FedEx Freight
FDXF · NYSEAir Courier Services · Fiscal year ends May 31
FedEx Freight reported revenue of $8.8B in the fiscal year ended May 2026, down 1.1% from the year before. Operating income was $540M, an operating margin of 6.1%, and net income was $655M. Operating cash flow of $167M less capital expenditure of $379M left free cash flow of −$212M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | May 2024 | May 2025 | May 2026 |
|---|---|---|---|
| Revenue | $9.4B | $8.9B | $8.8B |
| Operating income | $1.8B | $1.4B | $540M |
| Interest expense | $0 | $0 | $57M |
| Pre-tax income | $2.1B | $1.8B | $884M |
| Income tax | $505M | $456M | $229M |
| Net income | $1.6B | $1.3B | $655M |
| Diluted EPS | 10.53 | 9.00 | 4.38 |
| Diluted shares | 150M | 150M | 150M |
Balance sheet
| Fiscal year | May 2024 | May 2025 | May 2026 |
|---|---|---|---|
| Receivables | – | $132M | $1.2B |
| Current assets | – | $284M | $1.5B |
| Goodwill | $602M | $602M | $602M |
| Total assets | – | $5B | $6.9B |
| Payables | – | $150M | $106M |
| Current liabilities | – | $773M | $993M |
| Long-term debt | – | $66M | $4.3B |
| Shareholders' equity | $2.1B | $2.4B | −$497M |
Cash flow
| Fiscal year | May 2024 | May 2025 | May 2026 |
|---|---|---|---|
| Operating cash flow | $1.5B | $1.5B | $167M |
| Capital expenditure | $461M | $437M | $379M |
| Free cash flow | $1.1B | $1.1B | −$212M |
| Depreciation & amortisation | $455M | $471M | $512M |
| Stock-based compensation | $12M | $10M | $13M |
| Dividends paid | $0 | $0 | $48M |
Key ratios
| Fiscal year | May 2024 | May 2025 | May 2026 |
|---|---|---|---|
| Revenue growth (YoY) | – | −5.6% | −1.1% |
| Operating income growth (YoY) | – | −19.9% | −61.5% |
| EPS growth (YoY) | – | −14.5% | −51.3% |
| Operating margin | 18.6% | 15.8% | 6.1% |
| Net margin | 16.7% | 15.1% | 7.4% |
| Return on equityBlank when equity is negative | 74.1% | 56.2% | – |
| ROCEEBIT ÷ (assets − current liabilities) | – | 33.0% | 9.2% |
| Free cash flow margin | 11.5% | 12.3% | −2.4% |
| Cash conversion (CFO ÷ net income) | 0.98x | 1.14x | 0.25x |
| Receivable days | – | 5 | 48 |
| Interest cover | – | – | 9.47x |
| Debt ÷ equity | – | 0.03x | – |
| Current ratio | – | 0.37x | 1.52x |
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.