FedEx

Industrials Air Freight & Logistics Memphis, Tennessee Last filing Jul 21, 2025 · FY2025

                    Revenue
                    FY2025
                
$87.9B
                    3y CAGR -0.8%
                    
                    P19
                    
                    +0.3%
                    
                    Net income
                    FY2025
                
$4.1B
                    Net margin +4.7%
                    
                    P12
                    
                    -5.5%
                    
                    Total assets
                    FY2025
                
$87.6B
                    ROA +4.7%
                    
                    P18
                    
                    +0.7%
                    
                    Operating cash flow
                    FY2025
                
$7.0B
                    FCF margin +3.4%
                    
                    P4
                    
                    -15.4%

19 yrs · FY2007–FY2025 8 filed · 1 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

28 accounts · 10 years

Total assets $87.6B

Total liabilities ~$59.6B

Shareholders equity $28.1B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	6.3%	—	7.4%	7.6%	7.4%	7.1%	7.1%	3.3%	5.0%	6.6%
Accounts Receivable	12.9%	—	11.5%	11.3%	12.7%	14.6%	14.6%	13.1%	13.0%	12.6%
Prepaid Expenses	1.0%	—	1.1%	1.1%	1.0%	1.2%	1.2%	1.6%	1.6%	0.9%
Other Current Assets	5.2%	—	—	—	—	4.7%	—	—	—	—
Total Current Assets	20.9%	—	20.8%	20.6%	21.8%	23.7%	23.7%	18.8%	20.4%	20.9%
Property,Plant and Equipment	47.4%	—	47.3%	45.1%	40.7%	48.6%	48.6%	43.7%	43.0%	43.1%
Operating Lease Assets	18.7%	—	—	—	—	20.1%	—	—	—	—
Goodwill	7.5%	—	7.3%	7.1%	7.0%	9.2%	9.2%	9.9%	10.7%	11.9%
Intangible Assets	0.0%	—	0.2%	0.3%	0.3%	0.5%	0.5%	0.6%	0.7%	0.9%
Other Noncurrent Assets	5.2%	—	4.3%	4.5%	4.7%	4.7%	4.7%	5.7%	5.9%	4.6%
Total Assets	99.7%	—	99.2%	96.7%	92.0%	106.2%	106.2%	78.1%	80.0%	80.5%
Liabilities
Accounts Payable	4.2%	—	3.6%	4.3%	4.3%	4.7%	4.7%	4.3%	4.5%	4.6%
Accrued Liabilities	5.7%	—	5.7%	5.3%	5.5%	5.1%	5.1%	4.7%	4.8%	5.4%
Deferred Revenue	0.0%	—	—	—	—	0.0%	—	—	—	—
Operating Lease Liabilities	2.9%	—	—	—	—	2.8%	—	—	—	—
Other Current Liabilities	0.9%	—	—	—	—	0.7%	—	—	—	—
Total Current Liabilities	17.5%	—	15.2%	15.1%	15.3%	14.9%	14.9%	12.9%	14.7%	13.1%
Operating Lease Liabilities Noncurrent	16.2%	—	—	—	—	17.6%	—	—	—	—
Deferred Tax Liabilities	4.8%	—	5.1%	5.0%	4.4%	4.6%	4.6%	4.0%	6.6%	9.4%
Other Noncurrent Liabilities	0.9%	—	0.8%	0.8%	0.7%	0.7%	0.7%	1.0%	0.8%	0.9%
Equity
Preferred Stock	0.0%	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%
Additional Paid In Capital	4.9%	—	—	—	—	4.8%	—	—	—	—
Retained Earnings	47.1%	—	44.1%	39.1%	35.1%	36.4%	36.4%	35.4%	37.9%	34.5%
Treasury Stock	18.5%	—	15.7%	12.9%	11.2%	13.2%	13.2%	13.3%	12.2%	12.2%
Accumulated Other Comprehensive Income	-1.5%	—	-1.5%	-1.5%	-1.2%	-1.7%	-1.7%	-1.2%	-0.9%	-0.7%
Total Stockholders Equity	31.9%	—	31.5%	28.9%	26.7%	26.4%	26.4%	25.5%	29.7%	26.6%
Total Liabilitiesand Equity	99.7%	—	—	—	—	106.2%	—	—	—	—

Income Statement

Revenue, expense, and profitability

18 accounts · 10 years

Revenue $87.9B

Operating income $5.2B

Net income $4.1B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	100.0%	—	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	94.1%	—	—	—	—	96.5%	—	—	—	—
Expenses Selling,General and Administrative	0.5%	—	—	—	—	0.6%	—	—	—	—
Expenses Depreciation and Amortization	4.8%	—	4.9%	4.6%	4.2%	5.2%	5.2%	4.8%	4.7%	5.0%
Expenses Share Based Compensation	0.2%	—	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.3%	0.3%
Expenses Operating Expenses	94.1%	—	—	—	—	96.5%	—	—	—	—
Other Income Expense Operating Income	5.9%	—	6.3%	5.4%	6.7%	3.5%	3.5%	6.4%	6.5%	7.6%
Other Income Expense Interest Income	0.4%	—	0.4%	0.2%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%
Other Income Expense Interest Expense	0.9%	—	0.8%	0.8%	0.7%	1.0%	1.0%	0.8%	0.9%	0.8%
Other Income Expense Other Income/expense	-0.1%	—	—	—	—	-0.0%	—	—	—	—
Other Income Expense Income Before Tax	6.2%	—	0.6%	0.7%	1.5%	2.4%	2.4%	0.9%	6.7%	7.6%
Income Tax Income Tax Expense	1.5%	—	1.7%	1.5%	1.1%	0.6%	0.6%	0.2%	-0.3%	2.6%
net Income net Income	4.7%	—	4.9%	4.4%	4.1%	1.9%	1.9%	0.8%	7.0%	5.0%
net Income Comprehensive Income	4.7%	—	4.9%	4.2%	3.7%	1.4%	1.4%	0.4%	6.7%	4.6%
Earnings Per Share Basic Eps	0.0%	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	0.3%	—	0.3%	0.3%	0.3%	0.4%	0.4%	0.4%	0.4%	0.4%
Earnings Per Share Weighted Average Shares Diluted	0.3%	—	0.3%	0.3%	0.3%	0.4%	0.4%	0.4%	0.4%	0.4%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 10 years

Operating cash flow $7.0B

Investing cash flow $-4.1B

Financing cash flow $-4.0B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	4.7%	—	4.9%	4.4%	4.1%	1.9%	1.9%	0.8%	7.0%	5.0%
Operating Activities Depreciation and Amortization	4.8%	—	4.9%	4.6%	4.2%	5.2%	5.2%	4.8%	4.7%	5.0%
Operating Activities Stock Based Compensation	0.2%	—	—	—	—	0.2%	—	—	—	—
Operating Activities Deferred Income Taxes	-0.1%	—	-0.2%	0.5%	0.3%	0.5%	0.5%	-0.1%	-0.3%	1.6%
Operating Activities Changes In Operating Assets and Liabilities	0.0%	—	0.0%	0.0%	0.1%	0.0%	0.0%	0.2%	0.1%	0.2%
Operating Activities net Cash From Operating Activities	8.0%	—	9.5%	9.8%	10.5%	7.4%	7.4%	8.1%	7.1%	8.2%
Investing Activities Capital Expenditures	4.6%	—	5.9%	6.8%	7.2%	8.5%	8.5%	7.9%	8.7%	8.5%
Investing Activities Purchases of Investments	0.3%	—	—	—	—	—	—	—	—	—
Investing Activities net Cash From Investing Activities	-4.7%	—	-5.9%	-6.8%	-7.3%	-8.4%	-8.4%	-7.9%	-8.7%	-8.3%
Financing Activities Repayment of Debt	0.2%	—	0.2%	0.2%	0.2%	3.7%	3.7%	2.1%	0.1%	0.1%
Financing Activities Repurchase of Common Stock	3.4%	—	—	—	—	0.0%	—	—	—	—
Financing Activities Dividends Paid	1.5%	—	1.4%	1.3%	0.8%	1.0%	1.0%	1.0%	0.8%	0.7%
Financing Activities Proceeds From Stock Issuance	0.0%	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.4%	0.8%	0.8%
Financing Activities Other Financing Activities	-0.0%	—	-0.0%	0.0%	-0.0%	-0.0%	-0.0%	-0.0%	0.0%	0.0%
Financing Activities net Cash From Financing Activities	-4.6%	—	-3.9%	-2.9%	-3.2%	4.9%	4.9%	-1.5%	0.3%	0.9%
Cash Reconciliation Effect of Exchange Rate On Cash	0.1%	—	—	—	—	-0.1%	—	—	—	—
Cash Reconciliation net Change In Cash	-1.1%	—	-0.4%	-0.0%	-0.2%	3.7%	3.7%	-1.4%	-1.1%	0.7%
Cash Reconciliation Cash At Beginning of Period	6.3%	—	7.4%	7.6%	7.4%	7.1%	7.1%	3.3%	5.0%	6.6%
Cash Reconciliation Cash At End of Period	6.3%	—	7.4%	7.6%	7.4%	7.1%	7.1%	3.3%	5.0%	6.6%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+5.9%	—	—	—	—	+3.5%	—	—	—	—
Operating margin	+5.9%	—	+6.3%	+5.4%	+6.7%	+3.5%	+3.5%	+6.4%	+6.5%	+7.6%
Net margin	+4.7%	—	+4.9%	+4.4%	+4.1%	+1.9%	+1.9%	+0.8%	+7.0%	+5.0%
FCF margin	+3.4%	—	+3.6%	+3.0%	+3.3%	-1.1%	-1.1%	+0.2%	-1.5%	-0.3%
Growth
Revenue CAGR (3y)	-0.8%	—	+8.2%	+9.2%	+10.3%	+1.9%	+4.7%	+11.4%	+11.3%	+9.8%
Returns
ROE	+14.6%	—	+15.7%	+15.2%	+15.3%	+7.0%	+7.0%	+3.0%	+23.5%	+18.6%
ROA	+4.7%	—	+5.0%	+4.6%	+4.4%	+1.7%	+1.7%	+1.0%	+8.7%	+6.2%
ROIC	—	—	+0.0%	+0.0%	+3.9%	+5.3%	+5.3%	+10.9%	+12.6%	+11.1%
Liquidity
Current ratio	1.19x	—	1.36x	1.37x	1.43x	1.58x	1.58x	1.45x	1.39x	1.59x
Quick ratio	1.09x	—	1.24x	1.25x	1.31x	1.45x	1.45x	1.27x	1.22x	1.46x
Leverage
D/E	2.12x	—	2.15x	2.34x	2.45x	3.02x	3.02x	2.06x	1.70x	2.02x
Interest coverage	6.61x	—	7.46x	7.08x	9.06x	3.60x	3.60x	7.60x	7.66x	8.92x
Efficiency
Asset turnover	1.00x	—	1.01x	1.03x	1.09x	0.94x	0.94x	1.28x	1.25x	1.24x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

Valuation

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FedEx

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