FedEx (FDX) Financials

$210.31 +2.54 (+1.22%)

As of 03:58 PM Eastern

Annual Income Statements for FedEx

This table shows FedEx's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	1,050	1,820	2,997	4,572	540	1,286	5,231	3,826	3,972	4,331
Consolidated Net Income / (Loss)	1,050	1,820	2,997	4,572	540	1,286	5,231	3,826	3,972	4,331
Net Income / (Loss) Continuing Operations	1,050	1,820	2,997	4,572	540	1,286	5,231	3,826	3,972	4,331
Total Pre-Tax Income	1,627	2,740	4,579	4,353	655	1,669	6,674	4,896	5,363	5,836
Total Operating Income	1,867	3,077	4,566	4,272	4,466	2,417	5,857	6,245	4,912	5,559
Total Gross Profit	11,169	12,959	16,313	17,197	18,180	16,959	21,747	24,137	23,342	23,239
Total Revenue	47,453	50,365	60,319	65,450	69,693	69,217	83,959	93,512	90,155	87,693
Operating Revenue	47,453	50,365	60,319	65,450	69,693	69,217	83,959	93,512	90,155	87,693
Total Cost of Revenue	36,284	37,406	44,006	48,253	51,513	52,258	62,212	69,375	66,813	64,454
Operating Cost of Revenue	36,284	37,406	44,006	48,253	51,513	52,258	62,212	69,375	66,813	64,454
Total Operating Expenses	9,302	9,882	11,747	12,925	13,714	14,542	15,890	17,892	18,430	17,680
Selling, General & Admin Expense	6,415	7,251	8,752	9,450	10,041	10,492	11,981	13,644	13,828	12,654
Depreciation Expense	2,611	2,631	2,995	3,095	3,353	3,615	3,793	3,970	4,176	4,287
Impairment Charge	276	0.00	-	380	0.00	435	0.00	0.00	117	157
Restructuring Charge	-	-	-	-	-	-	-	-	309	582
Total Other Income / (Expense), net	-240	-337	13	81	-3,811	-748	817	-1,349	451	277
Interest Expense	235	336	512	558	588	672	1,186	689	694	745
Interest & Investment Income	14	21	33	48	59	55	52	53	198	370
Other Income / (Expense), net	-19	-22	492	591	-3,282	-131	1,951	-713	947	652
Income Tax Expense	577	920	1,582	-219	115	383	1,443	1,070	1,391	1,505
Basic Earnings per Share	$3.70	$6.59	$11.24	$17.08	$2.06	$4.92	$19.79	$14.54	$15.60	$17.41
Weighted Average Basic Shares Outstanding	283M	276M	266M	267.70M	262.10M	261.95M	267.35M	259.85M	251.19M	244.30M
Diluted Earnings per Share	$3.65	$6.51	$11.07	$16.79	$2.03	$4.90	$19.45	$14.33	$15.48	$17.21
Weighted Average Diluted Shares Outstanding	283M	276M	266M	267.70M	262.10M	261.95M	267.35M	259.85M	251.19M	244.30M
Weighted Average Basic & Diluted Shares Outstanding	283M	276M	266M	267.70M	262.10M	261.95M	267.35M	259.85M	251.19M	244.30M
Cash Dividends to Common per Share	$0.80	$1.00	$1.60	$2.00	$2.60	$2.60	$2.60	$3.00	$5.86	$3.78

This table shows FedEx's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Net Income / (Loss) Attributable to Common Shareholders	875	788	771	1,538	1,078	900	879	1,474	794	741	909
Consolidated Net Income / (Loss)	875	788	771	1,538	1,078	900	879	1,474	794	741	909
Net Income / (Loss) Continuing Operations	875	788	771	1,538	1,078	900	879	1,474	794	741	909
Total Pre-Tax Income	1,154	1,059	1,022	2,128	1,423	1,202	1,183	2,028	1,056	981	1,181
Total Operating Income	1,191	1,176	1,042	1,503	1,485	1,276	1,243	1,555	1,080	1,052	1,292
Total Gross Profit	5,731	5,687	5,606	6,318	5,784	5,617	5,611	6,227	5,454	5,642	5,797
Total Revenue	23,242	22,814	22,169	21,930	21,681	22,165	21,738	22,109	21,579	21,967	22,160
Operating Revenue	23,242	22,814	22,169	21,930	21,681	22,165	21,738	22,109	21,579	21,967	22,160
Total Cost of Revenue	17,511	17,127	16,563	15,612	15,897	16,548	16,127	15,882	16,125	16,325	16,363
Operating Cost of Revenue	17,511	17,127	16,563	15,612	15,897	16,548	16,127	15,882	16,125	16,325	16,363
Total Operating Expenses	4,540	4,511	4,564	4,815	4,299	4,341	4,368	4,672	4,374	4,590	4,505
Selling, General & Admin Expense	3,478	3,429	3,410	3,511	3,123	3,156	3,182	3,193	3,168	3,201	3,260
Depreciation Expense	1,024	1,046	1,031	1,075	1,071	1,040	1,072	1,104	1,078	1,063	1,066
Other Operating Expenses / (Income)	-	36	123	-	105	145	-	-	128	326	179
Total Other Income / (Expense), net	-37	-117	-20	625	-62	-74	-60	473	-24	-71	-111
Interest & Investment Income	-142	-127	-122	589	-91	-97	-91	649	-84	-102	-116
Other Income / (Expense), net	105	10	102	730	29	-18	31	569	60	-19	5.00
Income Tax Expense	279	271	251	590	345	302	304	554	262	240	272
Basic Earnings per Share	$3.37	$3.08	$3.07	$6.08	$4.28	$3.59	$3.55	$5.99	$3.24	$3.06	$3.79
Weighted Average Basic Shares Outstanding	260.22M	252.40M	251.35M	251.19M	251.42M	249.89M	246.08M	244.30M	244.32M	240.85M	239.60M
Diluted Earnings per Share	$3.33	$3.07	$3.05	$6.03	$4.23	$3.55	$3.51	$5.92	$3.21	$3.03	$3.76
Weighted Average Diluted Shares Outstanding	260.22M	252.40M	251.35M	251.19M	251.42M	249.89M	246.08M	244.30M	244.32M	240.85M	239.60M
Weighted Average Basic & Diluted Shares Outstanding	260.22M	252.40M	251.35M	251.19M	251.42M	249.89M	246.08M	244.30M	244.32M	240.85M	239.60M
Cash Dividends to Common per Share	$2.30	$1.15	$1.15	-	$1.26	$1.26	$1.26	-	$2.76	$1.38	$1.38

This table details how cash moves in and out of FedEx's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	855	-229	435	-704	-899	2,562	2,206	-190	-41	-355
Net Cash From Operating Activities	5,366	5,708	4,930	4,674	5,613	5,097	10,135	9,832	8,848	8,312
Net Cash From Continuing Operating Activities	5,366	5,708	4,930	4,674	5,613	5,097	10,135	9,832	8,848	8,312
Net Income / (Loss) Continuing Operations	1,050	1,820	2,997	4,572	540	1,286	5,231	3,826	3,972	4,331
Consolidated Net Income / (Loss)	1,050	1,820	2,997	4,572	540	1,286	5,231	3,826	3,972	4,331
Depreciation Expense	2,611	2,631	2,995	3,095	3,353	3,615	3,793	3,970	4,176	4,287
Non-Cash Adjustments To Reconcile Net Income	2,714	1,763	231	467	4,211	1,839	96	5,155	3,840	3,125
Changes in Operating Assets and Liabilities, net	-1,009	-506	-1,293	-3,460	-2,491	-1,643	1,015	-3,119	-3,140	-3,431
Net Cash From Investing Activities	-5,752	-9,446	-4,981	-5,677	-5,473	-5,846	-6,010	-6,816	-6,174	-5,200
Net Cash From Continuing Investing Activities	-5,752	-9,446	-4,981	-5,677	-5,473	-5,846	-6,010	-6,816	-6,174	-5,200
Purchase of Property, Plant & Equipment	-4,347	-4,818	-5,116	-5,663	-5,490	-5,868	-5,884	-6,763	-6,174	-5,176
Purchase of Investments	-	-	-	-	-	0.00	0.00	-147	-84	-176
Sale of Property, Plant & Equipment	-	-	-	-	-	-	-	94	84	114
Sale and/or Maturity of Investments	-	-	-	-	-	-	-	0.00	0.00	38
Other Investing Activities, net	24	-10	135	42	83	22	102	0.00	0.00	0.00
Net Cash From Financing Activities	1,349	3,611	528	227	-1,039	3,381	-2,090	-3,019	-2,597	-3,426
Net Cash From Continuing Financing Activities	1,349	3,611	528	227	-1,039	3,381	-2,090	-3,019	-2,597	-3,426
Repayment of Debt	19	-92	-82	-38	-1,440	-2,557	-6,356	-162	-151	-158
Repurchase of Common Equity	-1,254	-2,722	-509	-1,017	-1,480	-3.00	0.00	-2,248	-1,500	-2,500
Payment of Dividends	-227	-277	-426	-535	-683	-679	-686	-793	-1,177	-1,259
Issuance of Debt	2,491	6,519	1,208	1,490	2,463	6,556	4,212	0.00	0.00	0.00
Issuance of Common Equity	320	183	337	327	101	64	740	184	231	491
Effect of Exchange Rate Changes	-108	-102	-42	72	-	-70	171	-187	-118	-41

This table details how cash moves in and out of FedEx's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Net Change in Cash & Equivalents	-47	-2,204	727	1,483	199	-326	-1,085	857	-558	-914	106
Net Cash From Operating Activities	1,607	1,518	2,276	3,447	2,230	1,774	1,610	2,698	1,187	1,318	2,012
Net Cash From Continuing Operating Activities	1,607	1,518	2,276	3,447	2,230	1,774	1,610	2,698	1,187	1,318	2,012
Net Income / (Loss) Continuing Operations	875	788	771	1,538	1,078	900	879	1,474	794	741	909
Consolidated Net Income / (Loss)	875	788	771	1,538	1,078	900	879	1,474	794	741	909
Depreciation Expense	1,024	1,046	1,031	1,075	1,071	1,040	1,072	1,104	1,078	1,063	1,066
Non-Cash Adjustments To Reconcile Net Income	299	194	2,630	717	814	897	833	581	925	1,123	917
Changes in Operating Assets and Liabilities, net	-591	-510	-2,156	117	-733	-1,063	-1,174	-461	-1,610	-1,609	-880
Net Cash From Investing Activities	-1,309	-1,891	-1,230	-1,744	-1,280	-1,328	-1,358	-1,234	-802	-804	-1,054
Net Cash From Continuing Investing Activities	-1,309	-1,891	-1,230	-1,744	-1,280	-1,328	-1,358	-1,234	-802	-804	-1,054
Purchase of Property, Plant & Equipment	-1,284	-1,858	-1,278	-1,754	-1,290	-1,305	-1,379	-1,202	-767	-818	-997
Purchase of Investments	-35	-43	-4.00	-2.00	-2.00	-73	-35	-66	-61	-46	-90
Sale of Property, Plant & Equipment	-	-	-	12	12	50	32	20	13	21	8.00
Sale and/or Maturity of Investments	-	-	-	-	0.00	-	24	14	13	39	25
Net Cash From Financing Activities	-247	-1,793	-356	-201	-727	-791	-1,316	-592	-969	-1,340	-863
Net Cash From Continuing Financing Activities	-247	-1,793	-356	-201	-727	-791	-1,316	-592	-969	-1,340	-863
Repayment of Debt	-29	-2.00	-91	-29	-66	-28	-56	-8.00	-34	-19	-66
Repurchase of Common Equity	0.00	-1,500	-	-	-500	-500	-1,000	-500	-1,000	-1,020	-497
Payment of Dividends	-299	-299	-290	-289	-318	-317	-314	-310	-339	-337	-332
Issuance of Common Equity	81	8.00	25	117	157	54	54	226	404	36	32
Effect of Exchange Rate Changes	-98	-38	37	-19	-24	19	-21	-15	26	-88	11

This table presents FedEx's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	36,531	45,959	48,552	52,330	54,403	73,537	82,777	85,994	87,143	87,007
Total Current Assets	10,335	11,989	12,628	13,341	13,086	16,383	20,580	20,365	18,610	18,207
Cash & Equivalents	3,763	3,534	3,969	3,265	2,319	4,881	7,087	6,897	6,856	6,501
Accounts Receivable	5,719	7,252	7,599	8,481	9,116	10,102	12,069	11,863	10,188	10,087
Inventories, net	498	496	514	525	553	572	587	637	604	614
Prepaid Expenses	355	707	546	1,070	1,098	828	837	968	962	1,005
Plant, Property, & Equipment, net	20,875	24,284	25,981	28,154	30,429	33,608	35,752	38,091	40,698	41,491
Plant, Property & Equipment, gross	42,864	47,018	50,626	55,121	119,022	65,024	70,077	75,275	80,624	84,391
Accumulated Depreciation	21,989	22,734	24,645	26,967	29,082	31,416	34,325	37,184	39,926	42,900
Total Noncurrent Assets	5,321	9,686	9,943	10,835	10,888	23,546	26,445	27,538	27,835	27,309
Goodwill	3,810	6,747	7,154	6,973	6,884	6,372	6,992	6,544	6,435	6,423
Intangible Assets	-	-	-	-	-	13,917	15,383	16,613	17,347	17,115
Other Noncurrent Operating Assets	1,511	2,939	2,789	3,862	4,004	3,257	4,070	4,381	4,053	3,771
Total Liabilities & Shareholders' Equity	36,531	45,959	48,552	52,330	54,403	73,537	82,777	85,994	87,143	87,007
Total Liabilities	21,538	32,175	32,479	32,914	36,646	55,242	58,609	61,055	61,055	59,425
Total Current Liabilities	5,956	8,008	7,918	9,627	9,013	10,344	13,660	14,274	13,586	13,355
Short-Term Debt	19	29	22	1,342	964	51	146	82	126	68
Accounts Payable	2,066	2,944	2,752	2,977	3,030	3,269	3,841	4,030	3,848	3,189
Accrued Expenses	2,435	3,063	3,230	3,131	3,278	3,532	4,562	5,188	4,747	4,962
Current Employee Benefit Liabilities	1,436	1,972	1,914	2,177	1,741	1,569	2,903	2,531	2,475	2,673
Other Current Liabilities	-	-	-	-	0.00	1,923	2,208	2,443	2,390	2,463
Total Noncurrent Liabilities	15,582	24,167	24,561	23,287	27,633	44,898	44,949	46,781	47,469	46,070
Long-Term Debt	7,249	13,733	14,909	15,243	16,617	21,952	20,733	20,182	20,453	20,135
Asset Retirement Reserve & Litigation Obligation	1,120	1,314	-	-	-	2,104	2,430	2,889	3,339	3,701
Noncurrent Deferred & Payable Income Tax Liabilities	1,210	1,567	2,485	2,867	2,821	3,162	3,927	4,093	4,489	4,482
Noncurrent Employee Benefit Liabilities	4,893	6,227	4,487	2,187	5,095	5,019	3,501	4,448	3,130	2,010
Other Noncurrent Operating Liabilities	218	771	2,012	2,318	2,569	12,661	14,358	15,169	16,058	15,742
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	14,993	13,784	16,073	19,416	17,757	18,295	24,168	24,939	26,088	27,582
Total Preferred & Common Equity	14,993	13,784	16,073	19,416	17,757	18,295	24,168	24,939	26,088	27,582
Total Common Equity	14,993	13,784	16,073	19,416	17,757	18,295	24,168	24,939	26,088	27,582
Common Stock	2,818	2,924	3,037	3,149	3,263	3,388	3,513	3,744	3,801	4,020
Retained Earnings	16,900	18,371	20,833	24,823	24,648	25,216	29,817	32,782	35,259	38,649
Treasury Stock	-4,897	-7,342	-7,382	-7,978	-9,289	-9,162	-8,430	-10,484	-11,645	-13,728
Accumulated Other Comprehensive Income / (Loss)	172	-169	-415	-578	-865	-1,147	-732	-1,103	-1,327	-1,359

This table presents FedEx's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Total Assets	85,826	85,591	85,775	87,143	87,576	88,051	86,114	87,007	86,711	85,481	85,043
Total Current Assets	19,606	18,217	17,944	18,610	18,887	19,117	17,424	18,207	18,094	17,721	17,214
Cash & Equivalents	6,850	4,646	5,373	6,856	7,055	6,729	5,644	6,501	5,943	5,029	5,135
Accounts Receivable	11,055	11,644	10,721	10,188	10,207	10,665	9,904	10,087	10,312	10,737	10,230
Inventories, net	647	655	631	604	631	632	640	614	611	620	617
Prepaid Expenses	1,054	1,272	1,219	962	994	1,091	1,236	1,005	1,228	1,335	1,232
Plant, Property, & Equipment, net	38,806	39,721	39,849	40,698	41,174	41,532	41,529	41,491	41,255	41,006	40,964
Plant, Property & Equipment, gross	76,712	78,532	79,335	80,624	81,992	83,281	84,145	84,391	85,158	85,658	86,565
Accumulated Depreciation	37,906	38,811	39,486	39,926	40,818	41,749	42,616	42,900	43,903	44,652	45,601
Total Noncurrent Assets	27,414	27,653	27,982	27,835	27,515	27,402	27,161	27,309	27,362	26,754	26,865
Goodwill	6,316	6,377	6,455	6,435	6,422	6,468	6,425	6,423	6,512	6,290	6,332
Intangible Assets	17,219	17,373	17,410	17,347	17,327	17,243	16,935	17,115	17,094	16,821	16,468
Other Noncurrent Operating Assets	3,879	3,903	4,117	4,053	3,766	3,691	3,801	3,771	3,756	3,643	4,065
Total Liabilities & Shareholders' Equity	85,826	85,591	85,775	87,143	87,576	88,051	86,114	87,007	86,711	85,481	85,043
Total Liabilities	60,686	61,476	61,042	61,055	61,042	61,285	59,739	59,425	59,535	59,021	58,335
Total Current Liabilities	13,765	14,039	13,580	13,586	13,811	14,248	13,308	13,355	14,111	14,392	13,896
Short-Term Debt	139	172	147	126	351	334	67	68	622	592	611
Accounts Payable	4,167	3,989	3,987	3,848	3,794	4,002	3,780	3,189	3,738	3,896	3,604
Accrued Expenses	4,726	4,960	4,734	4,747	4,919	4,747	4,473	4,962	4,905	4,658	4,556
Current Employee Benefit Liabilities	2,263	2,420	2,266	2,475	2,365	2,732	2,541	2,673	2,336	2,710	2,601
Other Current Liabilities	2,470	2,498	2,446	2,390	2,382	2,433	2,447	2,463	2,510	2,536	2,524
Total Noncurrent Liabilities	46,921	47,437	47,462	47,469	47,231	47,037	46,431	46,070	45,424	44,629	44,439
Long-Term Debt	19,918	20,076	20,122	20,453	20,145	20,193	20,122	20,135	19,664	19,433	19,530
Asset Retirement Reserve & Litigation Obligation	3,042	3,106	3,201	3,339	3,583	3,688	3,836	3,701	3,833	3,825	3,914
Noncurrent Deferred & Payable Income Tax Liabilities	4,134	4,188	4,313	4,489	4,450	4,386	4,378	4,482	4,485	4,436	4,308
Noncurrent Employee Benefit Liabilities	4,055	4,115	3,779	3,130	3,021	2,854	2,527	2,010	1,780	1,571	1,664
Other Noncurrent Operating Liabilities	15,772	15,952	16,047	16,058	16,032	15,916	15,568	15,742	15,662	15,364	15,023
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	25,140	24,115	24,733	26,088	26,534	26,766	26,375	27,582	27,176	26,460	26,708
Total Preferred & Common Equity	25,140	24,115	24,733	26,088	26,534	26,766	26,375	27,582	27,176	26,460	26,708
Total Common Equity	25,140	24,115	24,733	26,088	26,534	26,766	26,375	27,582	27,176	26,460	26,708
Common Stock	3,783	3,519	3,767	3,801	3,832	3,881	3,930	4,020	4,166	4,197	4,277
Retained Earnings	33,060	33,557	34,040	35,259	36,021	36,605	37,174	38,649	38,767	39,175	39,754
Treasury Stock	-10,389	-11,576	-11,766	-11,645	-11,963	-12,426	-13,394	-13,728	-14,425	-15,397	-15,824
Accumulated Other Comprehensive Income / (Loss)	-1,314	-1,385	-1,308	-1,327	-1,356	-1,294	-1,335	-1,359	-1,332	-1,515	-1,499

This table displays calculated financial ratios and metrics derived from FedEx's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.14%	6.14%	19.76%	8.51%	6.48%	-0.68%	21.30%	11.38%	-3.59%	-2.73%
EBITDA Growth	-30.19%	27.52%	41.63%	-1.18%	-42.99%	30.06%	96.59%	-18.09%	5.61%	4.61%
EBIT Growth	-51.37%	65.31%	65.56%	-3.86%	-75.65%	93.07%	241.56%	-29.15%	5.91%	6.01%
NOPAT Growth	-50.29%	69.63%	46.22%	50.14%	-17.94%	-49.42%	146.50%	6.31%	-25.45%	13.40%
Net Income Growth	-54.82%	73.33%	64.67%	52.55%	-88.19%	138.15%	306.77%	-26.86%	3.82%	9.04%
EPS Growth	-51.20%	78.36%	70.05%	51.67%	-87.91%	141.38%	296.94%	-26.32%	8.03%	11.18%
Operating Cash Flow Growth	98.30%	6.37%	-13.63%	-5.19%	20.09%	-9.19%	98.84%	-2.99%	-10.01%	-6.06%
Free Cash Flow Firm Growth	-120.02%	-2,024.53%	99.52%	-7,157.27%	393.80%	-115.22%	482.27%	121.43%	-52.96%	24.35%
Invested Capital Growth	7.90%	29.38%	12.43%	20.92%	0.49%	7.26%	7.18%	0.91%	3.93%	3.70%
Revenue Q/Q Growth	0.58%	1.75%	4.78%	2.48%	0.71%	-0.64%	6.61%	1.99%	-2.66%	0.20%
EBITDA Q/Q Growth	-39.35%	28.88%	27.89%	-0.40%	-43.85%	51.97%	41.20%	-19.54%	16.86%	-0.76%
EBIT Q/Q Growth	-61.09%	70.58%	49.25%	-1.62%	-75.29%	594.83%	74.64%	-29.81%	31.13%	-1.72%
NOPAT Q/Q Growth	-60.14%	69.32%	35.90%	10.43%	3.27%	-18.34%	25.06%	6.00%	-10.65%	1.18%
Net Income Q/Q Growth	-63.81%	82.73%	57.16%	2.40%	-85.15%	468.48%	72.70%	-25.51%	32.75%	-1.46%
EPS Q/Q Growth	-63.13%	80.83%	55.48%	2.50%	-85.05%	504.96%	72.12%	-24.78%	33.33%	-0.64%
Operating Cash Flow Q/Q Growth	173.08%	-22.08%	8.19%	35.60%	-17.88%	-8.46%	10.03%	8.37%	-0.62%	-8.27%
Free Cash Flow Firm Q/Q Growth	-179.94%	-437.29%	99.64%	57.74%	93.60%	95.03%	-86.96%	105.92%	-37.50%	-4.81%
Invested Capital Q/Q Growth	-6.37%	20.02%	0.97%	-2.82%	-7.14%	-27.13%	3.81%	-1.70%	0.46%	0.89%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	23.54%	25.73%	27.04%	26.28%	26.09%	24.50%	25.90%	25.81%	25.89%	26.50%
EBITDA Margin	9.40%	11.29%	13.35%	12.16%	6.51%	8.53%	13.82%	10.16%	11.13%	11.97%
Operating Margin	3.93%	6.11%	7.57%	6.53%	6.41%	3.49%	6.98%	6.68%	5.45%	6.34%
EBIT Margin	3.89%	6.07%	8.39%	7.43%	1.70%	3.30%	9.30%	5.92%	6.50%	7.08%
Profit (Net Income) Margin	2.21%	3.61%	4.97%	6.99%	0.77%	1.86%	6.23%	4.09%	4.41%	4.94%
Tax Burden Percent	64.54%	66.42%	65.45%	105.03%	82.44%	77.05%	78.38%	78.15%	74.06%	74.21%
Interest Burden Percent	88.04%	89.69%	90.53%	89.51%	55.32%	73.01%	85.48%	88.50%	91.53%	93.96%
Effective Tax Rate	35.46%	33.58%	34.55%	-5.03%	17.56%	22.95%	21.62%	21.85%	25.94%	25.79%
Return on Invested Capital (ROIC)	6.70%	9.54%	11.64%	14.95%	11.18%	5.44%	12.51%	12.80%	9.31%	10.17%
ROIC Less NNEP Spread (ROIC-NNEP)	1.28%	6.36%	11.72%	15.64%	-10.71%	1.88%	16.66%	5.03%	11.78%	11.67%
Return on Net Nonoperating Assets (RNNOA)	0.24%	3.11%	8.43%	10.82%	-8.27%	1.69%	12.13%	2.78%	6.25%	5.97%
Return on Equity (ROE)	6.94%	12.65%	20.08%	25.77%	2.91%	7.13%	24.64%	15.58%	15.57%	16.14%
Cash Return on Invested Capital (CROIC)	-0.90%	-16.08%	-0.06%	-3.99%	10.69%	-1.57%	5.58%	11.89%	5.46%	6.54%
Operating Return on Assets (OROA)	5.31%	7.41%	10.70%	9.64%	2.22%	3.57%	9.99%	6.56%	6.77%	7.13%
Return on Assets (ROA)	3.02%	4.41%	6.34%	9.06%	1.01%	2.01%	6.69%	4.53%	4.59%	4.97%
Return on Common Equity (ROCE)	6.94%	12.65%	20.08%	25.77%	2.91%	7.13%	24.64%	15.58%	15.57%	16.14%
Return on Equity Simple (ROE_SIMPLE)	7.00%	13.20%	18.65%	23.55%	3.04%	7.03%	21.64%	15.34%	15.23%	15.70%
Net Operating Profit after Tax (NOPAT)	1,205	2,044	2,988	4,487	3,682	1,862	4,591	4,880	3,638	4,125
NOPAT Margin	2.54%	4.06%	4.95%	6.86%	5.28%	2.69%	5.47%	5.22%	4.04%	4.70%
Net Nonoperating Expense Percent (NNEP)	5.41%	3.18%	-0.08%	-0.69%	21.89%	3.56%	-4.14%	7.76%	-2.47%	-1.50%
Cost of Revenue to Revenue	76.46%	74.27%	72.96%	73.73%	73.91%	75.50%	74.10%	74.19%	74.11%	73.50%
SG&A Expenses to Revenue	13.52%	14.40%	14.51%	14.44%	14.41%	15.16%	14.27%	14.59%	15.34%	14.43%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	19.60%	19.62%	19.47%	19.75%	19.68%	21.01%	18.93%	19.13%	20.44%	20.16%
Earnings before Interest and Taxes (EBIT)	1,848	3,055	5,058	4,863	1,184	2,286	7,808	5,532	5,859	6,211
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4,459	5,686	8,053	7,958	4,537	5,901	11,601	9,502	10,035	10,498
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.92	2.88	2.92	3.13	2.09	1.75	3.29	2.22	2.05	2.25
Price to Tangible Book Value (P/TBV)	3.91	5.64	5.26	4.88	3.42	0.00	44.32	31.12	23.16	15.37
Price to Revenue (P/Rev)	0.92	0.79	0.78	0.93	0.53	0.46	0.95	0.59	0.59	0.71
Price to Earnings (P/E)	41.69	21.81	15.64	13.29	68.77	24.92	15.19	14.49	13.44	14.35
Dividend Yield	0.52%	0.68%	0.91%	0.88%	1.82%	2.12%	0.87%	1.40%	2.17%	2.00%
Earnings Yield	2.40%	4.59%	6.39%	7.53%	1.45%	4.01%	6.58%	6.90%	7.44%	6.97%
Enterprise Value to Invested Capital (EV/IC)	2.54	2.07	2.13	2.26	1.59	1.39	2.46	1.80	1.69	1.84
Enterprise Value to Revenue (EV/Rev)	1.00	0.99	0.96	1.13	0.75	0.71	1.11	0.74	0.74	0.87
Enterprise Value to EBITDA (EV/EBITDA)	10.64	8.81	7.20	9.32	11.55	8.33	8.04	7.24	6.69	7.23
Enterprise Value to EBIT (EV/EBIT)	25.68	16.39	11.46	15.26	44.25	21.51	11.94	12.44	11.46	12.21
Enterprise Value to NOPAT (EV/NOPAT)	39.39	24.50	19.40	16.54	14.23	26.40	20.32	14.10	18.45	18.39
Enterprise Value to Operating Cash Flow (EV/OCF)	8.84	8.77	11.76	15.87	9.33	9.65	9.20	7.00	7.59	9.13
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	14.89	0.00	45.55	15.18	31.47	28.60
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.50	1.01	0.94	0.86	0.99	1.20	0.86	0.81	0.79	0.73
Long-Term Debt to Equity	0.50	1.01	0.94	0.79	0.94	1.20	0.86	0.81	0.78	0.73
Financial Leverage	0.19	0.49	0.72	0.69	0.77	0.90	0.73	0.55	0.53	0.51
Leverage Ratio	2.30	2.87	3.17	2.84	2.87	3.55	3.68	3.44	3.39	3.24
Compound Leverage Factor	2.02	2.57	2.87	2.54	1.59	2.59	3.15	3.04	3.11	3.05
Debt to Total Capital	33.19%	50.24%	48.39%	46.25%	49.75%	54.60%	46.35%	44.83%	44.10%	42.28%
Short-Term Debt to Total Capital	0.08%	0.10%	0.07%	3.72%	2.73%	0.13%	0.32%	0.18%	0.27%	0.14%
Long-Term Debt to Total Capital	33.11%	50.14%	48.32%	42.53%	47.02%	54.47%	46.03%	44.65%	43.83%	42.14%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	66.81%	49.76%	51.61%	53.75%	50.25%	45.40%	53.65%	55.17%	55.90%	57.72%
Debt to EBITDA	1.67	2.45	1.87	2.10	3.88	3.73	1.80	2.13	2.05	1.92
Net Debt to EBITDA	0.83	1.83	1.38	1.69	3.36	2.90	1.19	1.41	1.37	1.31
Long-Term Debt to EBITDA	1.67	2.44	1.87	1.93	3.66	3.72	1.79	2.12	2.04	1.92
Debt to NOPAT	6.18	6.81	5.04	3.72	4.78	11.81	4.55	4.15	5.66	4.90
Net Debt to NOPAT	3.06	5.08	3.71	3.00	4.15	9.19	3.00	2.74	3.77	3.32
Long-Term Debt to NOPAT	6.17	6.80	5.03	3.42	4.51	11.79	4.52	4.14	5.62	4.88
Altman Z-Score	3.48	2.72	3.17	3.41	2.69	1.97	2.74	2.46	2.42	2.56
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.74	1.50	1.59	1.39	1.45	1.58	1.51	1.43	1.37	1.36
Quick Ratio	1.59	1.35	1.46	1.22	1.27	1.45	1.40	1.31	1.25	1.24
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-162	-3,444	-17	-1,198	3,520	-536	2,048	4,534	2,133	2,652
Operating Cash Flow to CapEx	123.44%	118.47%	96.36%	82.54%	102.24%	86.86%	172.25%	147.43%	145.29%	164.20%
Free Cash Flow to Firm to Interest Expense	-0.69	-10.25	-0.03	-2.15	5.99	-0.80	1.73	6.58	3.07	3.56
Operating Cash Flow to Interest Expense	22.83	16.99	9.63	8.38	9.55	7.58	8.55	14.27	12.75	11.16
Operating Cash Flow Less CapEx to Interest Expense	4.34	2.65	-0.36	-1.77	0.21	-1.15	3.58	4.59	3.97	4.36
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.36	1.22	1.28	1.30	1.31	1.08	1.07	1.11	1.04	1.01
Accounts Receivable Turnover	8.49	7.77	8.12	8.14	7.92	7.20	7.57	7.81	8.18	8.65
Inventory Turnover	75.51	75.26	87.14	92.88	95.57	92.90	107.35	113.36	107.68	105.84
Fixed Asset Turnover	2.35	2.23	2.40	2.42	2.38	2.16	2.42	2.53	2.29	2.13
Accounts Payable Turnover	17.98	14.93	15.45	16.85	17.15	16.59	17.50	17.63	16.96	18.32
Days Sales Outstanding (DSO)	42.99	47.00	44.93	44.84	46.08	50.67	48.19	46.71	44.64	42.19
Days Inventory Outstanding (DIO)	4.83	4.85	4.19	3.93	3.82	3.93	3.40	3.22	3.39	3.45
Days Payable Outstanding (DPO)	20.31	24.44	23.62	21.67	21.28	22.00	20.86	20.71	21.52	19.93
Cash Conversion Cycle (CCC)	27.52	27.41	25.50	27.10	28.62	32.60	30.74	29.22	26.51	25.72
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	18,679	24,167	27,172	32,857	33,019	35,417	37,960	38,306	39,811	41,284
Invested Capital Turnover	2.64	2.35	2.35	2.18	2.12	2.02	2.29	2.45	2.31	2.16
Increase / (Decrease) in Invested Capital	1,367	5,488	3,005	5,685	162	2,398	2,543	346	1,505	1,473
Enterprise Value (EV)	47,460	50,078	57,980	74,193	52,396	49,171	93,266	68,815	67,119	75,857
Market Capitalization	43,774	39,695	46,881	60,752	37,134	32,049	79,474	55,448	53,396	62,155
Book Value per Share	$52.84	$51.35	$60.11	$72.66	$68.15	$70.03	$91.08	$96.22	$103.79	$112.09
Tangible Book Value per Share	$39.41	$26.22	$33.36	$46.57	$41.73	($7.63)	$6.76	$6.88	$9.17	$16.43
Total Capital	22,442	27,701	31,141	36,122	35,338	40,298	45,047	45,203	46,667	47,785
Total Debt	7,449	13,917	15,068	16,706	17,581	22,003	20,879	20,264	20,579	20,203
Total Long-Term Debt	7,430	13,888	15,046	15,364	16,617	21,952	20,733	20,182	20,453	20,135
Net Debt	3,686	10,383	11,099	13,441	15,262	17,122	13,792	13,367	13,723	13,702
Capital Expenditures (CapEx)	4,347	4,818	5,116	5,663	5,490	5,868	5,884	6,669	6,090	5,062
Debt-free, Cash-free Net Working Capital (DFCFNWC)	635	476	763	1,791	2,718	1,209	-21	-724	-1,706	-1,581
Debt-free Net Working Capital (DFNWC)	4,398	4,010	4,732	5,056	5,037	6,090	7,066	6,173	5,150	4,920
Net Working Capital (NWC)	4,379	3,981	4,710	3,714	4,073	6,039	6,920	6,091	5,024	4,852
Net Nonoperating Expense (NNE)	155	224	-8.51	-85	3,142	576	-640	1,054	-334	-206
Net Nonoperating Obligations (NNO)	3,686	10,383	11,099	13,441	15,262	17,122	13,792	13,367	13,723	13,702
Total Depreciation and Amortization (D&A)	2,611	2,631	2,995	3,095	3,353	3,615	3,793	3,970	4,176	4,287
Debt-free, Cash-free Net Working Capital to Revenue	1.34%	0.95%	1.26%	2.74%	3.90%	1.75%	-0.03%	-0.77%	-1.89%	-1.80%
Debt-free Net Working Capital to Revenue	9.27%	7.96%	7.85%	7.73%	7.23%	8.80%	8.42%	6.60%	5.71%	5.61%
Net Working Capital to Revenue	9.23%	7.90%	7.81%	5.67%	5.84%	8.72%	8.24%	6.51%	5.57%	5.53%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.70	$6.59	$11.24	$17.08	$2.06	$4.92	$19.79	$14.54	$15.60	$17.41
Adjusted Weighted Average Basic Shares Outstanding	282.43M	265.52M	268.26M	265.92M	260.81M	261.95M	267.35M	259.85M	251.19M	244.30M
Adjusted Diluted Earnings per Share	$3.65	$6.51	$11.07	$16.79	$2.03	$4.90	$19.45	$14.33	$15.48	$17.21
Adjusted Weighted Average Diluted Shares Outstanding	282.43M	265.52M	268.26M	265.92M	260.81M	261.95M	267.35M	259.85M	251.19M	244.30M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$2.06	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	282.43M	265.52M	268.26M	265.92M	260.81M	261.95M	267.35M	259.85M	251.19M	244.30M
Normalized Net Operating Profit after Tax (NOPAT)	1,383	2,044	2,988	3,256	3,682	2,198	4,591	4,880	3,953	4,674
Normalized NOPAT Margin	2.91%	4.06%	4.95%	4.98%	5.28%	3.17%	5.47%	5.22%	4.39%	5.33%
Pre Tax Income Margin	3.43%	5.44%	7.59%	6.65%	0.94%	2.41%	7.95%	5.24%	5.95%	6.66%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.86	9.09	9.88	8.72	2.01	3.40	6.58	8.03	8.44	8.34
NOPAT to Interest Expense	5.13	6.08	5.84	8.04	6.26	2.77	3.87	7.08	5.24	5.54
EBIT Less CapEx to Interest Expense	-10.63	-5.25	-0.11	-1.43	-7.32	-5.33	1.62	-1.65	-0.33	1.54
NOPAT Less CapEx to Interest Expense	-13.37	-8.26	-4.16	-2.11	-3.08	-5.96	-1.09	-2.60	-3.53	-1.26
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	21.62%	15.22%	14.21%	11.70%	126.48%	52.80%	13.11%	20.73%	29.63%	29.07%
Augmented Payout Ratio	141.05%	164.78%	31.20%	33.95%	400.56%	53.03%	13.11%	79.48%	67.40%	86.79%

This table displays calculated financial ratios and metrics derived from FedEx's official financial filings.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.63%	-2.81%	-6.23%	-10.10%	-6.72%	-2.84%	-1.94%	0.82%	-0.47%	-0.89%	1.94%
EBITDA Growth	-10.36%	-11.78%	-13.83%	77.85%	11.42%	2.96%	7.86%	-2.42%	-14.20%	-8.79%	0.72%
EBIT Growth	-19.85%	-22.74%	-25.62%	165.20%	16.82%	6.07%	11.36%	-4.88%	-24.70%	-17.89%	1.81%
NOPAT Growth	-15.36%	-27.57%	-26.70%	-30.79%	24.57%	9.18%	17.49%	4.04%	-27.82%	-16.83%	7.67%
Net Income Growth	-21.31%	-24.52%	-30.67%	175.63%	23.20%	14.21%	14.01%	-4.16%	-26.35%	-17.67%	3.41%
EPS Growth	-18.58%	-20.88%	-27.38%	179.17%	27.03%	15.64%	15.08%	-1.82%	-24.11%	-14.65%	7.12%
Operating Cash Flow Growth	-22.89%	-24.02%	1.25%	-1.57%	38.77%	16.86%	-29.26%	-21.73%	-46.77%	-25.70%	24.97%
Free Cash Flow Firm Growth	154.88%	83.24%	109.56%	-134.22%	-171.55%	146.74%	-389.11%	18.13%	-45.51%	-189.82%	154.55%
Invested Capital Growth	0.52%	2.87%	1.69%	3.93%	4.25%	2.13%	3.26%	3.70%	3.86%	2.20%	1.94%
Revenue Q/Q Growth	-4.72%	-1.84%	-2.83%	-1.08%	-1.14%	2.23%	-1.93%	1.71%	-2.40%	1.80%	0.88%
EBITDA Q/Q Growth	24.73%	-3.79%	-2.55%	52.09%	-21.86%	-11.10%	2.09%	37.60%	-31.29%	-5.50%	12.74%
EBIT Q/Q Growth	53.92%	-8.49%	-3.54%	95.19%	-32.20%	-16.91%	1.27%	66.72%	-46.33%	-9.39%	25.56%
NOPAT Q/Q Growth	-42.47%	-3.10%	-10.17%	38.19%	3.56%	-15.07%	-3.33%	22.37%	-28.15%	-2.14%	25.14%
Net Income Q/Q Growth	56.81%	-9.94%	-2.16%	99.48%	-29.91%	-16.51%	-2.33%	67.69%	-46.13%	-6.68%	22.67%
EPS Q/Q Growth	54.17%	-7.81%	-0.65%	97.70%	-29.85%	-16.08%	-1.13%	68.66%	-45.78%	-5.61%	24.09%
Operating Cash Flow Q/Q Growth	-54.11%	-5.54%	49.93%	51.45%	-35.31%	-20.45%	-9.24%	67.58%	-56.00%	11.04%	52.66%
Free Cash Flow Firm Q/Q Growth	-42.54%	-132.99%	154.79%	-429.47%	-20.14%	121.55%	-438.92%	6.70%	-113.53%	86.70%	305.85%
Invested Capital Q/Q Growth	0.11%	3.57%	-0.22%	0.46%	0.41%	1.47%	0.88%	0.89%	0.57%	-0.15%	0.62%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	24.66%	24.93%	25.29%	28.81%	26.68%	25.34%	25.81%	28.17%	25.27%	25.68%	26.16%
EBITDA Margin	9.98%	9.78%	9.81%	15.08%	11.92%	10.37%	10.79%	14.60%	10.28%	9.54%	10.66%
Operating Margin	5.12%	5.15%	4.70%	6.85%	6.85%	5.76%	5.72%	7.03%	5.00%	4.79%	5.83%
EBIT Margin	5.58%	5.20%	5.16%	10.18%	6.98%	5.68%	5.86%	9.61%	5.28%	4.70%	5.85%
Profit (Net Income) Margin	3.76%	3.45%	3.48%	7.01%	4.97%	4.06%	4.04%	6.67%	3.68%	3.37%	4.10%
Tax Burden Percent	75.82%	74.41%	75.44%	72.27%	75.76%	74.88%	74.30%	72.68%	75.19%	75.54%	76.97%
Interest Burden Percent	89.04%	89.29%	89.34%	95.30%	93.99%	95.55%	92.86%	95.48%	92.63%	94.97%	91.06%
Effective Tax Rate	24.18%	25.59%	24.56%	27.73%	24.24%	25.12%	25.70%	27.32%	24.81%	24.46%	23.03%
Return on Invested Capital (ROIC)	9.63%	9.22%	8.36%	11.43%	11.74%	9.44%	9.23%	11.06%	8.09%	7.71%	9.54%
ROIC Less NNEP Spread (ROIC-NNEP)	9.42%	8.62%	8.25%	14.77%	11.39%	9.07%	8.93%	13.56%	7.96%	7.34%	8.96%
Return on Net Nonoperating Assets (RNNOA)	5.15%	5.14%	4.92%	7.84%	5.87%	5.24%	5.14%	6.93%	4.12%	3.97%	4.99%
Return on Equity (ROE)	14.77%	14.36%	13.27%	19.27%	17.61%	14.68%	14.38%	17.99%	12.21%	11.68%	14.53%
Cash Return on Invested Capital (CROIC)	11.81%	8.36%	8.68%	5.46%	5.70%	7.70%	6.92%	6.54%	5.57%	6.73%	7.08%
Operating Return on Assets (OROA)	6.29%	5.76%	5.63%	10.60%	7.14%	5.75%	5.97%	9.68%	5.31%	4.74%	6.01%
Return on Assets (ROA)	4.25%	3.83%	3.79%	7.30%	5.08%	4.11%	4.12%	6.71%	3.70%	3.40%	4.21%
Return on Common Equity (ROCE)	14.77%	14.36%	13.27%	19.27%	17.61%	14.68%	14.38%	17.99%	12.21%	11.68%	14.53%
Return on Equity Simple (ROE_SIMPLE)	14.28%	13.82%	12.10%	0.00%	15.73%	16.02%	16.66%	0.00%	14.89%	14.69%	14.67%
Net Operating Profit after Tax (NOPAT)	903	875	786	1,086	1,125	955	924	1,130	812	795	994
NOPAT Margin	3.89%	3.84%	3.55%	4.95%	5.19%	4.31%	4.25%	5.11%	3.76%	3.62%	4.49%
Net Nonoperating Expense Percent (NNEP)	0.21%	0.59%	0.10%	-3.33%	0.35%	0.38%	0.30%	-2.51%	0.13%	0.37%	0.58%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	2.02%	1.98%	-	-	1.71%	2.12%
Cost of Revenue to Revenue	75.34%	75.07%	74.71%	71.19%	73.32%	74.66%	74.19%	71.84%	74.73%	74.32%	73.84%
SG&A Expenses to Revenue	14.96%	15.03%	15.38%	16.01%	14.40%	14.24%	14.64%	14.44%	14.68%	14.57%	14.71%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	19.53%	19.77%	20.59%	21.96%	19.83%	19.58%	20.09%	21.13%	20.27%	20.90%	20.33%
Earnings before Interest and Taxes (EBIT)	1,296	1,186	1,144	2,233	1,514	1,258	1,274	2,124	1,140	1,033	1,297
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,320	2,232	2,175	3,308	2,585	2,298	2,346	3,228	2,218	2,096	2,363
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.11	1.91	2.02	2.05	2.41	2.37	2.30	2.25	2.67	2.78	2.36
Price to Tangible Book Value (P/TBV)	33.02	126.38	57.58	23.16	22.96	20.77	20.11	15.37	20.35	21.97	16.11
Price to Revenue (P/Rev)	0.56	0.49	0.54	0.59	0.72	0.72	0.69	0.71	0.83	0.84	0.72
Price to Earnings (P/E)	14.77	13.84	16.71	13.44	15.32	14.80	13.80	14.35	17.95	18.93	16.07
Dividend Yield	1.67%	2.14%	2.12%	2.17%	2.30%	1.91%	2.03%	2.00%	1.74%	1.75%	2.07%
Earnings Yield	6.77%	7.23%	5.99%	7.44%	6.53%	6.75%	7.25%	6.97%	5.57%	5.28%	6.22%
Enterprise Value to Invested Capital (EV/IC)	1.73	1.55	1.64	1.69	1.94	1.90	1.84	1.84	2.09	2.14	1.87
Enterprise Value to Revenue (EV/Rev)	0.70	0.66	0.70	0.74	0.87	0.88	0.86	0.87	0.99	1.01	0.89
Enterprise Value to EBITDA (EV/EBITDA)	7.17	6.91	7.56	6.69	7.51	7.45	7.13	7.23	8.59	8.92	7.84
Enterprise Value to EBIT (EV/EBIT)	12.71	12.70	14.52	11.46	12.73	12.57	11.97	12.21	14.90	15.78	13.84
Enterprise Value to NOPAT (EV/NOPAT)	14.03	14.09	15.93	18.45	20.05	19.62	18.44	18.39	22.81	24.25	20.97
Enterprise Value to Operating Cash Flow (EV/OCF)	7.08	6.96	7.29	7.59	8.17	7.94	8.30	9.13	11.97	13.00	10.81
Enterprise Value to Free Cash Flow (EV/FCFF)	14.65	18.85	19.01	31.47	34.68	24.99	26.98	28.60	38.32	32.09	26.66
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.80	0.84	0.82	0.79	0.77	0.77	0.77	0.73	0.75	0.76	0.75
Long-Term Debt to Equity	0.79	0.83	0.81	0.78	0.76	0.75	0.76	0.73	0.72	0.73	0.73
Financial Leverage	0.55	0.60	0.60	0.53	0.52	0.58	0.58	0.51	0.52	0.54	0.56
Leverage Ratio	3.39	3.46	3.45	3.39	3.36	3.41	3.36	3.24	3.25	3.26	3.22
Compound Leverage Factor	3.02	3.09	3.08	3.23	3.15	3.26	3.12	3.10	3.01	3.10	2.94
Debt to Total Capital	44.38%	45.64%	45.04%	44.10%	43.58%	43.40%	43.36%	42.28%	42.74%	43.08%	42.99%
Short-Term Debt to Total Capital	0.31%	0.39%	0.33%	0.27%	0.75%	0.71%	0.14%	0.14%	1.31%	1.27%	1.30%
Long-Term Debt to Total Capital	44.07%	45.25%	44.71%	43.83%	42.83%	42.70%	43.21%	42.14%	41.43%	41.80%	41.69%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	55.62%	54.36%	54.96%	55.90%	56.42%	56.60%	56.64%	57.72%	57.26%	56.92%	57.01%
Debt to EBITDA	2.17	2.27	2.36	2.05	1.99	1.98	1.92	1.92	2.00	2.02	2.03
Net Debt to EBITDA	1.43	1.75	1.73	1.37	1.31	1.33	1.38	1.31	1.42	1.51	1.51
Long-Term Debt to EBITDA	2.16	2.25	2.34	2.04	1.96	1.95	1.91	1.92	1.94	1.96	1.96
Debt to NOPAT	4.25	4.62	4.98	5.66	5.31	5.21	4.95	4.90	5.32	5.48	5.42
Net Debt to NOPAT	2.80	3.56	3.66	3.77	3.48	3.50	3.57	3.32	3.76	4.11	4.04
Long-Term Debt to NOPAT	4.22	4.58	4.94	5.62	5.22	5.13	4.94	4.88	5.16	5.32	5.25
Altman Z-Score	2.30	2.20	2.23	2.28	2.34	2.32	2.34	2.40	2.47	2.50	2.43
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.42	1.30	1.32	1.37	1.37	1.34	1.31	1.36	1.28	1.23	1.24
Quick Ratio	1.30	1.16	1.19	1.25	1.25	1.22	1.17	1.24	1.15	1.10	1.11
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	703	-232	127	-419	-503	108	-367	-343	-732	-97	200
Operating Cash Flow to CapEx	125.16%	81.70%	178.09%	197.88%	174.49%	141.35%	119.52%	228.26%	157.43%	165.37%	203.44%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.13	1.11	1.09	1.04	1.02	1.01	1.02	1.01	1.01	1.01	1.03
Accounts Receivable Turnover	8.54	7.89	8.27	8.18	8.33	7.88	8.49	8.65	8.54	8.17	8.72
Inventory Turnover	115.10	112.14	110.84	107.68	102.03	100.42	101.00	105.84	104.16	102.97	102.94
Fixed Asset Turnover	2.52	2.45	2.40	2.29	2.22	2.16	2.15	2.13	2.13	2.12	2.13
Accounts Payable Turnover	17.63	17.12	16.84	16.96	16.38	16.17	16.53	18.32	17.18	16.32	17.52
Days Sales Outstanding (DSO)	42.72	46.24	44.12	44.64	43.80	46.29	43.01	42.19	42.75	44.69	41.84
Days Inventory Outstanding (DIO)	3.17	3.25	3.29	3.39	3.58	3.63	3.61	3.45	3.50	3.54	3.55
Days Payable Outstanding (DPO)	20.70	21.31	21.67	21.52	22.28	22.57	22.08	19.93	21.25	22.36	20.83
Cash Conversion Cycle (CCC)	25.19	28.18	25.74	26.51	25.09	27.36	24.54	25.72	25.01	25.88	24.56
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	38,347	39,717	39,629	39,811	39,975	40,564	40,920	41,284	41,519	41,456	41,714
Invested Capital Turnover	2.48	2.40	2.36	2.31	2.26	2.19	2.17	2.16	2.15	2.13	2.13
Increase / (Decrease) in Invested Capital	200	1,107	659	1,505	1,628	847	1,291	1,473	1,544	892	794
Enterprise Value (EV)	66,207	61,732	64,879	67,119	77,384	77,264	75,178	75,857	86,977	88,582	77,981
Market Capitalization	53,000	46,130	49,983	53,396	63,943	63,466	60,633	62,155	72,634	73,586	62,975
Book Value per Share	$96.75	$92.67	$97.99	$103.79	$105.63	$106.46	$105.55	$112.09	$111.24	$108.30	$110.89
Tangible Book Value per Share	$6.18	$1.40	$3.44	$9.17	$11.09	$12.15	$12.07	$16.43	$14.61	$13.71	$16.23
Total Capital	45,197	44,363	45,002	46,667	47,030	47,293	46,564	47,785	47,462	46,485	46,849
Total Debt	20,057	20,248	20,269	20,579	20,496	20,527	20,189	20,203	20,286	20,025	20,141
Total Long-Term Debt	19,918	20,076	20,122	20,453	20,145	20,193	20,122	20,135	19,664	19,433	19,530
Net Debt	13,207	15,602	14,896	13,723	13,441	13,798	14,545	13,702	14,343	14,996	15,006
Capital Expenditures (CapEx)	1,284	1,858	1,278	1,742	1,278	1,255	1,347	1,182	754	797	989
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-870	-296	-862	-1,706	-1,628	-1,526	-1,461	-1,581	-1,338	-1,108	-1,206
Debt-free Net Working Capital (DFNWC)	5,980	4,350	4,511	5,150	5,427	5,203	4,183	4,920	4,605	3,921	3,929
Net Working Capital (NWC)	5,841	4,178	4,364	5,024	5,076	4,869	4,116	4,852	3,983	3,329	3,318
Net Nonoperating Expense (NNE)	28	87	15	-452	47	55	45	-344	18	54	85
Net Nonoperating Obligations (NNO)	13,207	15,602	14,896	13,723	13,441	13,798	14,545	13,702	14,343	14,996	15,006
Total Depreciation and Amortization (D&A)	1,024	1,046	1,031	1,075	1,071	1,040	1,072	1,104	1,078	1,063	1,066
Debt-free, Cash-free Net Working Capital to Revenue	-0.92%	-0.31%	-0.93%	-1.89%	-1.84%	-1.74%	-1.67%	-1.80%	-1.53%	-1.27%	-1.37%
Debt-free Net Working Capital to Revenue	6.31%	4.62%	4.87%	5.71%	6.13%	5.92%	4.78%	5.61%	5.26%	4.49%	4.47%
Net Working Capital to Revenue	6.16%	4.44%	4.71%	5.57%	5.73%	5.54%	4.70%	5.53%	4.55%	3.81%	3.78%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.37	$3.08	$3.07	$6.08	$4.28	$3.59	$3.55	$5.99	$3.24	$3.06	$3.79
Adjusted Weighted Average Basic Shares Outstanding	260.22M	252.40M	251.35M	251.19M	251.42M	249.89M	246.08M	244.30M	244.32M	240.85M	239.60M
Adjusted Diluted Earnings per Share	$3.33	$3.07	$3.05	$6.03	$4.23	$3.55	$3.51	$5.92	$3.21	$3.03	$3.76
Adjusted Weighted Average Diluted Shares Outstanding	260.22M	252.40M	251.35M	251.19M	251.42M	249.89M	246.08M	244.30M	244.32M	240.85M	239.60M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	260.22M	252.40M	251.35M	251.19M	251.42M	249.89M	246.08M	244.30M	244.32M	240.85M	239.60M
Normalized Net Operating Profit after Tax (NOPAT)	932	875	786	1,086	1,125	955	1,008	1,130	812	795	994
Normalized NOPAT Margin	4.01%	3.84%	3.55%	4.95%	5.19%	4.31%	4.64%	5.11%	3.76%	3.62%	4.49%
Pre Tax Income Margin	4.97%	4.64%	4.61%	9.70%	6.56%	5.42%	5.44%	9.17%	4.89%	4.47%	5.33%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	24.85%	29.73%	36.20%	29.63%	28.65%	28.32%	28.17%	29.07%	31.63%	33.44%	33.64%
Augmented Payout Ratio	72.19%	119.74%	86.33%	67.40%	76.55%	51.64%	73.67%	86.79%	105.76%	123.97%	110.64%

Frequently Asked Questions About FedEx's Financials

When does FedEx's financial year end?

According to the most recent income statement we have on file, FedEx's fiscal year ends in May. Their fiscal year 2024 ended on May 31, 2024.

How has FedEx's net income changed over the last 9 years?

FedEx's net income appears to be on an upward trend, with a most recent value of $4.33 billion in 2024, rising from $1.05 billion in 2015. The previous period was $3.97 billion in 2023.

What is FedEx's operating income?

FedEx's total operating income in 2024 was $5.56 billion, based on the following breakdown:

Total Gross Profit: $23.24 billion
Total Operating Expenses: $17.68 billion

How has FedEx revenue changed over the last 9 years?

Over the last 9 years, FedEx's total revenue changed from $47.45 billion in 2015 to $87.69 billion in 2024, a change of 84.8%.

How much debt does FedEx have?

FedEx's total liabilities were at $59.43 billion at the end of 2024, a 2.7% decrease from 2023, and a 175.9% increase since 2015.

How much cash does FedEx have?

In the past 9 years, FedEx's cash and equivalents has ranged from $2.32 billion in 2019 to $7.09 billion in 2021, and is currently $6.50 billion as of their latest financial filing in 2024.

How has FedEx's book value per share changed over the last 9 years?

Over the last 9 years, FedEx's book value per share changed from 52.84 in 2015 to 112.09 in 2024, a change of 112.1%.

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This page (NYSE:FDX) was last updated on 4/14/2025 by MarketBeat.com Staff

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FedEx (FDX) Financials

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FedEx (FDX) Financials

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