FedEx
FDX NYSE Air Freight & Logistics Financials FY2017–FY2026
FedEx's revenue rose 7.7% to $94.7 billion in fiscal 2026. Its operating margin was 5.8%, down from 5.9% a year earlier. Free cash flow was $5.1 billion, up 71.6%. It paid out $2.2 billion in dividends and buybacks, 42% of free cash flow. The diluted share count fell 1.6%.
About these figures. Total debt is the balance sheet's long-term debt plus its current debt line.
What FedEx does
FedEx delivers packages and freight in the United States and around the world. It offers overnight and two-day air delivery, ground delivery for homes and businesses, international express shipping, and freight forwarding and customs services. It also runs FedEx Office stores and has drop-off points in other retailers, such as Walgreens and Dollar General.
Its main business, Federal Express, combines its air express network with FedEx Ground, which was merged into it in June 2024. Federal Express revenue grew 9% in the fiscal year that ended in May 2026, helped by higher prices per package, more US package volume and higher fuel surcharges. From June 2026 FedEx reports two segments, Express U.S. Domestic and Express International. Its main rivals are UPS and the US Postal Service at home, and DHL and UPS abroad, along with regional delivery firms and freight forwarders. Amazon has also built its own delivery network.
On June 1, 2026 FedEx spun off its less-than-truckload trucking business as a separate company, FedEx Freight, keeping a 19.9% stake. It is changing its fiscal year to end in December. At the end of May 2026 Federal Express had about 452,000 employees, about 233,000 of them full-time, and 700 aircraft.
- Legal name
- FEDEX CORP
- Fiscal year ends
- May 31, 2026
- Latest annual report
- 10-K · Jul 20, 2026
- Accession · CIK
- 0001048911-26-000105
0001048911
Revenue and margins
FedEx had $94.7B of revenue in fiscal 2026, up 7.7% on the year before.
Net income and earnings per share
From fiscal 2017 to 2026, diluted EPS grew 5.9% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $5.1B in fiscal 2026, 5.4% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
FedEx returned $2.2B to shareholders in fiscal 2026, 42% of free cash flow. The diluted share count fell 1.7%.
Value FedEx yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$13.9B and divides by 239.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 16.1x · peers 14.6x · sector 26.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably FedEx can carry it.
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $6.9B | $6.9B | $6.5B | $5.5B | $13.3B |
| Debt incl. finance leases | $20.3B | $20.6B | $20.2B | $21.3B | $27.2B |
| Net debt / EBITDA | 1.3x | 1.5x | 1.4x | 1.7x | 1.4x |
| Debt / equity | 0.8x | 0.8x | 0.7x | 0.8x | 0.9x |
| Interest coverage | 9.1x | 7.1x | 7.5x | 6.6x | 5.6x |
| Current ratio | 1.4x | 1.4x | 1.4x | 1.2x | 1.5x |
| Quick ratio | 1.4x | 1.4x | 1.4x | 1.2x | 1.5x |
| Total assets | $86.0B | $87.1B | $87.0B | $87.6B | $98.9B |
| Total liabilities | $61.1B | $61.1B | $59.4B | $59.6B | $67.3B |
| Shareholders' equity | $24.9B | $26.1B | $27.6B | $28.1B | $31.6B |
| Net debt (− = net cash) | $13.4B | $13.7B | $13.7B | $15.8B | $13.9B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$20.2M
6 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 30, 2026 | Paul S WalshDirector | Sold | 5,042 | $324.56 | $1.6M | Form 4 |
| Apr 15, 2026 | Susan C SchwabDirector | Sold | 5,795 | $369.00 | $2.1M | Form 4 |
| Apr 15, 2026 | Tracy B BrightmanEVP - Chief People Officer | Sold | 16,959 | $363.48 | $6.2M | Form 4 |
| Apr 14, 2026 | Brie CarereEVP/Chief Customer Officer | Sold | 2,700 | $370.03 | $1.0M | Form 4 |
| Apr 14, 2026 | Gina F. AdamsEVP Genl Counsel/secty | Sold | 20,450 | $366.44 | $7.5M | Form 4 |
| Apr 14, 2026 | Kawal PreetEVP - Plng, Eng, & Transfmtn | Sold | 4,900 | $367.89 | $1.8M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✕ | ✕ |
| Current ratio rose | ✕ | ✕ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✕ | ✓ | ✓ |
| F-score | 6 / 8 | 5 / 8 | 7 / 8 |
| Accruals ratio | −4.6% | −3.4% | −4.8% |
| Altman Z'' | 2.73 | 2.66 | 2.93 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| FedEx FDX | $71.4B | 7.7% | 5.8% | 5.4% | 9.4% | 16.1x | 7 | |
| Uber UBER | $136.7B | 18.3% | 10.7% | 18.8% | 19.7% | 14.6x | 6 | Compare → |
| Delta Air Lines DAL | $50.6B | 2.8% | 9.2% | 6.1% | 16.0% | 15.3x | 7 | Compare → |
| United Airlines UAL | $32.1B | 3.5% | 8.0% | 4.3% | 15.3% | 9.0x | 6 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $60.3B | $65.5B | $69.7B | $69.2B | $84.0B | $93.5B | $90.2B | $87.7B | $87.9B | $94.7B |
| Gross profit | $46.7B | $50.3B | $53.0B | — | — | — | — | — | — | — |
| Operating income | $4.6B | $4.3B | $4.5B | $2.4B | $5.9B | $6.2B | $4.9B | $5.6B | $5.2B | $5.5B |
| Interest expense | $512M | $558M | $588M | $672M | $793M | $689M | $694M | $745M | $789M | $970M |
| 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 | $3.0B | $4.6B | $540M | $1.3B | $5.2B | $3.8B | $4.0B | $4.3B | $4.1B | $4.4B |
| Diluted EPS | $11.07 | $16.79 | $2.03 | $4.90 | $19.45 | $14.33 | $15.48 | $17.21 | $16.81 | $18.55 |
| Diluted shares | 0.27B | 0.27B | 0.27B | 0.26B | 0.27B | 0.27B | 0.26B | 0.25B | 0.24B | 0.24B |
| Cash flow | ||||||||||
| Cash from operations | $4.9B | $4.7B | $5.6B | $5.1B | $10.1B | $9.8B | $8.8B | $8.3B | $7.0B | $8.9B |
| Capital expenditure | $5.1B | $5.7B | $5.5B | $5.9B | $5.9B | $6.8B | $6.2B | $5.2B | $4.1B | $3.8B |
| Free cash flow | −$186M | −$989M | $123M | −$771M | $4.3B | $3.1B | $2.7B | $3.1B | $3.0B | $5.1B |
| Depreciation and amortization | $3.0B | $3.1B | $3.4B | $3.6B | $3.8B | $4.0B | $4.2B | $4.3B | $4.3B | $4.4B |
| Stock-based compensation | $154M | $167M | $174M | $168M | $200M | $190M | $182M | $163M | $154M | $177M |
| Acquisitions | $0.0M | $179M | $66.0M | $0.0M | $228M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $509M | $1.0B | $1.5B | $3.0M | $0.0M | $2.2B | $1.5B | $2.5B | $3.0B | $796M |
| Dividends paid | $426M | $535M | $683M | $679M | $686M | $793M | $1.2B | $1.3B | $1.3B | $1.4B |
| Dividends and buybacks | $935M | $1.6B | $2.2B | $682M | $686M | $3.0B | $2.7B | $3.8B | $4.4B | $2.2B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $4.0B | $3.3B | $2.3B | $4.9B | $7.1B | $6.9B | $6.9B | $6.5B | $5.5B | $13.3B |
| Total debt | $14.9B | $16.6B | $17.6B | $22.0B | $20.9B | $20.3B | $20.6B | $20.2B | $20.6B | $25.7B |
| Finance lease liabilities | $0.0M | $0.0M | $62.0M | $485M | $525M | $468M | $800M | $431M | $680M | $1.5B |
| Current assets | $12.6B | $13.3B | $13.1B | $16.4B | $20.6B | $20.4B | $18.6B | $18.2B | $18.4B | $27.9B |
| Current liabilities | $7.9B | $9.6B | $9.0B | $10.3B | $13.7B | $14.3B | $13.6B | $13.4B | $15.4B | $18.9B |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $26.0B | $28.2B | $30.4B | $33.6B | $35.8B | $38.1B | $40.7B | $41.5B | $41.6B | $42.0B |
| Total assets | $48.6B | $52.3B | $54.4B | $73.5B | $82.8B | $86.0B | $87.1B | $87.0B | $87.6B | $98.9B |
| 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 |
| Margins | ||||||||||
| Gross margin | 77.4% | 76.9% | 76.1% | — | — | — | — | — | — | — |
| Operating margin | 7.6% | 6.5% | 6.4% | 3.5% | 7.0% | 6.7% | 5.5% | 6.3% | 5.9% | 5.8% |
| EBITDA margin | 12.5% | 11.3% | 11.2% | 8.7% | 11.5% | 10.9% | 10.1% | 11.2% | 10.8% | 10.4% |
| Net margin | 5.0% | 7.0% | 0.8% | 1.9% | 6.2% | 4.1% | 4.4% | 4.9% | 4.7% | 4.7% |
| FCF margin | −0.3% | −1.5% | 0.2% | −1.1% | 5.1% | 3.3% | 3.0% | 3.6% | 3.4% | 5.4% |
| Returns | ||||||||||
| Return on capital | 11.7% | 14.3% | 11.2% | 5.4% | 12.5% | 12.8% | 9.3% | 10.2% | 9.2% | 9.4% |
| Return on capital employed | 11.6% | 10.3% | 10.1% | 4.5% | 8.9% | 8.9% | 6.8% | 7.6% | 7.2% | 7.2% |
| Return on equity | 20.1% | 25.8% | 2.9% | 7.1% | 24.6% | 15.6% | 15.6% | 16.1% | 14.7% | 14.9% |
| Return on assets | 6.3% | 9.1% | 1.0% | 2.0% | 6.7% | 4.5% | 4.6% | 5.0% | 4.7% | 4.8% |
| Growth | ||||||||||
| Revenue growth | 19.8% | 8.5% | 6.5% | −0.7% | 21.3% | 11.4% | −3.6% | −2.7% | 0.3% | 7.7% |
| Net income growth | 64.7% | 52.6% | −88.2% | 138.2% | 306.8% | −26.9% | 3.8% | 9.0% | −5.5% | 8.3% |
| EPS growth | 70.1% | 51.7% | −87.9% | 141.4% | 296.9% | −26.3% | 8.0% | 11.2% | −2.3% | 10.4% |
| FCF growth | −120.9% | — | — | −726.8% | — | −27.8% | −12.9% | 17.3% | −4.9% | 71.6% |
| Share count change | −3.2% | 0.7% | −2.6% | −1.1% | 2.3% | −0.8% | −3.8% | −2.0% | −3.2% | −1.7% |
| Financial health | ||||||||||
| Net debt / EBITDA | 1.5x | 1.8x | 2.0x | 2.8x | 1.4x | 1.3x | 1.5x | 1.4x | 1.7x | 1.4x |
| Debt / equity | 0.9x | 0.9x | 1.0x | 1.2x | 0.9x | 0.8x | 0.8x | 0.7x | 0.8x | 0.9x |
| Interest coverage | 8.9x | 7.7x | 7.6x | 3.6x | 7.4x | 9.1x | 7.1x | 7.5x | 6.6x | 5.6x |
| Current ratio | 1.6x | 1.4x | 1.5x | 1.6x | 1.5x | 1.4x | 1.4x | 1.4x | 1.2x | 1.5x |
| Quick ratio | 1.6x | 1.4x | 1.5x | 1.6x | 1.5x | 1.4x | 1.4x | 1.4x | 1.2x | 1.5x |
| Capital allocation | ||||||||||
| Capex / revenue | 8.5% | 8.7% | 7.9% | 8.5% | 7.0% | 7.2% | 6.9% | 5.9% | 4.6% | 4.0% |
| Stock comp / revenue | 0.3% | 0.3% | 0.3% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% |
| Payouts / FCF | — | — | 1,758.5% | — | 16.1% | 99.1% | 100.1% | 119.9% | 146.1% | 42.4% |
| Quality scores | ||||||||||
| Piotroski F-score | 7.0 | 5.0 | 5.0 | 6.0 | 5.0 | 5.0 | 5.0 | 6.0 | 5.0 | 7.0 |
| Altman Z'' | 3.2 | 3.2 | 3.0 | 2.2 | 2.6 | 2.6 | 2.5 | 2.7 | 2.7 | 2.9 |
| Accruals ratio | −4.1% | −0.2% | −9.5% | −6.0% | −6.3% | −7.1% | −5.6% | −4.6% | −3.4% | −4.8% |
Source: SEC EDGAR XBRL filings (CIK 0001048911). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.