FEDEX CORP FDX

Industrials SIC 4513 - Air Courier Services NAICS Transportation and Warehousing › Couriers and Messengers › Couriers and Express Delivery Services derived NYSE

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.

Last close 298.72 2026-10-23
Market cap —
52-week range 244.30 - 413.87

Valuation FY2025 figures against the last close

P/S0.7x
P/E16.1x
P/FCF13.8x
EV/EBITDA8.3x
Dividend yield1.9%
Diluted EPS18.55

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • U.S.
  • International:
Revenue by geography, 2 categories over 3 years. The same figures are in the table below. FY2025 U.S., FY2025: 67.9B (71.7%) 72% U.S. International:, FY2025: 26.8B (28.3%) 28% International: FY2024 U.S., FY2024: 62.9B (71.6%) 72% International:, FY2024: 25B (28.4%) 28% FY2023 U.S., FY2023: 63.5B (72.4%) 72% International:, FY2023: 24.2B (27.6%) 28%
Region FY2025FY2024FY2023
U.S. $67.94B $62.92B $63.53B
International: $26.78B $25.01B $24.16B

As the company reported it, from the “BUSINESS SEGMENTS AND DISAGGREGATED REVENUE - Schedule of Geographical Information (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 18.7116.9617.4115.6014.5419.794.922.0617.0811.24
EPS, diluted 18.5516.8117.2115.4814.3319.454.902.0316.7911.07
Shares, diluted (wtd. avg.) 239.0M243.0M251.0M256.0M266.0M268.0M262.0M265.0M272.0M270.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 25B 50B 75B 100B Revenue, FY2016: 60.3B Gross profit, FY2016: 46.7B Net income, FY2016: 3B Revenue, FY2017: 65.5B Gross profit, FY2017: 50.3B Net income, FY2017: 4.6B Revenue, FY2018: 69.7B Gross profit, FY2018: 53B Net income, FY2018: 540M Revenue, FY2019: 69.2B Net income, FY2019: 1.3B Revenue, FY2020: 84B Net income, FY2020: 5.2B Revenue, FY2021: 93.5B Net income, FY2021: 3.8K Revenue, FY2022: 90.2B Net income, FY2022: 4K Revenue, FY2023: 87.7B Net income, FY2023: 4.3K Revenue, FY2024: 87.9B Net income, FY2024: 4.1K Revenue, FY2025: 94.7B Net income, FY2025: 4.4K FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $60.32B $65.45B $69.69B $69.22B $83.96B $93.51B $90.16B $87.69B $87.93B $94.72B
Gross profit $46.69B $50.35B $53.04B — — — — — — —
Net income $3.00B $4.57B $540.0M $1.29B $5.23B $3.8K $4.0K $4.3K $4.1K $4.4K

Recent filings and events

  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Other event Item 8.01
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • Officer or director change Item 5.02
  • Other event Item 8.01
  • Other event Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 4513

TickerCompanyMarket capP/ERevenue growth
FDXF FedEx Freight Holding Company, Inc. $16.45B 25.1x -1.1%
AIRT AIR T INC $69.5M 0.9x 12.1%