FedEx Corp. (FDX) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$5.92	$6.31	+6.6%	—	—	—
Q4 26	$4.18	$5.25	+25.6%	—	—	—
Q3 26	$4.11	$4.82	+17.3%	—	—	—
Q2 26	$3.61	$3.83	+6.1%	—	—	—
Q1 26	$5.8	$6.07	+4.7%	—	—	—
Q4 25	$4.63	$4.51	-2.6%	—	—	—
Q3 25	$3.97	$4.05	+2.0%	—	—	—
Q2 25	$4.77	$3.6	-24.5%	—	—	—
Q1 25	$5.37	$5.41	+0.7%	—	—	—
Q4 24	$3.48	$3.86	+10.9%	—	—	—
Q3 24	$4.18	$3.99	-4.5%	—	—	—
Q2 24	$3.73	$4.55	+22.0%	—	—	—
Q1 24	$4.89	$4.94	+1.0%	—	—	—
Q4 23	$2.73	$3.41	+24.9%	—	—	—
Q3 23	$2.82	$3.18	+12.8%	—	—	—
Q2 23	$5.14	$3.44	-33.1%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$18.7	—	—	$94.7B	—
FY25	—	$16.8	—	—	$87.9B	—
FY24	—	$17.4	—	—	$87.7B	—
FY23	—	$15.6	—	—	$90.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$60.3B	$65.5B	$69.7B	$69.2B	$84B	$93.5B	$90.2B	$87.7B	$87.9B	$94.7B
YoY change	+19.8%	+8.51%	+6.48%	-0.68%	+21.3%	+11.4%	-3.59%	-2.73%	+0.27%	+7.73%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	60.3B	65.5B	69.7B	69.2B	84B	93.5B	90.2B	87.7B	87.9B	94.7B
Cost of revenue	47B	51.3B	54.9B	55.9B	66B	73.3B	71B	68.7B	68.9B	74.1B
Gross profit	13.3B	14.1B	14.8B	13.3B	18B	20.2B	19.2B	19B	19B	20.6B
Gross margin	22.1%	21.5%	21.3%	19.3%	21.4%	21.6%	21.3%	21.6%	21.6%	21.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	-471M	-598M	3.3B	122M	-2B	726M	-1.1B	-722M	—	—
Operating expenses	8.3B	8.9B	13.3B	10.6B	10B	14.4B	12.8B	11.9B	13B	14B
Operating income	4.6B	4.7B	4.8B	2.9B	6B	6.5B	5.3B	6.3B	6B	6.6B
Operating margin	7.57%	7.11%	6.87%	4.12%	7.11%	6.98%	5.92%	7.18%	6.82%	6.99%
Non-operating income, net	492M	211M	-3.6B	-566M	1.4B	-991M	521M	-87M	-127M	-297M
Pretax income	4.6B	4.4B	655M	1.7B	6.7B	4.9B	5.4B	5.8B	5.4B	5.8B
Income tax	1.6B	-219M	115M	383M	1.4B	1.1B	1.4B	1.5B	1.3B	1.4B
Net income	3B	4.6B	540M	1.3B	5.2B	3.8B	4B	4.3B	4.1B	4.4B
Net margin	4.97%	6.99%	0.77%	1.86%	6.23%	4.09%	4.41%	4.94%	4.65%	4.68%
EBITDA	8.1B	8.4B	4.9B	6.4B	11.8B	9.8B	10.7B	11.6B	11.3B	12.3B
EPS	11.2	17.2	2.07	4.91	19.5	14.4	15.6	17.4	16.8	18.7
Diluted EPS	11.1	16.8	2.03	4.9	19.4	14.3	15.5	17.2	16.8	18.6

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Revenue	21.7B	22.2B	21.7B	22.1B	21.6B	22B	22.2B	22.2B	22.2B	23.5B	24B	25B
Cost of revenue	17B	17.6B	17.2B	17B	17.2B	17.4B	17.4B	16.9B	17.6B	18.3B	18.9B	19.3B
Gross profit	4.7B	4.6B	4.5B	5.1B	4.4B	4.6B	4.7B	5.3B	4.7B	5.1B	5.1B	5.7B
Gross margin	21.7%	20.6%	20.9%	23.2%	20.3%	20.8%	21.3%	23.9%	21.1%	21.9%	21.3%	22.7%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	-39M	-41M	-40M	-602M	—	—	—	—	—	—	—	—
Operating expenses	3.1B	3.1B	3.1B	2.6B	3.2B	3.2B	3.3B	3.4B	3.4B	3.5B	3.5B	3.6B
Operating income	1.6B	1.4B	1.4B	1.9B	1.2B	1.4B	1.5B	1.9B	1.3B	1.6B	1.6B	2.1B
Operating margin	7.33%	6.41%	6.24%	8.73%	5.6%	6.27%	6.64%	8.72%	5.84%	6.91%	6.73%	8.35%
Non-operating income, net	-76M	-122M	-83M	194M	-68M	-295M	-174M	410M	-45M	-197M	-214M	159M
Pretax income	1.4B	1.2B	1.2B	2B	1.1B	981M	1.2B	2.2B	1.1B	1.3B	1.3B	2.1B
Income tax	345M	302M	304M	554M	262M	240M	272M	575M	310M	333M	207M	510M
Net income	1.1B	900M	879M	1.5B	794M	741M	909M	1.6B	824M	956M	1.1B	1.6B
Net margin	4.97%	4.06%	4.04%	6.67%	3.68%	3.37%	4.1%	7.42%	3.7%	4.07%	4.4%	6.39%
EBITDA	2.8B	2.6B	2.5B	3.7B	2.4B	2.8B	2.7B	3.4B	2.5B	2.9B	3B	3.9B
EPS	4.28	3.59	3.55	5.94	3.21	3.06	3.79	6.92	3.46	4.07	4.42	6.63
Diluted EPS	4.23	3.55	3.51	5.94	3.21	3.03	3.76	6.88	3.46	4.04	4.41	6.6

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	41.9B	53.4B	32.4B	27.6B	68B	48.1B	44.6B	50.8B	42.7B	78.6B	68.6B
Enterprise value	52.9B	66.7B	47.7B	58.8B	97.4B	78.4B	76.1B	82B	74.6B	108.3B	97B
Shares outstanding	268.3M	265.9M	260.8M	262M	268M	266M	254M	248M	243M	237M	237M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	14	11.7	60	21.4	13	12.6	11.2	11.7	10.4	17.7	15.4
P/S	0.69	0.82	0.47	0.4	0.81	0.51	0.49	0.58	0.49	0.83	0.71
P/B	2.61	2.75	1.83	1.51	2.81	1.93	1.71	1.84	1.52	2.48	2.17
EV/EBITDA	6.54	7.95	9.7	9.2	8.27	7.98	7.14	7.06	6.62	8.81	8.19
EV/Sales	0.88	1.02	0.68	0.85	1.16	0.84	0.84	0.93	0.85	1.14	1.02
Earnings yield	7.15%	8.56%	1.67%	4.67%	7.69%	7.95%	8.9%	8.53%	9.58%	5.64%	6.49%
FCF yield	-0.44%	-1.85%	0.38%	-2.8%	6.25%	6.38%	5.99%	6.18%	6.98%	6.51%	8.25%
PEG	—	—	—	—	—	—	—	—	—	—	-3.63

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	22.1%	21.5%	21.3%	19.3%	21.4%	21.6%	21.3%	21.6%	21.6%	21.8%	22.7%
Operating margin	7.57%	7.11%	6.87%	4.12%	7.11%	6.98%	5.92%	7.18%	6.82%	6.99%	11.1%
Net margin	4.97%	6.99%	0.77%	1.86%	6.23%	4.09%	4.41%	4.94%	4.65%	4.68%	4.68%
ROE	18.6%	23.5%	3.04%	7.03%	21.6%	15.3%	15.2%	15.7%	14.6%	14%	14.8%
ROA	6.17%	8.74%	0.99%	1.75%	6.32%	4.45%	4.56%	4.98%	4.67%	4.48%	5.01%
ROIC	11.1%	14.2%	11.9%	4.44%	8.74%	9.23%	6.87%	7.95%	7.51%	8.27%	8.27%
Return on tangible assets	9.03%	12.2%	1.36%	2.14%	7.68%	5.29%	5.36%	5.84%	5.5%	5.19%	5.19%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	1.59	1.39	1.45	1.58	1.51	1.43	1.37	1.36	1.19	1.48	1.48
Quick ratio	1.53	1.33	1.39	1.53	1.46	1.38	1.33	1.32	1.15	1.44	1.44
Debt / equity	0.93	0.85	0.99	1.97	1.51	1.49	1.47	1.37	1.33	1.36	1.36
Debt / assets	0.31	0.32	0.32	0.49	0.44	0.43	0.44	0.43	0.43	0.43	0.43
Net debt / EBITDA	1.36	1.59	3.1	4.89	2.5	3.08	2.95	2.69	2.83	2.41	2.41
Interest coverage	9.94	8.8	2.11	3.48	9.42	8.11	8.73	8.83	7.9	6.97	6.97
Effective tax rate	34.5%	0%	17.6%	22.9%	21.6%	21.9%	25.9%	25.8%	24.8%	23.5%	23.5%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	224.9	246.1	267.2	264.2	313.3	351.5	354.9	353.6	361.8	399.7	399.7
EPS (basic)	11.2	17.2	2.07	4.91	19.5	14.4	15.6	17.4	16.8	18.7	18.7
EPS (diluted)	11.1	16.8	2.03	4.9	19.4	14.3	15.5	17.2	16.8	18.6	18.6
Book value per share	59.9	73	68.1	69.8	90.2	93.8	102.7	111.2	115.5	133.5	131.9
FCF per share	-0.69	-3.72	0.47	-2.94	15.9	11.5	10.5	12.6	12.3	21.6	21.1
Cash per share	14.8	12.3	8.89	18.6	26.4	25.9	27	26.2	22.6	56.2	57.3
Capex per share	—	—	—	—	—	—	—	—	—	16.1	15.7

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	4.02%	4.02%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	42.7%	42.7%
Payout ratio	14.2%	11.7%	126.5%	52.8%	13.1%	20.7%	29.6%	29.1%	32.7%	31%	31.3%
Dividend yield	1.02%	1%	2.11%	2.46%	1.01%	1.65%	2.64%	2.48%	3.14%	1.75%	1.68%

Yield

1.68%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.22

ex-dividend Sep 14, 2026

Payout ratio

31%

of earnings

Dividend growth

5 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 14, 2026	$1.22
Jun 22, 2026	$1.22
Mar 9, 2026	$1.45

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Revenue	$21.7B	$22.2B	$21.7B	$22.1B	$21.6B	$22B	$22.2B	$22.2B	$22.2B	$23.5B	$24B	$25B
YoY change	-6.72%	-2.84%	-1.94%	+0.82%	-0.47%	-0.89%	+1.94%	+0.5%	+3.08%	+6.84%	+8.3%	+12.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	4B	3.3B	2.3B	4.9B	7.1B	6.9B	6.9B	6.5B	5.5B	13.3B
Receivables	7.6B	8.5B	9.1B	10.1B	12.1B	11.9B	10.2B	10.1B	11.4B	12.7B
Inventory	514M	525M	553M	572M	587M	637M	604M	614M	602M	669M
Total current assets	12.6B	13.3B	13.1B	16.4B	20.6B	20.4B	18.6B	18.2B	18.4B	27.9B
Property, plant & equipment	187M	-303M	-703M	13.9B	15.6B	17B	18.7B	17.5B	15.6B	15.6B
Goodwill & intangibles	15.4B	14.9B	14.6B	13.4B	14.7B	13.7B	13.1B	12.8B	13.2B	13.5B
Total assets	48.6B	52.3B	54.4B	73.5B	82.8B	86B	87.1B	87B	87.6B	98.9B
Accounts payable	2.8B	3B	3B	3.3B	3.8B	4B	3.8B	3.2B	3.7B	4.3B
Short-term debt	22M	1.3B	964M	2B	2.4B	2.5B	2.5B	2.5B	4B	5.1B
Total current liabilities	7.9B	9.6B	9B	10.3B	13.7B	14.3B	13.6B	13.4B	15.4B	18.9B
Long-term debt	14.9B	15.2B	16.6B	34.1B	34.1B	34.7B	35.8B	35.2B	33.4B	37.8B
Total liabilities	32.5B	32.9B	36.6B	55.2B	58.6B	61.1B	61.1B	59.4B	59.6B	67.3B
Shareholders' equity	16.1B	19.4B	17.8B	18.3B	24.2B	24.9B	26.1B	27.6B	28.1B	31.6B
Total debt	14.9B	16.6B	17.6B	36.1B	36.5B	37.2B	38.3B	37.7B	37.4B	42.9B
Net debt	11B	13.3B	15.3B	31.2B	29.4B	30.3B	31.5B	31.2B	31.9B	29.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Cash & short-term investments	7.1B	6.7B	5.6B	6.5B	5.9B	5B	5.1B	5.5B	6.2B	6.6B	8B	13.3B
Receivables	10.2B	10.7B	9.9B	10.1B	10.3B	10.7B	10.2B	11.4B	11.5B	12.2B	11.8B	12.7B
Inventory	631M	632M	640M	614M	611M	620M	617M	602M	604M	631M	631M	669M
Total current assets	18.9B	19.1B	17.4B	18.2B	18.1B	17.7B	17.2B	18.4B	19.3B	20.7B	25.5B	27.9B
Property, plant & equipment	58.5B	58.8B	58.5B	17.5B	58.3B	57.8B	57.4B	15.6B	57.8B	57.5B	57.9B	15.6B
Goodwill & intangibles	12.8B	12.9B	12.8B	12.8B	13B	12.6B	12.7B	13.2B	13.3B	13.3B	13.5B	13.5B
Total assets	87.6B	88.1B	86.1B	87B	86.7B	85.5B	85B	87.6B	88.4B	89.2B	94.7B	98.9B
Accounts payable	3.8B	4B	3.8B	3.2B	3.7B	3.9B	3.6B	3.7B	4.2B	4.7B	4.2B	4.3B
Short-term debt	2.7B	2.8B	2.5B	2.5B	3.1B	3.1B	3.1B	4B	3.5B	3.5B	5B	5.1B
Total current liabilities	13.8B	14.2B	13.3B	13.4B	14.1B	14.4B	13.9B	15.4B	15.5B	16.2B	17.3B	18.9B
Long-term debt	35.5B	35.4B	35B	35.2B	34.6B	34.1B	33.9B	33.4B	34.4B	34.2B	37B	37.8B
Total liabilities	61B	61.3B	59.7B	59.4B	59.5B	59B	58.3B	59.6B	60.6B	61B	64.9B	67.3B
Shareholders' equity	26.5B	26.8B	26.4B	27.6B	27.2B	26.5B	26.7B	28.1B	27.8B	28.1B	29.8B	31.6B
Total debt	38.2B	38.2B	37.5B	37.7B	37.8B	37.3B	37B	37.4B	37.9B	37.8B	42B	42.9B
Net debt	31.2B	31.5B	31.9B	31.2B	31.8B	32.2B	31.9B	31.9B	31.7B	31.2B	34B	29.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	3B	4.6B	540M	1.3B	5.2B	3.8B	4B	4.3B	4.1B	4.4B
Depreciation & amortization	3B	3.1B	3.4B	3.6B	3.8B	4B	4.2B	4.3B	4.3B	4.4B
Stock-based compensation	154M	167M	174M	168M	200M	190M	182M	163M	154M	177M
Change in working capital	-2.2B	-3.5B	-2.5B	-4.1B	-1.9B	-3.1B	-3.1B	-3.4B	-4.7B	-3.5B
Operating cash flow	4.7B	3.9B	1.4B	5.9B	13.2B	10.8B	8.7B	8.3B	7B	8.9B
Capital expenditure	—	—	—	—	—	—	—	—	—	-3.8B
Investing cash flow	135M	-14M	17M	22M	-126M	-53M	0	-24M	-37M	-3.9B
Dividends paid	-426M	-535M	-683M	-679M	-686M	-793M	-1.2B	-1.3B	-1.3B	-1.4B
Share repurchases	-509M	-1B	-1.5B	-3M	0	-2.2B	-1.5B	-2.5B	-3B	-796M
Financing cash flow	528M	227M	-1B	3.4B	-2.1B	-3B	-2.6B	-3.4B	-4B	2.7B
Net change in cash	5.4B	4.1B	422M	9.3B	11B	7.7B	6.1B	4.8B	3B	7.8B
Free cash flow	-186M	-989M	123M	-771M	4.3B	3.1B	2.7B	3.1B	3B	5.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Net income	1.1B	900M	879M	1.5B	794M	741M	909M	1.6B	824M	956M	1.1B	1.6B
Depreciation & amortization	1.1B	1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B
Stock-based compensation	56M	40M	34M	33M	48M	36M	32M	38M	56M	43M	37M	41M
Change in working capital	-733M	-1.1B	-1.2B	-461M	-1.6B	-1.6B	-880M	-601M	-1.1B	-1.2B	-1.2B	174M
Operating cash flow	2.1B	1.7B	1.5B	3B	1.1B	1.2B	1.9B	2.9B	1.7B	2B	2B	3.3B
Capital expenditure	—	—	—	—	—	—	—	—	-623M	-757M	-955M	-1.5B
Investing cash flow	10M	-23M	21M	-32M	-35M	14M	-57M	41M	-619M	-861M	-955M	-1.5B
Dividends paid	-318M	-317M	-314M	-310M	-339M	-337M	-332M	-331M	-345M	-342M	-341M	-346M
Share repurchases	-500M	-500M	-1B	-500M	-1B	-1B	-497M	-500M	-500M	-296M	0	0
Financing cash flow	-727M	-791M	-1.3B	-592M	-969M	-1.3B	-863M	-847M	-460M	-632M	4B	-869M
Net change in cash	1.4B	847M	215M	2.4B	54M	-123M	960M	2.1B	637M	458M	5B	920M
Free cash flow	940M	469M	231M	1.5B	420M	500M	1B	1B	1.1B	1.2B	1B	1.8B

Date	Ratio
Jun 1, 2026	1241:1000
May 7, 1999	2:1
Nov 5, 1996	2:1
Nov 1, 1983	2:1
Nov 3, 1980	2:1
Sep 26, 1978	2:1

FedEx Corp. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history