22 1.28 1.30 1.31 1.08 1.07 1.11 1.04 1.01 1.01 1.02
Accounts Receivable Turnover		 7.77 8.12 8.14 7.92 7.20 7.57 7.81 8.18 8.65 8.20 7.88
Inventory Turnover		 75.26 87.14 92.88 95.57 92.90 107.35 113.36 107.68 105.84 106.36 109.72
Fixed Asset Turnover		 2.23 2.40 2.42 2.38 2.16 2.42 2.53 2.29 2.13 2.12 2.26
Accounts Payable Turnover		 14.93 15.45 16.85 17.15 16.59 17.50 17.63 16.96 18.32 18.80 17.39
Days Sales Outstanding (DSO)		 47.00 44.93 44.84 46.08 50.67 48.19 46.71 44.64 42.19 44.53 46.32
Days Inventory Outstanding (DIO)		 4.85 4.19 3.93 3.82 3.93 3.40 3.22 3.39 3.45 3.43 3.33
Days Payable Outstanding (DPO)		 24.44 23.62 21.67 21.28 22.00 20.86 20.71 21.52 19.93 19.42 20.99
Cash Conversion Cycle (CCC)		 27.41 25.50 27.10 28.62 32.60 30.74 29.22 26.51 25.72 28.54 28.66
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 24,167 27,172 32,857 33,019 35,417 37,960 38,306 39,811 41,284 43,151 44,050
Invested Capital Turnover		 2.35 2.35 2.18 2.12 2.02 2.29 2.45 2.31 2.16 2.08 2.17
Increase / (Decrease) in Invested Capital		 5,488 3,005 5,685 162 2,398 2,543 346 1,505 1,473 1,867 899
Enterprise Value (EV)		 50,078 57,980 74,193 52,396 49,171 93,266 68,815 67,119 75,857 66,998 90,789
Market Capitalization		 39,695 46,881 60,752 37,134 32,049 79,474 55,448 53,396 62,155 51,921 78,386
Book Value per Share		 $51.35 $60.11 $72.66 $68.15 $70.03 $91.08 $96.22 $103.79 $112.09 $117.17 $132.63
Tangible Book Value per Share		 $26.22 $33.36 $46.57 $41.73 ($7.63) $6.76 $6.88 $9.17 $16.43 $20.94 $33.91
Total Capital		 27,701 31,141 36,122 35,338 40,298 45,047 45,203 46,667 47,785 48,653 57,361
Total Debt		 13,917 15,068 16,706 17,581 22,003 20,879 20,264 20,579 20,203 20,579 25,714
Total Long-Term Debt		 13,888 15,046 15,364 16,617 21,952 20,733 20,182 20,453 20,135 19,151 23,293
Net Debt		 10,383 11,099 13,441 15,262 17,122 13,792 13,367 13,723 13,702 15,077 12,403
Capital Expenditures (CapEx)		 4,818 5,116 5,663 5,490 5,868 5,884 6,669 6,090 5,062 3,940 3,712
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 476 763 1,791 2,718 1,209 -21 -724 -1,706 -1,581 -1,099 -1,899
Debt-free Net Working Capital (DFNWC)		 4,010 4,732 5,056 5,037 6,090 7,066 6,173 5,150 4,920 4,403 11,412
Net Working Capital (NWC)		 3,981 4,710 3,714 4,073 6,039 6,920 6,091 5,024 4,852 2,975 8,991
Net Nonoperating Expense (NNE)		 224 -8.51 -85 3,142 576 -640 1,054 -334 -206 -168 -253
Net Nonoperating Obligations (NNO)		 10,383 11,099 13,441 15,262 17,122 13,792 13,367 13,723 13,702 15,077 12,403
Total Depreciation and Amortization (D&A)		 2,631 2,995 3,095 3,353 3,615 3,793 3,970 4,176 4,287 4,264 4,369
Debt-free, Cash-free Net Working Capital to Revenue		 0.95% 1.26% 2.74% 3.90% 1.75% -0.03% -0.77% -1.89% -1.80% -1.25% -2.00%
Debt-free Net Working Capital to Revenue		 7.96% 7.85% 7.73% 7.23% 8.80% 8.42% 6.60% 5.71% 5.61% 5.01% 12.05%
Net Working Capital to Revenue		 7.90% 7.81% 5.67% 5.84% 8.72% 8.24% 6.51% 5.57% 5.53% 3.38% 9.49%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $6.59 $11.24 $17.08 $2.06 $4.92 $19.79 $14.54 $15.60 $17.41 $16.96 $18.71
Adjusted Weighted Average Basic Shares Outstanding		 265.52M 268.26M 265.92M 260.81M 261.95M 267.35M 259.85M 251.19M 244.30M 235.90M 236.58M
Adjusted Diluted Earnings per Share		 $6.51 $11.07 $16.79 $2.03 $4.90 $19.45 $14.33 $15.48 $17.21 $16.81 $18.55
Adjusted Weighted Average Diluted Shares Outstanding		 265.52M 268.26M 265.92M 260.81M 261.95M 267.35M 259.85M 251.19M 244.30M 235.90M 236.58M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $2.06 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 265.52M 268.26M 265.92M 260.81M 261.95M 267.35M 259.85M 251.19M 244.30M 235.90M 236.58M
Normalized Net Operating Profit after Tax (NOPAT)		 2,044 2,988 3,256 3,682 2,198 4,591 4,880 3,953 4,674 3,939 4,478
Normalized NOPAT Margin		 4.06% 4.95% 4.98% 5.28% 3.17% 5.47% 5.22% 4.39% 5.33% 4.48% 4.73%
Pre Tax Income Margin		 5.44% 7.59% 6.65% 0.94% 2.41% 7.95% 5.24% 5.95% 6.66% 6.19% 6.12%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 9.09 9.88 8.72 2.01 3.40 6.58 8.03 8.44 8.34 7.44 6.52
NOPAT to Interest Expense		 6.08 5.84 8.04 6.26 2.77 3.87 7.08 5.24 5.54 4.97 4.31
EBIT Less CapEx to Interest Expense		 -5.25 -0.11 -1.43 -7.32 -5.33 1.62 -1.65 -0.33 1.54 2.44 2.69
NOPAT Less CapEx to Interest Expense		 -8.26 -4.16 -2.11 -3.08 -5.96 -1.09 -2.60 -3.53 -1.26 -0.02 0.48
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 15.22% 14.21% 11.70% 126.48% 52.80% 13.11% 20.73% 29.63% 29.07% 32.72% 30.99%
Augmented Payout Ratio		 164.78% 31.20% 33.95% 400.56% 53.03% 13.11% 79.48% 67.40% 86.79% 106.45% 48.95%

Quarterly Metrics And Ratios for FedEx

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

Metric Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026
Period end date 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025 5/31/2025 8/31/2025 11/30/2025 2/28/2026 5/31/2026
DEI Shares Outstanding		 - - - - - - - - - 235,122,816.00 238,606,756.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 235,122,816.00 238,606,756.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 4.49 6.69
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -2.84% -1.94% 0.82% -0.47% -0.89% 1.94% 0.50% 3.08% -25.47% - 10.58%
EBITDA Growth		 2.96% 7.86% -2.42% -14.20% -8.79% 0.72% 5.66% 5.73% 16.12% - -1.73%
EBIT Growth		 6.07% 11.36% -4.88% -24.70% -17.89% 1.81% 10.72% 9.91% 31.49% - -4.22%
NOPAT Growth		 9.18% 17.49% 4.04% -27.82% -16.83% 7.67% 17.61% 6.13% 28.61% - -11.56%
Net Income Growth		 14.21% 14.01% -4.16% -26.35% -17.67% 3.41% 11.80% 3.78% 29.01% - -3.09%
EPS Growth		 15.64% 15.08% -1.82% -24.11% -14.65% 7.12% 15.03% 7.79% 33.33% - -2.50%
Operating Cash Flow Growth		 16.86% -29.26% -21.73% -46.77% -25.70% 24.97% -6.63% 44.57% 48.03% - 29.61%
Free Cash Flow Firm Growth		 146.74% -389.11% 18.13% -45.51% -189.82% 154.55% -56.88% 45.60% -194.74% - 151.43%
Invested Capital Growth		 2.13% 3.26% 3.70% 3.86% 2.20% 1.94% 4.52% 3.03% 3.16% - 2.08%
Revenue Q/Q Growth		 2.23% -1.93% 1.71% -2.40% 1.80% 0.88% 0.27% 0.11% -26.39% - 33.76%
EBITDA Q/Q Growth		 -11.10% 2.09% 37.60% -31.29% -5.50% 12.74% 46.17% -32.11% 6.27% - 33.11%
EBIT Q/Q Growth		 -16.91% 1.27% 66.72% -46.33% -9.39% 25.56% 84.81% -47.73% 13.65% - 60.46%
NOPAT Q/Q Growth		 -15.07% -3.33% 22.37% -28.15% -2.14% 25.14% 33.67% -35.17% 18.59% - 4.30%
Net Income Q/Q Growth		 -16.51% -2.33% 67.69% -46.13% -6.68% 22.67% 81.30% -50.00% 16.02% - 51.23%
EPS Q/Q Growth		 -16.08% -1.13% 68.66% -45.78% -5.61% 24.09% 81.12% -49.19% 16.76% - 50.57%
Operating Cash Flow Q/Q Growth		 -20.45% -9.24% 67.58% -56.00% 11.04% 52.66% 25.20% -31.88% 13.69% - 63.82%
Free Cash Flow Firm Q/Q Growth		 121.55% -438.92% 6.70% -113.53% 86.70% 305.85% -368.30% 25.95% 27.93% - 152.39%
Invested Capital Q/Q Growth		 1.47% 0.88% 0.89% 0.57% -0.15% 0.62% 3.44% -0.86% -0.03% - 1.57%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 25.34% 25.81% 28.17% 25.27% 25.68% 26.16% 28.65% 25.71% 37.68% - 21.39%
EBITDA Margin		 10.37% 10.79% 14.60% 10.28% 9.54% 10.66% 15.54% 10.54% 15.22% - 10.42%
Operating Margin		 5.76% 5.72% 7.03% 5.00% 4.79% 5.83% 8.07% 5.33% 8.42% - 4.83%
EBIT Margin		 5.68% 5.86% 9.61% 5.28% 4.70% 5.85% 10.79% 5.63% 8.70% - 7.00%
Profit (Net Income) Margin		 4.06% 4.04% 6.67% 3.68% 3.37% 4.10% 7.42% 3.70% 5.84% - 4.97%
Tax Burden Percent		 74.88% 74.30% 72.68% 75.19% 75.54% 76.97% 74.13% 72.66% 74.17% - 75.80%
Interest Burden Percent		 95.55% 92.86% 95.48% 92.63% 94.97% 91.06% 92.74% 90.50% 90.52% - 93.73%
Effective Tax Rate		 25.12% 25.70% 27.32% 24.81% 24.46% 23.03% 25.87% 27.34% 25.83% - 24.21%
Return on Invested Capital (ROIC)		 9.44% 9.23% 11.06% 8.09% 7.71% 9.54% 12.46% 8.14% 12.30% - 7.96%
ROIC Less NNEP Spread (ROIC-NNEP)		 9.07% 8.93% 13.56% 7.96% 7.34% 8.96% 14.67% 7.89% 11.86% - 11.02%
Return on Net Nonoperating Assets (RNNOA)		 5.24% 5.14% 6.93% 4.12% 3.97% 4.99% 7.59% 4.21% 6.43% - 5.07%
Return on Equity (ROE)		 14.68% 14.38% 17.99% 12.21% 11.68% 14.53% 20.05% 12.36% 18.74% - 13.03%
Cash Return on Invested Capital (CROIC)		 7.70% 6.92% 6.54% 5.57% 6.73% 7.08% 4.87% 6.44% 6.88% - 7.53%
Operating Return on Assets (OROA)		 5.75% 5.97% 9.68% 5.31% 4.74% 6.01% 10.86% 5.70% 8.27% - 7.11%
Return on Assets (ROA)		 4.11% 4.12% 6.71% 3.70% 3.40% 4.21% 7.47% 3.75% 5.55% - 5.05%
Return on Common Equity (ROCE)		 14.68% 14.38% 17.99% 12.21% 11.68% 14.53% 20.05% 12.36% 18.74% - 13.03%
Return on Equity Simple (ROE_SIMPLE)		 16.02% 16.66% 0.00% 14.89% 14.69% 14.67% 0.00% 0.00% 0.00% - 0.00%
Net Operating Profit after Tax (NOPAT)		 955 924 1,130 812 795 994 1,329 862 1,022 1,127 1,176
NOPAT Margin		 4.31% 4.25% 5.11% 3.76% 3.62% 4.49% 5.98% 3.87% 6.24% - 3.66%
Net Nonoperating Expense Percent (NNEP)		 0.38% 0.30% -2.51% 0.13% 0.37% 0.58% -2.22% 0.26% 0.45% - -3.07%
Return On Investment Capital (ROIC_SIMPLE)		 2.02% 1.98% - - 1.71% 2.12% 2.73% 1.76% 2.07% 2.05% 2.05%
Cost of Revenue to Revenue		 74.66% 74.19% 71.84% 74.73% 74.32% 73.84% 71.35% 74.29% 62.32% - 78.61%
SG&A Expenses to Revenue		 14.24% 14.64% 14.44% 14.68% 14.57% 14.71% 15.18% 15.27% 21.44% - 11.16%
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		 19.58% 20.09% 21.13% 20.27% 20.90% 20.33% 20.58% 20.38% 29.27% - 16.56%
Earnings before Interest and Taxes (EBIT)		 1,258 1,274 2,124 1,140 1,033 1,297 2,397 1,253 1,424 1,401 2,248
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 2,298 2,346 3,228 2,218 2,096 2,363 3,454 2,345 2,492 2,513 3,345
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.37 2.30 2.25 2.67 2.78 2.36 1.85 1.95 2.30 - 2.48
Price to Tangible Book Value (P/TBV)		 20.77 20.11 15.37 20.35 21.97 16.11 10.35 11.45 12.14 - 9.69
Price to Revenue (P/Rev)		 0.72 0.69 0.71 0.83 0.84 0.72 0.59 0.61 0.78 - 0.83
Price to Earnings (P/E)		 14.80 13.80 14.35 17.95 18.93 16.07 12.69 13.14 14.92 - 17.68
Dividend Yield		 1.91% 2.03% 2.00% 1.74% 1.75% 2.07% 2.55% 2.43% 2.06% - 1.77%
Earnings Yield		 6.75% 7.25% 6.97% 5.57% 5.28% 6.22% 7.88% 7.61% 6.70% - 5.66%
Enterprise Value to Invested Capital (EV/IC)		 1.90 1.84 1.84 2.09 2.14 1.87 1.55 1.62 1.86 - 2.06
Enterprise Value to Revenue (EV/Rev)		 0.88 0.86 0.87 0.99 1.01 0.89 0.76 0.78 0.96 - 0.96
Enterprise Value to EBITDA (EV/EBITDA)		 7.45 7.13 7.23 8.59 8.92 7.84 6.61 6.74 7.48 - 8.49
Enterprise Value to EBIT (EV/EBIT)		 12.57 11.97 12.21 14.90 15.78 13.84 11.42 11.57 12.55 - 14.35
Enterprise Value to NOPAT (EV/NOPAT)		 19.62 18.44 18.39 22.81 24.25 20.97 17.08 17.40 18.87 - 21.72
Enterprise Value to Operating Cash Flow (EV/OCF)		 7.94 8.30 9.13 11.97 13.00 10.81 9.52 9.14 9.68 - 10.17
Enterprise Value to Free Cash Flow (EV/FCFF)		 24.99 26.98 28.60 38.32 32.09 26.66 32.58 25.47 27.40 - 27.67
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.77 0.77 0.73 0.75 0.76 0.75 0.73 0.76 0.75 - 0.81
Long-Term Debt to Equity		 0.75 0.76 0.73 0.72 0.73 0.73 0.68 0.73 0.72 - 0.74
Financial Leverage		 0.58 0.58 0.51 0.52 0.54 0.56 0.52 0.53 0.54 - 0.46
Leverage Ratio		 3.41 3.36 3.24 3.25 3.26 3.22 3.14 3.19 3.20 - 3.12
Compound Leverage Factor		 3.26 3.12 3.10 3.01 3.10 2.94 2.91 2.88 2.90 - 2.93
Debt to Total Capital		 43.40% 43.36% 42.28% 42.74% 43.08% 42.99% 42.30% 43.26% 42.96% - 44.83%
Short-Term Debt to Total Capital		 0.71% 0.14% 0.14% 1.31% 1.27% 1.30% 2.94% 1.80% 1.83% - 4.22%
Long-Term Debt to Total Capital		 42.70% 43.21% 42.14% 41.43% 41.80% 41.69% 39.36% 41.46% 41.14% - 40.61%
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		 56.60% 56.64% 57.72% 57.26% 56.92% 57.01% 57.70% 56.74% 57.04% - 55.17%
Debt to EBITDA		 1.98 1.92 1.92 2.00 2.02 2.03 2.03 2.06 2.00 - 2.40
Net Debt to EBITDA		 1.33 1.38 1.31 1.42 1.51 1.51 1.49 1.46 1.38 - 1.16
Long-Term Debt to EBITDA		 1.95 1.91 1.92 1.94 1.96 1.96 1.89 1.98 1.91 - 2.18
Debt to NOPAT		 5.21 4.95 4.90 5.32 5.48 5.42 5.25 5.33 5.04 - 6.15
Net Debt to NOPAT		 3.50 3.57 3.32 3.76 4.11 4.04 3.84 3.78 3.48 - 2.97
Long-Term Debt to NOPAT		 5.13 4.94 4.88 5.16 5.32 5.25 4.88 5.10 4.83 - 5.57
Altman Z-Score		 2.32 2.34 2.40 2.47 2.50 2.43 2.32 2.29 2.34 - 2.47
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		 1.34 1.31 1.36 1.28 1.23 1.24 1.19 1.25 1.27 - 1.48
Quick Ratio		 1.22 1.17 1.24 1.15 1.10 1.11 1.09 1.14 1.16 - 1.37
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 108 -367 -343 -732 -97 200 -538 -398 -287 -528 277
Operating Cash Flow to CapEx		 141.35% 119.52% 228.26% 157.43% 165.37% 203.44% 179.93% 279.02% 272.49% - 225.17%
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
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
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
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.01 1.02 1.01 1.01 1.01 1.03 1.01 1.01 0.95 - 1.02
Accounts Receivable Turnover		 7.88 8.49 8.65 8.54 8.17 8.72 8.20 8.12 7.25 - 7.88
Inventory Turnover		 100.42 101.00 105.84 104.16 102.97 102.94 106.36 107.11 94.24 - 109.72
Fixed Asset Turnover		 2.16 2.15 2.13 2.13 2.12 2.13 2.12 2.14 2.02 - 2.26
Accounts Payable Turnover		 16.17 16.53 18.32 17.18 16.32 17.52 18.80 16.35 13.77 - 17.39
Days Sales Outstanding (DSO)		 46.29 43.01 42.19 42.75 44.69 41.84 44.53 44.97 50.35 - 46.32
Days Inventory Outstanding (DIO)		 3.63 3.61 3.45 3.50 3.54 3.55 3.43 3.41 3.87 - 3.33
Days Payable Outstanding (DPO)		 22.57 22.08 19.93 21.25 22.36 20.83 19.42 22.33 26.50 - 20.99
Cash Conversion Cycle (CCC)		 27.36 24.54 25.72 25.01 25.88 24.56 28.54 26.05 27.72 - 28.66
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 40,564 40,920 41,284 41,519 41,456 41,714 43,151 42,779 42,765 43,369 44,050
Invested Capital Turnover		 2.19 2.17 2.16 2.15 2.13 2.13 2.08 2.10 1.97 - 2.17
Increase / (Decrease) in Invested Capital		 847 1,291 1,473 1,544 892 794 1,867 1,260 1,309 1,655 899
Enterprise Value (EV)		 77,264 75,178 75,857 86,977 88,582 77,981 66,998 69,170 79,341 - 90,789
Market Capitalization		 63,466 60,633 62,155 72,634 73,586 62,975 51,921 54,162 64,716 - 78,386
Book Value per Share		 $106.46 $105.55 $112.09 $111.24 $108.30 $110.89 $117.17 $117.72 $119.26 $126.76 $132.63
Tangible Book Value per Share		 $12.15 $12.07 $16.43 $14.61 $13.71 $16.23 $20.94 $20.06 $22.59 $28.30 $33.91
Total Capital		 47,293 46,564 47,785 47,462 46,485 46,849 48,653 48,945 49,335 55,057 57,361
Total Debt		 20,527 20,189 20,203 20,286 20,025 20,141 20,579 21,174 21,195 25,253 25,714
Total Long-Term Debt		 20,193 20,122 20,135 19,664 19,433 19,530 19,151 20,291 20,294 22,831 23,293
Net Debt		 13,798 14,545 13,702 14,343 14,996 15,006 15,077 15,008 14,625 13,565 12,403
Capital Expenditures (CapEx)		 1,255 1,347 1,182 754 797 989 1,400 615 716 931 1,450
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -1,526 -1,461 -1,581 -1,338 -1,108 -1,206 -1,099 -1,463 -1,230 -1,076 -1,899
Debt-free Net Working Capital (DFNWC)		 5,203 4,183 4,920 4,605 3,921 3,929 4,403 4,703 5,340 10,612 11,412
Net Working Capital (NWC)		 4,869 4,116 4,852 3,983 3,329 3,318 2,975 3,820 4,439 8,190 8,991
Net Nonoperating Expense (NNE)		 55 45 -344 18 54 85 -319 38 66 71 -421
Net Nonoperating Obligations (NNO)		 13,798 14,545 13,702 14,343 14,996 15,006 15,077 15,008 14,625 13,565 12,403
Total Depreciation and Amortization (D&A)		 1,040 1,072 1,104 1,078 1,063 1,066 1,057 1,092 1,068 1,112 1,097
Debt-free, Cash-free Net Working Capital to Revenue		 -1.74% -1.67% -1.80% -1.53% -1.27% -1.37% -1.25% -1.65% -1.48% - -2.00%
Debt-free Net Working Capital to Revenue		 5.92% 4.78% 5.61% 5.26% 4.49% 4.47% 5.01% 5.31% 6.43% - 12.05%
Net Working Capital to Revenue		 5.54% 4.70% 5.53% 4.55% 3.81% 3.78% 3.38% 4.31% 5.35% - 9.49%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.59 $3.55 $5.99 $3.24 $3.06 $3.79 $6.87 $3.48 $4.07 $4.46 $6.70
Adjusted Weighted Average Basic Shares Outstanding		 249.89M 246.08M 244.30M 244.32M 240.85M 239.60M 235.90M 235.96M 235.12M 238.61M 236.58M
Adjusted Diluted Earnings per Share		 $3.55 $3.51 $5.92 $3.21 $3.03 $3.76 $6.81 $3.46 $4.04 $4.41 $6.64
Adjusted Weighted Average Diluted Shares Outstanding		 249.89M 246.08M 244.30M 244.32M 240.85M 239.60M 235.90M 235.96M 235.12M 238.61M 236.58M
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		 249.89M 246.08M 244.30M 244.32M 240.85M 239.60M 235.90M 235.96M 235.12M 238.61M 236.58M
Normalized Net Operating Profit after Tax (NOPAT)		 955 1,008 1,130 812 795 994 1,329 862 1,022 1,127 1,176
Normalized NOPAT Margin		 4.31% 4.64% 5.11% 3.76% 3.62% 4.49% 5.98% 3.87% 6.24% - 3.66%
Pre Tax Income Margin		 5.42% 5.44% 9.17% 4.89% 4.47% 5.33% 10.00% 5.10% 7.87% - 6.56%
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
NOPAT to Interest Expense		 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
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
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 28.32% 28.17% 29.07% 31.63% 33.44% 33.64% 32.72% 32.63% 31.13% - 30.99%
Augmented Payout Ratio		 51.64% 73.67% 86.79% 105.76% 123.97% 110.64% 106.45% 93.69% 72.47% - 48.95%

Financials Breakdown Chart

Key Financial Trends

FedEx’s latest quarter shows a healthy rebound in profitability and cash generation, but the balance sheet still reflects a meaningful debt load and continued heavy capital spending. For Q4 fiscal 2026, revenue rose to $32.1 billion and net income increased to $1.60 billion, up from $1.06 billion in Q3 2026 and $1.65 billion in Q4 2025. Operating cash flow also improved to $3.27 billion, giving the company room to invest, pay dividends, and manage debt.

What stands out over the last several years: FedEx has moved from the weaker 2023 period into a much stronger earnings and cash-flow profile by 2025 and 2026. Revenue has generally held in the low-$20 billion to low-$30 billion quarterly range, while margins improved meaningfully in the most recent quarter. At the same time, the company continues to spend heavily on property, plant and equipment, and it is still carrying substantial long-term debt.

  • Q4 2026 revenue increased to $32.1 billion, well above Q3 2026’s $24.0 billion and Q4 2025’s $22.2 billion.
  • Net income in Q4 2026 reached $1.60 billion, up from $1.06 billion in Q3 2026 and $1.65 billion in Q4 2025.
  • Operating income improved to $1.55 billion in Q4 2026 versus $1.35 billion in Q3 2026.
  • Operating cash flow was strong at $3.27 billion in Q4 2026, supporting dividends and investment needs.
  • Cash and equivalents increased to $8.0 billion at the end of Q3 2026, up from $6.6 billion in Q2 2026 and $5.1 billion in Q3 2025.
  • Annual-like quarterly EPS remains robust, with Q4 2026 diluted EPS of $6.64.
  • Gross profit margin improved in Q4 2026 as revenue growth outpaced cost of revenue growth.
  • FedEx continued to generate large non-cash add-backs, reflecting a business that converts accounting earnings into cash reasonably well.
  • Capital spending remained elevated, with Q4 2026 property, plant and equipment purchases of $1.47 billion.
  • Debt remains significant, with $22.8 billion of long-term debt and $2.4 billion of short-term debt in Q3 2026.

Trend summary: Compared with the softer 2023 period, FedEx’s 2025 and 2026 results show better earnings power, better cash generation, and higher cash balances. Equity also grew over the period, though treasury stock remains a large offset on the balance sheet, and total liabilities are still high at about $64.9 billion in Q3 2026.

Bottom line for retail investors: FedEx appears to be in better operational shape than it was two years ago, with stronger profits and cash flow. The main things to watch are whether revenue growth can stay durable, whether operating margins keep improving, and whether the company can reduce debt while still funding its network and equipment needs.

07/24/26 01:54 PM ETAI Generated. May Contain Errors.

FedEx Financials - Frequently Asked Questions

According to the most recent income statement we have on file, FedEx's fiscal year ends in May. Their fiscal year 2026 ended on May 31, 2026.

FedEx's net income appears to be on an upward trend, with a most recent value of $4.43 billion in 2026, rising from $1.82 billion in 2016. The previous period was $4.09 billion in 2025. Check out FedEx's forecast to explore projected trends and price targets.

FedEx's total operating income in 2026 was $5.46 billion, based on the following breakdown:
  • Total Gross Profit: $24.99 billion
  • Total Operating Expenses: $19.53 billion

Over the last 10 years, FedEx's total revenue changed from $50.37 billion in 2016 to $94.72 billion in 2026, a change of 88.1%.

FedEx's total liabilities were at $67.29 billion at the end of 2026, a 13.0% increase from 2025, and a 109.1% increase since 2016.

In the past 10 years, FedEx's cash and equivalents has ranged from $2.32 billion in 2019 to $13.31 billion in 2026, and is currently $13.31 billion as of their latest financial filing in 2026.

Over the last 10 years, FedEx's book value per share changed from 51.35 in 2016 to 132.63 in 2026, a change of 158.3%.


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Financial statements for NYSE:FDX last updated on 7/20/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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