Fedex Corp Financials
Fedex Corp (FDX) reported $94.7B in revenue for fiscal year 2026, up 7.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Cash generation improved sharply, but the liquidity jump also reflects a financing pivot rather than operations alone.
Operating cash flow rose to$8.9B from$7.0B , outpacing net-income growth and showing improved cash conversion in FY2026. Capital spending fell to$3.8B from$4.1B , so the jump in free cash flow also reflects lighter reinvestment rather than operating improvement alone.
Revenue rose
Cash liquidity climbed to
Financial Health Signals
Scored against operating companies for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Fedex Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Fedex Corp has an operating margin of 5.8%, meaning the company retains $6 of operating profit per $100 of revenue. This strong profitability earns a score of 68/100, reflecting efficient cost management and pricing power. This is down from 5.9% the prior year.
Fedex Corp's revenue grew 7.7% year-over-year to $94.7B, a solid pace of expansion. This earns a growth score of 46/100.
Fedex Corp has a moderate D/E ratio of 0.74. This balance of debt and equity financing earns a leverage score of 46/100.
Fedex Corp's current ratio of 1.48 indicates adequate short-term liquidity, earning a score of 40/100. The company can meet its near-term obligations, though with limited headroom.
Fedex Corp has a free cash flow margin of 5.4%, earning a moderate score of 45/100. The company generates positive cash flow after capital investments, but with room for improvement.
Fedex Corp earns a strong 14.0% return on equity (ROE), meaning it generates $14 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 69/100. This is down from 14.6% the prior year.
Fedex Corp scores 2.57, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Fedex Corp passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Fedex Corp generates $2.01 in operating cash flow ($8.9B OCF vs $4.4B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Fedex Corp earns $5.63 in operating income for every $1 of interest expense ($5.5B vs $970.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Fedex Corp generated $94.7B in revenue in fiscal year 2026. This represents an increase of 7.7% from the prior year.
Fedex Corp's EBITDA was $9.8B in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 3.7% from the prior year.
Fedex Corp reported $4.4B in net income in fiscal year 2026. This represents an increase of 8.3% from the prior year.
Not reported for fiscal year 2026.
Cash & Balance Sheet
Fedex Corp generated $5.1B in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 71.6% from the prior year.
Fedex Corp held $13.3B in cash against $23.3B in long-term debt as of fiscal year 2026.
Fedex Corp paid $5.80 per share in dividends in fiscal year 2026. This represents an increase of 5.1% from the prior year.
Margins & Returns
Fedex Corp's operating margin was 5.8% in fiscal year 2026, reflecting core business profitability. This is down 0.2 percentage points from the prior year.
Fedex Corp's net profit margin was 4.7% in fiscal year 2026, showing the share of revenue converted to profit. That is unchanged from the prior year.
Fedex Corp's ROE was 14.0% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is down 0.6 percentage points from the prior year.
Not reported for fiscal year 2026.
Capital Allocation
Fedex Corp spent $796.0M on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 73.6% from the prior year.
Fedex Corp invested $3.8B in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 6.1% from the prior year.
Not reported for fiscal year 2026.
FDX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $94.7B+7.7% | $87.9B+0.3% | $87.7B-2.7% | $90.2B-3.6% | $93.5B+11.4% | $84.0B+21.3% | $69.2B-0.7% | $69.7B+6.5% | $65.5B+8.5% | $60.3B+19.8% | $50.4B+6.1% | $47.5B+4.1% | $45.6B+2.9% | $44.3B+3.8% | $42.7B |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $16.7B+10.3% | $15.1B+10.8% | $13.6B | 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 | $53.0B+5.3% | $50.3B+7.8% | $46.7B | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $33.8B+8.4% | $31.2B+0.9% | $31.0B-0.2% | $31.0B-3.2% | $32.1B+6.2% | $30.2B+20.5% | $25.0B+1.0% | $24.8B+4.1% | $23.8B+8.2% | $22.0B+18.3% | $18.6B+8.6% | $17.1B+5.8% | $16.2B+0.7% | $16.1B-0.3% | $16.1B |
| Operating Income | $5.5B+4.7% | $5.2B-6.2% | $5.6B+13.2% | $4.9B-21.3% | $6.2B+6.6% | $5.9B+142.3% | $2.4B-45.9% | $4.5B+4.5% | $4.3B-6.4% | $4.6B+48.4% | $3.1B+64.8% | $1.9B-51.1% | $3.8B-14.0% | $4.4B+39.2% | $3.2B |
| Interest Expense | $970.0M+22.9% | $789.0M+5.9% | $745.0M+7.3% | $694.0M+0.7% | $689.0M-13.1% | $793.0M+18.0% | $672.0M+14.3% | $588.0M+5.4% | $558.0M+9.0% | $512.0M+52.4% | $336.0M+43.0% | $235.0M+46.9% | $160.0M+95.1% | $82.0M+57.7% | $52.0M |
| Income Tax | $1.4B+0.8% | $1.3B-10.4% | $1.5B+8.2% | $1.4B+30.0% | $1.1B-25.8% | $1.4B+276.8% | $383.0M+233.0% | $115.0M+152.5% | -$219.0M-113.8% | $1.6B+72.0% | $920.0M+59.4% | $577.0M-56.7% | $1.3B-17.8% | $1.6B+46.3% | $1.1B |
| Net Income | $4.4B+8.3% | $4.1B-5.5% | $4.3B+9.0% | $4.0B+3.8% | $3.8B-26.9% | $5.2B+306.8% | $1.3B+138.1% | $540.0M-88.2% | $4.6B+52.6% | $3.0B+64.7% | $1.8B+73.3% | $1.1B-54.8% | $2.3B-14.4% | $2.7B+33.7% | $2.0B |
Not reported in any period shown, so not listed: R&D Expenses, EPS (Diluted).
FDX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $98.9B+12.9% | $87.6B+0.7% | $87.0B-0.2% | $87.1B+1.3% | $86.0B+3.9% | $82.8B+12.6% | $73.5B+35.2% | $54.4B+4.0% | $52.3B+7.8% | $48.6B+5.6% | $46.0B+26.0% | $36.5B+10.3% | $33.1B-1.5% | $33.6B+12.3% | $29.9B |
| Current Assets | $27.9B+51.8% | $18.4B+1.0% | $18.2B-2.2% | $18.6B-8.6% | $20.4B-1.0% | $20.6B+25.6% | $16.4B+25.2% | $13.1B-1.9% | $13.3B+5.6% | $12.6B+5.3% | $12.0B+16.0% | $10.3B+6.7% | $9.7B-14.1% | $11.3B+24.5% | $9.1B |
| Cash & Equivalents | $13.3B+141.9% | $5.5B-15.4% | $6.5B-5.2% | $6.9B-0.6% | $6.9B-2.7% | $7.1B+45.2% | $4.9B+110.5% | $2.3B-29.0% | $3.3B-17.7% | $4.0B+12.3% | $3.5B-6.1% | $3.8B+29.4% | $2.9B-40.9% | $4.9B+73.0% | $2.8B |
| Goodwill | $6.7B+2.0% | $6.6B+2.8% | $6.4B-0.2% | $6.4B-1.7% | $6.5B-6.4% | $7.0B+9.7% | $6.4B-7.4% | $6.9B-1.3% | $7.0B-2.5% | $7.2B+6.0% | $6.7B+77.1% | $3.8B+36.6% | $2.8B+1.3% | $2.8B+15.4% | $2.4B |
| Total Liabilities | $67.3B+13.0% | $59.6B+0.2% | $59.4B-2.7% | $61.1B0.0% | $61.1B+4.2% | $58.6B+6.1% | $55.2B+50.7% | $36.6B+11.3% | $32.9B+1.3% | $32.5B+0.9% | $32.2B+49.8% | $21.5B+20.7% | $17.8B+10.0% | $16.2B+6.5% | $15.2B |
| Current Liabilities | $18.9B+22.7% | $15.4B+15.4% | $13.4B-1.7% | $13.6B-4.8% | $14.3B+4.5% | $13.7B+32.1% | $10.3B+14.8% | $9.0B-6.4% | $9.6B+21.6% | $7.9B-1.1% | $8.0B+34.5% | $6.0B+12.1% | $5.3B-7.6% | $5.8B+7.0% | $5.4B |
| Long-Term Debt | $23.3B+21.6% | $19.2B-4.9% | $20.1B-1.6% | $20.5B+1.3% | $20.2B-2.7% | $20.7B-5.6% | $22.0B+32.1% | $16.6B+9.0% | $15.2B+2.2% | $14.9B+8.6% | $13.7B+89.4% | $7.2B+53.1% | $4.7B+72.9% | $2.7B+119.1% | $1.3B |
| Total Equity | $31.6B+12.7% | $28.1B+1.8% | $27.6B+5.7% | $26.1B+4.6% | $24.9B+3.2% | $24.2B+32.1% | $18.3B+3.0% | $17.8B-8.5% | $19.4B+20.8% | $16.1B+16.6% | $13.8B-8.1% | $15.0B-1.9% | $15.3B-12.2% | $17.4B+18.1% | $14.7B |
| Retained Earnings | $44.5B+7.4% | $41.4B+7.1% | $38.6B+9.6% | $35.3B+7.6% | $32.8B+9.9% | $29.8B+18.2% | $25.2B+2.3% | $24.6B-0.7% | $24.8B+19.2% | $20.8B+13.4% | $18.4B+8.7% | $16.9B+4.1% | $16.2B-12.4% | $18.5B+8.1% | $17.1B |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable.
FDX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $8.9B+26.8% | $7.0B-15.4% | $8.3B-6.1% | $8.8B-10.0% | $9.8B-3.0% | $10.1B+98.8% | $5.1B-9.2% | $5.6B+20.1% | $4.7B-5.2% | $4.9B-13.6% | $5.7B+6.4% | $5.4B+25.8% | $4.3B-9.0% | $4.7B-3.0% | $4.8B |
| Capital Expenditures | $3.8B-6.1% | $4.1B-21.7% | $5.2B-16.2% | $6.2B-8.7% | $6.8B+14.9% | $5.9B+0.3% | $5.9B+6.9% | $5.5B-3.1% | $5.7B+10.7% | $5.1B+6.2% | $4.8B+10.8% | $4.3B+23.0% | $3.5B+4.7% | $3.4B-15.8% | $4.0B |
| Free Cash Flow | $5.1B+71.6% | $3.0B-4.9% | $3.1B+17.3% | $2.7B-12.9% | $3.1B-27.8% | $4.3B+651.4% | -$771.0M-726.8% | $123.0M+112.4% | -$989.0M-431.7% | -$186.0M-120.9% | $890.0M-12.7% | $1.0B+39.4% | $731.0M-44.3% | $1.3B+58.6% | $828.0M |
| Investing Cash Flow | -$3.9B+4.4% | -$4.1B+21.3% | -$5.2B+15.8% | -$6.2B+9.4% | -$6.8B-13.4% | -$6.0B-2.8% | -$5.8B-6.8% | -$5.5B+3.6% | -$5.7B-14.0% | -$5.0B+47.3% | -$9.4B-64.2% | -$5.8B-62.0% | -$3.6B+6.6% | -$3.8B+6.1% | -$4.0B |
| Financing Cash Flow | $2.7B+168.4% | -$4.0B-17.3% | -$3.4B-31.9% | -$2.6B+14.0% | -$3.0B-44.4% | -$2.1B-161.8% | $3.4B+425.4% | -$1.0B-557.7% | $227.0M-57.0% | $528.0M-85.4% | $3.6B+167.7% | $1.3B+149.6% | -$2.7B-329.6% | $1.2B+585.2% | -$244.0M |
| Dividends Paid | $1.4B+2.6% | $1.3B+6.4% | $1.3B+7.0% | $1.2B+48.4% | $793.0M+15.6% | $686.0M+1.0% | $679.0M-0.6% | $683.0M+27.7% | $535.0M+25.6% | $426.0M+53.8% | $277.0M+22.0% | $227.0M+21.4% | $187.0M+5.6% | $177.0M+7.9% | $164.0M |
| Share Buybacks | $796.0M-73.6% | $3.0B+20.7% | $2.5B+66.7% | $1.5B-33.3% | $2.2B | N/A | $3.0M-99.8% | $1.5B+45.5% | $1.0B+99.8% | $509.0M-81.3% | $2.7B+117.1% | $1.3B-74.2% | $4.9B+1874.4% | $246.0M+24.9% | $197.0M |
FDX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 76.1%-0.8pp | 76.9%-0.5pp | 77.4% | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 5.8%-0.2pp | 5.9%-0.4pp | 6.3%+0.9pp | 5.5%-1.2pp | 6.7%-0.3pp | 7.0%+3.5pp | 3.5%-2.9pp | 6.4%-0.1pp | 6.5%-1.0pp | 7.6%+1.5pp | 6.1%+2.2pp | 3.9%-4.4pp | 8.4%-1.6pp | 10.0%+2.5pp | 7.5% |
| Net Margin | 4.7%0.0pp | 4.7%-0.3pp | 4.9%+0.5pp | 4.4%+0.3pp | 4.1%-2.1pp | 6.2%+4.4pp | 1.9%+1.1pp | 0.8%-6.2pp | 7.0%+2.0pp | 5.0%+1.4pp | 3.6%+1.4pp | 2.2%-2.9pp | 5.1%-1.0pp | 6.1%+1.4pp | 4.8% |
| Return on Equity | 14.0%-0.6pp | 14.6%-1.1pp | 15.7%+0.5pp | 15.2%-0.1pp | 15.3%-6.3pp | 21.6%+14.6pp | 7.0%+4.0pp | 3.0%-20.5pp | 23.5%+4.9pp | 18.6%+5.4pp | 13.2%+6.2pp | 7.0%-8.2pp | 15.2%-0.4pp | 15.6%+1.8pp | 13.8% |
| Return on Assets | 4.5%-0.2pp | 4.7%-0.3pp | 5.0%+0.4pp | 4.6%+0.1pp | 4.5%-1.9pp | 6.3%+4.6pp | 1.8%+0.8pp | 1.0%-7.8pp | 8.7%+2.6pp | 6.2%+2.2pp | 4.0%+1.1pp | 2.9%-4.2pp | 7.0%-1.1pp | 8.1%+1.3pp | 6.8% |
| Current Ratio | 1.48+0.3x | 1.19-0.2x | 1.360.0x | 1.37-0.1x | 1.43-0.1x | 1.51-0.1x | 1.58+0.1x | 1.45+0.1x | 1.39-0.2x | 1.59+0.1x | 1.50-0.2x | 1.74-0.1x | 1.82-0.1x | 1.96+0.3x | 1.69 |
| Debt-to-Equity | 0.74+0.1x | 0.680.0x | 0.73-0.1x | 0.780.0x | 0.810.0x | 0.86-0.3x | 1.20+0.3x | 0.94+0.2x | 0.79-0.1x | 0.93-0.1x | 1.00+0.5x | 0.48+0.2x | 0.31+0.2x | 0.16+0.1x | 0.08 |
| FCF Margin | 5.4%+2.0pp | 3.4%-0.2pp | 3.6%+0.6pp | 3.0%-0.3pp | 3.3%-1.8pp | 5.1%+6.2pp | -1.1%-1.3pp | 0.2%+1.7pp | -1.5%-1.2pp | -0.3%-2.1pp | 1.8%-0.4pp | 2.1%+0.5pp | 1.6%-1.4pp | 3.0%+1.0pp | 1.9% |
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Where Fedex Corp Ranks
Frequently Asked Questions
What is Fedex Corp's annual revenue?
Fedex Corp (FDX) reported $94.7B in total revenue for fiscal year 2026. This represents a 7.7% 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 7.7% year-over-year, from $87.9B to $94.7B in fiscal year 2026.
Is Fedex Corp profitable?
Yes, Fedex Corp (FDX) reported a net income of $4.4B in fiscal year 2026, with a net profit margin of 4.7%.
What is Fedex Corp's EBITDA?
Fedex Corp (FDX) had EBITDA of $9.8B in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Fedex Corp have?
As of fiscal year 2026, Fedex Corp (FDX) had $13.3B in cash and equivalents against $23.3B in long-term debt.
What is Fedex Corp's operating margin?
Fedex Corp (FDX) had an operating margin of 5.8% in fiscal year 2026, 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 2026, representing the share of revenue converted into profit after all expenses.
Does Fedex Corp pay dividends?
Yes, Fedex Corp (FDX) paid $5.80 per share in dividends during fiscal year 2026.
What is Fedex Corp's return on equity (ROE)?
Fedex Corp (FDX) has a return on equity of 14.0% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Fedex Corp's free cash flow?
Fedex Corp (FDX) generated $5.1B in free cash flow during fiscal year 2026. This represents a 71.6% 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 $8.9B in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Fedex Corp's total assets?
Fedex Corp (FDX) had $98.9B in total assets as of fiscal year 2026, including both current and long-term assets.
What are Fedex Corp's capital expenditures?
Fedex Corp (FDX) invested $3.8B in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is Fedex Corp's current ratio?
Fedex Corp (FDX) had a current ratio of 1.48 as of fiscal year 2026, which is considered adequate.
What is Fedex Corp's debt-to-equity ratio?
Fedex Corp (FDX) had a debt-to-equity ratio of 0.74 as of fiscal year 2026, 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 4.5% for fiscal year 2026, 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 2.57, 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 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 2.01x, 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 5.63x, 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 52 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.