FirmAtlas
Company handbook · FDX · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
FDX · CIK 1048911 · LATEST FILING: 10-K FY25 · FILED JUL 20, 2026
FedEx Corporation
$293.55
−1.99 (−0.67%)
Close, Oct 16, 2026 · 52-week $235–414
FedEx delivers packages and freight in the U.S. and worldwide by plane and truck: express and ground delivery, international shipping, and supply chain services. It spun off its FedEx Freight trucking business in June 2026.
Business
- RegionsUS 72% · Outside US 28% (FY25)
- CustomersBusinesses of all sizes, online sellers and consumers, and the U.S. Postal Service; sold by its own sales force, online and at FedEx Office stores
- Cash useFY24–FY25: capex $7.9B · buybacks $3.8B · dividends $2.7B
Reinvested 49% of operating cash flow · returned 81% of free cash flow
Last fiscal year
FedEx Corporation reported revenue of $94.7B for the year ended May 31, 2026 (FY25), up 7.7% from FY24. Net income was $4.4B, operating cash flow $8.9B and free cash flow $5.1B. Source: 10-K filed Jul 20, 2026.
Market cap
$70.2B
P/E
15.8
EV/EBITDA
8.3x
P/B
2.2
Div yield
1.82%
ROIC
9.7%
Revenue 1Y
7.7%/yr
EPS 1Y
10.4%/yr
Shares 1Y
−2%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEORaj Subramaniam
HQMemphis, TN
AuditorErnst & Young LLP
Year endsMay
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
5.6%
5.1%
5.8%
23.9%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$14.4B deployed
Capex
$7.9B
54.6%
Dividends
$2.7B
18.9%
Buybacks
$3.8B
26.5%
Operating cash flow over the period: $16.0B. Total debt changed by +$4.4B.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY25 = year ended May 31, 2026 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Income
Revenue
87,926
94,720+7.7%
YoY
+7.7%
Operating income
5,217
5,463+4.7%
Operating margin
5.9%
5.8%−0.2 pp
EBITDA
9,481
9,832+3.7%
EBITDA margin
10.8%
10.4%−0.4 pp
Interest expense
789
970+22.9%
Interest coverage
12.02x
10.14x−1.88x
Net income
4,092
4,433+8.3%
YoY
+8.3%
Net margin
4.7%
4.7%+0.0 pp
EPS (diluted, $)
16.81
18.55+10.4%
YoY
+10.4%
Balance sheet
Total assets
87,627
98,937+12.9%
Cash & short-term investments
5,502
13,311+141.9%
Accounts receivable
11,368
12,672+11.5%
Net PP&E
41,642
42,044+1.0%
Other assets
29,115
30,910+6.2%
Total liabilities
59,553
67,290+13.0%
Accounts payable
3,692
4,327+17.2%
Total debt
20,579
24,969+21.3%
Other liabilities
35,282
37,994+7.7%
Shareholders’ equity
28,074
31,647+12.7%
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
7,036
8,925+26.8%
Net income
4,092
4,433+8.3%
Depreciation & amortization
4,264
4,369+2.5%
Stock-based compensation
154
177+14.9%
Working capital & other
(1,474)
(54)n/m
Cash from investing
(4,092)
(3,911)n/m
Capex
(4,055)
(3,809)n/m
PP&E sold
115
97−15.7%
Investments bought
(262)
(682)n/m
Investments sold / matured
110
483+339.1%
Other investing
0
0n/m
Cash from financing
(4,019)
2,749n/m
Debt raised
0
5,289n/m
Debt repaid
(157)
(2,049)n/m
Dividends
(1,339)
(1,374)n/m
Buybacks
(3,017)
(796)n/m
Other financing
494
1,679+239.9%
Net change in cash
(999)
7,809n/m
Free cash flow (OCF − capex)
2,981
5,116+71.6%
Where the cash went
Operating cash flow
7,036
8,925+26.8%
Reinvested in the business
4,055
3,809−6.1%
% of operating cash flow
57.6%
42.7%
Capex
4,055
3,809−6.1%
Free cash flow
2,981
5,116+71.6%
YoY
+71.6%
Returned to shareholders
4,356
2,170−50.2%
% of free cash flow
146.1%
42.4%
Dividends
1,339
1,374+2.6%
Buybacks
3,017
796−73.6%
Change in total debt
—
4,390
Cash left over
—
7,336
FCF conversion (FCF ÷ net income)
72.8%
115.4%+42.6 pp
Owner earnings
—
4,324
Owner earnings margin
—
4.6%
Buyback yield
5.7%
0.8%−4.9 pp
Returns & ratios
ROIC (all capital)
9.1%
9.7%+0.6 pp
ROIC (operating)
8.0%
8.4%+0.4 pp
Net debt / EBITDA
1.59x
1.19x−0.40x
Debt / equity
0.73x
0.79x+0.06x
ROE
14.6%
14.0%−0.6 pp
ROA
4.7%
4.5%−0.2 pp
ROCE
7.2%
6.8%−0.4 pp
NOPAT
3,924
4,180+6.5%
Invested capital (operating)
49,318
50,389+2.2%
Invested capital (all)
43,151
43,305+0.4%
Reinvestment rate
—
25.6%
Income
Aug '25
Nov '25
Feb '26
May '26
Revenue
22,244
23,469
24,000
25,007
vs year-ago quarter
Operating income
1,186
1,378
1,348
1,551
Net income
824
956
1,056
1,597
vs year-ago quarter
Net margin
3.7%
4.1%
4.4%
6.4%
EPS (diluted, $)
3.46
4.04
4.41
6.68
vs year-ago quarter
Balance sheet
Aug '25
Nov '25
Feb '26
May '26
Total assets
88,416
89,181
94,733
98,937
Cash & equivalents
6,166
6,570
8,008
13,311
Total debt
20,291
20,294
22,831
24,969
Shareholders’ equity
27,771
28,140
29,804
31,647
Cash flow
Aug '25
Nov '25
Feb '26
May '26
Operating cash flow
1,716
1,951
1,993
3,265
Capex
623
757
955
1,474
Free cash flow
1,093
1,194
1,038
1,791
vs year-ago quarter