Revenue growth momentum accelerated to 12.5% in 2026Q4, though operating margins remain sensitive to volume shifts, frequently dipping below 6% during periods of lower activity.
| Metric | TTM | May'26 | May'25 | May'24 | May'23 | May'22 | May'21 | May'20 | May'19 | May'18 | May'17 | May'16 | May'15 | May'14 | May'13 | May'12 | May'11 | May'10 | May'09 | May'08 | May'07 | May'06 | May'05 | May'04 | May'03 | May'02 | May'01 | May'00 | May'99 | May'98 | May'97 |
|---|
| Sales/Revenue | 91.93B | 94.72B | 87.93B | 87.69B | 90.16B | 93.51B | 83.79B | 69.22B | 69.69B | 65.45B | 60.32B | 50.37B | 47.45B | 45.57B | 44.29B | 42.68B | 39.3B | 34.73B | 35.5B | 37.95B | 35.21B | 32.29B | 29.36B | 24.71B | 22.49B | 20.61B | 19.63B | 18.26B | 16.77B | 15.87B | 11.52B |
| Revenue Growth % | 4.69% | 7.73% | 0.27% | -2.73% | -3.59% | 11.6% | 21.06% | -0.68% | 6.48% | 8.51% | 19.76% | 6.14% | 4.14% | 2.89% | 3.77% | 8.59% | 13.16% | -2.15% | -6.47% | 7.78% | 9.04% | 9.98% | 18.83% | 9.89% | 9.12% | 4.98% | 7.52% | 8.84% | 5.67% | 37.79% | 12.13% |
| Cost of Goods Sold | 70.61B | 74.1B | 68.93B | 68.74B | 70.99B | 73.34B | 66B | 55.87B | 54.87B | 51.35B | 46.55B | 38.54B | 36.7B | 36.19B | 35.4B | 33.97B | 31.52B | 27.89B | 28.41B | 29.7B | 27.18B | 24.8B | 22.67B | 3.84B | 3.61B | 3.56B | 3.3B | 3.08B | 1.4B | 1.29B | 6.02B |
| COGS % of Revenue | - | 78.23% | 78.4% | 78.39% | 78.74% | 78.43% | 78.77% | 80.72% | 78.73% | 78.45% | 77.18% | 76.52% | 77.35% | 79.43% | 79.94% | 79.59% | 80.18% | 80.3% | 80.05% | 78.25% | 77.19% | 76.78% | 77.21% | 15.52% | 16.04% | 17.28% | 16.81% | 16.86% | 8.33% | 8.1% | 52.25% |
| Gross Profit | 21.33B | 20.62B | 19B | 18.95B | 19.17B | 20.17B | 17.79B | 13.34B | 14.83B | 14.1B | 13.77B | 11.83B | 10.75B | 9.37B | 8.88B | 8.71B | 7.79B | 6.84B | 7.08B | 8.25B | 8.03B | 7.5B | 6.69B | 20.87B | 18.88B | 17.05B | 16.33B | 15.18B | 15.38B | 14.59B | 5.5B |
| Gross Margin % | 23.2% | 21.77% | 21.6% | 21.61% | 21.26% | 21.57% | 21.23% | 19.28% | 21.27% | 21.55% | 22.82% | 23.48% | 22.65% | 20.57% | 20.06% | 20.41% | 19.82% | 19.7% | 19.95% | 21.75% | 22.81% | 23.22% | 22.79% | 84.48% | 83.96% | 82.72% | 83.19% | 83.14% | 91.67% | 91.9% | 47.75% |
| Gross Profit Growth % | - | 8.57% | 0.23% | -1.12% | -4.96% | 13.37% | 33.31% | -10% | 5.14% | 2.45% | 16.4% | 10.03% | 14.67% | 5.52% | 1.99% | 11.82% | 13.86% | -3.42% | -14.18% | 2.76% | 7.09% | 12.06% | -67.94% | 10.56% | 10.76% | 4.4% | 7.57% | -1.28% | 5.41% | 165.16% | 9.93% |
| Operating Expenses | 15.05B | 14B | 12.91B | 12.6B | 13.83B | 13.64B | 11.77B | 10.49B | 10.04B | 8.97B | 8.34B | 8.31B | 8.41B | 5.93B | 5.67B | 5.39B | 5.32B | 4.83B | 5.13B | 5.3B | 4.75B | 4.49B | 4.22B | 21.35B | 19.67B | 18.3B | 17.42B | 16.12B | 15.01B | 14.06B | 9.41B |
| OpEx % of Revenue | - | 14.78% | 14.69% | 14.36% | 15.34% | 14.59% | 14.05% | 15.16% | 14.41% | 13.71% | 13.83% | 16.5% | 17.72% | 13.01% | 12.81% | 12.63% | 13.54% | 13.89% | 14.46% | 13.95% | 13.5% | 13.89% | 14.38% | 86.42% | 87.46% | 88.83% | 88.72% | 88.28% | 89.46% | 88.6% | 81.65% |
| Selling, General & Admin | 15.05B | 0 | 12.91B | 12.6B | 13.83B | 13.64B | 11.77B | 10.49B | 10.04B | 8.97B | 8.34B | 8.31B | 8.41B | 5.93B | 5.67B | 5.39B | 5.32B | 4.83B | 5.13B | 5.3B | 4.75B | 4.49B | 4.22B | 12.65B | 11.58B | 10.88B | 9.91B | 9.14B | 8.48B | 7.93B | 6.17B |
| SG&A % of Revenue | - | - | 14.69% | 14.36% | 15.34% | 14.59% | 14.05% | 15.16% | 14.41% | 13.71% | 13.83% | 16.5% | 17.72% | 13.01% | 12.81% | 12.63% | 13.54% | 13.89% | 14.46% | 13.95% | 13.5% | 13.89% | 14.38% | 51.18% | 51.5% | 52.79% | 50.5% | 50.04% | 50.58% | 49.98% | 53.53% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 14B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.71B | 8.09B | 7.43B | 7.5B | 6.98B | 6.52B | 6.13B | 3.24B |
| Operating Income | 6.28B | 6.62B | 6.08B | 6.36B | 5.34B | 6.52B | 6.02B | 2.85B | 4.79B | 5.13B | 5.42B | 3.52B | 2.34B | 3.45B | 3.21B | 3.32B | 2.47B | 2.02B | 1.95B | 2.96B | 3.28B | 3.01B | 2.47B | 1.44B | 1.47B | 1.32B | 1.07B | 1.22B | 1.16B | 1.01B | -2.37B |
| Operating Margin % | 6.83% | 6.99% | 6.92% | 7.25% | 5.92% | 6.98% | 7.18% | 4.12% | 6.87% | 7.84% | 8.99% | 6.98% | 4.93% | 7.56% | 7.25% | 7.78% | 6.28% | 5.8% | 5.5% | 7.79% | 9.3% | 9.33% | 8.42% | 5.83% | 6.54% | 6.41% | 5.46% | 6.69% | 6.93% | 6.37% | -20.57% |
| Operating Income Growth % | - | 8.9% | -4.3% | 19.05% | -18.17% | 8.39% | 111.01% | -40.41% | -6.69% | -5.46% | 54.34% | 50.21% | -32.1% | 7.32% | -3.28% | 34.58% | 22.37% | 3.33% | -34.02% | -9.74% | 8.69% | 21.97% | 71.6% | -2.11% | 11.36% | 23.36% | -12.3% | 4.99% | 15.08% | 142.65% | -17.21% |
| EBITDA | 10.61B | 10.99B | 10.35B | 10.64B | 9.51B | 10.49B | 9.81B | 6.47B | 8.14B | 8.22B | 8.42B | 6.15B | 4.95B | 6.03B | 5.6B | 5.43B | 4.44B | 3.97B | 3.93B | 4.9B | 5.02B | 4.56B | 3.93B | 2.81B | 2.82B | 2.69B | 2.35B | 2.38B | 2.2B | 1.97B | -3.15B |
| EBITDA Margin % | 11.54% | 11.6% | 11.77% | 12.14% | 10.55% | 11.22% | 11.71% | 9.34% | 11.68% | 12.57% | 13.96% | 12.2% | 10.43% | 13.24% | 12.64% | 12.73% | 11.3% | 11.44% | 11.06% | 12.92% | 14.25% | 14.13% | 13.39% | 11.39% | 12.55% | 13.03% | 11.96% | 13.01% | 13.11% | 12.44% | -27.32% |
| EBITDA Growth % | 2.43% | 6.24% | -2.78% | 11.86% | -9.33% | 6.95% | 51.71% | -20.54% | -1.03% | -2.33% | 37% | 24.14% | -17.93% | 7.79% | 3.02% | 22.36% | 11.73% | 1.22% | -19.93% | -2.29% | 10% | 15.99% | 39.72% | -0.25% | 5.1% | 14.42% | -1.23% | 8.09% | 11.34% | 162.73% | -14.8% |
| D&A (Non-Cash Add-back) | 4.33B | 4.37B | 4.26B | 4.29B | 4.18B | 3.97B | 3.79B | 3.62B | 3.35B | 3.1B | 3B | 2.63B | 2.61B | 2.59B | 2.39B | 2.11B | 1.97B | 1.96B | 1.98B | 1.95B | 1.74B | 1.55B | 1.46B | 1.38B | 1.35B | 1.36B | 1.28B | 1.15B | 1.04B | 963.73M | -777.4M |
| EBIT | 6.5B | 6.62B | 6.23B | 6.58B | 6.06B | 5.58B | 7.47B | 2.34B | 1.24B | 4.91B | 5.09B | 3.08B | 1.86B | 3.45B | 2.54B | 3.19B | 2.35B | 1.97B | 762M | 2.11B | 3.35B | 3.04B | 2.47B | -430M | -786M | -1.26B | -1.09B | -1.83B | -1.03B | 1.81B | -4.06B |
| Net Interest Income | -516M | -533M | -426M | -375M | -496M | -636M | -741M | -617M | -529M | -510M | -479M | -315M | -221M | -142M | -61M | -39M | -77M | -71M | -59M | -54M | -53M | -104M | -139M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 363M | 370M | 198M | 53M | 52M | 55M | 59M | 48M | 33M | 21M | 14M | 18M | 21M | 13M | 9M | 8M | 26M | 44M | 83M | 38M | 21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 516M | 533M | 789M | 745M | 694M | 689M | 793M | 672M | 588M | 558M | 512M | 336M | 235M | 160M | 82M | 52M | 86M | 79M | 85M | 98M | 136M | 142M | 160M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -369M | -830M | -641M | -519M | 25M | -1.63B | 656M | -1.18B | -4.13B | -776M | -846M | -775M | -713M | -157M | -756M | -179M | -202M | -122M | -1.27B | -941M | -61M | -115M | -158M | -121M | -133M | -161M | -144M | -83.26M | -102.02M | -111.14M | 4.49B |
| Pretax Income | 5.91B | 5.79B | 5.44B | 5.84B | 5.36B | 4.9B | 6.67B | 1.67B | 655M | 4.35B | 4.58B | 2.74B | 1.63B | 3.29B | 2.46B | 3.14B | 2.27B | 1.89B | 677M | 2.02B | 3.21B | 2.9B | 2.31B | 1.32B | 1.34B | 1.16B | 927.57M | 1.14B | 1.06B | 899.52M | 628.2M |
| Pretax Margin % | 6.43% | 6.12% | 6.19% | 6.65% | 5.95% | 5.24% | 7.96% | 2.41% | 0.94% | 6.65% | 7.59% | 5.44% | 3.43% | 7.22% | 5.54% | 7.36% | 5.76% | 5.45% | 1.91% | 5.31% | 9.13% | 8.98% | 7.88% | 5.34% | 5.95% | 5.63% | 4.73% | 6.23% | 6.33% | 5.67% | 5.45% |
| Income Tax | 1.43B | 1.36B | 1.35B | 1.5B | 1.39B | 1.07B | 1.44B | 383M | 115M | -219M | 1.58B | 920M | 577M | 1.19B | 894M | 1.11B | 813M | 710M | 579M | 891M | 1.2B | 1.09B | 864M | 481M | 508M | 435M | 343.2M | 449.4M | 429.73M | 401.36M | 267M |
| Effective Tax Rate % | 24.12% | 23.48% | 24.79% | 25.79% | 25.94% | 21.85% | 21.62% | 22.95% | 17.56% | -5.03% | 34.55% | 33.58% | 35.46% | 36.24% | 36.42% | 35.31% | 35.89% | 37.49% | 85.52% | 44.2% | 37.29% | 37.7% | 37.35% | 36.47% | 37.97% | 37.5% | 37% | 39.5% | 40.5% | 44.62% | 42.5% |
| Net Income | 4.48B | 4.43B | 4.09B | 4.33B | 3.97B | 3.83B | 5.23B | 1.29B | 540M | 4.57B | 3B | 1.82B | 1.05B | 2.1B | 1.56B | 2.03B | 1.45B | 1.18B | 98M | 1.13B | 2.02B | 1.81B | 1.45B | 838M | 830M | 710M | 584.37M | 688.34M | 631.33M | 503.03M | 361.2M |
| Net Margin % | 4.88% | 4.68% | 4.65% | 4.94% | 4.41% | 4.09% | 6.24% | 1.86% | 0.77% | 6.99% | 4.97% | 3.61% | 2.21% | 4.6% | 3.52% | 4.76% | 3.69% | 3.41% | 0.28% | 2.96% | 5.73% | 5.59% | 4.93% | 3.39% | 3.69% | 3.45% | 2.98% | 3.77% | 3.76% | 3.17% | 3.14% |
| Net Income Growth % | 14.45% | 8.33% | -5.52% | 9.04% | 3.82% | -26.86% | 306.77% | 138.15% | -88.19% | 52.55% | 64.67% | 73.33% | -49.93% | 34.34% | -23.18% | 39.94% | 22.64% | 1108.16% | -91.29% | -44.2% | 11.63% | 24.64% | 72.91% | 0.96% | 16.9% | 21.5% | -15.1% | 9.03% | 25.51% | 39.27% | 17.35% |
| Net Income (Continuing) | 4.48B | 4.43B | 4.09B | 4.33B | 3.97B | 3.83B | 5.23B | 1.29B | 540M | 4.57B | 3B | 1.82B | 1.05B | 2.32B | 1.56B | 2.03B | 1.45B | 1.18B | 98M | 1.13B | 2.02B | 1.81B | 1.45B | 838M | 830M | 725M | 584M | 688M | 631.33M | 498.15M | 196.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 18.45 | 18.55 | 16.81 | 17.21 | 15.49 | 14.36 | 19.48 | 4.90 | 2.04 | 16.81 | 11.07 | 6.51 | 3.65 | 7.48 | 8.55 | 6.41 | 4.57 | 3.76 | 0.31 | 3.60 | 6.48 | 5.83 | 4.72 | 2.76 | 2.74 | 2.34 | 1.99 | 2.32 | 2.10 | 1.69 | 0.67 |
| EPS Growth % | 16.81% | 10.35% | -2.32% | 11.1% | 7.87% | -26.28% | 297.55% | 140.2% | -87.86% | 51.85% | 70.05% | 78.36% | -51.2% | -12.51% | 33.39% | 40.26% | 21.54% | 1112.9% | -91.39% | -44.44% | 11.15% | 23.52% | 71.01% | 0.73% | 17.09% | 17.59% | -14.22% | 10.48% | 24.26% | 152.24% | -50.37% |
| EPS (Basic) | - | 18.55 | 16.96 | 17.44 | 15.61 | 14.52 | 19.77 | 4.92 | 2.06 | 17.12 | 11.24 | 6.59 | 3.70 | 7.56 | 8.61 | 6.44 | 4.61 | 3.78 | 0.31 | 3.64 | 6.57 | 5.94 | 4.81 | 2.80 | 2.79 | 2.38 | 2.02 | 2.36 | 2.13 | 1.72 | 0.68 |
| Diluted Shares Outstanding | 243M | 239M | 243M | 251M | 256M | 266M | 268M | 262M | 265M | 272M | 270M | 279M | 287M | 310M | 317M | 317M | 317M | 314M | 312M | 312M | 311M | 309.78M | 306.99M | 303.62M | 302.92M | 303.42M | 293.47M | 296.55M | 300.63M | 297.65M | 294.46M |
| Basic Shares Outstanding | 243M | 239M | 243M | 248M | 254M | 263M | 264M | 261M | 262M | 267M | 266M | 276M | 283M | 307M | 315M | 315M | 315M | 312M | 311M | 309M | 307M | 304.04M | 301.25M | 299.29M | 297.49M | 298.32M | 289.11M | 291.53M | 296.4M | 292.46M | 291.43M |
| Dividend Payout Ratio | - | 30.99% | 32.72% | 29.07% | 29.63% | 20.73% | 13.11% | 52.8% | 126.48% | 11.7% | 14.21% | 15.22% | 21.62% | 8.92% | 11.34% | 8.07% | 10.4% | 11.66% | 139.8% | 11.02% | 5.46% | 5.37% | 5.8% | 7.88% | 7.23% | - | - | - | - | 1.55% | 9.63% |
Execution risk of integration
According to the most recent quarterly filings, FedEx achieved a notable 12.5% year-over-year revenue growth in 2026Q4, marking a significant departure from the stagnant or negative growth trends observed throughout the 2024 and early 2025 fiscal periods, suggesting a potential recovery in volume or yield.
The acceleration to $25.0 billion in revenue suggests that the company may be successfully navigating a challenging industrial environment or benefiting from improved pricing power. Investors should monitor whether this growth is sustainable or if it reflects temporary seasonal tailwinds that could dissipate in subsequent quarters.
As reported in financial statements, the company's gross margin fluctuated between 20.3% and 26.4% over the last ten quarters, indicating that FedEx's high-fixed-cost network remains highly sensitive to volume shifts and the ongoing challenges of managing purchased transportation costs within its integrated logistics model.
The variability in gross margins implies that the company has yet to achieve the consistent operational efficiency seen in pure-play LTL peers. This volatility warrants further investigation into whether the 'One FedEx' initiative can successfully stabilize these margins by reducing redundant network costs over the long term.
Based on the provided income statement data, operating income has shown significant swings, peaking at $2.1 billion in 2026Q4, which suggests that the company's ability to translate revenue growth into operating profit is currently hampered by the high overhead inherent in its global air-hub-and-spoke infrastructure.
The lack of a clear, linear relationship between revenue expansion and operating income growth suggests that the company is still struggling to optimize its cost structure. Analysts should scrutinize whether future operating leverage will improve as the consolidation of Express and Ground networks progresses.
While recent revenue growth appears positive, the historical data reveals that operating margins have frequently dipped below 6% during periods of lower volume, suggesting that the company's profitability remains highly vulnerable to any failure in executing the complex 'One FedEx' consolidation strategy.
Short-term margin compression risks are significant if the integration of distinct workforces and delivery models leads to operational friction rather than the anticipated cost synergies. Investors should remain cautious about assuming that current revenue growth will automatically translate into long-term margin expansion without further evidence of structural cost reduction.
Quick answers to the most common questions about buying FDX stock.
For fiscal year 2026, FedEx Corporation (FDX) reported total revenue of $94.72B. This represents a 722.2% increase compared to $11.52B in 1997.
FedEx Corporation (FDX) is profitable, generating $4.43B in net income for the fiscal year ending 2026 with a net profit margin of 4.7%.
FedEx Corporation (FDX) reported an operating income of $6.62B, resulting in an operating profit margin of 7.0%. This margin reflects the operational efficiency of the business before interest and taxes.
FedEx Corporation (FDX) generated $20.62B in gross profit for the year, representing a gross profit margin of 21.8%. This demonstrates the company's core pricing power and production efficiency.