FedEx (FDX) financials

NYSE · Industrials · Integrated Freight & Logistics · 530,000 employees · CEO Rajesh Subramaniam

Price: $313.28 +1.77%
Market cap: $73.4B
Enterprise value: $99.5B
Last report: Q1 '27 filed 2026-10-28
Next report: 2027-02-02 EPS est. $6.40

Revenue (TTM)–– vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)–– vs a year agoOperating income –

Net income (TTM)–– vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)–– vs a year agoCapex –

Diluted EPS (TTM)–– vs a year agoSum of the last 4 quarters

Net cash-$22.9B– vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $73.4B
Revenue: –
Revenue growth: -3%
Profit margin: –
P/E: 19.4×
P/S: 0.8×
EV / EBITDA: 10.2×
Free cash flow: –
Net income: –
Revenue estimate: $92.1B
Earnings: 2027-02-02
Dividend: $4.78

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-28): revenue beat by 0.5%, EPS beat by 12.0%Revenue $22.9B vs $22.7B expected (+0.5%); EPS $3.74 vs $3.34 (+12.0%).
Net debt $22.9BCash + short-term investments $11.2B, debt incl. leases $34.1B.

Last quarter: Q1 '27

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q1 '27	Year ago	Change
Revenue	$22.9B	–	–
Gross margin	4.7%	–	–
Operating income	$1.07B	–	–
Operating margin	4.7%	–	–
Net income	$290M	–	–
Diluted EPS	$1.21	–	–
Operating cash flow	$2.19B	–	–
Capex	$616M	–	–
Free cash flow	$1.57B	–	–
R&D	$0	–	–
Stock-based compensation	-$78M	–	–

Reported vs consensus

2026-10-28

	Actual	Consensus	vs consensus
Revenue	$22.9B	$22.7B	+0.5%
EPS (as estimated)	$3.74	$3.34	+12.0%

From the report of 2026-10-28 for Q1 '27: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q1 '27	y/y	Share	TTM	TTM y/y
Federal Express segment	–	–	–	–	–
Federal Express Segment	–	–	–	–	–
Fedex Freight Segment	–	–	–	–	–
FedEx Freight segment	–	–	–	–	–
Corporate Reconciling Items And Eliminations	$900M	–	100.0%	–	–
Corporate, Other, and Eliminations	–	–	–	–	–
Other International Revenue	–	–	–	–	–

Revenue by region

share of total

Segment	Q1 '27	y/y	Share	TTM	TTM y/y	12 quarters
United States	$17.8B	–	71.2%	$67.9B	–
Non Us	$7.2B	–	28.8%	$26.8B	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q1 '27

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Federal Express Segment	–	–	–	–	–	–	–
Fedex Freight Segment	–	–	–	–	–	–	–
Corporate Reconciling Items And Eliminations	–	–	-$99M	–	–	–	–
Fed Ex Freight And Fed Ex Express Segments	–	–	–	–	–	–	–
Express U.S.Domestic Segment	–	–	$946M	–	–	–	–
Express International Segment	–	–	$220M	–	–	–	–
Express U.S.Domestic And Express International Segment	–	–	$1.17B	–	–	–	–

Operating income by segment

quarterly

Segment operating margin

quarterly

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Free cash flow: –
Returned to shareholders / FCF: –

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	19.4×	12.8×	10.4× – 18.2×
EV / EBITDA	10.2×	8.0×	7.1× – 9.9×
EV / Sales	1.0×	0.9×	0.8× – 1.2×
Price / FCF	13.1×	15.7×	14.3× – 16.9×
Price / Book	2.1×	1.9×	1.5× – 2.6×
FCF yield	7.6%	6.4%	5.9% – 7.0%
Return on invested capital	6.0%	6.0%	5.2% – 6.9%
Return on equity	12.6%	15.0%	14.0% – 15.7%

Analysts

Consensus target $314.77 (+0.5%)
range $140.00 – $425.00 · rating Buy

Strong buy0

Buy28

Hold18

Sell3

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2027	$92.1B	-2.7%	$18.28	-1.4%	17.1×	7
FY2028	$95.8B	+4.0%	$21.11	+15.5%	14.8×	4
FY2029	$98.6B	+2.9%	$23.73	+12.4%	13.2×	1
FY2030	$100B	+1.9%	$27.16	+14.5%	11.5×	1
FY2031	$105B	+5.0%	$29.49	+8.5%	10.6×	1

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 337 figures FedEx Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
	–	–	–	-$1M	–	–
	–	–	–	0.0%	–	–
	–	–	–	$1.37B	–	–
	–	–	–	$402M	–	–
	–	–	–	$140M	–	–
	–	–	–	$3.81B	$4.06B	-6.1%
Accounts Payable, Current	$6.96B	–	–	$4.33B	$3.69B	+17.2%
Accounts Receivable, Allowance for Credit Loss	$277M	–	–	$510M	$438M	+16.4%
Accounts Receivable, Allowance for Credit Loss, Current	$595M	–	–	$864M	$773M	+11.8%
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease)	$252M2026-05-31	$139M	+81.3%	$946M	$521M	+81.6%
Accounts Receivable, Allowance for Credit Loss, Recovery	$268M2026-05-31	$239M	+12.1%	$1.02B	$903M	+13.2%
Accounts Receivable, Allowance for Credit Loss, Writeoff	$591M2026-05-31	$355M	+66.5%	$1.9B	$1.42B	+33.3%
Accounts Receivable, Credit Loss Expense (Reversal)	$252M2026-05-31	$139M	+81.3%	$946M	$521M	+81.6%
Accrual for Taxes Other than Income Taxes, Current	$392M2026-05-31	$372M	+5.4%	$392M	$372M	+5.4%
Accrued Employee Benefits, Current	$1.56B2026-05-31	$796M	+95.9%	$1.56B	$796M	+95.9%
Accrued Insurance, Current	$1.97B2026-05-31	$1.86B	+6.0%	$1.97B	$1.86B	+6.0%
Accrued Liabilities, Current	$9.65B	–	–	$5.73B	$5B	+14.6%
Accrued Salaries, Current	$1.45B2026-05-31	$1.08B	+33.6%	$1.45B	$1.08B	+33.6%
Accrued Vacation, Current	$753M2026-05-31	$852M	-11.6%	$753M	$852M	-11.6%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$45.9B	–	–	$46B2025-05-31	$42.9B	+7.2%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$1.77B	–	–	-$1.23B	-$1.36B	+9.9%
Additional Paid in Capital, Common Stock	$4.86B	–	–	$4.72B	$4.29B	+10.0%
Amortization of Intangible Assets	–	–	–	$54M	$48M	+12.5%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1M	7M	-85.7%	4M	5M	-20.0%
Asset Impairment Charges	–	–	–	$23M	$21M	+9.5%
Assets	$92.9B	–	–	$98.9B	$87.6B	+12.9%
Assets, Current	$25B	–	–	$27.9B	$18.4B	+51.8%
Assets, Noncurrent	$71B2026-05-31	$69.2B	+2.6%	$71B	$69.2B	+2.6%
Cash and Cash Equivalents, at Carrying Value	$7.96B	–	–	$13.3B	$5.5B	+141.9%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$13.1B2026-05-31	$5.39B	+142.2%	–	–	–
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations	$251M2026-05-31	$109M	+130.3%	–	–	–
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	$7.96B	$6.46B	+23.2%	$13.3B	$5.5B	+141.9%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$1.62B2026-05-31	$367M	+342.2%	$7.81B	-$999M	+881.7%
Commercial Paper	$750M2026-05-31	–	–	$750M	–	–
Common Stock, Dividends, Per Share, Cash Paid	$1.452025-08-31	–	–	–	–	–
Common Stock, Dividends, Per Share, Declared	$1.22	$1.45	-15.9%	$5.80	$5.52	+5.1%
Common Stock, Par or Stated Value Per Share	$0.10	–	–	$0.10	$0.10	0.0%
Common Stock, Shares Authorized	800M	–	–	800M	800M	0.0%
Common Stock, Shares, Issued	318M	–	–	318M	318M	0.0%
Common Stock, Value, Issued	$32M	–	–	$32M	$32M	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$330M	$907M	-63.6%	$4.57B	$4.09B	+11.7%
Contract with Customer, Asset, after Allowance for Credit Loss	$714M	–	–	$760M	$526M	+44.5%
Contract with Customer, Asset, before Allowance for Credit Loss	$692M2026-02-28	$670M	+3.3%	$673M2025-05-31	$672M	+0.1%
Contract with Customer, Liability, Current	$17M	–	–	$20M	$23M	-13.0%
Cost of Property Repairs and Maintenance	$794M	$784M	+1.3%	$3.33B	$3.25B	+2.6%
Costs and Expenses	$21.8B	$19.5B	+12.0%	$89.3B	$82.7B	+7.9%
Current Federal Tax Expense (Benefit)	–	–	–	$1.34B	$891M	+49.8%
Current Foreign Tax Expense (Benefit)	–	–	–	$384M	$359M	+7.0%
Current Income Tax Expense (Benefit)	–	–	–	$1.91B	$1.4B	+36.5%
Current State and Local Tax Expense (Benefit)	–	–	–	$186M	$146M	+27.4%
Debt and Lease Obligation	$25B2026-05-31	$20.6B	+21.3%	$25B	$20.6B	+21.3%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$239M2026-05-31	$214M	+11.7%	$239M	$214M	+11.7%
Debt Related Commitment Fees and Debt Issuance Costs	–	–	–	$6M	$18M	-66.7%
Debt Securities	$266M	–	–	–	–	–
Debt Securities, Realized Gain (Loss)	–	–	–	$0	$0	–
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$534M	-$302M	-76.8%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	-$9M	$235M	-103.8%
Deferred Income Tax Assets, Net	$1.16B2026-05-31	$1.12B	+3.7%	$1.16B	$1.12B	+3.7%
Deferred Income Tax Expense (Benefit)	-$263M	–	–	-$545M	-$47M	-1,059.6%
Deferred Income Tax Liabilities, Net	$3.01B	–	–	$3.66B	$4.21B	-12.9%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-K 2026-05-31, 10-Q 2026-02-28, 10-Q 2025-11-30, 10-Q 2025-08-31, 10-K 2025-05-31, 10-Q 2025-02-28, 10-Q 2024-11-30, 10-Q 2024-08-31

Data as of 2026-11-01