FirmAtlas
Company handbook · FDXF · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
FDXF · CIK 2082247 · LATEST FILING: 10-K FY25 · FILED AUG 5, 2026
FedEx Freight Holding Company, Inc.
$113.21
+2.71 (+2.45%)
Close, Oct 16, 2026 · 52-week $106–200
Last fiscal year
FedEx Freight Holding Company, Inc. reported revenue of $8.8B for the year ended May 31, 2026 (FY25), down 1.1% from FY24. Net income was $655M, operating cash flow $167M and free cash flow −$212M. Source: 10-K filed Aug 5, 2026.
Market cap
$16.9B
P/E
25.8
EV/EBITDA
20.1x
P/B
n/m
ROIC
13.1%
Revenue 1Y
−1.1%/yr
EPS 1Y
−51.3%/yr
Shares 1Y
+0.0%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
HQMemphis, TN
AuditorErnst & Young LLP
Year endsMay
Revenue by segment · FY25
Priority63%
Economy32%
Other5%
Compounded growth & averages
Upgrade to see 10 years
Where the cash went · FY24–FY25
$864M deployed
Capex
$816M
94.4%
Dividends
$48M
5.6%
Operating cash flow over the period: $1.7B. Total debt changed by +$4.4B.
Capex was more than operating cash flow in FY25.
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
Income
FY24
FY25
Revenue
8,892
8,795−1.1%
YoY
−1.1%
Operating income
1,404
540−61.5%
Operating margin
15.8%
6.1%−9.6 pp
EBITDA
1,875
1,052−43.9%
EBITDA margin
21.1%
12.0%−9.1 pp
Interest expense
0
57n/m
Interest coverage
—
18.46x
Net income
1,346
655−51.3%
YoY
−51.3%
Net margin
15.1%
7.4%−7.7 pp
EPS (diluted, $)
9.00
4.38−51.3%
YoY
−51.3%
Balance sheet
FY24
FY25
Total assets
5,022
6,884+37.1%
Cash & short-term investments
109
251+130.3%
Accounts receivable
132
1,154+774.2%
Net PP&E
2,780
2,923+5.1%
Other assets
2,001
2,556+27.7%
Total liabilities
2,629
7,381+180.8%
Accounts payable
150
106−29.3%
Total debt
66
4,484+6693.9%
Other liabilities
2,413
2,791+15.7%
Shareholders’ equity
2,393
(497)−120.8%
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
FY24
FY25
Cash from operations
1,531
167−89.1%
Net income
1,346
655−51.3%
Depreciation & amortization
471
512+8.7%
Stock-based compensation
10
13+30.0%
Working capital & other
(296)
(1,013)n/m
Cash from investing
(385)
(363)n/m
Capex
(437)
(379)n/m
PP&E sold
52
16−69.2%
Other investing
0
0n/m
Cash from financing
(1,140)
335n/m
Debt raised
0
4,271n/m
Debt repaid
(63)
(26)n/m
Dividends
0
(48)n/m
Other financing
(1,077)
(3,862)n/m
Net change in cash
3
142+4633.3%
Free cash flow (OCF − capex)
1,094
(212)−119.4%
Where the cash went
FY24
FY25
Operating cash flow
1,531
167−89.1%
Reinvested in the business
437
379−13.3%
% of operating cash flow
28.5%
226.9%
Capex
437
379−13.3%
Free cash flow
1,094
(212)−119.4%
YoY
−119.4%
Returned to shareholders
0
48n/m
% of free cash flow
0.0%
—
Dividends
0
48n/m
Change in total debt
—
4,418
Cash left over
—
4,158
FCF conversion (FCF ÷ net income)
81.3%
−32.4%−113.6 pp
Owner earnings
—
(278)
Owner earnings margin
—
−3.2%
Returns & ratios
FY24
FY25
ROIC (all capital)
44.6%
13.1%−31.5 pp
ROIC (operating)
38.0%
11.9%−26.1 pp
Net debt / EBITDA
−0.02x
4.02x+4.05x
Debt / equity
0.03x
n/m
ROE
56.2%
−131.8%−188.0 pp
ROA
26.8%
9.5%−17.3 pp
ROCE
33.0%
9.2%−23.9 pp
NOPAT
1,049
400−61.8%
Invested capital (operating)
2,762
3,971+43.8%
Invested capital (all)
2,350
3,736+59.0%
Reinvestment rate
—
302.2%
Net debt is 4.0x EBITDA (FY25).