FedEx Corporation (FDX) FY2026 Financial Statements: Revenue $94.72B, Net income $4.43B
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PeriodFY2026
Published
FedEx Corporation reported revenue of $94.72 billion for FY2026, the year ended May 31, 2026, up 7.7% from a year earlier, and net income of $4.43 billion, up 8.3%, or $18.55 per diluted share against $16.81. Operating income was $5.46 billion, up 4.7%: the Federal Express segment earned $5.91 billion, up 21.0%, while FedEx Freight, weighed down mainly by the costs of its separation and also by weaker less-than-truckload demand, earned $616 million against $1.49 billion. FedEx spun off FedEx Freight the day after the fiscal year ended, so these results are the last to include it as a segment.
| Metric | Amount | vs. year ago |
|---|---|---|
| Revenue | $94,720,000,000 | up 7.7% |
| Net income | $4,433,000,000 | up 8.3% |
| Diluted EPS | $18.55 | up 10.4% |
| Operating income | $5,463,000,000 | up 4.7% |
| Federal Express segment operating income | $5,912,000,000 | up 21.0% |
| FedEx Freight segment operating income | $616,000,000 | down 58.6% |
Figures link to the filing they came from. Wherever the SEC filing tags a number, that number is linked: click it and the filing opens at the exact line that prints it. Figures calculated here, such as margins, free cash flow and trailing-twelve-month totals, have no line in a filing to point to and are not linked.
About this file
| Ticker | FDX |
|---|---|
| CIK | 0001048911 |
| Company | FedEx Corporation |
| Business type | industrial |
| Schema template | standard industrial (transportation services): revenue and operating expenses by nature, operating income, net income and EPS; balance sheet; cash flow with free cash flow; revenue and operating income by reportable segment |
| Reporting currency | USD |
| Converted to USD | no |
| Units | actual US dollars (not millions); share counts in actual shares; per-share amounts in dollars per share |
| Schema note | Standard industrial template, adapted to a transportation company: FedEx reports operating expenses by nature (salaries, purchased transportation, fuel and so on) rather than cost of revenue, so there is no gross profit line. Revenue and operating income are also shown by reportable segment (Federal Express, FedEx Freight, and Corporate, other and eliminations), because FedEx Freight was spun off on June 1, 2026, after every period in this record ended. |
| Fiscal calendar note | FedEx's fiscal 2026 ran from June 1, 2025 to May 31, 2026; its fiscal quarters end on August 31, November 30, the last day of February and May 31. Effective June 1, 2026 FedEx changed its fiscal year end to December 31 and will report a seven-month transition period from June 1, 2026 to December 31, 2026; fiscal 2026 is the last fiscal year on the May 31 calendar. |
FDX annual income statement, balance sheet and cash flow
| FY2026 | FY2025 | FY2024 | |
|---|---|---|---|
| Period start | 2025-06-01 | 2024-06-01 | 2023-06-01 |
| Period end | 2026-05-31 | 2025-05-31 | 2024-05-31 |
| Period type | fiscal year | fiscal year | fiscal year |
| Source accession | 10-K | 10-K | 10-K |
| Source description | FY2026 Form 10-K, filed 2026-07-20 | FY2026 Form 10-K, filed 2026-07-20 | FY2026 Form 10-K, filed 2026-07-20 |
| Income statement | |||
| Revenue | 94,720,000,000 | 87,926,000,000 | 87,693,000,000 |
| Salaries and employee benefits | 33,844,000,000 | 31,232,000,000 | 30,961,000,000 |
| Purchased transportation | 23,620,000,000 | 21,768,000,000 | 20,921,000,000 |
| Rentals and landing fees | 4,883,000,000 | 4,647,000,000 | 4,571,000,000 |
| Depreciation and amortization | 4,369,000,000 | 4,264,000,000 | 4,287,000,000 |
| Fuel | 4,052,000,000 | 3,775,000,000 | 4,710,000,000 |
| Maintenance and repairs | 3,330,000,000 | 3,245,000,000 | 3,291,000,000 |
| Separation and other costs | 771,000,000 | 38,000,000 | 0 |
| Business optimization costs | 366,000,000 | 756,000,000 | 582,000,000 |
| Goodwill and other asset impairment charges | 23,000,000 | 21,000,000 | 157,000,000 |
| Other operating expenses | 13,999,000,000 | 12,963,000,000 | 12,654,000,000 |
| Total operating expenses | 89,257,000,000 | 82,709,000,000 | 82,134,000,000 |
| Operating income | 5,463,000,000 | 5,217,000,000 | 5,559,000,000 |
| Interest expense | -970,000,000 | -789,000,000 | -745,000,000 |
| Other retirement plans income net | 885,000,000 | 713,000,000 | 722,000,000 |
| Interest income | 437,000,000 | 363,000,000 | 370,000,000 |
| Other nonoperating net | -22,000,000 | -63,000,000 | -70,000,000 |
| Total other income expense | 330,000,000 | 224,000,000 | 277,000,000 |
| Income before income taxes | 5,793,000,000 | 5,441,000,000 | 5,836,000,000 |
| Provision for income taxes | 1,360,000,000 | 1,349,000,000 | 1,505,000,000 |
| Net income | 4,433,000,000 | 4,092,000,000 | 4,331,000,000 |
| Basic EPS | 18.71 | 16.96 | 17.41 |
| Diluted EPS | 18.55 | 16.81 | 17.21 |
| Interest net | -533,000,000 | -426,000,000 | -375,000,000 |
| Net earnings allocable to common shares | 4,426,000,000 | 4,087,000,000 | 4,325,000,000 |
| Basic shares | 237,000,000 | 241,000,000 | 248,000,000 |
| Diluted shares | 239,000,000 | 243,000,000 | 251,000,000 |
| Dividends declared per share | 5.80 | 5.52 | 3.78 |
| Operating margin % | 5.8% | 5.9% | 6.3% |
| Net margin % | 4.7% | 4.7% | 4.9% |
| Effective tax rate % | 23.5% | 24.8% | 25.8% |
| Balance sheet | |||
| Cash and cash equivalents | 13,311,000,000 | 5,502,000,000 | |
| Receivables net | 12,672,000,000 | 11,368,000,000 | |
| Total current assets | 27,903,000,000 | 18,386,000,000 | |
| Net property and equipment | 42,044,000,000 | 41,642,000,000 | |
| Operating lease right of use assets | 16,822,000,000 | 16,453,000,000 | |
| Goodwill | 6,733,000,000 | 6,603,000,000 | |
| Total assets | 98,937,000,000 | 87,627,000,000 | |
| Current portion of long term debt | 1,676,000,000 | 1,428,000,000 | |
| Short term borrowings | 745,000,000 | 0 | |
| Operating lease liabilities current | 2,680,000,000 | 2,565,000,000 | |
| Total current liabilities | 18,912,000,000 | 15,411,000,000 | |
| Long term debt less current portion | 23,293,000,000 | 19,151,000,000 | |
| Operating lease liabilities noncurrent | 14,549,000,000 | 14,272,000,000 | |
| Total other long term liabilities | 25,085,000,000 | 24,991,000,000 | |
| Total stockholders equity | 31,647,000,000 | 28,074,000,000 | |
| Total debt | 25,714,000,000 | 20,579,000,000 | |
| Total liabilities | 67,290,000,000 | 59,553,000,000 | |
| Cash flow | |||
| Depreciation and amortization | 4,369,000,000 | 4,264,000,000 | 4,287,000,000 |
| Stock based compensation | 177,000,000 | 154,000,000 | 163,000,000 |
| Operating cash flow | 8,925,000,000 | 7,036,000,000 | 8,312,000,000 |
| Capital expenditures | -3,809,000,000 | -4,055,000,000 | -5,176,000,000 |
| Cash used in investing activities | -3,911,000,000 | -4,092,000,000 | -5,200,000,000 |
| Proceeds from debt issuances | 5,289,000,000 | 0 | 0 |
| Principal payments on debt | -2,049,000,000 | -157,000,000 | -147,000,000 |
| Dividends paid | -1,374,000,000 | -1,339,000,000 | -1,259,000,000 |
| Repurchases of common stock | -796,000,000 | -3,017,000,000 | -2,500,000,000 |
| Cash from financing activities | 2,749,000,000 | -4,019,000,000 | -3,426,000,000 |
| Free cash flow | 5,116,000,000 | 2,981,000,000 | 3,136,000,000 |
| Segment results | |||
| Revenue | |||
| Federal express | 82,273,000,000 | 75,304,000,000 | 74,663,000,000 |
| Fedex freight | 8,795,000,000 | 8,892,000,000 | 9,429,000,000 |
| Corporate other and eliminations | 3,652,000,000 | 3,730,000,000 | 3,601,000,000 |
| Operating income | |||
| Federal express | 5,912,000,000 | 4,885,000,000 | 4,819,000,000 |
| Fedex freight | 616,000,000 | 1,489,000,000 | 1,821,000,000 |
| Corporate other and eliminations | -1,065,000,000 | -1,157,000,000 | -1,081,000,000 |
FDX quarterly income statement, balance sheet and cash flow
| Q4 FY2026 | Q3 FY2026 | Q4 FY2025 | Q3 FY2025 | |
|---|---|---|---|---|
| Fiscal quarter | 4 | 3 | 4 | 3 |
| Period start | 2026-03-01 | 2025-12-01 | 2025-03-01 | 2024-12-01 |
| Period end | 2026-05-31 | 2026-02-28 | 2025-05-31 | 2025-02-28 |
| Period type | three months | three months | three months | three months |
| Source accession | 10-K | 0001048911-26-000011 | 10-K | 0001048911-26-000011 |
| Derived from accessions | 10-K, 0001048911-26-000011 | 10-K, 0001048911-26-000011 | ||
| Per share source accession | 0001048911-26-000050 | 0001048911-26-000050 | ||
| Income statement | ||||
| Diluted EPS | 6.60 | 4.41 | 6.88 | 3.76 |
| Diluted shares | 241,000,000 | 239,000,000 | 238,000,000 | 242,000,000 |
| Revenue | 25,007,000,000 | 24,000,000,000 | 22,220,000,000 | 22,160,000,000 |
| Salaries and employee benefits | 8,568,000,000 | 8,819,000,000 | 7,689,000,000 | 7,879,000,000 |
| Purchased transportation | 6,163,000,000 | 6,084,000,000 | 5,359,000,000 | 5,634,000,000 |
| Rentals and landing fees | 1,245,000,000 | 1,235,000,000 | 1,140,000,000 | 1,178,000,000 |
| Depreciation and amortization | 1,097,000,000 | 1,112,000,000 | 1,057,000,000 | 1,066,000,000 |
| Fuel | 1,434,000,000 | 856,000,000 | 864,000,000 | 889,000,000 |
| Maintenance and repairs | 827,000,000 | 771,000,000 | 802,000,000 | 783,000,000 |
| Separation and other costs | 311,000,000 | 202,000,000 | 33,000,000 | 5,000,000 |
| Business optimization costs | 204,000,000 | 65,000,000 | 123,000,000 | 179,000,000 |
| Other operating expenses | 3,584,000,000 | 3,508,000,000 | 3,339,000,000 | 3,255,000,000 |
| Total operating expenses | 23,456,000,000 | 22,652,000,000 | 20,427,000,000 | 20,868,000,000 |
| Operating income | 1,551,000,000 | 1,348,000,000 | 1,793,000,000 | 1,292,000,000 |
| Interest net | -141,000,000 | -138,000,000 | -124,000,000 | -116,000,000 |
| Other retirement plans income net | 707,000,000 | 59,000,000 | 564,000,000 | 50,000,000 |
| Other nonoperating net | -10,000,000 | -6,000,000 | -10,000,000 | -45,000,000 |
| Total other income expense | 556,000,000 | -85,000,000 | 430,000,000 | -111,000,000 |
| Income before income taxes | 2,107,000,000 | 1,263,000,000 | 2,223,000,000 | 1,181,000,000 |
| Provision for income taxes | 510,000,000 | 207,000,000 | 575,000,000 | 272,000,000 |
| Net income | 1,597,000,000 | 1,056,000,000 | 1,648,000,000 | 909,000,000 |
| Net earnings allocable to common shares | 1,595,000,000 | 1,054,000,000 | 1,646,000,000 | 908,000,000 |
| Goodwill and other asset impairment charges | 23,000,000 | 21,000,000 | ||
| Operating margin % | 6.2% | 5.6% | 8.1% | 5.8% |
| Net margin % | 6.4% | 4.4% | 7.4% | 4.1% |
| Effective tax rate % | 24.2% | 16.4% | 25.9% | 23.0% |
| Basic EPS | 4.46 | 3.79 | ||
| Dividends declared per share | 1.45 | 1.38 | ||
| Basic shares | 236,000,000 | 240,000,000 | ||
| Balance sheet | ||||
| Cash and cash equivalents | 13,311,000,000 | 8,008,000,000 | 5,502,000,000 | |
| Receivables net | 12,672,000,000 | 11,807,000,000 | 11,368,000,000 | |
| Total current assets | 27,903,000,000 | 25,477,000,000 | 18,386,000,000 | |
| Net property and equipment | 42,044,000,000 | 41,539,000,000 | 41,642,000,000 | |
| Operating lease right of use assets | 16,822,000,000 | 16,391,000,000 | 16,453,000,000 | |
| Goodwill | 6,733,000,000 | 6,758,000,000 | 6,603,000,000 | |
| Total assets | 98,937,000,000 | 94,733,000,000 | 87,627,000,000 | |
| Current portion of long term debt | 1,676,000,000 | 2,422,000,000 | 1,428,000,000 | |
| Short term borrowings | 745,000,000 | 0 | ||
| Operating lease liabilities current | 2,680,000,000 | 2,624,000,000 | 2,565,000,000 | |
| Total current liabilities | 18,912,000,000 | 17,287,000,000 | 15,411,000,000 | |
| Long term debt less current portion | 23,293,000,000 | 22,831,000,000 | 19,151,000,000 | |
| Operating lease liabilities noncurrent | 14,549,000,000 | 14,145,000,000 | 14,272,000,000 | |
| Total other long term liabilities | 25,085,000,000 | 24,811,000,000 | 24,991,000,000 | |
| Total stockholders equity | 31,647,000,000 | 29,804,000,000 | 28,074,000,000 | |
| Total debt | 25,714,000,000 | 25,253,000,000 | 20,579,000,000 | |
| Total liabilities | 67,290,000,000 | 64,929,000,000 | 59,553,000,000 | |
| Restricted cash | 3,680,000,000 | |||
| Cash flow | ||||
| Depreciation and amortization | 1,097,000,000 | 1,057,000,000 | ||
| Stock based compensation | 41,000,000 | 38,000,000 | ||
| Operating cash flow | 3,265,000,000 | 2,519,000,000 | ||
| Capital expenditures | -1,474,000,000 | -955,000,000 | -1,473,000,000 | -997,000,000 |
| Cash used in investing activities | -1,476,000,000 | -1,432,000,000 | ||
| Proceeds from debt issuances | 600,000,000 | 0 | ||
| Principal payments on debt | -1,335,000,000 | -68,000,000 | ||
| Dividends paid | -346,000,000 | -331,000,000 | ||
| Repurchases of common stock | 0 | -500,000,000 | ||
| Cash from financing activities | -127,000,000 | -847,000,000 | ||
| Free cash flow | 1,791,000,000 | 1,046,000,000 | ||
| Segment results | ||||
| Revenue | ||||
| Federal express | 21,570,000,000 | 21,154,000,000 | 18,977,000,000 | 19,181,000,000 |
| Fedex freight | 2,408,000,000 | 1,991,000,000 | 2,297,000,000 | 2,089,000,000 |
| Corporate other and eliminations | 1,029,000,000 | 855,000,000 | 946,000,000 | 890,000,000 |
| Operating income | ||||
| Federal express | 1,651,000,000 | 1,572,000,000 | 1,586,000,000 | 1,294,000,000 |
| Fedex freight | 158,000,000 | 8,000,000 | 477,000,000 | 261,000,000 |
| Corporate other and eliminations | -258,000,000 | -232,000,000 | -270,000,000 | -263,000,000 |
| Cash flow source accession | 0001048911-26-000010 | 0001048911-26-000010 | ||
- Source description, Q4 FY2026. Derived: FY2026 Form 10-K full year less FY2026 third-quarter Form 10-Q nine months
- Source description, Q3 FY2026. FY2026 third-quarter Form 10-Q, filed 2026-03-19
- Source description, Q4 FY2025. Derived: FY2026 Form 10-K fiscal 2025 column less FY2026 third-quarter Form 10-Q nine months ended February 28, 2025
- Source description, Q3 FY2025. FY2026 third-quarter Form 10-Q comparative columns, filed 2026-03-19
- Derivation, Q4 FY2026. Every dollar amount is the fiscal 2026 full-year figure in the FY2026 10-K less the nine months ended February 28, 2026 in the FY2026 third-quarter 10-Q. Diluted EPS and the diluted share count cannot be obtained by subtraction and are taken from the fourth-quarter results release furnished on Form 8-K on June 23, 2026. The balance sheet is the May 31, 2026 year-end balance sheet in the 10-K.
- Derivation, Q4 FY2025. Every dollar amount is the fiscal 2025 full-year figure in the FY2026 10-K less the nine months ended February 28, 2025 shown as the comparative in the FY2026 third-quarter 10-Q. Diluted EPS and the diluted share count cannot be obtained by subtraction and are taken from the fourth-quarter results release furnished on Form 8-K on June 23, 2026. The balance sheet is the May 31, 2025 balance sheet in the 10-K.
FDX year-to-date income statement and cash flow
| First nine months of fiscal 2026 (ended February 28, 2026) | First nine months of fiscal 2025 (ended February 28, 2025) | |
|---|---|---|
| Period start | 2025-06-01 | 2024-06-01 |
| Period end | 2026-02-28 | 2025-02-28 |
| Period type | nine months | nine months |
| Source accession | 0001048911-26-000011 | 0001048911-26-000011 |
| Income statement | ||
| Revenue | 69,713,000,000 | 65,706,000,000 |
| Salaries and employee benefits | 25,276,000,000 | 23,543,000,000 |
| Purchased transportation | 17,457,000,000 | 16,409,000,000 |
| Rentals and landing fees | 3,638,000,000 | 3,507,000,000 |
| Depreciation and amortization | 3,272,000,000 | 3,207,000,000 |
| Fuel | 2,618,000,000 | 2,911,000,000 |
| Maintenance and repairs | 2,503,000,000 | 2,443,000,000 |
| Separation and other costs | 460,000,000 | 5,000,000 |
| Business optimization costs | 162,000,000 | 633,000,000 |
| Other operating expenses | 10,415,000,000 | 9,624,000,000 |
| Total operating expenses | 65,801,000,000 | 62,282,000,000 |
| Operating income | 3,912,000,000 | 3,424,000,000 |
| Interest net | -392,000,000 | -302,000,000 |
| Other retirement plans income net | 178,000,000 | 149,000,000 |
| Other nonoperating net | -12,000,000 | -53,000,000 |
| Total other income expense | -226,000,000 | -206,000,000 |
| Income before income taxes | 3,686,000,000 | 3,218,000,000 |
| Provision for income taxes | 850,000,000 | 774,000,000 |
| Net income | 2,836,000,000 | 2,444,000,000 |
| Basic EPS | 12.01 | 10.09 |
| Diluted EPS | 11.91 | 9.99 |
| Dividends declared per share | 5.80 | 5.52 |
| Net earnings allocable to common shares | 2,831,000,000 | 2,441,000,000 |
| Basic shares | 236,000,000 | 242,000,000 |
| Diluted shares | 238,000,000 | 244,000,000 |
| Operating margin % | 5.6% | 5.2% |
| Net margin % | 4.1% | 3.7% |
| Effective tax rate % | 23.1% | 24.1% |
| Cash flow | ||
| Depreciation and amortization | 3,272,000,000 | 3,207,000,000 |
| Stock based compensation | 136,000,000 | 116,000,000 |
| Operating cash flow | 5,660,000,000 | 4,517,000,000 |
| Capital expenditures | -2,335,000,000 | -2,582,000,000 |
| Cash used in investing activities | -2,435,000,000 | -2,660,000,000 |
| Proceeds from debt issuances | 4,689,000,000 | 0 |
| Principal payments on debt | -714,000,000 | -89,000,000 |
| Dividends paid | -1,028,000,000 | -1,008,000,000 |
| Repurchases of common stock | -796,000,000 | -2,517,000,000 |
| Cash from financing activities | 2,876,000,000 | -3,172,000,000 |
| Free cash flow | 3,325,000,000 | 1,935,000,000 |
| Segment results | ||
| Revenue | ||
| Federal express | 60,703,000,000 | 56,327,000,000 |
| Fedex freight | 6,387,000,000 | 6,595,000,000 |
| Corporate other and eliminations | 2,623,000,000 | 2,784,000,000 |
| Operating income | ||
| Federal express | 4,261,000,000 | 3,299,000,000 |
| Fedex freight | 458,000,000 | 1,012,000,000 |
| Corporate other and eliminations | -807,000,000 | -887,000,000 |
- Source description, First nine months of fiscal 2026 (ended February 28, 2026). FY2026 third-quarter Form 10-Q, filed 2026-03-19
- Source description, First nine months of fiscal 2025 (ended February 28, 2025). FY2026 third-quarter Form 10-Q comparative columns, filed 2026-03-19
- Note, First nine months of fiscal 2026 (ended February 28, 2026). Fiscal 2026 is complete, so the full-year figures in the annual record are the current year-to-date and trailing-twelve-month view. This block keeps the nine-month figures from the FY2026 third-quarter 10-Q, which are the basis on which the fourth quarter is derived.
Adjustments
| Splits applied | none |
|---|---|
| ADR ratio | n/a |
| FX | none; FedEx reports in US dollars |
| Splits note | No stock split occurred in any period here. The June 1, 2026 distribution of FedEx Freight Holding shares (one FedEx Freight share for every two FedEx shares) was a spin-off, not a split: it did not change the number of FedEx shares, and no per-share figure in this record is adjusted for it. |
Notes
- All figures are stated in actual US dollars. FedEx presents its statements in millions, so every amount has been multiplied by 1,000,000. Share counts are also printed in millions and are therefore rounded to the nearest million; per-share amounts are as printed.
- Source filings: the fiscal 2026 Form 10-K (accession 0001048911-26-000105, year ended May 31, 2026, filed July 20, 2026) supplies the three annual years (income statement and cash flows for fiscal 2024, 2025 and 2026) and the balance sheets at May 31, 2026 and May 31, 2025; fiscal 2024 carries no balance sheet because the 10-K presents only two year-end balance sheets. The fiscal 2026 third-quarter Form 10-Q (accession 0001048911-26-000011, quarter ended February 28, 2026, filed March 19, 2026) supplies the quarters ended February 28, 2026 and February 28, 2025, the nine-month figures, and the February 28, 2026 balance sheet. The 10-K was filed after the 10-Q and reports the full year that contains the 10-Q's quarter, so this record leads with the completed fiscal 2026.
- Quarterly coverage is deliberately limited to four quarters: the third quarters of fiscal 2026 and fiscal 2025 as the 10-Q presents them, and the fourth quarters (March through May) of fiscal 2026 and fiscal 2025, each derived from the 10-K and the 10-Q. The first and second quarters of either year are not included because neither filing presents full financial statements for Q1 or Q2; those quarters appear in FedEx's quarterly results releases furnished on Form 8-K and in its earlier 10-Q filings. The quarterly series is therefore two matched pairs of quarters, not a continuous run.
- Fourth-quarter derivation: FedEx files no 10-Q for its fiscal fourth quarter. Every dollar amount in the fourth-quarter income statements, cash flows and segment results is the full-year figure in the fiscal 2026 10-K less the matching nine-month figure in the fiscal 2026 third-quarter 10-Q. Diluted EPS and the diluted share count cannot be obtained by subtraction and are taken from the fourth-quarter results release furnished on Form 8-K on June 23, 2026 (accession 0001048911-26-000050, Exhibit 99.1). The fourth-quarter balance sheets are the May 31 year-end balance sheets in the 10-K. Basic EPS is not shown for the fourth quarters because neither filing nor the release prints it.
- The fourth-quarter results release prints its own three-month columns. For the quarter ended May 31, 2025 they agree with every derived figure that the release also prints. For the quarter ended May 31, 2026 they agree on every line except four, where the release prints a figure $1 million higher: interest, net of $(140) million (derived: $(141) million), total other income of $557 million ($556 million), income before income taxes of $2,108 million ($2,107 million) and net income of $1,598 million ($1,597 million). These are rounding differences between separately rounded totals. This record shows the derived figures, so that the fourth quarter plus the nine months equals the audited full year.
- The 10-Q shows no goodwill or asset impairment line for the nine months of either year, so the full-year charge ($23 million in fiscal 2026, $21 million in fiscal 2025) is placed in the fourth quarter; the fourth-quarter results release prints the same amounts for those quarters.
- Cash flows: the 10-Q presents cash flows only for the nine months. For the third quarters the only cash flow figure shown is capital expenditures ($955 million and $997 million), which comes from the three-month column of the financial highlights in the third-quarter results release furnished on Form 8-K on March 19, 2026 (accession 0001048911-26-000010). Neither filing prints three-month operating cash flow for the third quarters, so they carry no operating or free cash flow. Fourth-quarter cash flows are the full-year figure less the nine months; the derived fourth-quarter capital expenditures ($1,474 million and $1,473 million) match the fourth-quarter results release.
- Cash outflows (capital expenditures, investing, debt repayments, dividends paid, share repurchases) are negative, as the cash flow statement presents them. Free cash flow is computed here as cash provided by operating activities less capital expenditures; it is not a figure FedEx reports on this basis.
- Line items: total debt is the current portion of long-term debt plus short-term borrowings plus long-term debt less current portion. Long-term debt includes finance lease obligations ($1,514 million at May 31, 2026) and excludes operating lease liabilities, which are shown separately. Short-term borrowings at May 31, 2026 reflect commercial paper outstanding. Total liabilities is the sum of total current liabilities, long-term debt less current portion and total other long-term liabilities; FedEx does not print a total liabilities line. Total stockholders' equity is FedEx's 'total common stockholders' investment'.
- The 10-K income statement shows interest expense ($970 million in fiscal 2026) and interest income ($437 million) separately, while the 10-Q shows a single 'interest, net' line. Interest, net is shown for every period; for the annual years it is taken from the reconciliation in the 10-K's segment note, where it equals interest expense less interest income. The 10-K caption 'business optimization and realignment costs' and the 10-Q caption 'business optimization costs' are the same line. FedEx reclassified fiscal 2025 separation costs out of 'other' operating expense into 'separation and other costs'; this had no effect on operating income or net income.
- Other retirement plans income includes FedEx's year-end mark-to-market adjustment for its retirement plans, a pre-tax noncash gain of $647 million in fiscal 2026 and $515 million in fiscal 2025 according to the 10-K cash flow statement. This is why the line is much larger in the fourth quarters ($707 million and $564 million) than in the third quarters ($59 million and $50 million).
- Diluted EPS is computed by FedEx on net earnings allocable to common shares, which is slightly below net income because a small amount of earnings is allocated to participating restricted stock ($7 million in fiscal 2026). Both figures are shown.
- FedEx Freight spin-off: every period here includes FedEx Freight as a consolidated reportable segment. FedEx completed the spin-off of FedEx Freight Holding on June 1, 2026, after fiscal 2026 ended, distributing 80.1% of its shares to FedEx stockholders (one FedEx Freight share for every two FedEx shares held at the May 15, 2026 record date) and retaining 19.9%. The May 31, 2026 balance sheet therefore still consolidates FedEx Freight Holding, including the $3.7 billion of senior notes it issued on February 5, 2026; those notes remain FedEx Freight Holding's obligation after the spin-off (10-K Note 20). At February 28, 2026 the net proceeds of those notes were held as restricted cash ($3,680 million).
- Different basis, not used here: on July 21, 2026 FedEx furnished on Form 8-K (accession 0001048911-26-000108) unaudited supplemental financial information recast to calendar years, with FedEx Freight as discontinued operations and new Express U.S. Domestic and Express International segments. Those recast figures are on a different basis from the 10-K and 10-Q as filed and are not mixed into this record.
Uncertainties
- Fourth-quarter fiscal 2026 interest, net, total other income, income before income taxes and net income each differ by $1 million between the derived figure shown here and the figure printed in the fourth-quarter results release; see notes.
- Fourth-quarter diluted EPS and diluted share counts come from a furnished results release, not from a 10-K or 10-Q. The release's full-year figures agree with the 10-K (revenue $94,720 million, net income $4,433 million, diluted EPS $18.55, 239 million diluted shares).
- The third quarters carry no operating cash flow or free cash flow, because neither filing presents three-month cash flows for those quarters.
- Share counts are printed in whole millions, so EPS recomputed from net income and diluted shares matches the printed EPS only approximately.
- Future comparability: FedEx's next reports (a 10-Q for the quarter ending September 30, 2026 and a transition report for June 1 to December 31, 2026) will present FedEx Freight as discontinued operations and use the new segments, so they will not be directly comparable with this record. None had been filed when this record was prepared.
- The sale of FedEx Supply Chain to CMA CGM Group for $1.4 billion, announced July 1, 2026, is described in the 10-K as expected to close in the second half of calendar 2026.
Company details
| Name | Fedex Corp |
|---|---|
| Ticker | FDX |
| CIK | 0001048911 |
| Exchange | NYSE |
| State | Tennessee |
| Incorporation | Delaware |
| SIC | 4513 |
| Office | Energy & Transportation |
| Industry | Air Courier Services |
Fiscal period
| Fiscal year | 2026 |
|---|---|
| Fiscal period | FY |
| Tag | FY26 |
| Period end | 2026-05-31 |
| Form | 10-K |
| Accession | 0001048911-26-000105 |
| Fiscal year end | 0531 |
| Source | facts |
Source filings
| Role | Current | Form | Fiscal year | Fiscal period | Tag | Period end | Filed | Accession | Source |
|---|---|---|---|---|---|---|---|---|---|
| annual | yes | 10-K | 2026 | FY | FY26 | 2026-05-31 | 2026-07-20 | 0001048911-26-000105 | facts |
FAQ · FedEx financial statements
How much revenue did FedEx make in FY2026?
FedEx Corporation reported revenue of $94.72 billion for FY2026, the year ended May 31, 2026. That is up 7.7% from $87.93 billion in the prior fiscal year.
What were FedEx's net income and earnings per share for FY2026?
FedEx Corporation earned net income of $4.43 billion in FY2026, up 8.3% from $4.09 billion a year earlier. Diluted earnings per share were $18.55, compared with $16.81.
What was FedEx's operating income in FY2026?
FedEx Corporation's operating income was $5.46 billion in FY2026, up 4.7% from $5.22 billion. Operating income at the Federal Express segment, its largest business, was $5.91 billion, up 21.0% from a year earlier.
How did FedEx Freight perform before the spin-off?
In FY2026, its last fiscal year as a FedEx segment, FedEx Freight earned operating income of $616 million, down 58.6% from $1.49 billion, mainly because of costs related to the spin-off and also because of reduced less-than-truckload demand. FedEx completed the spin-off of FedEx Freight the day after FY2026 ended.
Where can I get FedEx Corporation (FDX) financial data in machine-readable form?
Ticker Scout publishes FedEx Corporation's financial statements as JSON at https://tickerscout.ai/fdx/financials.json, free, with no API key and no signup. The 10-K and 10-Q narrative and the 8-K events digest are published as Markdown at https://tickerscout.ai/fdx/narrative.md and https://tickerscout.ai/fdx/events.md. FedEx Corporation's SEC CIK is 0001048911. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.
When does FedEx Corporation (FDX) next file with the SEC?
FedEx Corporation (FDX) is due to file its next Form 10-Q with the SEC. The projected date, September 17, 2026, has passed, which means the filing is due or overdue rather than already reported here. That date is a projection rather than a company-announced date: it is derived from FedEx Corporation's own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 10-K for FY2026, the period ended 2026-05-31, SEC accession 0001048911-26-000105.
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How this page was built
This page was built from five of FedEx Corporation's own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names six such gaps.
A single company files thousands of pages with the SEC in a year, and no two companies file them the same way, so the reading and the assembly here are done by AI rather than by rules that break on the differences. Every pass is then audited back against the filings it came from before the page is published, and anything the filings do not support is left out and named rather than filled in. AI can still make mistakes. That is why the accession numbers are printed: the filing is the authority, and this page is a route to it.
Published by Ticker Scout, an independent publisher of company filings data. About Ticker Scout · Disclaimer
Built from FedEx Corporation's SEC filings by Ticker Scout; accession numbers are cited throughout so every figure can be checked against sec.gov. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer.