FDXFedEx

Industrials · Air Freight & Delivery · 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. 10-K, Item 1

Employees: 12,000
Headquarters: Memphis, TN
CEO: Rajesh Subramaniam
Next results: around Dec 17, 2026

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All key numbers (41, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	35.98	Sales (ttm)	98.5B	Net income (ttm)	8.6B	Sales growth	+7.7%	EPS growth	+10.4%	Sales Q/Q	+11.9%
Free cash flow	4.9B	Gross margin	-	Oper. margin	6.0%	Net margin	8.8%	FCF margin	5.0%	ROE	25.0%
ROA	9.3%	R&D / sales	-	Dividend	5.80	Debt/Eq	0.56	Curr. ratio	1.33	Cash	8.0B
Op. cash flow (ttm)	8.9B	EBITDA	9.8B	EBITDA margin	10.4%	Net debt	11.4B	Quick ratio	1.33	Interest cover	5.63
ROIC	7.8%	Payout ratio	31.3%	Tax rate	23.5%	Stock pay / sales	0.2%	Shares out.	234.2M	Shares Y/Y	-1.6%
Book / share	147.60	Cash / share	33.99	Sales / share	420.45	Asset turnover	1.06	Days sales out.	44	Sales 3Y CAGR	+1.7%
Sales 5Y CAGR	+2.4%	EPS 3Y CAGR	+6.2%	EPS 5Y CAGR	-0.9%	Employees	12,000	Sales / employee	8.2M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2026 against FY2025

Free cash flow rose 72%$3.0B → $5.1B · Cash from operations − capital expenditure · 10-K ↗
Revenue growth sped up to +7.7%+0.3% → +7.7% · Revenue FY2026 / revenue FY2025 − 1, against the same a year earlier · 10-K ↗

What management wrote about it → · Every company →

FDX against Industrials peers

Ten years, side by side → · All 83 →

FDXPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.

Sales growth

+7.7%28th of 82 · median +4.8%

Net margin

8.8%57th of 82 · median 13.0%

Return on equity

25.0%36th of 77 · median 24.9%

Free cash flow margin

5.0%68th of 79 · median 13.0%

Debt / equity (less is better)

0.5626th of 72 · median 0.72

FDX and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
FDX FedEx	$98.5B	+7.7%	-	8.8%	25.0%	5.0%	0.56
RTX RTX Corporation	$96.0B	+9.7%	-	8.8%	12.1%	9.9%	0.54
BA Boeing	$94.9B	+34.5%	-	8.1%	116.9%	0.0%	7.66
UPS United Parcel Service	$91.4B	-2.6%	-	4.8%	29.5%	7.0%	1.74
LMT Lockheed Martin	$79.1B	+5.6%	11.7%	8.2%	64.7%	10.6%	2.04
CAT Caterpillar Inc.	$77.8B	+4.3%	92.3%	15.2%	55.1%	14.5%	1.69

Profitability

2 of 3

!
Net margin below the peer median8.8% vs 13.0%
✓
Return on equity above 15%25.0%
✓
A profit in every one of 10 years

Net margin, FY2017 to FY2026: 5.0% → 4.7%

Balance sheet

4 of 4

✓
Interest covered more than 5 timesOperating income is 5.6× interest expense
✓
Debt smaller than equityDebt / equity 0.56 on the latest balance sheet (peer median 0.72)
✓
Current assets cover current liabilitiesCurrent ratio 1.33
✓
Net debt under 3 years of free cash flow$11.4B net debt, 2.3 years

Debt / equity at each year end, FY2017 to FY2026: 0.93 → 0.76

What the debt is made of ↓

Cash and shareholders

3 of 4

!
Free cash flow positive in 7 of 10 years$5.1B last year
✓
Share count down over 5 years−10.8%
✓
Dividend per share up over 5 years$2.60 → $5.80
✓
Cash from operations above net income$8.9B vs $4.4B

Free cash flow, FY2017 to FY2026: -186.0M → 5.1B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of May 31, 2026

The debt note's own lines, 2026-05-31

Fixed rate $0Floating $3.5B Not stated $47.2B

Line, as the company names it	Kind	Rate	Fixed or floating	Amount
Senior Unsecured Debt	Secured	–	not stated	$22.8B
Commercial Paper	Commercial paper	–	floating	$3.5B
Senior Unsecured Debt Due 2046 4.55-4.75%	Secured	–	not stated	$2.5B
Senior Unsecured Debt Due 2030 3.10-4.90%	Secured	–	not stated	$2.3B
Senior Unsecured Debt Due 2031 2.40-4.65%	Secured	–	not stated	$2.0B
Euro Senior Unsecured Debt Due 2027 1.625%	Secured	–	not stated	$1.5B
Senior Unsecured Debt Due 2029 4.20-4.30%	Secured	–	not stated	$1.4B
Euro Senior Unsecured Debt Due 2033 0.95-3.50%	Secured	–	not stated	$1.3B
Senior Unsecured Debt Due 2050 5.25%	Secured	–	not stated	$1.2B
Senior Unsecured Debt Due 2036 5.25%	Secured	–	not stated	$988.0M
Senior Unsecured Debt Due 2048 4.05%	Secured	–	not stated	$987.0M
Senior Unsecured Debt Due 2043 3.875-4.10%	Secured	–	not stated	$985.0M
1.875% due in February 2034	–	–	not stated	$970.0M
Senior Unsecured Debt Due 2049 4.95%	Secured	–	not stated	$836.0M
Senior Unsecured Debt Due 2044 5.10%	Secured	–	not stated	$742.0M
Senior Unsecured Debt Due 2041 3.25%	Secured	–	not stated	$740.0M
Senior Unsecured Debt Due 2047 4.40%	Secured	–	not stated	$736.0M
Euro Senior Unsecured Debt Due 2029 0.45%	Secured	–	not stated	$695.0M
Senior Unsecured Debt Due 2033 4.95%	Secured	–	not stated	$693.0M
Senior Secured Debt Due 2034 1.875%	Secured	–	not stated	$679.0M
Senior Unsecured Debt Due 2045 4.10%	Secured	–	not stated	$641.0M
Senior Unsecured Debt Due 2028 3.40%	Secured	–	not stated	$499.0M
Senior Unsecured Debt Due 2034 4.90%	Secured	–	not stated	$496.0M
Senior Unsecured Debt Due 2035 3.90%	Secured	–	not stated	$495.0M
Euro Senior Unsecured Debt Due 2038 4.125%	Secured	–	not stated	$404.0M
Senior Unsecured Debt Due 2065 4.50%	Secured	–	not stated	$245.0M
Senior Unsecured Debt Due 2098 7.60%	Secured	–	not stated	$237.0M
Euro Senior Unsecured Debt Due 2032 1.30%	Secured	–	not stated	$168.0M

All 28 lines

From the debt note in the 10-K's XBRL (0001048911-26-000105), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2017 to FY2026

Revenue 94.7B Net income 4.4B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $94.7B of revenue came from

by region, year to May 31, 2026

U.S. $67.9B · 72%
International: $26.8B · 28%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

FDX's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue94.7B

Net income4.4B

Free cash flow5.1B

EPS (diluted)18.55

Dividend per share5.80

Diluted shares239.0M

The segments changed

10-K filed 2026-07-20

Compared with the 10-K of Jul 21, 2025: new segment Fed Ex Freight And Fed Ex Express Segments .

Following the Spin-Off and beginning the first quarter of the Transition Period, we realigned our internal reporting and management structure, resulting in the identification of two new reportable segments: Express U.S. 10-K

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to May 31, 2026

	Revenue	Share	vs year before
Fed Ex Freight And Fed Ex Express Segments	91.1B	96.1%	+8.2%
Federal Express	82.3B	86.9%	+9.3%
Fedex Freight	8.8B	9.3%	-1.1%

10-K 0001048911-26-000105, segment and revenue notes (XBRL).

Revenue by region

year to May 31, 2026

	Revenue	Share	vs year before
U.S.	67.9B	71.7%	+8.0%
International:	26.8B	28.3%	+7.1%

10-K 0001048911-26-000105, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	60.3B	65.5B	69.7B	69.2B	84.0B	93.5B	90.2B	87.7B	87.9B	94.7B
Cost of revenue	13.6B	15.1B	16.7B	-	-	-	-	-	-	-
Operating income	4.6B	4.3B	4.5B	2.4B	5.9B	6.2B	4.9B	5.6B	5.2B	5.5B
Interest expense	512.0M	558.0M	588.0M	672.0M	793.0M	689.0M	694.0M	745.0M	789.0M	970.0M
Pretax income	4.6B	4.4B	655.0M	1.7B	6.7B	4.9B	5.4B	5.8B	5.4B	5.8B
Income tax	1.6B	-219.0M	115.0M	383.0M	1.4B	1.1B	1.4B	1.5B	1.3B	1.4B
Net income	3.0B	4.6B	540.0M	1.3B	5.2B	3.8B	4.0B	4.3B	4.1B	4.4B
EPS (diluted)	11.07	16.79	2.03	4.90	19.45	14.33	15.48	17.21	16.81	18.55
Diluted shares	270.0M	272.0M	265.0M	262.0M	268.0M	266.0M	256.0M	251.0M	243.0M	239.0M
Depreciation & amortization	3.0B	3.1B	3.4B	3.6B	3.8B	4.0B	4.2B	4.3B	4.3B	4.4B
EBITDA	7.6B	7.4B	7.8B	6.0B	9.7B	10.2B	9.1B	9.8B	9.5B	9.8B
Operating margin	7.6%	6.5%	6.4%	3.5%	7.0%	6.7%	5.4%	6.3%	5.9%	5.8%
Net margin	5.0%	7.0%	0.8%	1.9%	6.2%	4.1%	4.4%	4.9%	4.7%	4.7%
Revenue growth	-	+8.5%	+6.5%	-0.7%	+21.3%	+11.4%	-3.6%	-2.7%	+0.3%	+7.7%
EPS growth	-	+51.7%	-87.9%	+141%	+297%	-26.3%	+8.0%	+11.2%	-2.3%	+10.4%

Balance sheet

From EDGAR

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash	4.0B	3.3B	2.3B	4.9B	7.1B	6.9B	6.9B	6.5B	5.5B	13.1B
Short-term investments	-	-	-	-	-	-	-	-	-	0
Receivables	7.6B	8.5B	9.1B	10.1B	12.1B	11.9B	10.2B	10.1B	11.4B	11.5B
Current assets	12.6B	13.3B	13.1B	16.4B	20.6B	20.4B	18.6B	18.2B	18.4B	27.9B
Property & equipment	26.0B	28.2B	30.4B	33.6B	35.8B	38.1B	40.7B	41.5B	41.6B	39.1B
Goodwill	7.2B	7.0B	6.9B	6.4B	7.0B	6.5B	6.4B	6.4B	6.6B	11.5B
Total assets	48.6B	52.3B	54.4B	73.5B	82.8B	86.0B	87.1B	87.0B	87.6B	98.9B
Accounts payable	2.8B	3.0B	3.0B	3.3B	3.8B	4.0B	3.8B	3.2B	3.7B	5.0B
Current liabilities	7.9B	9.6B	9.0B	10.3B	13.7B	14.3B	13.6B	13.4B	15.4B	18.9B
Total debt	14.9B	16.5B	17.5B	21.5B	19.4B	19.8B	19.8B	19.8B	19.9B	24.2B
Shareholders' equity	16.1B	19.4B	17.8B	18.3B	24.2B	24.9B	26.1B	27.6B	28.1B	31.6B
Retained earnings	20.8B	24.8B	24.6B	25.2B	29.8B	32.8B	35.3B	38.6B	41.4B	44.5B

Cash flow

From EDGAR

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Operating cash flow	4.9B	4.7B	5.6B	5.1B	10.1B	9.8B	8.8B	8.3B	7.0B	8.9B
Capital spending	5.1B	5.7B	5.5B	5.9B	5.9B	6.8B	6.2B	5.2B	4.1B	3.8B
Free cash flow	-186.0M	-989.0M	123.0M	-771.0M	4.3B	3.1B	2.7B	3.1B	3.0B	5.1B
Stock-based pay (added back)	154.0M	167.0M	174.0M	168.0M	200.0M	190.0M	182.0M	163.0M	154.0M	177.0M
Dividends paid	426.0M	535.0M	683.0M	679.0M	686.0M	793.0M	1.2B	1.3B	1.3B	1.4B
Buybacks	509.0M	1.0B	1.5B	3.0M	-	2.2B	1.5B	2.5B	3.0B	796.0M
Acquisitions	-	179.0M	66.0M	-	228.0M	-	-	-	-	-
Debt raised	1.2B	1.5B	2.5B	6.6B	4.2B	-	-	0	0	5.3B
Investing cash flow	-5.0B	-5.7B	-5.5B	-5.8B	-6.0B	-6.8B	-6.2B	-5.2B	-4.1B	-3.9B
Financing cash flow	528.0M	227.0M	-1.0B	3.4B	-2.1B	-3.0B	-2.6B	-3.4B	-4.0B	2.7B
Dividend per share	1.60	2.00	2.60	2.60	2.60	3.00	5.86	3.78	5.52	5.80

Stock-based pay and leases

From EDGAR

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Stock-based pay (expense)	154.0M	167.0M	174.0M	168.0M	200.0M	190.0M	182.0M	163.0M	154.0M	177.0M
Stock-based pay / revenue	0.3%	0.3%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%
Operating lease cost	-	-	-	2.7B	2.8B	3.1B	3.3B	3.3B	3.4B	3.5B
Operating lease cash paid	-	-	-	2.6B	2.8B	3.0B	3.2B	3.3B	3.4B	3.5B
Finance lease principal paid	-	-	-	84.0M	75.0M	99.0M	94.0M	80.0M	101.0M	254.0M
Right-of-use assets	-	-	14.1B	13.9B	15.4B	16.6B	17.3B	17.1B	16.5B	15.0B
Operating lease liabilities	-	-	14.2B	14.1B	15.6B	16.9B	17.8B	17.5B	16.8B	17.2B
Finance lease liabilities	-	-	62.0M	485.0M	525.0M	468.0M	800.0M	431.0M	680.0M	1.5B

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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