FedEx Corporation (FDX) 10-Year Financial Performance & Capital Metrics

FDX • • Industrial / General

IndustrialsFreight & LogisticsIntegrated Express & Parcel DeliveryGlobal Express & Parcel Carriers

AboutFedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. The company's FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; time-critical transportation services; and cross-border enablement, technology, and e-commerce transportation solutions. Its FedEx Ground segment provides day-certain delivery services to businesses and residences. The company's FedEx Freight segment offers less-than-truckload freight transportation services. As of May 31, 2022, this segment had approximately 30,000 vehicles and 400 service centers. Its FedEx Services segment provides sales, marketing, information technology, communications, customer service, technical support, billing and collection, and back-office support services. The company's Corporate, Other and Eliminations segment offers integrated supply chain management solutions, specialty transportation, customs brokerage, and global ocean and air freight forwarding services; and document and business services, as well as retail access to its customers for its package transportation businesses. FedEx Corporation was founded in 1971 and is based in Memphis, Tennessee.Show more

Revenue $87.93B +0.3%
EBITDA $10.35B -2.8%
Net Income $4.09B -5.5%
EPS (Diluted) 16.81 -2.3%
Gross Margin 21.6%
EBITDA Margin 11.77% -3.0%
Operating Margin 6.92% -4.5%
Net Margin 4.65% -5.8%
ROE 14.7% -8.9%
ROIC 7.68% -6.2%
Debt/Equity 1.33 -2.5%
Interest Coverage 7.71 -9.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 26.0%
✓Momentum leader: RS Rating 80 (top 20%)
✓High quality earnings: Operating CF exceeds net income
✓Good 3Y average ROE of 15.5%
✓Share count reduced 3.2% through buybacks
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.36%

5Y4.9%

3Y-2.03%

TTM3.09%

Profit (Net Income) CAGR

10Y14.57%

5Y26.05%

3Y2.27%

TTM11.55%

EPS CAGR

10Y16.5%

5Y27.96%

3Y5.39%

TTM14.91%

ROCE

10Y Avg9.51%

5Y Avg8.54%

3Y Avg8.11%

Latest8.34%

Peer Comparison

Global Express & Parcel Carriers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FDXFedEx Corporation	73.63B	313.16	18.63	0.27%	4.81%	15.41%	4.05%	1.33
UPSUnited Parcel Service, Inc.	80.27B	108.62	16.07	0.16%	6.16%	34.72%	7.74%	1.53

Profit & Loss

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Sales/Revenue+	50.37B	60.32B	65.45B	69.69B	69.22B	83.79B	93.51B	90.16B	87.69B	87.93B
Revenue Growth %	0.06%	0.2%	0.09%	0.06%	-0.01%	0.21%	0.12%	-0.04%	-0.03%	0%
Cost of Goods Sold+	38.54B	46.55B	51.35B	54.87B	55.87B	66B	73.34B	70.99B	68.74B	68.93B
COGS % of Revenue	0.77%	0.77%	0.78%	0.79%	0.81%	0.79%	0.78%	0.79%	0.78%	0.78%
Gross Profit+	11.83B	13.77B	14.1B	14.83B	13.34B	17.79B	20.17B	19.17B	18.95B	19B
Gross Margin %	0.23%	0.23%	0.22%	0.21%	0.19%	0.21%	0.22%	0.21%	0.22%	0.22%
Gross Profit Growth %	0.1%	0.16%	0.02%	0.05%	-0.1%	0.33%	0.13%	-0.05%	-0.01%	0%
Operating Expenses+	8.31B	8.34B	8.97B	10.04B	10.49B	11.77B	13.64B	13.83B	12.6B	12.91B
OpEx % of Revenue	0.17%	0.14%	0.14%	0.14%	0.15%	0.14%	0.15%	0.15%	0.14%	0.15%
Selling, General & Admin	8.31B	8.34B	8.97B	10.04B	10.49B	11.77B	13.64B	13.83B	12.6B	12.91B
SG&A % of Revenue	0.17%	0.14%	0.14%	0.14%	0.15%	0.14%	0.15%	0.15%	0.14%	0.15%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	3.52B	5.42B	5.13B	4.79B	2.85B	6.02B	6.52B	5.34B	6.36B	6.08B
Operating Margin %	0.07%	0.09%	0.08%	0.07%	0.04%	0.07%	0.07%	0.06%	0.07%	0.07%
Operating Income Growth %	0.5%	0.54%	-0.05%	-0.07%	-0.4%	1.11%	0.08%	-0.18%	0.19%	-0.04%
EBITDA+	6.15B	8.42B	8.22B	8.14B	6.47B	9.81B	10.49B	9.51B	10.64B	10.35B
EBITDA Margin %	0.12%	0.14%	0.13%	0.12%	0.09%	0.12%	0.11%	0.11%	0.12%	0.12%
EBITDA Growth %	0.24%	0.37%	-0.02%	-0.01%	-0.21%	0.52%	0.07%	-0.09%	0.12%	-0.03%
D&A (Non-Cash Add-back)	2.63B	3B	3.1B	3.35B	3.62B	3.79B	3.97B	4.18B	4.29B	4.26B
EBIT	3.08B	5.09B	4.91B	1.24B	2.34B	7.47B	5.58B	6.06B	6.58B	6.23B
Net Interest Income+	-315M	-479M	-510M	-529M	-617M	-741M	-636M	-496M	-375M	-426M
Interest Income	21M	33M	48M	59M	55M	52M	53M	198M	370M	363M
Interest Expense	336M	512M	558M	588M	672M	793M	689M	694M	745M	789M
Other Income/Expense	-775M	-846M	-776M	-4.13B	-1.18B	656M	-1.63B	25M	-519M	-641M
Pretax Income+	2.74B	4.58B	4.35B	655M	1.67B	6.67B	4.9B	5.36B	5.84B	5.44B
Pretax Margin %	0.05%	0.08%	0.07%	0.01%	0.02%	0.08%	0.05%	0.06%	0.07%	0.06%
Income Tax+	920M	1.58B	-219M	115M	383M	1.44B	1.07B	1.39B	1.5B	1.35B
Effective Tax Rate %	0.66%	0.65%	1.05%	0.82%	0.77%	0.78%	0.78%	0.74%	0.74%	0.75%
Net Income+	1.82B	3B	4.57B	540M	1.29B	5.23B	3.83B	3.97B	4.33B	4.09B
Net Margin %	0.04%	0.05%	0.07%	0.01%	0.02%	0.06%	0.04%	0.04%	0.05%	0.05%
Net Income Growth %	0.73%	0.65%	0.53%	-0.88%	1.38%	3.07%	-0.27%	0.04%	0.09%	-0.06%
Net Income (Continuing)	1.82B	3B	4.57B	540M	1.29B	5.23B	3.83B	3.97B	4.33B	4.09B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	6.51	11.07	16.81	2.04	4.90	19.48	14.36	15.49	17.21	16.81
EPS Growth %	0.78%	0.7%	0.52%	-0.88%	1.4%	2.98%	-0.26%	0.08%	0.11%	-0.02%
EPS (Basic)	6.59	11.24	17.12	2.06	4.92	19.77	14.52	15.61	17.44	16.96
Diluted Shares Outstanding	279M	270M	272M	265M	262M	268M	266M	256M	251M	243M
Basic Shares Outstanding	276M	266M	267M	262M	261M	264M	263M	254M	248M	243M
Dividend Payout Ratio	0.15%	0.14%	0.12%	1.26%	0.53%	0.13%	0.21%	0.3%	0.29%	0.33%

Balance Sheet

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Total Current Assets+	11.99B	12.63B	13.34B	13.09B	16.38B	20.58B	20.36B	18.58B	18.21B	18.39B
Cash & Short-Term Investments	3.53B	3.97B	3.27B	2.32B	4.88B	7.09B	6.9B	6.86B	6.5B	5.57B
Cash Only	3.53B	3.97B	3.27B	2.32B	4.88B	7.09B	6.9B	6.86B	6.5B	5.5B
Short-Term Investments	0	0	0	0	0	0	0	0	0	70M
Accounts Receivable	7.25B	7.6B	8.48B	9.12B	10.1B	12.07B	11.86B	10.19B	10.09B	11.37B
Days Sales Outstanding	52.56	45.98	47.3	47.74	53.27	52.57	46.3	41.25	41.98	47.19
Inventory	496M	514M	525M	553M	572M	587M	637M	604M	614M	602M
Days Inventory Outstanding	4.7	4.03	3.73	3.68	3.74	3.25	3.17	3.11	3.26	3.19
Other Current Assets	0	0	0	0	0	0	0	929M	1B	13M
Total Non-Current Assets+	34.08B	35.92B	38.99B	41.32B	57.15B	62.2B	65.63B	68.53B	68.8B	69.24B
Property, Plant & Equipment	24.28B	25.98B	28.15B	30.43B	47.52B	51.13B	54.7B	58.05B	58.61B	58.09B
Fixed Asset Turnover	2.07x	2.32x	2.32x	2.29x	1.46x	1.64x	1.71x	1.55x	1.50x	1.51x
Goodwill	6.75B	7.15B	6.97B	6.88B	6.37B	6.99B	6.54B	6.43B	6.42B	6.6B
Intangible Assets	1.01B	529M	480M	416M	322M	352M	301M	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	506M
Other Non-Current Assets	1.93B	2.26B	3.38B	3.59B	2.94B	3.72B	4.08B	4.05B	2.46B	4.04B
Total Assets+	46.06B	48.55B	52.33B	54.4B	73.54B	82.78B	85.99B	87.11B	87.01B	87.63B
Asset Turnover	1.09x	1.24x	1.25x	1.28x	0.94x	1.01x	1.09x	1.03x	1.01x	1.00x
Asset Growth %	0.24%	0.05%	0.08%	0.04%	0.35%	0.13%	0.04%	0.01%	-0%	0.01%
Total Current Liabilities+	8.01B	7.92B	9.63B	9.01B	10.34B	13.66B	14.27B	13.59B	13.36B	15.41B
Accounts Payable	2.94B	2.75B	2.98B	3.03B	3.27B	3.84B	4.03B	3.85B	3.19B	3.69B
Days Payables Outstanding	27.88	21.58	21.16	20.16	21.36	21.24	20.06	19.79	16.93	19.55
Short-Term Debt	29M	22M	1.34B	964M	0	50M	50M	126M	68M	1.43B
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	1.49B	1.48B	1.68B	1.32B	1.13B	2.28B	1.78B	1.65B	1.92B	1.65B
Current Ratio	1.50x	1.59x	1.39x	1.45x	1.58x	1.51x	1.43x	1.37x	1.36x	1.19x
Quick Ratio	1.44x	1.53x	1.33x	1.39x	1.53x	1.46x	1.38x	1.32x	1.32x	1.15x
Cash Conversion Cycle	29.37	28.44	29.87	31.26	35.65	34.58	29.42	24.57	28.31	30.83
Total Non-Current Liabilities+	24.17B	24.56B	23.29B	27.63B	44.9B	44.95B	46.78B	47.47B	46.07B	44.14B
Long-Term Debt	13.73B	14.91B	15.24B	16.62B	21.52B	20.3B	19.75B	20.45B	20.14B	19.15B
Capital Lease Obligations	0	0	0	0	12.63B	13.8B	14.92B	15.36B	15.05B	14.27B
Deferred Tax Liabilities	1.57B	2.48B	2.87B	2.82B	3.16B	3.93B	4.09B	4.49B	4.48B	4.21B
Other Non-Current Liabilities	8.71B	7.03B	5.06B	8.1B	7.59B	6.91B	8.02B	7.16B	6.4B	6.51B
Total Liabilities	32.28B	32.48B	32.91B	36.65B	55.24B	58.61B	61.05B	61.05B	59.42B	59.55B
Total Debt+	13.87B	14.93B	16.59B	17.58B	36.12B	36.46B	37.19B	38.33B	37.72B	37.42B
Net Debt	10.33B	10.96B	13.32B	15.26B	31.24B	29.38B	30.3B	31.48B	31.22B	31.91B
Debt / Equity	1.01x	0.93x	0.85x	0.99x	1.97x	1.51x	1.49x	1.47x	1.37x	1.33x
Debt / EBITDA	2.26x	1.77x	2.02x	2.16x	5.59x	3.72x	3.54x	4.03x	3.54x	3.62x
Net Debt / EBITDA	1.68x	1.30x	1.62x	1.88x	4.83x	2.99x	2.89x	3.31x	2.93x	3.08x
Interest Coverage	10.46x	10.60x	9.19x	8.14x	4.24x	7.59x	9.47x	7.69x	8.53x	7.71x
Total Equity+	13.78B	16.07B	19.42B	17.76B	18.3B	24.17B	24.94B	26.09B	27.58B	28.07B
Equity Growth %	-0.08%	0.17%	0.21%	-0.09%	0.03%	0.32%	0.03%	0.05%	0.06%	0.02%
Book Value per Share	49.41	59.53	71.38	67.01	69.83	90.18	93.76	101.91	109.89	115.53
Total Shareholders' Equity	13.78B	16.07B	19.42B	17.76B	18.3B	24.17B	24.94B	26.09B	27.58B	28.07B
Common Stock	32M	32M	32M	32M	32M	32M	32M	32M	32M	32M
Retained Earnings	18.37B	20.83B	24.82B	24.65B	25.22B	29.82B	32.78B	35.26B	38.65B	41.4B
Treasury Stock	-7.34B	-7.38B	-7.98B	-9.29B	-9.16B	-8.43B	-10.48B	-11.64B	-13.73B	-16.29B
Accumulated OCI	-169M	-415M	-578M	-865M	-1.15B	-732M	-1.1B	-1.33B	-1.36B	-1.36B
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Cash from Operations+	5.71B	4.93B	4.67B	5.61B	5.1B	10.13B	9.83B	8.81B	8.31B	7.04B
Operating CF Margin %	0.11%	0.08%	0.07%	0.08%	0.07%	0.12%	0.11%	0.1%	0.09%	0.08%
Operating CF Growth %	0.06%	-0.14%	-0.05%	0.2%	-0.09%	0.99%	-0.03%	-0.1%	-0.06%	-0.15%
Net Income	1.82B	3B	4.57B	540M	1.29B	5.23B	3.83B	3.97B	4.33B	4.09B
Depreciation & Amortization	2.63B	3B	3.1B	3.35B	3.62B	3.79B	3.97B	4.18B	4.29B	4.26B
Stock-Based Compensation	144M	154M	167M	174M	168M	200M	190M	182M	163M	154M
Deferred Taxes	31M	909M	-231M	-233M	1.06B	2.89B	2.93B	-182M	0	0
Other Non-Cash Items	1.62B	77M	531M	4.27B	3.06B	-104M	2.03B	3.84B	2.96B	3.24B
Working Capital Changes	-537M	-2.2B	-3.46B	-2.49B	-4.09B	-1.87B	-3.12B	-3.17B	-3.43B	-4.71B
Change in Receivables	-199M	-556M	-1.05B	-873M	-1.33B	-1.39B	-310M	782M	-270M	-1.78B
Change in Inventory	-234M	78M	-135M	873M	1.33B	1.39B	0	0	0	0
Change in Payables	467M	103M	141M	-571M	-1.79B	71M	-1.86B	-3.33B	-2.55B	-2.44B
Cash from Investing+	-9.45B	-4.98B	-5.68B	-5.47B	-5.85B	-6.01B	-6.82B	-6.17B	-5.2B	-4.09B
Capital Expenditures	-4.82B	-5.12B	-5.66B	-5.49B	-5.87B	-5.88B	-6.76B	-6.17B	-5.18B	-4.05B
CapEx % of Revenue	0.1%	0.08%	0.09%	0.08%	0.08%	0.07%	0.07%	0.07%	0.06%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-10M	35M	42M	83M	0	102M	94M	84M	0	0
Cash from Financing+	3.61B	528M	227M	-1.04B	3.38B	-2.09B	-3.02B	-2.6B	-3.43B	-4.02B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-277M	-426M	-535M	-683M	-679M	-686M	-793M	-1.18B	-1.26B	-1.34B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-51M	355M	337M	97M	-9M	-38M	-1M	1M	-11M	-30M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	890M	-186M	-989M	123M	-771M	4.25B	3.07B	2.64B	3.14B	2.98B
FCF Margin %	0.02%	-0%	-0.02%	0%	-0.01%	0.05%	0.03%	0.03%	0.04%	0.03%
FCF Growth %	-0.13%	-1.21%	-4.32%	1.12%	-7.27%	6.51%	-0.28%	-0.14%	0.19%	-0.05%
FCF per Share	3.19	-0.69	-3.64	0.46	-2.94	15.86	11.54	10.32	12.49	12.27
FCF Conversion (FCF/Net Income)	3.14x	1.64x	1.02x	10.39x	3.96x	1.94x	2.57x	2.22x	1.92x	1.72x
Interest Paid	321M	484M	524M	617M	639M	819M	695M	694M	744M	814M
Taxes Paid	996M	397M	760M	407M	389M	1.37B	751M	1.1B	1.55B	1.28B

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	12.65%	20.08%	25.77%	2.91%	7.13%	24.64%	15.58%	15.57%	16.14%	14.7%
Return on Invested Capital (ROIC)	12.37%	15.91%	12.87%	10.92%	5.18%	8.76%	8.99%	7.1%	8.19%	7.68%
Gross Margin	23.48%	22.82%	21.55%	21.27%	19.28%	21.23%	21.57%	21.26%	21.61%	21.6%
Net Margin	3.61%	4.97%	6.99%	0.77%	1.86%	6.24%	4.09%	4.41%	4.94%	4.65%
Debt / Equity	1.01x	0.93x	0.85x	0.99x	1.97x	1.51x	1.49x	1.47x	1.37x	1.33x
Interest Coverage	10.46x	10.60x	9.19x	8.14x	4.24x	7.59x	9.47x	7.69x	8.53x	7.71x
FCF Conversion	3.14x	1.64x	1.02x	10.39x	3.96x	1.94x	2.57x	2.22x	1.92x	1.72x
Revenue Growth	6.14%	19.76%	8.51%	6.48%	-0.68%	21.06%	11.6%	-3.59%	-2.73%	0.27%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Federal Express	-	-	-	-	-	-	-	-	-	23.72B
Federal Express Growth	-	-	-	-	-	-	-	-	-	-
Corporate Reconciling Items And Eliminations	-	-579M	2.42B	2.57B	3.85B	-	4.68B	-	3.24B	3.73B
Corporate Reconciling Items And Eliminations Growth	-	-	518.13%	6.03%	49.86%	-	-	-	-	15.19%
Other International Revenue	-	-	-	-	964M	-	1.91B	-	760M	1.04B
Other International Revenue Growth	-	-	-	-	-	-	-	-	-	37.24%
Fedex Freight	6.2B	6.44B	6.81B	7.58B	192M	7.83B	235M	9.63B	266M	247M
Fedex Freight Growth	-	3.92%	5.73%	11.30%	-97.47%	3979.69%	-97.00%	3998.72%	-97.24%	-7.14%
Fedex Express	26.45B	27.36B	36.17B	37.33B	19.18B	42.08B	25.56B	42.74B	22.29B	-
Fedex Express Growth	-	3.43%	32.22%	3.20%	-48.63%	119.42%	-39.25%	67.20%	-47.85%	-
Fedex Ground	16.57B	25.48B	18.39B	20.52B	479M	30.5B	857M	33.51B	844M	-
Fedex Ground Growth	-	53.71%	-27.79%	11.56%	-97.67%	6266.60%	-97.19%	3809.80%	-97.48%	-
Fedex Services	1.59B	1.62B	1.65B	1.69B	1M	32M	1M	301M	1M	-
Fedex Services Growth	-	1.76%	1.79%	2.48%	-99.94%	3100.00%	-96.88%	30000.00%	-99.67%	-
Corporate, eliminations and other	-453M	-	-	-	-	-	-	-	-	-
Corporate, eliminations and other Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
UNITED STATES	-	40.27B	43.58B	47.58B	48.4B	58.79B	64.94B	64.89B	63.53B	62.92B
UNITED STATES Growth	-	-	8.22%	9.19%	1.72%	21.46%	10.46%	-0.08%	-2.09%	-0.97%
Non Us	-	20.05B	21.87B	22.11B	20.81B	25.17B	28.57B	25.27B	24.16B	25.01B
Non Us Growth	-	-	9.07%	1.10%	-5.86%	20.92%	13.53%	-11.57%	-4.37%	3.51%

Frequently Asked Questions

Valuation & Price

FedEx Corporation (FDX) has a price-to-earnings (P/E) ratio of 18.6x. This is roughly in line with market averages.

Growth & Financials

FedEx Corporation (FDX) reported $90.09B in revenue for fiscal year 2025. This represents a 111% increase from $42.68B in 2012.

FedEx Corporation (FDX) grew revenue by 0.3% over the past year. Growth has been modest.

Yes, FedEx Corporation (FDX) is profitable, generating $4.34B in net income for fiscal year 2025 (4.7% net margin).

Dividend & Returns

Yes, FedEx Corporation (FDX) pays a dividend with a yield of 1.76%. This makes it attractive for income-focused investors.

FedEx Corporation (FDX) has a return on equity (ROE) of 14.7%. This is reasonable for most industries.

FedEx Corporation (FDX) generated $4.35B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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