Fedex Corp Financials
This page shows Fedex Corp (FDX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Fedex Corp has an operating margin of 5.9%, meaning the company retains $6 of operating profit per $100 of revenue. This results in a moderate score of 35/100, indicating healthy but not exceptional operating efficiency. This is down from 6.3% the prior year.
Fedex Corp's revenue grew a modest 0.3% year-over-year to $87.9B. This slow but positive growth earns a score of 34/100.
Fedex Corp carries a low D/E ratio of 0.71, meaning only $0.71 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 88/100, indicating a strong balance sheet with room for future borrowing.
Fedex Corp's current ratio of 1.19 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 19/100, which could limit financial flexibility.
Fedex Corp has a free cash flow margin of 3.4%, earning a moderate score of 33/100. The company generates positive cash flow after capital investments, but with room for improvement.
Fedex Corp's ROE of 14.6% shows moderate profitability relative to equity, earning a score of 44/100. This is down from 15.7% the prior year.
Fedex Corp scores 2.77, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Fedex Corp passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Fedex Corp generates $1.72 in operating cash flow ($7.0B OCF vs $4.1B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Fedex Corp earns $6.6 in operating income for every $1 of interest expense ($5.2B vs $789.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Fedex Corp generated $87.9B in revenue in fiscal year 2025. This represents an increase of 0.3% from the prior year.
Fedex Corp's EBITDA was $9.5B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 3.7% from the prior year.
Fedex Corp reported $4.1B in net income in fiscal year 2025. This represents a decrease of 5.5% from the prior year.
Cash & Balance Sheet
Fedex Corp generated $3.0B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 4.9% from the prior year.
Fedex Corp held $5.5B in cash against $19.9B in long-term debt as of fiscal year 2025.
Fedex Corp paid $5.52 per share in dividends in fiscal year 2025. This represents an increase of 46.0% from the prior year.
Fedex Corp had 236M shares outstanding in fiscal year 2025. This represents a decrease of 3.4% from the prior year.
Margins & Returns
Fedex Corp's operating margin was 5.9% in fiscal year 2025, reflecting core business profitability. This is down 0.4 percentage points from the prior year.
Fedex Corp's net profit margin was 4.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.3 percentage points from the prior year.
Fedex Corp's ROE was 14.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.1 percentage points from the prior year.
Capital Allocation
Fedex Corp spent $3.0B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 20.7% from the prior year.
Fedex Corp invested $4.1B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 21.7% from the prior year.
FDX Income Statement
| Metric | Q4'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $24.0B+2.3% | $23.5B+5.5% | $22.2B+0.1% | $22.2B+0.3% | $22.2B+0.9% | $22.0B+1.8% | $21.6B-2.4% | $22.1B |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | $1.3B-2.2% | $1.4B+16.2% | $1.2B-33.9% | $1.8B+38.8% | $1.3B+22.8% | $1.1B-2.6% | $1.1B-30.5% | $1.6B |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $207.0M-37.8% | $333.0M+7.4% | $310.0M-46.1% | $575.0M+111.4% | $272.0M+13.3% | $240.0M-8.4% | $262.0M-52.7% | $554.0M |
| Net Income | $1.1B+10.5% | $956.0M+16.0% | $824.0M-50.0% | $1.6B+81.3% | $909.0M+22.7% | $741.0M-6.7% | $794.0M-46.1% | $1.5B |
| EPS (Diluted) | $4.41 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
FDX Balance Sheet
| Metric | Q4'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $94.7B+6.2% | $89.2B+0.9% | $88.4B+0.9% | $87.6B+3.0% | $85.0B-0.5% | $85.5B-1.4% | $86.7B-0.3% | $87.0B |
| Current Assets | $25.5B+23.4% | $20.7B+6.8% | $19.3B+5.2% | $18.4B+6.8% | $17.2B-2.9% | $17.7B-2.1% | $18.1B-0.6% | $18.2B |
| Cash & Equivalents | $8.0B+21.9% | $6.6B+6.6% | $6.2B+12.1% | $5.5B+7.1% | $5.1B+2.1% | $5.0B-15.4% | $5.9B-8.6% | $6.5B |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $6.8B+2.0% | $6.6B-0.7% | $6.7B+1.0% | $6.6B+4.3% | $6.3B+0.7% | $6.3B-3.4% | $6.5B+1.4% | $6.4B |
| Total Liabilities | $64.9B+6.4% | $61.0B+0.7% | $60.6B+1.8% | $59.6B+2.1% | $58.3B-1.2% | $59.0B-0.9% | $59.5B+0.2% | $59.4B |
| Current Liabilities | $17.3B+6.6% | $16.2B+4.4% | $15.5B+0.7% | $15.4B+10.9% | $13.9B-3.4% | $14.4B+2.0% | $14.1B+5.7% | $13.4B |
| Long-Term Debt | $22.8B+12.5% | $20.3B0.0% | $20.3B+2.0% | $19.9B+1.9% | $19.5B+0.5% | $19.4B-1.2% | $19.7B-0.5% | $19.8B |
| Total Equity | $29.8B+5.9% | $28.1B+1.3% | $27.8B-1.1% | $28.1B+5.1% | $26.7B+0.9% | $26.5B-2.6% | $27.2B-1.5% | $27.6B |
| Retained Earnings | $42.9B+1.7% | $42.2B+1.5% | $41.5B+0.3% | $41.4B+4.1% | $39.8B+1.5% | $39.2B+1.1% | $38.8B+0.3% | $38.6B |
FDX Cash Flow Statement
| Metric | Q4'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.0B+2.2% | $2.0B+13.7% | $1.7B-31.9% | $2.5B+25.2% | $2.0B+52.7% | $1.3B+11.0% | $1.2B-56.0% | $2.7B |
| Capital Expenditures | $955.0M+26.2% | $757.0M+21.5% | $623.0M-57.7% | $1.5B+47.7% | $997.0M+21.9% | $818.0M+6.6% | $767.0M-36.2% | $1.2B |
| Free Cash Flow | $1.0B-13.1% | $1.2B+9.2% | $1.1B+4.5% | $1.0B+3.1% | $1.0B+103.0% | $500.0M+19.0% | $420.0M-71.9% | $1.5B |
| Investing Cash Flow | -$955.0M-10.9% | -$861.0M-39.1% | -$619.0M+56.8% | -$1.4B-35.9% | -$1.1B-31.1% | -$804.0M-0.2% | -$802.0M+35.0% | -$1.2B |
| Financing Cash Flow | $4.0B+727.8% | -$632.0M-37.4% | -$460.0M+45.7% | -$847.0M+1.9% | -$863.0M+35.6% | -$1.3B-38.3% | -$969.0M-63.7% | -$592.0M |
| Dividends Paid | $341.0M-0.3% | $342.0M-0.9% | $345.0M+4.2% | $331.0M-0.3% | $332.0M-1.5% | $337.0M-0.6% | $339.0M+9.4% | $310.0M |
| Share Buybacks | $0-100.0% | $296.0M-40.8% | $500.0M0.0% | $500.0M+0.6% | $497.0M-51.3% | $1.0B+2.0% | $1.0B+100.0% | $500.0M |
FDX Financial Ratios
| Metric | Q4'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 5.6%-0.3pp | 5.9%+0.5pp | 5.3%-2.7pp | 8.1%+2.2pp | 5.8%+1.0pp | 4.8%-0.2pp | 5.0%-2.0pp | 7.0% |
| Net Margin | 4.4%+0.3pp | 4.1%+0.4pp | 3.7%-3.7pp | 7.4%+3.3pp | 4.1%+0.7pp | 3.4%-0.3pp | 3.7%-3.0pp | 6.7% |
| Return on Equity | 3.5%+0.1pp | 3.4%+0.4pp | 3.0%-2.9pp | 5.9%+2.5pp | 3.4%+0.6pp | 2.8%-0.1pp | 2.9%-2.4pp | 5.3% |
| Return on Assets | 1.1%+0.0pp | 1.1%+0.1pp | 0.9%-1.0pp | 1.9%+0.8pp | 1.1%+0.2pp | 0.9%-0.1pp | 0.9%-0.8pp | 1.7% |
| Current Ratio | 1.47+0.2 | 1.27+0.0 | 1.25+0.1 | 1.19-0.0 | 1.240.0 | 1.23-0.1 | 1.28-0.1 | 1.36 |
| Debt-to-Equity | 0.77+0.0 | 0.720.0 | 0.73+0.0 | 0.71-0.0 | 0.730.0 | 0.73+0.0 | 0.720.0 | 0.72 |
| FCF Margin | 4.3%-0.8pp | 5.1%+0.2pp | 4.9%+0.2pp | 4.7%+0.1pp | 4.6%+2.3pp | 2.3%+0.3pp | 1.9%-4.8pp | 6.8% |
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Frequently Asked Questions
What is Fedex Corp's annual revenue?
Fedex Corp (FDX) reported $87.9B in total revenue for fiscal year 2025. This represents a 0.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Fedex Corp's revenue growing?
Fedex Corp (FDX) revenue grew by 0.3% year-over-year, from $87.7B to $87.9B in fiscal year 2025.
Is Fedex Corp profitable?
Yes, Fedex Corp (FDX) reported a net income of $4.1B in fiscal year 2025, with a net profit margin of 4.7%.
What is Fedex Corp's EBITDA?
Fedex Corp (FDX) had EBITDA of $9.5B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Fedex Corp have?
As of fiscal year 2025, Fedex Corp (FDX) had $5.5B in cash and equivalents against $19.9B in long-term debt.
What is Fedex Corp's operating margin?
Fedex Corp (FDX) had an operating margin of 5.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Fedex Corp's net profit margin?
Fedex Corp (FDX) had a net profit margin of 4.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Fedex Corp pay dividends?
Yes, Fedex Corp (FDX) paid $5.52 per share in dividends during fiscal year 2025.
What is Fedex Corp's return on equity (ROE)?
Fedex Corp (FDX) has a return on equity of 14.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Fedex Corp's free cash flow?
Fedex Corp (FDX) generated $3.0B in free cash flow during fiscal year 2025. This represents a -4.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Fedex Corp's operating cash flow?
Fedex Corp (FDX) generated $7.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Fedex Corp's total assets?
Fedex Corp (FDX) had $87.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Fedex Corp's capital expenditures?
Fedex Corp (FDX) invested $4.1B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Fedex Corp's current ratio?
Fedex Corp (FDX) had a current ratio of 1.19 as of fiscal year 2025, which is considered adequate.
What is Fedex Corp's debt-to-equity ratio?
Fedex Corp (FDX) had a debt-to-equity ratio of 0.71 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Fedex Corp's return on assets (ROA)?
Fedex Corp (FDX) had a return on assets of 4.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Fedex Corp's Altman Z-Score?
Fedex Corp (FDX) has an Altman Z-Score of 2.77, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Fedex Corp's Piotroski F-Score?
Fedex Corp (FDX) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Fedex Corp's earnings high quality?
Fedex Corp (FDX) has an earnings quality ratio of 1.72x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Fedex Corp cover its interest payments?
Fedex Corp (FDX) has an interest coverage ratio of 6.6x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Fedex Corp?
Fedex Corp (FDX) scores 42 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.