FedEx Corporation

FDX · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986
Valuation
Market cap	$98,246	$52,654	$62,495	$54,790	$58,206	$83,415	$34,594	$40,879	$66,009	$51,362	$43,712	$45,898	–	–	–	–	–	–	–	–	–	–	–	$15,327	$12,959	$7,508	$6,720	$10,946	$6,083	$4,954	$2,815	$2,177	$2,783	$1,749	$1,451	$1,280	$1,581	$1,592	$1,405	$2,248	$2,027
Enterprise value	$127,878	$84,498	$93,713	$86,266	$88,503	$112,790	$65,834	$56,141	$79,329	$62,324	$54,045	$49,403	–	–	–	–	–	–	–	–	–	–	–	$16,806	$14,434	$9,508	$8,434	$11,995	$7,496	$6,748	$4,055	$3,399	$4,220	$3,609	$3,326	$3,192	$3,701	$3,643	$2,257	$3,032	$2,477
P/E (TTM) at period end	22.20×	12.88×	14.45×	13.81×	15.24×	15.98×	26.94×	75.84×	14.46×	17.16×	24.04×	43.80×	–	–	–	–	–	–	–	–	–	–	–	18.47×	18.25×	12.85×	9.76×	17.34×	12.09×	13.72×	9.14×	7.31×	13.61×	32.44×	–	217.00×	13.65×	9.56×	7.48×	–	15.38×
P/S (TTM) at period end	1.04×	0.60×	0.71×	0.61×	0.62×	0.99×	0.50×	0.59×	1.01×	0.85×	0.87×	0.97×	–	–	–	–	–	–	–	–	–	–	–	0.68×	0.63×	0.38×	0.37×	0.65×	0.38×	0.43×	0.27×	0.23×	0.33×	0.22×	0.19×	0.17×	0.23×	0.31×	0.36×	0.71×	0.78×
P/B at period end	3.10×	1.88×	2.27×	2.10×	2.33×	3.45×	1.89×	2.30×	3.40×	3.20×	3.17×	3.06×	–	–	–	–	–	–	–	–	–	–	–	2.10×	1.98×	1.27×	1.40×	2.35×	1.54×	1.42×	1.09×	0.97×	1.45×	1.05×	0.92×	0.77×	0.96×	1.07×	1.06×	2.08×	1.86×
EV / EBITDA (TTM)	13.01×	8.91×	9.52×	9.49×	8.66×	11.69×	10.91×	7.18×	10.77×	8.24×	9.47×	11.03×	–	–	–	–	–	–	–	–	–	–	–	5.96×	5.38×	4.05×	3.55×	5.46×	3.80×	–	–	–	–	3.82×	2.99×	2.87×	4.11×	–	–	–	–
EV / Sales (TTM)	1.35×	0.96×	1.07×	0.96×	0.95×	1.34×	0.95×	0.81×	1.21×	1.03×	1.07×	1.04×	–	–	–	–	–	–	–	–	–	–	–	0.75×	0.70×	0.48×	0.46×	0.72×	0.47×	0.59×	0.39×	0.36×	0.50×	0.46×	0.44×	0.42×	0.53×	0.71×	0.58×	0.95×	0.95×
Returns
Return on equity	14.0%	14.6%	15.7%	15.2%	15.3%	21.6%	7.0%	3.0%	23.5%	18.6%	13.2%	7.0%	15.2%	15.6%	13.8%	9.5%	8.6%	0.7%	7.7%	15.9%	15.7%	15.1%	10.4%	11.4%	10.8%	9.9%	14.4%	13.5%	12.7%	10.3%	11.9%	13.3%	10.6%	3.2%	(7.2%)	0.4%	7.0%	11.1%	14.1%	(6.1%)	12.1%
Return on invested capital	6.8%	6.5%	7.0%	6.3%	8.8%	8.6%	3.8%	11.2%	13.0%	11.1%	8.5%	6.5%	14.2%	17.9%	15.2%	10.5%	9.1%	0.8%	7.6%	15.0%	15.6%	13.6%	8.6%	10.4%	10.3%	8.5%	11.4%	12.1%	10.4%	(25.7%)	(30.2%)	(27.0%)	2.2%	23.3%	37.9%	6.6%	19.4%	6.9%	10.8%	10.7%	10.1%
Dividend yield	1.4%	2.5%	2.0%	2.1%	1.4%	0.8%	2.0%	1.7%	0.8%	0.8%	0.6%	0.5%	–	–	–	–	–	–	–	–	–	–	–	0.4%	–	–	–	–	0.1%	0.7%	1.9%	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	1.48×	1.19×	1.36×	1.37×	1.43×	1.51×	1.58×	1.45×	1.39×	1.59×	1.50×	1.74×	1.82×	1.96×	1.69×	1.70×	1.57×	1.57×	1.35×	1.22×	1.18×	1.11×	1.03×	1.18×	1.28×	1.06×	1.14×	1.13×	1.03×	1.07×	1.15×	1.13×	1.21×	0.99×	0.87×	0.86×	1.06×	1.01×	1.10×	1.01×	1.42×
Debt / equity	0.76×	0.73×	0.73×	0.79×	0.81×	0.86×	1.20×	0.99×	0.85×	0.93×	1.00×	0.48×	0.31×	0.17×	0.11×	0.11×	0.14×	0.19×	0.14×	0.21×	0.21×	0.29×	0.45×	0.28×	0.28×	0.36×	0.37×	0.29×	0.41×	0.56×	0.52×	0.70×	0.95×	1.21×	1.24×	1.22×	1.35×	1.48×	0.68×	0.75×	0.58×
Effective tax rate	23.5%	24.8%	25.8%	25.9%	21.9%	21.6%	22.9%	17.6%	(5.0%)	34.5%	33.6%	35.5%	36.5%	37.4%	35.3%	35.9%	37.5%	85.5%	44.2%	37.3%	37.7%	37.4%	36.5%	38.0%	37.5%	37.0%	39.5%	40.5%	44.6%	42.5%	43.0%	43.0%	46.0%	46.1%	22.5%	85.6%	47.0%	44.2%	37.9%	46.5%	19.7%
Share count
Diluted shares outstanding	239	243	251	256	266	268	262	265	272	270	279	287	310	317	317	317	314	312	312	311	310	307	304	303	303	293	297	301	298	294	229	226	224	216	215	197	211	208	211	211	200

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986
Revenue and gross profit
Revenue	$94,720	$94,720	$87,926	$87,693	$90,155	$93,512	$83,959	$69,217	$69,693	$65,450	$60,319	$50,365	$47,453	$45,567	$44,287	$42,680	$39,304	$34,734	$35,497	$37,953	$35,214	$32,294	$29,363	$24,710	$22,487	$20,607	$19,629	$18,257	$16,773	$15,873	$11,520	$10,274	$9,392	$8,480	$7,808	$7,550	$7,688	$7,015	$5,167	$3,883	$3,178	$2,606
Cost of revenue	($74,098)	($74,098)	($68,931)	($68,741)	($70,989)	($73,345)	($66,005)	($55,873)	($16,654)	($15,101)	($13,630)	($38,539)	($36,705)	($36,194)	($35,404)	($33,970)	($31,515)	($27,893)	($28,414)	($29,700)	($27,183)	($24,795)	($22,671)	($3,836)	($3,606)	($3,560)	($3,300)	($3,077)	($1,397)	($1,286)	($6,019)	($5,269)	($4,542)	($3,245)	($3,056)	($3,059)	($3,315)	($3,077)	($1,767)	($2,164)	($966)	($679)
Gross profit	$20,622	$20,622	$18,995	$18,952	$19,166	$20,167	$17,789	$13,344	$53,039	$50,349	$46,689	$11,826	$10,748	$9,373	$8,883	$8,710	$7,789	$6,841	$7,083	$8,253	$8,031	$7,499	$6,692	$20,874	$18,881	$17,047	$16,329	$15,180	$15,377	$14,587	$5,501	$5,004	$4,850	$5,235	$4,752	$4,491	$4,374	$3,938	$3,400	$1,719	$2,212	$1,927
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($33,844)	($33,844)	($31,232)	($30,961)	($31,019)	($32,058)	($30,173)	($25,031)	($24,776)	($23,795)	($22,017)	($18,581)	($17,110)	($16,171)	($16,055)	($16,099)	($15,276)	($14,027)	($5,132)	($5,296)	($4,755)	($4,485)	($4,221)	($12,646)	($11,581)	($10,879)	($9,913)	($9,137)	($8,484)	($7,933)	($6,166)	($5,579)	($5,244)	($4,105)	($3,808)	($3,637)	($3,438)	($3,045)	($2,588)	($1,050)	($1,608)	($1,502)
Total operating expenses	($15,159)	($15,159)	($13,778)	($13,393)	($14,254)	($13,922)	($11,932)	($10,927)	($48,573)	($46,077)	($42,123)	($8,749)	($8,881)	($5,558)	($4,449)	($5,524)	($5,411)	($4,843)	($6,336)	($6,178)	($4,755)	($4,485)	($4,221)	($19,434)	($17,410)	($15,726)	($15,258)	($13,958)	($14,214)	($13,576)	($7,871)	($7,026)	($6,495)	($5,100)	($3,227)	($2,800)	($2,726)	($2,559)	($2,965)	($1,340)	($1,841)	($1,732)
Total costs and expenses	($89,257)	($89,257)	($82,709)	($82,134)	($85,243)	($87,267)	($78,102)	($66,800)	($65,227)	($61,178)	($55,753)	($47,288)	($45,586)	($41,752)	($39,853)	($39,494)	($36,926)	($32,736)	($34,750)	($35,878)	($31,938)	($29,280)	($26,892)	($23,270)	($21,016)	($19,286)	($18,558)	($17,036)	($15,610)	($14,862)	($13,890)	($12,296)	($11,038)	($8,345)	($6,283)	($5,859)	($6,041)	($5,636)	($4,732)	($3,504)	($2,807)	($2,412)
Operating income	$5,463	$5,463	$5,217	$5,559	$4,912	$6,245	$5,857	$2,417	$4,466	$4,272	$4,566	$3,077	$1,867	$3,815	$4,434	$3,186	$2,378	$1,998	$747	$2,075	$3,276	$3,014	$2,471	$1,440	$1,471	$1,321	$1,071	$1,221	$1,163	$1,011	($2,370)	($2,022)	($1,645)	$135	$1,525	$1,691	$1,648	$1,379	$435	$379	$371	$194
Earnings
EBITDA	$9,832	$9,832	$9,481	$9,846	$9,088	$10,215	$9,650	$6,032	$7,819	$7,367	$7,561	$5,708	$4,478	$6,402	$6,820	$5,299	$4,351	$3,956	$2,722	$4,021	$5,018	$4,562	$3,933	$2,815	$2,822	$2,685	$2,347	$2,376	$2,198	$1,974	($3,147)	($2,742)	($2,298)	($464)	$945	$1,114	$1,113	$900	–	–	–	–
Interest income	$437	$437	$363	$370	$198	$53	$52	$55	$59	$48	$33	$21	$14	$18	$21	$13	$9	$8	$26	$44	$83	$38	$21	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($970)	($970)	($789)	($745)	($694)	($689)	($793)	($672)	($588)	($558)	($512)	($336)	($235)	($160)	($82)	($52)	($86)	($79)	($85)	($98)	($136)	($142)	($160)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$5,793	$5,793	$5,441	$5,836	$5,363	$4,896	$6,674	$1,669	$655	$4,353	$4,579	$2,740	$1,627	$3,658	$4,338	$3,141	$2,265	$1,894	$677	$2,016	$3,215	$2,899	$2,313	$1,319	$1,338	$1,160	$928	$1,138	$1,061	$900	$628	$540	$522	$378	$204	($147)	$41	$218	$298	$302	$312	$164
Income tax expense	($1,360)	($1,360)	($1,349)	($1,505)	($1,391)	($1,070)	($1,443)	($383)	($115)	$219	($1,582)	($920)	($577)	($1,334)	($1,622)	($1,109)	($813)	($710)	($579)	($891)	($1,199)	($1,093)	($864)	($481)	($508)	($435)	($343)	($449)	($430)	($401)	($267)	($232)	($224)	($174)	($94)	$33	($35)	($103)	($132)	($115)	($145)	($32)
Net income	$4,433	$4,433	$4,092	$4,331	$3,972	$3,826	$5,231	$1,286	$540	$4,572	$2,997	$1,820	$1,050	$2,324	$2,716	$2,032	$1,452	$1,184	$98	$1,125	$2,016	$1,806	$1,449	$838	$830	$710	$584	$688	$631	$503	$361	$308	$298	$204	$54	($114)	$6	$116	$166	$188	($66)	$132
Per share
Diluted EPS (GAAP)	$18.55	$18.55	$16.81	$17.21	$15.48	$14.33	$19.45	$4.90	$2.03	$16.79	$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	$1.35	$1.32	$0.92	$0.25	($0.53)	$0.03	$0.55	$0.80	$0.89	($0.31)	$0.66
Basic EPS (GAAP)	$18.71	$18.71	$16.96	$17.41	$15.60	$14.54	$19.79	$4.92	$2.06	$17.08	$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	$1.35	$1.32	$0.92	$0.25	($0.53)	$0.03	$0.55	$0.80	$0.89	($0.31)	$0.66
Basic shares outstanding	237	237	241	248	254	263	264	261	262	267	266	276	283	307	315	315	315	312	311	309	307	304	301	299	297	298	289	292	296	292	291	226	224	224	216	215	197	211	208	211	211	200
Margins
Gross margin	21.8%	21.8%	21.6%	21.6%	21.3%	21.6%	21.2%	19.3%	76.1%	76.9%	77.4%	23.5%	22.6%	20.6%	20.1%	20.4%	19.8%	19.7%	20.0%	21.7%	22.8%	23.2%	22.8%	84.5%	84.0%	82.7%	83.2%	83.1%	91.7%	91.9%	47.8%	48.7%	51.6%	61.7%	60.9%	59.5%	56.9%	56.1%	65.8%	44.3%	69.6%	73.9%
Operating margin	5.8%	5.8%	5.9%	6.3%	5.4%	6.7%	7.0%	3.5%	6.4%	6.5%	7.6%	6.1%	3.9%	8.4%	10.0%	7.5%	6.1%	5.8%	2.1%	5.5%	9.3%	9.3%	8.4%	5.8%	6.5%	6.4%	5.5%	6.7%	6.9%	6.4%	(20.6%)	(19.7%)	(17.5%)	1.6%	19.5%	22.4%	21.4%	19.7%	8.4%	9.8%	11.7%	7.5%
Net margin	4.7%	4.7%	4.7%	4.9%	4.4%	4.1%	6.2%	1.9%	0.8%	7.0%	5.0%	3.6%	2.2%	5.1%	6.1%	4.8%	3.7%	3.4%	0.3%	3.0%	5.7%	5.6%	4.9%	3.4%	3.7%	3.4%	3.0%	3.8%	3.8%	3.2%	3.1%	3.0%	3.2%	2.4%	0.7%	(1.5%)	0.1%	1.7%	3.2%	4.8%	(2.1%)	5.1%

Analyst consensus

Buy49 analysts

Bearish · 3 · Hold · 18 · Bullish · 28

Earnings history

	EPS	Estimate
Q1 2025	$3.60	$4.76	Miss
Q2 2025	$4.05	$3.95	Beat
Q3 2025	$4.51	$4.65	Miss
Q4 2025	$6.07	$5.82	Beat
Q1 2026	$3.83	$3.60	Beat
Q2 2026	$4.82	$4.07	Beat
Q3 2026	$5.25	$3.34	Beat
Q4 2026	$6.31	$5.96	Beat

Peers

Company overview

IPO dateApr 12, 1978

CEORajesh Subramaniam

Employees530,000

SectorIndustrials

IndustryIntegrated Freight & Logistics

CountryUS

ExchangeNew York Stock Exchange

Websitewww.fedex.com

FedEx Corporation is a prominent global entity that delivers an extensive array of services encompassing transportation, e-commerce solutions, and diverse business support, catering to clients both within the United States and across international borders. Its operational structure is divided into several key segments: The FedEx Express division specializes in expedited shipping, offering rapid package and freight delivery, crucial time-sensitive logistics, and comprehensive cross-border, technological, and e-commerce transportation services. FedEx Ground focuses on reliable, scheduled delivery services for both commercial clients and individual households. The FedEx Freight unit manages less-than-truckload (LTL) cargo shipments, supported by a significant infrastructure that, as of May 31, 2022, included approximately 30,000 vehicles and 400 service centers. FedEx Services provides essential internal support functions across the company, such as sales, marketing, information technology, communications, customer and technical assistance, billing, collections, and other vital administrative operations. Finally, the Corporate, Other, and Eliminations segment broadens FedEx's offerings to include integrated supply chain management, specialized transportation, customs brokerage, global ocean and air freight forwarding, document and business services, and convenient retail access points for its package delivery operations. Established in 1971, FedEx Corporation maintains its headquarters in Memphis, Tennessee.

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