Detailed financial statements for FedEx Corporation (FDX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
FedEx Corporation is a prominent global entity that delivers an extensive array of services encompassing transportation, e-commerce solutions, and diverse business support, catering to clients both within the United States and across international borders.
Analysis Summary
FedEx Corporation reported revenue of $94.72B in the most recent fiscal year, growing at a 5-year CAGR of 2.5%. Net income reached $4.43B, with a -3.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 18.9%, operating margin 6.5%, net margin 4.1%. Free cash flow grew at 3.8% CAGR over 5 years.
At $318.02 (closing price, November 3, 2026), FDX trades at a P/E of 19.77 and an ROE of 12.56%. Market capitalisation stands at $74.5B, placing it among large-cap names.
Balance sheet quality for FDX: debt-to-equity ratio of 0.99, current ratio of 1.33 over the last 12 months, net debt of $29.63B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $5.12B represents 115% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $60.32B | $65.45B | $69.69B | $69.22B | $83.79B | $93.51B | $90.16B | $87.69B | $87.93B | $94.72B |
| Cost of Revenue | $46.55B | $51.35B | $54.87B | $55.87B | $66.00B | $73.34B | $70.99B | $68.74B | $68.93B | $74.10B |
| Gross Profit | $13.77B | $14.10B | $14.83B | $13.34B | $17.79B | $20.17B | $19.17B | $18.95B | $19.00B | $20.62B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $8.34B | $8.97B | $10.04B | $10.49B | $11.77B | $13.64B | $13.83B | $12.60B | $12.91B | 0 |
| Operating Expenses | $8.34B | $8.97B | $10.04B | $10.49B | $11.77B | $13.64B | $13.83B | $12.60B | $12.91B | $14.00B |
| Operating Income | $5.42B | $5.13B | $4.79B | $2.85B | $6.02B | $6.52B | $5.34B | $6.36B | $6.08B | $6.62B |
| EBITDA | $8.09B | $8.01B | $4.60B | $5.96B | $11.26B | $9.55B | $10.23B | $10.87B | $10.49B | $11.13B |
| Interest Expense | $512.0M | $558.0M | $588.0M | $672.0M | $793.0M | $689.0M | $694.0M | $745.0M | $789.0M | $533.0M |
| Pre-tax Income | $4.58B | $4.35B | $655.0M | $1.67B | $6.67B | $4.90B | $5.36B | $5.84B | $5.44B | $5.79B |
| Income Tax | $1.58B | -$219.0M | $115.0M | $383.0M | $1.44B | $1.07B | $1.39B | $1.50B | $1.35B | $1.36B |
| Net Income | $3.00B | $4.57B | $540.0M | $1.29B | $5.23B | $3.83B | $3.97B | $4.33B | $4.09B | $4.43B |
| EPS | $11.24 | $17.12 | $2.06 | $4.92 | $19.77 | $14.52 | $15.61 | $17.44 | $16.96 | $18.55 |
| EPS (Diluted) | $11.07 | $16.81 | $2.04 | $4.90 | $19.48 | $14.36 | $15.49 | $17.21 | $16.81 | $18.55 |
| Shares Outstanding (Diluted) | 270.0 M | 272.0 M | 265.0 M | 262.0 M | 268.0 M | 266.0 M | 256.0 M | 251.0 M | 243.0 M | 239.0 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $23.47B | $24.00B | $25.01B | $22.86B |
| Gross Profit | $6.20B | $5.12B | $5.67B | $1.07B |
| Operating Income | $1.38B | $1.61B | $2.09B | $1.07B |
| EBITDA | $2.36B | $2.73B | $3.19B | $1.46B |
| Net Income | $956.0M | $1.06B | $1.60B | $290.0M |
| EPS | $3.93 | $4.35 | $6.60 | $1.23 |
| EPS (Diluted) | $3.93 | $4.35 | $6.60 | $1.21 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.97B | $3.27B | $2.32B | $4.88B | $7.09B | $6.90B | $6.86B | $6.50B | $5.50B | $13.31B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $70.0M | 0 |
| Receivables | $7.60B | $8.48B | $9.12B | $10.10B | $12.07B | $11.86B | $10.19B | $10.09B | $11.37B | $12.67B |
| Inventory | $514.0M | $525.0M | $553.0M | $572.0M | $587.0M | $637.0M | $604.0M | $614.0M | $602.0M | $669.0M |
| Total Current Assets | $12.63B | $13.34B | $13.09B | $16.38B | $20.58B | $20.36B | $18.58B | $18.21B | $18.39B | $27.90B |
| Property, Plant & Equipment | $25.98B | $28.15B | $30.43B | $47.52B | $51.13B | $54.70B | $58.05B | $58.61B | $58.09B | $58.87B |
| Goodwill | $7.15B | $6.97B | $6.88B | $6.37B | $6.99B | $6.54B | $6.43B | $6.42B | $6.60B | $6.73B |
| Intangible Assets | $529.0M | $480.0M | $416.0M | $322.0M | $352.0M | $301.0M | 0 | 0 | 0 | 0 |
| Total Assets | $48.55B | $52.33B | $54.40B | $73.54B | $82.78B | $85.99B | $87.11B | $87.01B | $87.63B | $98.94B |
| Accounts Payable | $2.75B | $2.98B | $3.03B | $3.27B | $3.84B | $4.03B | $3.85B | $3.19B | $3.69B | $4.33B |
| Short-term Debt | $22.0M | $1.34B | $964.0M | 0 | $50.0M | $50.0M | $126.0M | $68.0M | $1.43B | $2.42B |
| Total Current Liabilities | $7.92B | $9.63B | $9.01B | $10.34B | $13.66B | $14.27B | $13.59B | $13.36B | $15.41B | $18.91B |
| Long-term Debt | $14.91B | $15.24B | $16.62B | $21.52B | $20.30B | $19.75B | $20.45B | $20.14B | $19.15B | $23.29B |
| Total Liabilities | $32.48B | $32.91B | $36.65B | $55.24B | $58.61B | $61.05B | $61.05B | $59.42B | $59.55B | $67.29B |
| Retained Earnings | $20.83B | $24.82B | $24.65B | $25.22B | $29.82B | $32.78B | $35.26B | $38.65B | $41.40B | $44.46B |
| Total Equity | $16.07B | $19.42B | $17.76B | $18.30B | $24.17B | $24.94B | $26.09B | $27.58B | $28.07B | $31.65B |
| Total Debt | $14.93B | $16.59B | $17.58B | $36.12B | $36.46B | $37.19B | $38.33B | $37.72B | $37.42B | $42.94B |
| Net Debt | $10.96B | $13.32B | $15.26B | $31.24B | $29.38B | $30.30B | $31.48B | $31.22B | $31.84B | $29.63B |
| Working Capital | $4.71B | $3.71B | $4.07B | $6.04B | $6.92B | $6.09B | $4.99B | $4.85B | $2.98B | $8.99B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $6.57B | $8.01B | $13.31B | $7.96B |
| Total Assets | $89.18B | $94.73B | $98.94B | $92.93B |
| Total Liabilities | $61.04B | $64.93B | $67.29B | $58.36B |
| Total Equity | $28.14B | $29.80B | $31.65B | $34.57B |
| Total Debt | $37.77B | $42.02B | $42.94B | $34.13B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $3.00B | $4.57B | $540.0M | $1.29B | $5.23B | $3.83B | $3.97B | $4.33B | $4.09B | $4.43B |
| Depreciation & Amortization | $3.00B | $3.10B | $3.35B | $3.62B | $3.79B | $3.97B | $4.18B | $4.29B | $4.26B | $4.37B |
| Stock-based Compensation | $154.0M | $167.0M | $174.0M | $168.0M | $200.0M | $190.0M | $182.0M | $163.0M | $154.0M | $177.0M |
| Change in Working Capital | -$2.20B | -$3.46B | -$2.49B | -$4.09B | -$1.87B | -$3.12B | -$3.17B | -$3.43B | -$4.71B | -$3.51B |
| Operating Cash Flow | $4.93B | $4.67B | $5.61B | $5.10B | $10.13B | $9.83B | $8.81B | $8.31B | $7.04B | $8.93B |
| Capital Expenditure | -$5.12B | -$5.66B | -$5.49B | -$5.87B | -$5.88B | -$6.76B | -$6.17B | -$5.18B | -$4.05B | -$3.81B |
| Acquisitions | $135.0M | -$56.0M | -$66.0M | $22.0M | -$228.0M | $94.0M | $84.0M | $114.0M | $115.0M | $97.0M |
| Stock Repurchased | -$509.0M | -$1.02B | -$1.48B | -$3.0M | 0 | -$2.25B | -$1.50B | -$2.50B | -$3.02B | -$796.0M |
| Dividends Paid | -$426.0M | -$535.0M | -$683.0M | -$679.0M | -$686.0M | -$793.0M | -$1.18B | -$1.26B | -$1.34B | -$1.37B |
| Free Cash Flow | -$186.0M | -$989.0M | $123.0M | -$771.0M | $4.25B | $3.07B | $2.64B | $3.14B | $2.98B | $5.12B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $1.95B | $1.99B | $3.27B | $2.19B |
| Capital Expenditure | -$757.0M | -$955.0M | -$1.47B | -$616.0M |
| Free Cash Flow | $1.19B | $1.04B | $1.79B | $1.57B |
| Dividends Paid | -$342.0M | -$341.0M | -$346.0M | -$292.0M |
| Stock-based Compensation | $43.0M | $37.0M | $41.0M | -$78.0M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +8.5% | +6.5% | -0.7% | +21.1% | +11.6% | -3.6% | -2.7% | +0.3% | +7.7% | |
| Net Income Growth (YoY) | +52.6% | -88.2% | +138.1% | +306.8% | -26.9% | +3.8% | +9.0% | -5.5% | +8.3% | |
| EPS Growth (YoY) | +52.3% | -88.0% | +138.8% | +301.8% | -26.6% | +7.5% | +11.7% | -2.8% | +9.4% | |
| Shares Change (YoY) | +0.7% | -2.6% | -1.1% | +2.3% | -0.7% | -3.8% | -2.0% | -3.2% | -1.6% | |
| FCF Growth (YoY) | -431.7% | +112.4% | -726.8% | +651.4% | -27.8% | -13.9% | +18.7% | -4.9% | +71.6% | |
| Gross Margin | 22.8% | 21.5% | 21.3% | 19.3% | 21.2% | 21.6% | 21.3% | 21.6% | 21.6% | 21.8% |
| Operating Margin | 9.0% | 7.8% | 6.9% | 4.1% | 7.2% | 7.0% | 5.9% | 7.2% | 6.9% | 7.0% |
| EBITDA Margin | 13.4% | 12.2% | 6.6% | 8.6% | 13.4% | 10.2% | 11.4% | 12.4% | 11.9% | 11.8% |
| Net Margin | 5.0% | 7.0% | 0.8% | 1.9% | 6.2% | 4.1% | 4.4% | 4.9% | 4.7% | 4.7% |
| FCF Margin | -0.3% | -1.5% | 0.2% | -1.1% | 5.1% | 3.3% | 2.9% | 3.6% | 3.4% | 5.4% |
| Effective Tax Rate | 34.5% | -5.0% | 17.6% | 22.9% | 21.6% | 21.9% | 25.9% | 25.8% | 24.8% | 23.5% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | -$0.69 | -$3.64 | $0.46 | -$2.94 | $15.86 | $11.54 | $10.32 | $12.49 | $12.27 | $21.41 |
| Dividends Per Share | $1.58 | $1.97 | $2.58 | $2.59 | $2.56 | $2.98 | $4.60 | $5.02 | $5.51 | $5.75 |
| Shares Outstanding (Basic) | 266.0 M | 267.0 M | 262.0 M | 261.0 M | 264.0 M | 263.0 M | 254.0 M | 248.0 M | 243.0 M | 239.0 M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 12.56% |
| Return on Invested Capital | 6.00% |
| Return on Assets | 4.20% |
| Gross Margin | 18.95% |
| Operating Margin | 6.45% |
| Net Margin | 4.09% |
Financial Health
| Debt / Equity | 0.99 |
| Current Ratio | 1.33 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 2.64 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 13.89 | 11.72 | 60.31 | 21.23 | 12.66 | 12.45 | 11.24 | 11.73 | 10.36 | 18.25 |
| P/B | 2.58 | 2.76 | 1.83 | 1.49 | 2.73 | 1.91 | 1.71 | 1.84 | 1.52 | 2.56 |
| P/S | 0.69 | 0.82 | 0.47 | 0.39 | 0.79 | 0.51 | 0.49 | 0.58 | 0.49 | 0.85 |
| Gross Margin | 22.8% | 21.5% | 21.3% | 19.3% | 21.2% | 21.6% | 21.3% | 21.6% | 21.6% | 21.8% |
| Operating Margin | 9.0% | 7.8% | 6.9% | 4.1% | 7.2% | 7.0% | 5.9% | 7.2% | 6.9% | 7.0% |
| Net Margin | 5.0% | 7.0% | 0.8% | 1.9% | 6.2% | 4.1% | 4.4% | 4.9% | 4.7% | 4.7% |
Related companies: UPS · ZTO · 0R08.L · 0QZX.L · 0QMW.L · EXPD · 0IJR.L · 0J71.L
Explore sector: Industrials · Integrated Freight & Logistics
More sections of FDX: Overview · Valuation · Estimates · Technical · Ownership
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