FDXFFedEx Freight

Industrials · Air Freight & Delivery · NYSE

Employees: 40,000
Headquarters: Memphis, TN
CEO: John Alan Smith
Next results: around Jun 24, 2027

All key numbers (33, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	3.22	Sales (ttm)	9.1B	Net income (ttm)	481.0M	Sales growth	-1.1%	EPS growth	-51.3%	Sales Q/Q	+8.1%
Free cash flow	-1.0B	Gross margin	-	Oper. margin	5.7%	Net margin	5.3%	FCF margin	-11.1%	ROE	n/m
ROA	6.7%	R&D / sales	-	Dividend	-	Debt/Eq	n/m	Curr. ratio	1.62	Cash	-
Op. cash flow (ttm)	-528.0M	EBITDA	1.1B	EBITDA margin	12.0%	Quick ratio	1.62	Interest cover	9.47	Tax rate	25.9%
Stock pay / sales	0.1%	Shares out.	149.5M	Shares Y/Y	0.0%	Book / share	-1.69	Sales / share	60.67	Asset turnover	1.26
Days sales out.	48	Employees	40,000	Sales / employee	227K

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

Debt rose from $73.0M to $4.3B$73.0M → $4.3B · Short-term + long-term debt at year end
Free cash flow turned negative$1.1B → −$212.0M · Cash from operations − capital expenditure · 10-K ↗
Operating margin narrowed to 6.1%15.8% → 6.1% · Operating income / revenue · 10-K ↗

What management wrote about it → · Every company →

FDXF against Industrials peers

Ten years, side by side → · All 83 →

FDXFPeer 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

-1.1%70th of 82 · median +4.8%

Net margin

5.3%73rd of 82 · median 13.0%

Free cash flow margin

-11.1%79th of 79 · median 13.0%

FDXF and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
FDXF FedEx Freight	$9.1B	-1.1%	-	5.3%	-	-11.1%	-
HWM Howmet Aerospace	$9.7B	+11.1%	-	21.1%	35.6%	19.8%	0.77
FAST Fastenal	$9.1B	+8.7%	44.6%	15.6%	34.2%	13.0%	0.02
XYL Xylem Inc.	$9.1B	+5.5%	39.8%	11.9%	10.5%	10.2%	0.34
ROK Rockwell Automation	$9.0B	+0.9%	49.1%	13.4%	34.4%	16.8%	0.93
DOV Dover Corporation	$8.6B	+4.5%	39.7%	13.6%	15.3%	13.9%	0.52

Profitability

1 of 2

!
Net margin below the peer median5.3% vs 13.0%
✓
A profit in every one of 3 years

Net margin, FY2024 to FY2026: 16.7% → 7.4%

Balance sheet

2 of 3

✓
Interest covered more than 5 timesOperating income is 9.5× interest expense
!
Equity below zeroDebt $4.2B, equity −$252.0M
✓
Current assets cover current liabilitiesCurrent ratio 1.62

What the debt is made of ↓

Cash and shareholders

1 of 3

!
Free cash flow positive in 2 of 3 years−$212.0M last year
✓
Share count down over 2 years+0.0%
!
Cash from operations below net income$167.0M vs $655.0M

Free cash flow, FY2024 to FY2026: 1.1B → -212.0M

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 $599.0M Not stated $11.6B

Line, as the company names it	Kind	Rate	Fixed or floating	Amount
Senior Notes	Notes and bonds	–	not stated	$4.3B
Senior Unsecured Notes (Senior Notes)	Secured	–	not stated	$3.7B
4.30%, Senior Unsecured Notes, Due 2029 (Senior Notes)	Secured	4.30%	not stated	$993.0M
4.65%, Senior Unsecured Notes, Due 2031 (Senior Notes)	Secured	4.65%	not stated	$991.0M
5.25%, Senior Unsecured Notes, Due 2036 (Senior Notes)	Secured	5.25%	not stated	$988.0M
4.95%, Senior Unsecured Notes, Due 2033 (Senior Notes)	Secured	4.95%	not stated	$693.0M
Delayed Draw Term Loan Agreement (Line Of Credit)	Bank loans	4.91%	floating	$599.0M

From the debt note in the 10-K's XBRL (0001628280-26-053359), 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, FY2024 to FY2026

Revenue 8.8B Net income 655.0M

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

Where the $8.8B of revenue came from

by product, year to May 31, 2026

Priority $5.6B · 63%
Economy $2.8B · 32%
Other $408.0M · 5%

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

FDXF'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

Revenue8.8B

Net income655.0M

Free cash flow-212.0M

EPS (diluted)4.38

Diluted shares149.5M

Revenue by product or service

year to May 31, 2026

	Revenue	Share	vs year before
Priority	5.6B	63.2%	-0.4%
Economy	2.8B	32.1%	-2.2%
Other	408.0M	4.6%	-2.2%

10-K 0001628280-26-053359, segment and revenue notes (XBRL).

Revenue by region

year to May 31, 2026

	Revenue	Share	vs year before
U.S.	8.6B	97.2%	-1.1%
International	243.0M	2.8%	-1.6%

10-K 0001628280-26-053359, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2024	FY2025	FY2026
Revenue	9.4B	8.9B	8.8B
Operating income	1.8B	1.4B	540.0M
Interest expense	0	0	57.0M
Pretax income	2.1B	1.8B	884.0M
Income tax	505.0M	456.0M	229.0M
Net income	1.6B	1.3B	655.0M
EPS (diluted)	10.53	9.00	4.38
Diluted shares	149.5M	149.5M	149.5M
Depreciation & amortization	455.0M	471.0M	512.0M
EBITDA	2.2B	1.9B	1.1B
Operating margin	18.6%	15.8%	6.1%
Net margin	16.7%	15.1%	7.4%
Revenue growth	-	-5.6%	-1.1%
EPS growth	-	-14.5%	-51.3%

Balance sheet

From EDGAR

	FY2024	FY2025	FY2026
Receivables	-	132.0M	1.2B
Current assets	-	284.0M	1.5B
Goodwill	602.0M	602.0M	602.0M
Total assets	-	5.0B	6.9B
Accounts payable	-	150.0M	106.0M
Current liabilities	-	773.0M	993.0M
Total debt	-	73.0M	4.3B
Shareholders' equity	2.1B	2.4B	-497.0M
Retained earnings	-	2.4B	-509.0M

Cash flow

From EDGAR

	FY2024	FY2025	FY2026
Operating cash flow	1.5B	1.5B	167.0M
Capital spending	461.0M	437.0M	379.0M
Free cash flow	1.1B	1.1B	-212.0M
Stock-based pay (added back)	12.0M	10.0M	13.0M
Dividends paid	0	0	48.0M
Debt raised	0	0	4.3B
Investing cash flow	-403.0M	-385.0M	-363.0M
Financing cash flow	-1.1B	-1.1B	335.0M

Stock-based pay and leases

From EDGAR

	FY2024	FY2025	FY2026
Stock-based pay (expense)	12.0M	10.0M	13.0M
Stock-based pay / revenue	0.1%	0.1%	0.1%
Operating lease cost	236.0M	245.0M	258.0M
Operating lease cash paid	232.0M	239.0M	250.0M
Finance lease principal paid	1.0M	63.0M	23.0M
Right-of-use assets	-	1.4B	1.8B
Operating lease liabilities	-	1.4B	1.8B
Finance lease liabilities	-	73.0M	263.0M

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.

Work on FDXF in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/FDXF/export.csv") into a cell.