FedEx Freight Holding Company, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data FedEx Freight Holding Company, Inc. 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

	FY2024	FY2026	FY2026
Revenue	9,424	8,892	8,795
Operating income	1,753	1,404	540
Interest expense	0	0	57
Other non-operating income	326	398	344
Pre-tax income	2,079	1,802	884
Income tax	505	456	229
Net income	1,574	1,346	655
EBITDA	2,208	1,875	1,052
EPS, basic	10.53	9.00	4.38
EPS, diluted	10.53	9.00	4.38
Shares, basic (weighted)	150	150	150
Shares, diluted (weighted)	150	150	150

Balance sheet

	FY2024	FY2026	FY2026
Cash and equivalents		109	251
Receivables		132	1,154
Other current assets		43	83
Total current assets		284	1,506
Property, plant and equipment		2,780	2,923
Lease right-of-use assets		1,352	1,824
Goodwill	602	602	602
Other non-current assets		4	29
Total assets		5,022	6,884
Accounts payable		150	106
Accrued liabilities		212	283
Short-term debt		7	43
Total current liabilities		773	993
Long-term debt		66	4,484
Lease liabilities		1,188	1,666
Other non-current liabilities		52	5
Total liabilities		2,629	7,381
Total debt		73	4,264
Paid-in capital		0	0
Retained earnings		2,400	-509
Other comprehensive income		-7	-3
Shareholders' equity	2,124	2,393	-497
Total equity	2,124	2,393	-497
Total liabilities and equity		5,022	6,884
Shares outstanding			150

Cash flow statement

	FY2024	FY2026	FY2026
Net income	1,574	1,346	655
Depreciation and amortization	455	471	512
Stock-based compensation	12	10	13
Deferred income tax	-76	-17	-90
Change in receivables	-9	0	-1,153
Cash from operations	1,541	1,531	167
Capital expenditures	-461	-437	-379
Cash from investing	-403	-385	-363
Debt issued	0	0	4,271
Dividends paid	0	0	-48
Cash from financing	-1,126	-1,140	335
Net change in cash	13	3	142
Free cash flow	1,080	1,094	-212
Interest paid	3	3	7
Income taxes paid	37	36	29

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $113.18 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	6.1%	Operating income / revenue.
EBITDA margin	12.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.1%	Pre-tax income / revenue.
Net margin	7.4%	Net income / revenue.
FCF margin	-2.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	1.9%	Cash from operations / revenue.
Effective tax rate	25.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	11.0%	Net income / average total assets.
Return on invested capital (ROIC)	13.6%	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	0.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.3%	Capital expenditures / revenue.
D&A / revenue	5.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.1%	Revenue vs the same period a year earlier. Only from a positive base.
Operating income growth, 1y	-61.5%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-43.9%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-51.3%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-51.3%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-89.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-119.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-120.8%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	37.1%	Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.52x	Current assets / current liabilities.
Quick ratio	1.41x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.25x	(Cash + short-term investments) / current liabilities.
Debt / assets	61.9%	Total debt / total assets.
Liabilities / assets	107.2%	Total liabilities / total assets.
Net debt	$4.01B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.81x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	9.47x	Operating income / interest expense.
Working capital	$513.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	8.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.10B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.48x	Revenue / average total assets.
Fixed asset turnover	3.08x	Revenue / average property, plant and equipment.
Receivables turnover	13.7x	Revenue / average receivables.
Days sales outstanding	27 days	365 x average receivables / revenue.
FCF conversion	-32.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	226.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.38	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	$4.38	Net income per basic share, as reported (split-adjusted).
Revenue per share	$58.83	Revenue / diluted weighted shares.
FCF per share	-$1.42	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.12	Cash from operations / diluted weighted shares.
Book value per share	-$3.32	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$7.35	Tangible book value / shares outstanding.
Cash per share	$1.68	(Cash + short-term investments) / shares outstanding.
Payout ratio	7.3%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$16.92B	Share price x shares outstanding.
Enterprise value	$20.94B	Market cap + total debt - cash - short-term investments.
P/E	25.8x	Market cap / net income. Only when net income is positive.
P/S	1.92x	Market cap / revenue.
P/OCF	101x	Market cap / cash from operations, when positive.
EV/Sales	2.38x	Enterprise value / revenue.
EV/EBIT	38.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	19.9x	Enterprise value / EBITDA, when both are positive.
FCF yield	-1.3%	Free cash flow / market cap.
Earnings yield	3.9%	Net income / market cap (the inverse of P/E).
Dividend yield	0.3%	Dividends paid over the period / market cap.
Shareholder yield	0.3%	(Dividends paid + share buybacks) / market cap.

What was FedEx Freight Holding Company, Inc.'s revenue in fiscal 2026?

FedEx Freight Holding Company, Inc. reported revenue of $8.80B for fiscal 2026, 1.1% lower than the year before.

Was FedEx Freight Holding Company, Inc. profitable in fiscal 2026?

Yes. Net income was $655.0M, a net margin of 7.4%.

How much free cash flow did FedEx Freight Holding Company, Inc. generate in fiscal 2026?

Cash from operations of $167.0M minus capital expenditures of $379.0M left free cash flow of -$212.0M.

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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