FEDEX CORP FDX
FedEx Corporation ("FedEx") was incorporated in Delaware on October 2, 1997 to serve as the parent holding company and provide strategic direction to the FedEx portfolio of companies. FedEx provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce, and business services, offering integrated business solutions utilizing its flexible, efficient, and intelligent global network.
Effective June 1, 2026, we changed our fiscal year end from May 31 to December 31. As a result, we will report operating results covering the seven-month transition period from June 1, 2026, through December 31, 2026 (the "Transition Period"), in a Transition Report on Form 10-K. Following the Transition Period, we will report our operating results on a calendar-year basis, beginning with the fiscal year ending December 31, 2027. Except as otherwise specified, any reference to a year in this Annual Report indicates our fiscal year ended May 31, 2026 or ended May 31 of the year referenced, and comparisons are to the corresponding period of the prior year.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $94.72B | $87.93B | $87.69B | $90.16B | $93.51B | $83.96B | $69.22B | $69.69B | $65.45B | $60.32B |
| Cost of revenue | — | — | — | — | — | — | — | $16.65B | $15.10B | $13.63B |
| Gross profit | — | — | — | — | — | — | — | $53.04B | $50.35B | $46.69B |
| Total operating expenses | $89.26B | $82.71B | $82.13B | $85.24B | $87.27B | $78.10B | $66.80B | $65.23B | $61.18B | $55.75B |
| Operating income | $5.46B | $5.22B | $5.56B | $4.91B | $6.25B | $5.86B | $2.42B | $4.47B | $4.27B | $4.57B |
| Interest expense | $970.0M | $789.0M | $745.0M | $694.0M | $689.0M | $793.0M | $672.0M | $588.0M | $558.0M | $512.0M |
| Pre-tax income | $5.79B | $5.44B | $5.84B | $5.36B | $4.90B | $6.67B | $1.67B | $655.0M | $4.35B | $4.58B |
| Income tax | $1.36B | $1.35B | $1.50B | $1.39B | $1.07B | $1.44B | $383.0M | $115.0M | $219.0M | $1.58B |
| Net income | $4.4K | $4.1K | $4.3K | $4.0K | $3.8K | $5.23B | $1.29B | $540.0M | $4.57B | $3.00B |
| EPS, basic | 18.71 | 16.96 | 17.41 | 15.60 | 14.54 | 19.79 | 4.92 | 2.06 | 17.08 | 11.24 |
| EPS, diluted | 18.55 | 16.81 | 17.21 | 15.48 | 14.33 | 19.45 | 4.90 | 2.03 | 16.79 | 11.07 |
| Shares, diluted (wtd. avg.) | $239.0M | $243.0M | $251.0M | $256.0M | $266.0M | $268.0M | $262.0M | $265.0M | $272.0M | $270.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $13.31B | $5.50B | $6.50B | $6.86B | $6.90B | $7.09B | $4.88B | $2.32B | $3.27B | $3.97B |
| Receivables | $12.67B | $11.37B | $10.09B | $10.19B | $11.86B | $12.07B | $10.10B | $9.12B | $8.48B | $7.60B |
| Total current assets | $27.90B | $18.39B | $18.21B | $18.61B | $20.36B | $20.58B | $16.38B | $13.09B | $13.34B | $12.63B |
| Property, plant and equipment | — | $41.64B | $41.49B | $40.70B | $38.09B | $35.75B | $33.61B | $30.43B | $28.15B | $25.98B |
| Goodwill | $6.73B | $6.60B | $6.42B | $6.43B | $6.54B | $6.99B | $6.37B | $6.88B | $6.97B | $7.15B |
| Other intangibles | $153.0M | $205.0M | $181.0M | $234.0M | $301.0M | $322.0M | $322.0M | $416.0M | $480.0M | $529.0M |
| Total assets | $98.94B | $87.63B | $87.01B | $87.14B | $85.99B | $82.78B | $73.54B | $54.40B | $52.33B | $48.55B |
| Accounts payable | $4.33B | $3.69B | $3.19B | $3.85B | $4.03B | $3.84B | $3.27B | $3.03B | $2.98B | $2.75B |
| Short-term debt | $745.0M | $0 | — | — | — | — | — | — | — | — |
| Total current liabilities | $18.91B | $15.41B | $13.36B | $13.59B | $14.27B | $13.66B | $10.34B | $9.01B | $9.63B | $7.92B |
| Long-term debt | $23.29B | $19.15B | $19.77B | $19.78B | $19.80B | $19.42B | $21.52B | $17.52B | $16.51B | $14.88B |
| Retained earnings | $44.46B | $41.40B | $38.65B | $35.26B | $32.78B | $29.82B | $25.22B | $24.65B | $24.82B | $20.83B |
| Total equity | $31.65B | $28.07B | $27.58B | $26.09B | $24.94B | $24.17B | $18.30B | $17.76B | $19.42B | $16.07B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $8.93B | $7.04B | $8.31B | $8.85B | $9.83B | $10.13B | $5.10B | $5.61B | $4.67B | $4.93B |
| Depreciation and amortisation | $4.37B | $4.26B | $4.29B | $4.18B | $3.97B | $3.79B | $3.62B | $3.35B | $3.10B | $3.00B |
| Stock-based compensation | $177.0M | $154.0M | $163.0M | $182.0M | $190.0M | $200.0M | $168.0M | $174.0M | $167.0M | $154.0M |
| Capital expenditure | $3.81B | $4.05B | $5.18B | $6.17B | $6.76B | $5.88B | $5.87B | $5.49B | $5.66B | $5.12B |
| Investing cash flow | -$3.91B | -$4.09B | -$5.20B | -$6.17B | -$6.82B | -$6.01B | -$5.85B | -$5.47B | -$5.68B | -$4.98B |
| Financing cash flow | $2.75B | -$4.02B | -$3.43B | -$2.60B | -$3.02B | -$2.09B | $3.38B | -$1.04B | $227.0M | $528.0M |
| Dividends paid | $1.37B | $1.34B | $1.26B | $1.18B | $793.0M | $686.0M | $679.0M | $683.0M | $535.0M | $426.0M |
| Buybacks | $796.0M | $3.02B | $2.50B | $1.50B | $2.25B | — | $3.0M | $1.48B | $1.02B | $509.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-097836.
Others in SIC 4513
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| FDXF | FedEx Freight Holding Company, Inc. | $19.36B | 29.6x | -1.1% |
| AIRT | AIR T INC | $85.1M | 1.1x | 12.1% |