Saturday 31 October 2026 Export FDX’s income statement to Excel — free account

FedEx Corporation

FDX Industrials Integrated Freight & Logistics

FedEx Corporation’s revenue for fiscal 2026 (year ended May 2026) was $94.7 billion, up 7.73% from fiscal 2025. In the quarter to May 2026, revenue grew 12.5%, EPS fell 4.07%, free cash flow grew 62.2% and total debt rose 25.0%, each against the same quarter a year earlier. Member of the S&P 500.

315.10 7.28 +2.37%

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Market cap: $72.1B
P/E: 16.9×
Fwd P/E: 14.6×
Dividend yield: 1.69%
F-score: 7/9
Altman Z: 2.56
Beneish M: −2.65
Dividend safety: 70/100

Overview Business Profile Earnings & Analysis Segments Filings

Insider Decisions trades per month

Total sells 20.23

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	5	—	1	—	—	—	—

Insider Ownership 6.55%

Capital & Financial Ratios $m

Market Cap 72,090.00

Revenue 94,720.00

Net Income 4,433.00

Free Cash Flow 3,882.00

Net Debt 12,403.00

Current Ratio 1.48

Debt/Equity 0.81

P/E ratio 16.91

Fwd P/E 14.60

P/S ratio 0.79

P/B ratio 2.35

Past 5Y EPS Growth (1.01%)

This Y EPS Growth 35.60%

Next Y EPS Growth 13.96%

Next Y revenue growth 0.31%

Next 5Y EPS Growth 20.61%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 66.05%

10-year low 10-year high

P/S against its own 10 years 89.42%

10-year low 10-year high

P/B against its own 10 years 62.61%

10-year low 10-year high

EV/Sales against its own 10 years 77.19%

10-year low 10-year high

EV/FCF against its own 10 years 36.01%

10-year low 10-year high

Dividends

Payout Ratio 0.29

Annual Dividend Rate 5.34

Annual Dividend Yield 1.69%

	total	individual payouts
2029	Powerpack
2028	Powerpack
2027	Powerpack
2026	5.77	1.45 1.22 1.22
2025	5.73	1.38 1.45 1.45 1.45
2024	5.40	1.26 1.38 1.38 1.38
2023	4.93	1.15 1.26 1.26 1.26
2022	4.20	0.75 1.15 1.15 1.15
2021	2.90	0.65 0.75 0.75 0.75
2020	2.60	0.65 0.65 0.65 0.65
2019	2.60	0.65 0.65 0.65 0.65
2018	2.45	0.50 0.65 0.65 0.65
2017	1.90	0.40 0.50 0.50 0.50
2016	1.45	0.25 0.40 0.40 0.40

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	2026
Cash	6,856	6,501	5,502	13,311
Receivables	10,188	10,087	11,368	12,672
Inventory	604	614	602	669
Other	—	—	—	—
	18,610	18,207	18,386	27,903

	2023	2024	2025	2026
Payables	3,848	3,189	3,692	4,327
ST’ Debt	126	68	1,428	2,421
Other	—	—	—	—
	13,586	13,355	15,411	18,912

Compound Annual Growth %

	10y	5y	3y
Sales	6.52%	2.44%	1.66%
Cash Flow	4.57%	(2.51%)	0.29%
Earnings	9.31%	(3.26%)	3.73%
Book Value	8.67%	5.54%	6.65%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 3.24 Actual 3.74

2.78 3.78 4.78 5.77 6.77

Q2 FY26 Beat +0.75

Q3 FY26 Beat +1.11

Q4 FY26 Beat +0.40

Q3 FY26 Beat +0.50

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Q2 FY26	4.07	4.82	Beat by 0.75
Q3 FY26	4.14	5.25	Beat by 1.11
Q4 FY26	5.91	6.31	Beat by 0.40
Q3 FY26	3.24	3.74	Beat by 0.50

EPS $

	Aug	Nov	Feb	May	Year
’26	—	—	—	—	—
’26	3.46	4.05	4.42	6.60	18.55
’25	3.21	3.04	3.76	6.88	16.84
’24	4.24	3.56	3.52	5.94	17.26
’23	3.34	3.08	3.05	6.05	15.52
’22	4.10	3.90	4.20	2.13	14.38
’21	4.73	4.56	3.30	6.88	19.52

Fiscal quarters ending in the months shown.

Revenue $m

	Aug	Nov	Feb	May	Year
’26	—	—	—	—	—
’26	22,244	23,469	24,000	25,007	94,720
’25	21,579	21,967	22,160	22,220	87,926
’24	21,681	22,165	21,738	22,109	87,693
’23	23,242	22,814	22,169	21,930	90,155
’22	22,003	23,474	23,641	24,394	93,512
’21	19,321	20,563	21,510	22,565	83,959

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Aug	Nov	Feb	May	Year
’26	—	—	—	—	—
’26	1,716	1,951	1,993	3,265	8,925
’25	1,187	1,318	2,012	2,519	7,036
’24	2,230	1,774	1,610	2,698	8,312
’23	1,607	1,518	5,401	3,447	8,848
’22	2,084	1,998	6,330	3,502	9,832
’21	2,651	2,579	7,392	2,743	10,135

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Aug	Nov	Feb	May	Year
’26	—	—	—	—	—
’26	1,093	1,243	(269)	1,815	5,213
’25	420	534	(528)	1,119	3,096
’24	952	519	(2,270)	1,516	3,250
’23	333	(330)	1,053	1,705	2,758
’22	534	436	2,022	1,141	3,163
’21	1,233	1,185	3,278	1,075	4,353

Fiscal quarters ending in the months shown.

Group	Line	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	Trend	10 yrs	2027e	2028e	2029e	Next 3/yr
												Ten-year view		Analyst estimates Powerpack
Price, $
Price, $	Low	144.36	119.15	108.76	70.01	170.77	112.02	137.76	185.06	153.36	227.13		+5.2%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	High	201.37	216.80	157.33	241.27	252.51	210.59	225.38	247.73	234.43	345.37		+6.2%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
People
People	Employees	169,000	227,000	239,000	245,000	289,000	249,000	529,000	430,000	440,000	530,000		+13.5%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	Revenue/emp, $m	0.36	0.29	0.29	0.28	0.29	0.38	0.17	0.20	0.20	0.18		(7.4%)	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
Income, $m
Income, $m	Revenue	60,319	65,450	69,693	69,217	83,959	93,512	90,155	87,693	87,926	94,720		+5.1%	95,015	97,839	100,066	+1.8%
	Gross margin, %	72.81	71.77	70.52	70.21	70.75	68.74	69.28	70.77	70.95	70.79		(2.0) pt	Powerpack FedEx Corporation’s next three years, line by line Analysts expect revenue to grow 1.8% a year to 2029 — slower than the 5.1% of the last 9 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	4,579	4,353	655	1,669	6,674	4,896	5,363	5,836	5,441	5,793		+2.6%
	EBT margin, %	7.59	6.65	0.94	2.41	7.95	5.24	5.95	6.66	6.19	6.12		(1.5) pt
	Net income	2,997	4,572	540	1,286	5,231	3,826	3,972	4,331	4,092	4,433		+4.4%
	Depreciation	2,995	3,475	3,353	4,050	3,793	3,970	4,293	4,444	4,285	4,392		+4.3%
Per share, $
Per share, $	Revenue	226.76	245.13	266.00	265.20	318.03	355.56	354.94	353.60	364.84	399.66		+6.5%
	Earnings	11.27	17.12	2.06	4.93	19.81	14.55	15.64	17.46	16.98	18.70		+5.8%
	Cash flow	18.53	17.51	21.42	19.53	38.39	37.38	34.83	33.52	29.20	37.66		+8.2%
	Capex	(18.73)	(21.05)	(20.64)	(22.40)	(21.90)	(25.36)	(23.98)	(20.41)	(16.35)	(15.66)		(2.0%)
	Free cash flow	(0.19)	(3.55)	0.79	(2.87)	16.49	12.03	10.86	13.10	12.85	22.00		n/m
	Book value	60.42	72.72	67.77	70.10	91.55	94.83	102.71	111.22	116.49	133.53		+9.2%
	Shares, m	266	267	262	261	264	263	254	248	241	237		(1.3%)
Valuation, ×
Valuation, ×	P/E	13.67	11.56	61.17	20.74	12.49	12.22	11.04	11.53	10.13	18.17		18.3
	P/S	0.67	0.80	0.46	0.39	0.77	0.50	0.48	0.57	0.47	0.84		0.6
	P/B	2.53	2.70	1.80	1.46	2.68	1.87	1.68	1.80	1.48	2.52		2.1
	EV/Sales	0.86	1.01	0.68	0.63	0.94	0.64	0.64	0.72	0.64	0.97		0.8
	EV/FCF	17,220.89	(31.98)	(240.65)	(22.64)	11.60	14.51	20.80	88.45	36.59	23.77		1,712.1
Cash, $m
Cash, $m	Operating cash flow	4,930	4,674	5,613	5,097	10,135	9,832	8,848	8,312	7,036	8,925		+6.8%
	Capex	(4,981)	(5,621)	(5,407)	(5,846)	(5,782)	(6,669)	(6,090)	(5,062)	(3,940)	(3,712)		(3.2%)
	Free cash flow	(51)	(947)	206	(749)	4,353	3,163	2,758	3,250	3,096	5,213		n/m
Balance, $m
Balance, $m	Working capital	4,710	3,714	4,073	6,039	6,920	6,091	5,024	4,852	2,975	8,991		+7.4%
	Total debt	14,931	16,585	17,581	22,003	20,879	20,264	20,579	20,203	20,579	25,714		+6.2%
	Net debt	10,962	13,320	15,262	17,122	13,792	13,367	13,723	13,702	15,077	12,403		+1.4%
	Shareholders’ equity	16,073	19,416	17,757	18,295	24,168	24,939	26,088	27,582	28,074	31,647		+7.8%
Returns, %
Returns, %	ROA	6.34	9.06	1.01	2.01	6.69	4.53	4.59	4.97	4.69	4.75		(1.6) pt
	ROIC	10.56	8.16	8.45	4.27	9.64	10.19	7.71	8.42	7.56	7.75		(2.8) pt
	ROE	20.08	25.77	2.91	7.13	24.64	15.58	15.57	16.14	14.70	14.85		(5.2) pt

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to May 2026 · latest quarter May 2026 · fundamentals updated 26 Oct 2026

Where the money comes from and where it goes Fiscal 2026

Fiscal 2026: revenue by regions, and margins
U.S. Pension Plans	67,944	71.73%
International:	26,776	28.27%
Gross margin		70.79%
Operating margin		5.77%
Pre-tax margin		6.12%

Revenue by segment since 2012

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
UPS United Parcel Service, Inc.	$91.3B	20.2×	16.7×	+7.60% (above 0%: growing)	−52.98% (below 0%: shrinking)	+137.65% (above 0%: growing)	75.16%	4.07%	Compare
FDX FedEx Corporation	$72.1B	16.9×	14.6×	+12.54% (above 0%: growing)	−4.07% (below 0%: shrinking)	+62.20% (above 0%: growing)	69.62%	6.20%
EXPD Expeditors International of Washington, Inc.	$25.8B	28.9×	24.8×	+32.07% (above 0%: growing)	+50.37% (above 0%: growing)	+2.03% (above 0%: growing)	30.99%	9.98%	Compare
JBHT J.B. Hunt Transport Services, Inc.	$20.7B	31.3×	31.2×	+19.37% (above 0%: growing)	+45.80% (above 0%: growing)	+29.82% (above 0%: growing)	41.31%	7.42%	Compare
FDXF FedEx Freight Holding Company Inc.	$16.4B	—	—	—	—	—	—	—	Compare
CHRW C.H. Robinson Worldwide, Inc.	$14.7B	23.6×	22.9×	+19.28% (above 0%: growing)	+24.41% (above 0%: growing)	−91.47% (below 0%: shrinking)	14.96%	5.18%	Compare
ZTO ZTO Express (Cayman) Inc.	$10.9B	10.6×	10.0×	+29.83% (above 0%: growing)	+73.53% (above 0%: growing)	+121.35% (above 0%: growing)	25.66%	22.19%	Compare
GXO GXO Logistics, Inc.	$5.7B	43.8×	29.7×	+4.30% (above 0%: growing)	−4.35% (below 0%: shrinking)	+127.91% (above 0%: growing)	14.76%	2.24%	Compare
LSTR Landstar System, Inc.	$4.8B	37.1×	27.9×	+18.09% (above 0%: growing)	+20.00% (above 0%: growing)	−950.32% (below 0%: shrinking)	21.71%	4.62%	Compare
Median of peers	$15.6B	28.9×	24.8×	+19.28%	+24.41%	+29.82%	25.66%	5.18%

All 32 Integrated Freight & Logistics stocks →

Business profile

Updated 27 October 2026

FedEx is a transportation, e-commerce and business-services company founded in 1971, headquartered in Memphis, and led by President and Chief Executive Officer Rajesh Subramaniam. It moves packages and freight for businesses and consumers through an integrated air-and-ground network, while also providing customs brokerage, freight forwarding, supply-chain services, retail shipping access, printing and data-enabled logistics tools.

Its two reporting segments are Express U.S. Domestic and Express International, together referred to as Federal Express. The U.S. business handles overnight, deferred and day-definite package and freight shipments, including business and residential deliveries. Its international business moves time-definite packages and freight between more than 220 countries and territories, and includes customs clearance, air and ocean forwarding, trade management and managed transportation.

Read the full business profile →

From the latest earnings call

Updated 28 October 2026

Chief Customer Officer Brie Carere said business-to-business shipments accounted for most quarterly revenue growth, with gains across FedEx’s four key industry verticals.
Interim CFO Claude Russ said improved yields, higher U.S. and international export volumes, and structural cost reductions supported Federal Express’s adjusted operating income.

Read the Earnings & Analysis →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 80.27%

Held by the ten largest 39.16%

Holder	Shares	Stake	Change
Vanguard	23.89m	10.10%	+551.99k
BlackRock	20.78m	8.79%	+1.98m
State Street	10.05m	4.25%	+311.74k
PRIMECAP Management	8.16m	3.45%	−146.21k
Dodge & Cox	7.23m	3.06%	−2.75m
Franklin Templeton	5.37m	2.27%	−530.65k
Geode Capital Management	5.19m	2.20%	+47.10k
Fidelity (FMR)	5.04m	2.13%	−1.23m
Norges Bank	3.72m	1.57%	+3.72m
Invesco	3.21m	1.36%	−17.41k

13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 17 August 2026

Chief executive’s pay

Year	Total pay	Actually paid	$100 invested
2026	27.55m	51.31m	144.29
2025	12.87m	7.27m	74.76
2024	12.38m	15.91m	85.24
2023	13.25m	12.80m	71.69
2022	10.60m	(19.56m)	72.20

Ownership

Directors and executive officers, together less than 1%

Vanguard Capital Management 6.81%

BlackRock, Inc. 6.55%

The Estate of Frederick W. Smith. 5.96%

PRIMECAP Management Company 5.04%

Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement