FEDEX
FDX · NYSEAir Courier Services · Fiscal year ends May 31
FEDEX reported revenue of $94.7B in the fiscal year ended May 2026, up 7.7% from the year before. Operating income was $5.5B, an operating margin of 5.8%, and net income was $4.4B. Operating cash flow of $8.9B less capital expenditure of $3.8B left free cash flow of $5.1B. Net debt was $10.7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Revenue | $93.5B | $90.2B | $87.7B | $87.9B | $94.7B |
| Operating income | $6.2B | $4.9B | $5.6B | $5.2B | $5.5B |
| Interest expense | $689M | $694M | $745M | $789M | $970M |
| Pre-tax income | $4.9B | $5.4B | $5.8B | $5.4B | $5.8B |
| Income tax | $1.1B | $1.4B | $1.5B | $1.3B | $1.4B |
| Net income | $3.8B | $4B | $4.3B | $4.1B | $4.4B |
| Diluted EPS | 14.33 | 15.48 | 17.21 | 16.81 | 18.55 |
| Diluted shares | 266M | 256M | 251M | 243M | 239M |
Balance sheet
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $6.9B | $6.9B | $6.5B | $5.5B | $13.3B |
| Receivables | $11.9B | $10.2B | $10.1B | $11.4B | $12.7B |
| Current assets | $20.4B | $18.6B | $18.2B | $18.4B | $27.9B |
| Net PP&E | $38.1B | $40.7B | $41.5B | $41.6B | – |
| Goodwill | $6.5B | $6.4B | $6.4B | $6.6B | $6.7B |
| Total assets | $86B | $87.1B | $87B | $87.6B | $98.9B |
| Payables | $4B | $3.8B | $3.2B | $3.7B | $4.3B |
| Deferred revenue | $8M | $19M | $23M | $23M | $20M |
| Current liabilities | $14.3B | $13.6B | $13.4B | $15.4B | $18.9B |
| Short-term debt | – | – | – | $0 | $745M |
| Long-term debt | $19.8B | $19.8B | $19.8B | $19.2B | $23.3B |
| Shareholders' equity | $24.9B | $26.1B | $27.6B | $28.1B | $31.6B |
Cash flow
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $9.8B | $8.8B | $8.3B | $7B | $8.9B |
| Capital expenditure | $6.8B | $6.2B | $5.2B | $4.1B | $3.8B |
| Free cash flow | $3.1B | $2.7B | $3.1B | $3B | $5.1B |
| Depreciation & amortisation | $4B | $4.2B | $4.3B | $4.3B | $4.4B |
| Stock-based compensation | $190M | $182M | $163M | $154M | $177M |
| Share buybacks | $2.2B | $1.5B | $2.5B | $3B | $796M |
| Dividends paid | $793M | $1.2B | $1.3B | $1.3B | $1.4B |
| Dividend per share | 3.00 | 5.86 | 3.78 | 5.52 | 5.80 |
Key ratios
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −3.6% | −2.7% | 0.3% | 7.7% |
| Operating income growth (YoY) | – | −21.3% | 13.2% | −6.2% | 4.7% |
| EPS growth (YoY) | – | 8.0% | 11.2% | −2.3% | 10.4% |
| Operating margin | 6.7% | 5.4% | 6.3% | 5.9% | 5.8% |
| Net margin | 4.1% | 4.4% | 4.9% | 4.7% | 4.7% |
| Return on equityBlank when equity is negative | 15.3% | 15.2% | 15.7% | 14.6% | 14.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.7% | 6.7% | 7.5% | 7.2% | 6.8% |
| Free cash flow margin | 3.3% | 3.0% | 3.6% | 3.4% | 5.4% |
| Cash conversion (CFO ÷ net income) | 2.57x | 2.23x | 1.92x | 1.72x | 2.01x |
| Receivable days | 46 | 41 | 42 | 47 | 49 |
| Interest cover | 9.06x | 7.08x | 7.46x | 6.61x | 5.63x |
| Debt ÷ equity | 0.79x | 0.76x | 0.72x | 0.68x | 0.76x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $12.9B | $12.9B | $13.3B | $13.6B | $10.7B |
| Current ratio | 1.43x | 1.37x | 1.36x | 1.19x | 1.48x |
Recent filings
More in Air Courier Services
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.