FEDEX CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FEDEX CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	60,319	65,450	69,693	69,217	83,959	93,512	90,155	87,693	87,926	94,720
Cost of revenue	13,630	15,101	16,654
Gross profit	46,689	50,349	53,039
Selling and marketing	458	442	468	427	428	470	435	421	425	436
Operating income	4,566	4,272	4,466	2,417	5,857	6,245	4,912	5,559	5,217	5,463
Interest expense	512	558	588	672	793	689	694	745	789	970
Interest income	33	48	59	55	52	53	198	370	363	437
Other non-operating income	13	81	-3,811	-748	817	-1,349	451	277	224	330
Pre-tax income	4,579	4,353	655	1,669	6,674	4,896	5,363	5,836	5,441	5,793
Income tax	1,582	-219	115	383	1,443	1,070	1,391	1,505	1,349	1,360
Net income	2,997	4,572	540	1,286	5,231	3,826	3,972	4,331	4,092	4,433
EBITDA	7,561	7,367	7,819	6,032	9,650	10,215	9,088	9,846	9,481	9,832
EPS, basic	11.24	17.08	2.06	4.92	19.79	14.54	15.60	17.41	16.96	18.71
EPS, diluted	11.07	16.79	2.03	4.90	19.45	14.33	15.48	17.21	16.81	18.55
Shares, basic (weighted)	266	267	262	261	264	263	254	248	241	237
Shares, diluted (weighted)	270	272	265	262	268	266	256	251	243	239
Dividend per share	1.60	2.00	2.60	2.60	2.60	3.00	5.86	3.78	5.52	5.80

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	3,969	3,265	2,319	4,881	7,087	6,897	6,856	6,501	5,502	13,311
Receivables	7,599	8,481	9,116	10,102	12,069	11,863	10,188	10,087	11,368	12,672
Other current assets	546	1,070	1,098	828	837	968	962	1,005	914	1,251
Total current assets	12,628	13,341	13,086	16,383	20,580	20,365	18,610	18,207	18,386	27,903
Property, plant and equipment	25,981	28,154	30,429	33,608	35,752	38,091	40,698	41,491	41,642	42,044
Lease right-of-use assets				13,917	15,383	16,613	17,347	17,115	16,453	16,822
Goodwill	7,154	6,973	6,884	6,372	6,992	6,544	6,435	6,423	6,603	6,733
Intangible assets	529	480	416	322	322	301	234	181	205	153
Other non-current assets	2,789	3,862	4,004	3,257	4,070	4,381	4,053	3,771	4,543	5,435
Total assets	48,552	52,330	54,403	73,537	82,777	85,994	87,143	87,007	87,627	98,937
Accounts payable	2,752	2,977	3,030	3,269	3,841	4,030	3,848	3,189	3,692	4,327
Accrued liabilities	3,230	3,131	3,278	3,532	4,562	5,188	4,747	4,962	4,995	5,725
Deferred revenue	13	13	11	10	9	8	19	23	23	20
Short-term debt	22	1,342	964	51	146	82	126	68	1,428	1,676
Total current liabilities	7,918	9,627	9,013	10,344	13,660	14,274	13,586	13,355	15,411	18,912
Long-term debt	14,909	15,243	16,617	21,952	20,733	20,182	20,453	20,135	19,151	23,293
Lease liabilities				12,195	13,375	14,487	15,363	15,053	14,272	14,549
Other non-current liabilities	518	534	670	466	983	682	695	689	783	834
Total liabilities	32,479	32,914	36,646	55,242	58,609	61,055	61,055	59,425	59,553	67,290
Total debt	14,878	16,510	17,518	21,518	19,422	19,796	19,779	19,772	19,899	23,455
Paid-in capital	3,005	3,117	3,231	3,356	3,481	3,712	3,769	3,988	4,290	4,717
Retained earnings	20,833	24,823	24,648	25,216	29,817	32,782	35,259	38,649	41,402	44,461
Treasury stock	-7,382	-7,978	-9,289	-9,162	-8,430	-10,484	-11,645	-13,728	-16,288	-16,336
Other comprehensive income	-415	-578	-865	-1,147	-732	-1,103	-1,327	-1,359	-1,362	-1,227
Shareholders' equity	16,073	19,416	17,757	18,295	24,168	24,939	26,088	27,582	28,074	31,647
Total equity	16,073	19,416	17,757	18,295	24,168	24,939	26,088	27,582	28,074	31,647
Total liabilities and equity	48,552	52,330	54,403	73,537	82,777	85,994	87,143	87,007	87,627	98,937

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	2,997	4,572	540	1,286	5,231	3,826	3,972	4,331	4,092	4,433
Depreciation and amortization	2,995	3,095	3,353	3,615	3,793	3,970	4,176	4,287	4,264	4,369
Stock-based compensation	154	167	174	168	200	190	182	163	154	177
Deferred income tax	940	-183	-85	348	802	322	446	-162	-47	-545
Change in receivables	-556	-1,049	-873	-1,331	-1,389	-310	782	-270	-1,780	-2,247
Change in payables	103	141	-571	-1,787	71	-1,861	-3,331	-2,553
Cash from operations	4,930	4,674	5,613	5,097	10,135	9,832	8,848	8,312	7,036	8,925
Capital expenditures	-5,116	-5,663	-5,490	-5,868	-5,884	-6,763	-6,174	-5,176	-4,055	-3,809
Acquisitions		-179	-66		-228
Purchases of investments						-147	-84	-176	-262	-682
Sales and maturities of investments								38
Cash from investing	-4,981	-5,677	-5,473	-5,846	-6,010	-6,816	-6,174	-5,200	-4,092	-3,911
Debt issued	1,190	1,480	2,463	6,556	4,212			0	0	5,289
Share buybacks	-509	-1,017	-1,480	-3		-2,248	-1,500	-2,500	-3,017	-796
Dividends paid	-426	-535	-683	-679	-686	-793	-1,177	-1,259	-1,339	-1,374
Cash from financing	528	227	-1,039	3,381	-2,090	-3,019	-2,597	-3,426	-4,019	2,749
Exchange rate effect	-42	72	-47	-70
Net change in cash	435	-704	-946	2,562	2,206	-190	-41	-355	-999	7,809
Free cash flow	-186	-989	123	-771	4,251	3,069	2,674	3,136	2,981	5,116
Interest paid	484	524	617	639	819	695	694	744	814	881
Income taxes paid	377	189	371	36	1,319	177	1,043	1,433	1,250	1,912

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $285.85 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	5.8%	Operating income / revenue.
EBITDA margin	10.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.1%	Pre-tax income / revenue.
Net margin	4.7%	Net income / revenue.
FCF margin	5.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.4%	Cash from operations / revenue.
Effective tax rate	23.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	14.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.8%	Net income / average total assets.
Return on invested capital (ROIC)	9.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.0%	Capital expenditures / revenue.
D&A / revenue	4.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	4.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	3.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-1.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	3.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	2.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	0.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	8.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	3.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-3.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	10.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	6.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-0.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	26.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	0.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-2.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	71.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	24.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	3.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	5.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-0.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	17.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	12.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	5.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	12.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.48x	Current assets / current liabilities.
Quick ratio	1.37x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.70x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.74x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	23.7%	Total debt / total assets.
Liabilities / assets	68.0%	Total liabilities / total assets.
Net debt	$10.14B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.03x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	5.63x	Operating income / interest expense.
Working capital	$8.99B	Current assets - current liabilities.
Goodwill and intangibles / assets	7.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$24.76B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.02x	Revenue / average total assets.
Fixed asset turnover	2.26x	Revenue / average property, plant and equipment.
Receivables turnover	7.88x	Revenue / average receivables.
Days sales outstanding	46 days	365 x average receivables / revenue.
FCF conversion	115.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	42.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$18.55	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$18.71	Net income per basic share, as reported (split-adjusted).
Revenue per share	$396.32	Revenue / diluted weighted shares.
FCF per share	$21.41	Free cash flow / diluted weighted shares.
Operating cash flow per share	$37.34	Cash from operations / diluted weighted shares.
Book value per share	$132.41	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$103.60	Tangible book value / shares outstanding.
Cash per share	$55.69	(Cash + short-term investments) / shares outstanding.
Dividend per share	$5.80	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	31.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	26.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	15.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$67.63B	Share price x shares outstanding.
Enterprise value	$77.77B	Market cap + total debt - cash - short-term investments.
P/E	15.3x	Market cap / net income. Only when net income is positive.
P/S	0.71x	Market cap / revenue.
P/B	2.14x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.73x	Market cap / tangible book value, when positive.
P/FCF	13.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.58x	Market cap / cash from operations, when positive.
EV/Sales	0.82x	Enterprise value / revenue.
EV/EBIT	14.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.91x	Enterprise value / EBITDA, when both are positive.
EV/FCF	15.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.6%	Free cash flow / market cap.
Earnings yield	6.6%	Net income / market cap (the inverse of P/E).
Dividend yield	2.0%	Dividends paid over the period / market cap.
Shareholder yield	3.2%	(Dividends paid + share buybacks) / market cap.
PEG	2.45x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was FEDEX CORP's revenue in fiscal 2026?

FEDEX CORP reported revenue of $94.72B for fiscal 2026, 7.7% higher than the year before.

Was FEDEX CORP profitable in fiscal 2026?

Yes. Net income was $4.43B, a net margin of 4.7%.

How much free cash flow did FEDEX CORP generate in fiscal 2026?

Cash from operations of $8.93B minus capital expenditures of $3.81B left free cash flow of $5.12B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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