— Know what they know.
/
Not Investment Advice

FDX

NYSE · USD
FedEx Corporation
Industrials · Integrated Freight & Logistics
CEO Rajesh Subramaniam Employees 233,000 R&D / revenue 0.0%
Last price
$293.55−0.67%last session
Market cap
$69.5B
P/E (TTM)
16.0x
From 52w high
−15.0%
From 52w low
+55.4%
1-year return
+55.9%
RSI 14 · vs SMA200
46.0 · −2.3%
IS score
53.7/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

FDX   SPY   XLI (sector ETF) · weekly closes
100120140160180Jan 26Apr 26Jul 26Oct 26FDX 156SPY 116XLI 111

Score DNA

Each bar is a 0-100 score within the scored universe
34
Profitability
51
Growth
57
Value
80
Momentum
65
Risk (safety)
63
Quality
62
Balance sheet
77
Earnings quality

Flags

Strengths
✓ FCF yield 5%+✓ Congress buying
Warnings
▲ Share count rising
Observations
Moat model: Weak, Efficient ScalePiotroski 6 / 9Altman Z 2.6Beta 1.363 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
1 open-market sales, $1.6M
Form 144 notices (12m): 6, $20.5M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
2
Last disclosed purchase 2026-09-11
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−71
146 new holders, 193 closed
1,955 filers hold 80.2% · 759 added, 703 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+257
1,188 funds adding shares
931 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
38.5%
20-day avg 46.6%, 50-day avg 46.1%
Latest 8.1 pp under its 20-day average · a flow, not short interest

Key financials · FY2026

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$94.7B
Revenue growth YoY+7.7%
Gross margin21.8%
Operating income$6.6B
Operating margin7.0%
Net income$4.4B
Net margin4.7%
EPS (diluted)$18.55
Cash flow
Operating cash flow$8.9B
Capital expenditure$3.8B
Free cash flow$5.1B
FCF conversion (FCF / OCF)57.3%
Stock-based compensation$177.0M
FCF less SBC$4.9B
Buybacks$796.0M
Dividends$1.4B
Balance sheet & returns
Cash & short-term investments$13.3B
Total debt$25.7B
Net debt$12.4B
Shareholders' equity$31.6B
Goodwill & intangibles$6.7B
Debt / equity1.36
ROE (TTM)15.1%
ROIC (TTM)5.7%
Operating margin by fiscal year
6.8%FY20226.0%FY20237.2%FY20246.9%FY20256.7%FY2026
Revenue $93.5B (FY2022) to $94.7B (FY2026), a 0.3% CAGR.

Valuation

P/E (TTM)16.0x
EV / EBITDA9.3x
Price / sales0.73x
Price / FCF13.6x
FCF yield7.36%
Buyback yield1.15%
SBC / revenue0.0%
Price / book2.24x
Forward P/E FY202716.5x
Forward P/E FY202813.7x
Forward multiples divide today's price by Street EPS estimates. Street mean target $273.33 across 3 analysts last quarter is theirs, not ours.

FDX vs industry median

66 companies in Integrated Freight & Logistics
Gross margin 22.9% 15.0% Operating margin 6.7% 3.6% Net margin 4.7% 2.7% ROIC 5.7% 4.7%
FDX (TTM)Industry median Asset turnover 0.96 vs industry 1.23 · financial leverage 3.13

Earnings delivery

Next report 2026-10-28 · consensus EPS $3.31
75%
beat rate, 9 of 12 quarters
+5.3%
median EPS surprise
5
longest beat streak
+22-5+12+1-24+3-1+4+6+17+27+7
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-09-20 to 2026-06-23. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
FDX FedEx Corporation $69.5B16.0x15.1%4.7%+7.7% +55.9%
UPS United Parcel Service, Inc. $73.1B18.1x29.7%2.6%−0.3% +15.8%
EXPD Expeditors International of $25.5B28.4x42.6%7.6%+6.8% +66.5%
JBHT J.B. Hunt Transport Services $21.5B32.1x18.4%5.2%+5.3% +35.3%
FDXF FedEx Freight Holding Compan $16.9B29.3x-31.8%6.4%— −25.0%
CHRW C.H. Robinson Worldwide, Inc $16.3B26.3x37.1%3.8%−0.1% —
RSG Republic Services, Inc. $70.9B32.8x18.1%12.8%+3.2% —
HON Honeywell International Inc. $67.0B8.2x47.4%58.5%−9.7% —
12-month window: SPY +15.9%, sector ETF XLI +10.7%. Past returns describe history only.

Recent 8-K filings

2026-09-29Shareholder Vote; Other Events; Exhibits
2026-09-14Other Events; Exhibits
2026-07-24Officer/Director Change; Exhibits
2026-07-21Earnings Release; Exhibits
2026-07-10Other Events; Exhibits
2026-06-25Other Events; Exhibits

Context

Shares outstanding236,670,000
Free float92.4%
Institutional ownership80.2%
Beta1.36
Dividend yield1.63%
Last dividend$1.22 on 2026-09-14
50 / 200-day average$309.83 / $301.61
Large-cap Industrials median P/E29.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where FDX sits among 13 scored companies in Integrated Freight & Logistics (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureFDXIndustry medianIndustry percentileSector median
P/E (TTM) 15.7x 25.7x
20th		 25.4x
PEG (P/E ÷ 3-yr EPS CAGR) 2.81 — 1.42
Price / sales 0.7x 1.0x
33rd		 2.0x
Price / book 2.2x 3.5x
44th		 2.9x
Price / tangible book 3.2x 7.9x
12th		 5.6x
Price / free cash flow 13.6x 14.1x
40th		 20.8x
Price / operating cash flow 7.8x 12.0x
18th		 14.5x
Enterprise value $99.1B $10.8B
100th		 $4.8B
EV / sales 1.0x 1.1x
33rd		 2.4x
EV / EBITDA 9.3x 13.5x
33rd		 13.6x
EV / EBIT 15.9x 20.4x
33rd		 19.9x
EV / free cash flow 19.4x 24.0x
30th		 24.3x
Earnings yield 6.4% 3.6%
83rd		 3.3%
FCF yield 7.4% 5.1%
67th		 3.8%
Operating cash flow yield 12.8% 7.4%
83rd		 6.2%
Graham number (per share) $233.15 $46.25
100th		 $38.21

Profitability (TTM)

MeasureFDXIndustry medianIndustry percentileSector median
Gross margin 22.9% 16.6%
58th		 30.5%
EBITDA margin 11.2% 5.9%
75th		 14.3%
Operating margin 6.7% 4.9%
58th		 9.8%
EBIT margin 6.6% 4.0%
67th		 9.9%
Net margin 4.7% 3.7%
58th		 6.0%
NOPAT margin 5.2% 4.0%
58th		 7.8%
FCF margin 5.4% 3.5%
67th		 7.0%
Operating cash flow margin 9.4% 4.3%
75th		 11.2%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 12.4% 5.2%
75th		 14.1%
Stock comp / revenue 0.0% 0.3%
0th		 0.6%
Effective tax rate 23.5% 23.5%
50th		 21.0%

Returns on capital

MeasureFDXIndustry medianIndustry percentileSector median
ROE (on average equity) 14.8% 14.8%
50th		 11.9%
ROA 4.8% 4.8%
50th		 4.8%
ROIC 8.0% 8.0%
50th		 8.7%
ROCE 7.8% 7.8%
50th		 9.4%
Return on tangible assets 6.7% 6.7%
50th		 7.9%
Cash ROIC (OCF / invested capital) 14.6% 14.6%
50th		 12.8%
Gross profitability (GP / assets) 21.9% 25.0%
42nd		 19.2%
ROIC, 3-yr average 6.8% 8.0%
45th		 7.8%
ROIC, 5-yr average 8.1% 10.4%
30th		 8.6%
ROE, 5-yr average 15.0% 17.4%
44th		 12.5%
Incremental ROIC 19.2% -2.1%
73rd		 20.5%

Growth

MeasureFDXIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 7.7% 1.7%
100th		 8.6%
Revenue growth (QoQ) 4.2% 11.0%
27th		 9.9%
Revenue CAGR, 3 yr 1.7% -3.9%
82nd		 5.0%
Revenue CAGR, 5 yr 2.5% 1.0%
80th		 8.3%
Gross profit CAGR, 3 yr 4.2% -3.2%
64th		 6.5%
Operating income CAGR, 3 yr 5.8% -6.1%
78th		 6.4%
Net income growth (TTM YoY) 8.4% 8.5%
44th		 11.3%
Net income CAGR, 3 yr 3.7% -7.7%
88th		 6.6%
EPS growth (TTM YoY) 7.0% 10.3%
33rd		 13.3%
EPS CAGR, 3 yr 5.6% -4.7%
88th		 5.6%
EPS CAGR, 5 yr -0.9% 1.8%
38th		 8.3%
FCF growth (TTM YoY) 71.6% 62.1%
60th		 14.7%
FCF CAGR, 3 yr 24.7% -19.8%
78th		 12.2%
Operating cash flow CAGR, 3 yr 0.4% -14.0%
73rd		 8.8%
Book value CAGR, 3 yr 8.5% 2.3%
100th		 7.3%
Dividend CAGR, 3 yr 2.6% 2.5%
57th		 2.7%
Sustainable growth rate 10.2% 8.0%
62nd		 11.0%

Margin history & stability

MeasureFDXIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 22.0% 17.1%
73rd		 30.6%
Operating margin, 3-yr average 7.0% 4.6%
64th		 10.0%
Net margin, 3-yr average 4.8% 3.2%
73rd		 6.2%
FCF margin, 3-yr average 4.1% 4.4%
45th		 7.1%
Revenue stability (0-1) 0.64 0.25
73rd		 0.81
Earnings stability (0-1) 0.09 0.21
18th		 0.47
Margin stability (0-1) 0.97 0.89
100th		 0.90

Liquidity (latest quarter)

MeasureFDXIndustry medianIndustry percentileSector median
Cash & short-term investments $13.3B $278.8M
100th		 $249.6M
Net cash (− = net debt) −$29.6B −$1.8B
0th		 −$666.5M
Working capital $9.0B $368.7M
100th		 $376.4M
Current ratio 1.48 1.48
50th		 1.79
Quick ratio 1.44 1.47
42nd		 1.33
Cash ratio (cash + ST investments / current liabilities) 0.70 0.25
92nd		 0.32
Defensive interval (days) 619 days 669 days
42nd		 614 days

Leverage & solvency (latest quarter)

MeasureFDXIndustry medianIndustry percentileSector median
Total debt $42.9B $2.0B
100th		 $919.8M
Debt / equity 1.36 0.40
78th		 0.65
Net debt / equity 0.94 0.27
67th		 0.46
Debt / assets 43.4% 33.8%
67th		 29.3%
Debt / capital 57.6% 28.5%
78th		 39.5%
Debt / EBITDA 4.05 2.10
78th		 2.44
Net debt / EBITDA 2.79 1.67
78th		 1.86
Interest coverage (EBIT / interest) 11.7x 7.4x
70th		 5.0x
Cash interest coverage 16.8x 5.6x
80th		 6.1x
Debt payback (years of OCF) 4.8 yrs 3.8 yrs
73rd		 3.2 yrs
Liabilities / assets 68.0% 68.0%
50th		 56.7%
IS credit model rating BBB+ — —
Implied credit spread (bps) 225 225
50th		 200

Efficiency

MeasureFDXIndustry medianIndustry percentileSector median
Asset turnover 1.02 1.26
33rd		 0.75
Fixed asset turnover 1.61 3.85
0th		 5.14
Inventory turnover 114.9 — 5.0
Receivables turnover 7.9 6.4
75th		 6.7
Days sales outstanding 46 days 57 days
25th		 54 days
Days inventory outstanding 3 days — 72 days
Days payables outstanding 20 days 36 days
8th		 41 days
Cash conversion cycle (days) 29 days 20 days
67th		 63 days
Capex / revenue 4.0% 1.3%
92nd		 3.0%
Capex / depreciation 0.87 0.68
75th		 0.76
Operating expense ratio 14.3% 13.2%
58th		 17.7%

Cash flow & earnings quality

MeasureFDXIndustry medianIndustry percentileSector median
Operating cash flow / net income 2.01 1.53
70th		 1.50
FCF / net income 1.15 1.15
50th		 1.15
FCF / operating cash flow 57.3% 73.1%
9th		 74.0%
Capex / operating cash flow 42.7% 26.9%
91st		 26.1%
Accruals ratio -4.8% -3.4%
42nd		 -4.0%
Sloan accruals ratio 1.8% -3.5%
83rd		 -2.4%
Earnings quality score (0-1) 1.00 1.00
50th		 1.00

Dividends & buybacks

MeasureFDXIndustry medianIndustry percentileSector median
Dividend yield 1.6% 0.8%
58th		 0.6%
Dividend per share (TTM) $4.78 $0.50
92nd		 $0.44
Payout ratio (dividends / net income) 31.0% 28.6%
70th		 22.5%
Dividends / FCF 26.9% 22.6%
70th		 19.6%
Dividend growth (YoY) 1.3% 2.7%
14th		 5.6%
Buyback yield 1.1% 1.1%
50th		 0.5%
Shareholder yield (dividends + buybacks) 3.1% 3.4%
42nd		 2.0%
Share count change (YoY) 1.3% -0.6%
91st		 0.0%
Buybacks, last 5 years $9.4B $696.6M
100th		 $76.0M

Scores & forensic checks

MeasureFDXIndustry medianIndustry percentileSector median
IS score 54 50
67th		 53
IS profitability 34 29
58th		 37
IS growth 51 49
55th		 54
IS value 57 37
83rd		 47
IS momentum 80 70
73rd		 76
IS risk (safety) 65 65
42nd		 80
IS quality 63 63
50th		 67
IS balance sheet 62 51
58th		 56
IS earnings quality 77 72
83rd		 70
IS cash flow 59 59
50th		 54
Piotroski F-score (0-9) 6 6
33rd		 6
Altman Z-score 2.6 3.0
42nd		 3.3
Beneish M-score −2.37 −2.50
64th		 −2.52
Ohlson O-score −7.97 −7.18
25th		 −7.49
IS credit score 64 64
50th		 65

Per share

MeasureFDXIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $18.40 $1.74
100th		 $2.21
Book value per share $131.32 $15.96
100th		 $18.38
Tangible book per share $103.38 $6.32
100th		 $4.39
Revenue per share $393.03 $90.68
100th		 $36.64
FCF per share $21.23 $3.88
100th		 $2.70
Operating cash flow per share $37.03 $4.40
100th		 $4.28
Cash per share $55.23 $4.29
100th		 $3.02

Size (TTM)

MeasureFDXIndustry medianIndustry percentileSector median
Market cap $69.5B $5.8B
92nd		 $3.9B
Revenue $94.7B $5.0B
100th		 $2.7B
EBITDA $10.6B $463.1M
100th		 $394.8M
Net income $4.4B $158.0M
92nd		 $136.3M
Free cash flow $5.1B $421.4M
92nd		 $162.9M
Total assets $98.9B $5.1B
100th		 $3.5B
Shareholders' equity $31.6B $1.6B
100th		 $1.4B
Employees 530,000 11,599
100th		 6,050

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-24Ramo Joshua Cooper
Director
 Option exercise 5,042$137.85$695,04013,559
2026-09-24Ramo Joshua Cooper
Director
 Tax withholding 2,436$285.40$695,24711,123
2026-09-24Ramo Joshua Cooper
Director
 Option exercise 5,042$137.85$695,0400
2026-08-28Ellison Marvin R
Director
 Option exercise 5,042$137.85$695,04013,903
2026-08-28Ellison Marvin R
Director
 Tax withholding 2,097$331.44$695,04011,806
2026-08-28Ellison Marvin R
Director
 Option exercise 5,042$137.85$695,0400
2026-08-17Talwar Vishal
EVP CDIO & PRESIDENT FDW
 Award / grant 1,489——15,525
2026-08-07Smith Richard W
Director, COO INTL - CEO Airline FEC
 Other 253,927——0
2026-06-30Walsh Paul S
Director
 Option exercise 5,042$137.85$695,04021,401
2026-06-30Walsh Paul S
Director
 Open-market sale 5,042$324.56$1.6M16,359
2026-06-30Walsh Paul S
Director
 Option exercise 5,042$137.85$695,0400
2026-06-25Talwar Vishal
EVP CDIO & PRESIDENT FDW
 Award / grant 3,478$323.62$1.1M3,478

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired30132,354$23.5M
Open-market saleDisposed15,042$1.6M
Option exerciseAcquired845,281$8.7M
Option exerciseDisposed845,281$8.7M
OtherDisposed1253,927—
Tax withholdingDisposed525,106$9.4M
—Disposed1766,486$12.5M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 6 notices · 55,846 shares · $20.5M
FiledFilerShares proposedEst. proceeds
2026-06-30Walsh Paul S5,042$1.6M
2026-04-15Schwab Susan C5,795$2.1M
2026-04-15Brightman Tracy B16,959$6.3M
2026-04-14Adams Gina F.20,450$7.6M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 20 trades (12 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-10-08Rick LarsenHouseSale$1,001 - $15,0002026-10-13
2026-09-25Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-09-24Maria Elvira SalazarHouseSale$1,001 - $15,0002026-10-08
2026-09-11Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2022-11-11Ron WydenSenateSale (Full)$50,001 - $100,0002023-05-15
2022-11-11Ron WydenSenateSale (Full)$50,001 - $100,0002023-05-14
2022-11-11Ronald Lee WydenSenateSale (Full)$50,001 - $100,0002023-05-14
2022-11-11Ron WydenSenateSale (Full)$50,001 - $100,0002022-12-11
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.20,784,028$6.5B8.78%
VANGUARD CAPITAL MANAGEMENT LLC14,181,180$4.4B5.99%
STATE STREET CORP10,053,615$3.2B4.25%
PRIMECAP MANAGEMENT CO/CA/8,156,799$2.6B3.45%
VANGUARD PORTFOLIO MANAGEMENT LLC7,347,236$2.3B3.10%
DODGE & COX7,233,269$2.3B3.06%
FRANKLIN RESOURCES INC5,364,654$1.7B2.27%
GEODE CAPITAL MANAGEMENT, LLC5,194,414$1.6B2.19%
FMR LLC5,040,208$1.6B2.13%
NORGES BANK3,716,680$1.2B1.57%
Invesco Ltd.3,211,474$1.0B1.36%
JPMORGAN CHASE & CO2,846,054$926.1M1.20%
DIMENSIONAL FUND ADVISORS LP2,620,719$820.9M1.11%
AMERIPRISE FINANCIAL INC2,013,867$629.2M0.85%
GOLDMAN SACHS GROUP INC1,853,393$580.4M0.78%

Institutional ownership by quarter

2023-092026-0680.2%
% of shares held by 13F filers
2023-092026-061,955
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,95580.2%146759703193
2026-03-312,02696.5%316688690107
2025-12-311,85096.6%31558965091
2025-09-301,65994.2%137582655138
2025-06-301,68594.9%157586666159
2025-03-311,71494.3%122556725188
2024-12-311,80995.6%23458067093
2024-09-301,70697.2%109612670150
2024-06-301,76798.7%167578696102
2024-03-311,73096.8%172568705133
2023-12-311,72097.7%217617609116
2023-09-301,65198.3%12351172197

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-29SCHEDULE 13GVanguard Capital Management6.8%16,106,255
2025-12-03SCHEDULE 13G/AThe Vanguard Group10.0%23,609,697
2025-11-13SCHEDULE 13G/ADodge & Cox6.9%16,225,160
2025-10-30SCHEDULE 13G/AThe Vanguard Group9.9%23,441,813
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.08%$1.9B
VTI0.08%$1.9B
VTSAX0.08%$1.9B
VSMPX0.08%$1.9B
VOO0.10%$1.6B
VFINX0.10%$1.6B

Share structure

Shares outstanding236,670,000
Float218,577,360
Free float92.4%

Income statement

Fiscal years, USD
FY2022FY2023FY2024FY2025FY2026
Revenue$93.5B$90.2B$87.7B$87.9B$94.7B
Cost of revenue$73.3B$71.0B$68.7B$68.9B$74.1B
Gross profit$20.2B$19.2B$19.0B$19.0B$20.6B
R&D$0$0$0$0$0
SG&A$13.6B$13.8B$12.6B$12.9B$0
Operating income$6.5B$5.3B$6.4B$6.1B$6.6B
EBITDA$9.6B$10.2B$10.9B$10.5B$11.1B
Pretax income$4.9B$5.4B$5.8B$5.4B$5.8B
Income tax$1.1B$1.4B$1.5B$1.3B$1.4B
Net income$3.8B$4.0B$4.3B$4.1B$4.4B
EPS, diluted$14.36$15.49$17.21$16.81$18.55
Diluted shares266.0M256.0M251.0M243.0M239.0M

Balance sheet

FY2022FY2023FY2024FY2025FY2026
Cash & short-term investments$6.9B$6.9B$6.5B$5.6B$13.3B
Receivables$11.9B$10.2B$10.1B$11.4B$12.7B
Inventory$637.0M$604.0M$614.0M$602.0M$669.0M
Total current assets$20.4B$18.6B$18.2B$18.4B$27.9B
PP&E, net$54.7B$58.0B$58.6B$58.1B$58.9B
Goodwill & intangibles$6.8B$6.4B$6.4B$6.6B$6.7B
Total assets$86.0B$87.1B$87.0B$87.6B$98.9B
Accounts payable$4.0B$3.8B$3.2B$3.7B$4.3B
Total current liabilities$14.3B$13.6B$13.4B$15.4B$18.9B
Long-term debt$19.7B$20.5B$20.1B$19.2B$23.3B
Total liabilities$61.1B$61.1B$59.4B$59.6B$67.3B
Shareholders' equity$24.9B$26.1B$27.6B$28.1B$31.6B

Cash flow statement

Outflows are negative
FY2022FY2023FY2024FY2025FY2026
Net income$3.8B$4.0B$4.3B$4.1B$4.4B
Depreciation & amortization$4.0B$4.2B$4.3B$4.3B$4.4B
Stock-based compensation$190.0M$182.0M$163.0M$154.0M$177.0M
Change in working capital−$3.1B−$3.2B−$3.4B−$4.7B−$3.5B
Operating cash flow$9.8B$8.8B$8.3B$7.0B$8.9B
Capital expenditure−$6.8B−$6.2B−$5.2B−$4.1B−$3.8B
Free cash flow$3.1B$2.6B$3.1B$3.0B$5.1B
Investing cash flow−$6.8B−$6.2B−$5.2B−$4.1B−$3.9B
Net debt issued / repaid−$161.0M−$152.0M−$147.0M−$157.0M$4.0B
Buybacks−$2.2B−$1.5B−$2.5B−$3.0B−$796.0M
Dividends paid−$793.0M−$1.2B−$1.3B−$1.3B−$1.4B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2022FY2023FY2024FY2025FY2026
Gross margin21.5%21.3%21.6%21.6%22.9%
Operating margin6.8%6.0%7.2%6.9%6.7%
Net margin4.1%4.4%4.9%4.7%4.7%
FCF margin3.3%2.9%3.6%3.4%5.4%
ROE15.6%15.6%16.1%14.7%14.8%
ROIC9.0%6.9%8.0%7.6%8.0%
ROA4.5%4.6%5.0%4.7%4.8%
Debt / equity1.491.471.371.331.36
Interest coverage8.1x11.8x16.6x13.8x11.7x
Current ratio1.431.371.361.191.48
Revenue growth+11.4%−3.5%−2.7%+0.3%+7.7%
EPS growth−24.2%+7.1%+11.7%−1.5%+7.0%
P/E at year end11.3x10.5x11.2x10.0x18.0x
EV / EBITDA at year end7.7x7.3x7.6x7.2x10.3x
FCF yield at year end7.09%6.33%6.48%7.32%6.43%
Dividend payout20.7%29.6%29.1%32.7%31.0%

Revenue by segment

FY2022FY2023FY2024FY2025FY2026
Federal Express segment————$82.3B
Fedex Express Segment$25.6B$23.1B$22.3B——
Federal Express Segment———$23.7B$25.5B
FedEx Freight segment————$8.8B
Corporate Reconciling Items And Eliminations$4.7B$4.0B$3.2B$3.7B$3.7B
Corporate, Other, and Eliminations————$3.7B
Other International Revenue$1.9B$1.1B$760.0M$1.0B$1.1B
Fedex Ground Segment$857.0M$860.0M$844.0M——
Fedex Freight Segment$235.0M$264.0M$266.0M$247.0M$243.0M
Fedex Services Segment$1.0M$1.0M$1.0M——

Revenue by region · FY2026

UNITED STATES$67.9B · 72%
Non Us$26.8B · 28%

Street estimates by fiscal year

Next report 2026-10-28 · consensus EPS $3.31 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$92.6B$91.5B – $94.4B$14.94$14.62 – $15.371719.6x
2027$92.0B$83.7B – $97.8B$17.77$14.83 – $19.99716.5x
2028$95.7B$89.1B – $100.3B$21.43$19.47 – $23.86413.7x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-06-23$5.91$6.31+6.8%$22.8B$25.0B+9.7%
2026-03-19$4.15$5.25+26.5%$23.5B$24.0B+2.2%
2025-12-18$4.12$4.82+17.0%$22.8B$23.5B+3.0%
2025-09-18$3.60$3.83+6.4%$21.6B$22.2B+2.8%
2025-06-24$5.82$6.07+4.3%$21.7B$22.2B+2.2%
2025-03-20$4.56$4.51−1.1%$21.9B$22.2B+1.3%
2024-12-19$3.95$4.05+2.5%$22.1B$22.0B−0.7%
2024-09-19$4.76$3.60−24.4%$21.8B$21.6B−1.2%
2024-06-25$5.35$5.41+1.1%$22.0B$22.1B+0.4%
2024-03-21$3.45$3.86+11.9%$22.0B$21.7B−1.0%
2023-12-19$4.18$3.99−4.5%$22.5B$22.2B−1.7%
2023-09-20$3.73$4.55+22.0%$21.8B$21.7B−0.6%
2023-06-20$4.89$4.94+1.0%$22.7B$21.9B−3.2%
2023-03-16$2.73$3.41+24.9%$23.3B$22.2B−5.0%
2022-12-20$2.82$3.18+12.8%$23.7B$22.8B−3.7%
2022-09-22$5.14$3.44−33.1%$23.6B$23.2B−1.5%
2022-06-23$6.91$6.87−0.6%$24.5B$24.4B−0.4%
2022-03-17$4.64$4.59−1.1%$23.4B$23.6B+1.0%
2021-12-16$4.28$4.83+12.9%$23.4B$23.5B+0.2%
2021-09-21$4.91$4.37−11.0%$22.4B$22.0B−2.0%
2021-06-24$4.99$5.01+0.4%$20.8B$22.6B+8.4%
2021-03-18$3.23$3.47+7.4%$19.9B$21.5B+8.0%
2020-12-17$4.01$4.83+20.4%$15.7B$20.6B+31.3%
2020-09-15$2.69$4.87+81.0%$13.6B$19.3B+42.1%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.506-151.406-220.606-290.707-060.707-130.707-200.707-270.508-030.608-100.608-170.508-240.608-31
Week ofNotionalSharesTrades
2026-08-31$626.3M1,942,93672,805
2026-08-24$496.7M1,493,83763,594
2026-08-17$565.9M1,714,06465,440
2026-08-10$563.5M1,708,67068,690
2026-08-03$539.3M1,715,78866,176
2026-07-27$722.5M2,333,68773,826

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1538.5%
DateShort shareShort volumeTotal volume
2026-10-1538.5%151,386392,994
2026-10-1451.0%206,584405,454
2026-10-1351.6%163,074316,052
2026-10-1239.8%134,625338,037
2026-10-0935.9%174,916486,800
2026-10-0838.8%236,203609,136
2026-10-0747.4%247,707522,051
2026-10-0642.7%186,964437,489
2026-10-0543.5%246,730567,341
2026-10-0240.9%200,702491,070
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-0.8Jan+0.6Feb+2.1Mar+0.2Apr+0.3May+2.0Jun+2.2Jul-0.2Aug-1.2Sep+2.9Oct+5.2Nov-2.3Dec
MonthAvg returnUp yearsYears
Jan−0.8%45%20
Feb+0.6%65%20
Mar+2.1%48%21
Apr+0.2%50%20
May+0.3%60%20
Jun+2.0%60%20
Jul+2.2%60%20
Aug−0.2%40%20
Sep−1.2%55%20
Oct+2.9%70%20
Nov+5.2%80%20
Dec−2.3%35%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1446.0
MFI68.5
ADX40.0
Stochastic %K / %D80.3 / 80.8
Williams %R-37.1
CCI108
TSI / signal-18.1 / -23.0
Chaikin money flow0.08
ATR$5.98
Bollinger width5.3%
Volume vs 20-day avg0.84x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$290.10 (+1.2%)
SMA 50$308.75 (−4.9%)
SMA 200$300.52 (−2.3%)
EMA 21$294.39 (−0.3%)
EMA 50$302.24 (−2.9%)
EMA 200$291.23 (+0.8%)
Bollinger upper$297.79 (−1.4%)
Bollinger lower$282.42 (+3.9%)
Parabolic SAR$287.88 (+2.0%)
Open the live chart, 110+ indicators

About FedEx Corporation

FedEx Corporation is a prominent global entity that delivers an extensive array of services encompassing transportation, e-commerce solutions, and diverse business support, catering to clients both within the United States and across international borders. Its operational structure is divided into several key segments: The FedEx Express division specializes in expedited shipping, offering rapid package and freight delivery, crucial time-sensitive logistics, and comprehensive cross-border, technological, and e-commerce transportation services. FedEx Ground focuses on reliable, scheduled delivery services for both commercial clients and individual households. The FedEx Freight unit manages less-than-truckload (LTL) cargo shipments, supported by a significant infrastructure that, as of May 31, 2022, included approximately 30,000 vehicles and 400 service centers. FedEx Services provides essential internal support functions across the company, such as sales, marketing, information technology, communications, customer and technical assistance, billing, collections, and other vital administrative operations. Finally, the Corporate, Other, and Eliminations segment broadens FedEx's offerings to include integrated supply chain management, specialized transportation, customs brokerage, global ocean and air freight forwarding, document and business services, and convenient retail access points for its package delivery operations. Established in 1971, FedEx Corporation maintains its headquarters in Memphis, Tennessee.

https://www.fedex.com

Key executives

NameTitlePayBorn
Rajesh SubramaniamPresident, Chief Executive Officer & Director$16.6M1966
Vishal TalwarExecutive Vice President, Chief Digital & Information Officer and President of FedEx Dataworks$7.5M1977
Brie A. CarereExecutive Vice President & Chief Customer Officer$6.2M1978
Tracy BrightmanExecutive Vice President & Chief People Officer$5.7M1963
Gina F. AdamsExecutive Vice President, General Counsel & Secretary$3.1M1959
R. Brad MartinExecutive Chairman$200,3781952
Jill C. BrannonExecutive Vice President & Chief Sales Officer—1964
Kawal PreetExecutive Vice President of Planning, Engineering & Transformation—1974

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Rajesh Subramaniam President and Chief Executive Officer (Principal Executive Officer)2026$1.6M$6.7M$10.6M$27.6M
Sriram Krishnasamy Former Executive Vice President, Chief Digital and Information Officer and Chief Transformation Officer2026$358,850$4.5M$0$13.0M
Vishal Talwar Executive Vice President, Chief Digital and Information Officer and President, Dataworks2026$715,909$2.9M$1.6M$11.6M
John W. Dietrich Former Executive Vice President and Chief Financial Officer (Former Principal Financial Officer) (through June 1, 2026)2026$994,467$2.3M$3.9M$9.8M
Brie A. Carere Executive Vice President — Chief Customer Officer2026$879,331$2.2M$3.4M$9.8M
Tracy B. Brightman Executive Vice President — Chief People Officer2026$709,995$2.2M$3.2M$9.2M

Employees

177k2019183k2020228k2021345k2022328k2023241k2024237k2025233k2026

Dividends

Ex-dateAmountPaid
2026-09-14$1.222026-10-01
2026-06-22$1.222026-07-07
2026-03-09$1.452026-04-01
2025-12-15$1.452026-01-06
2025-09-08$1.452025-10-01
2025-06-23$1.452025-07-08
2025-03-10$1.382025-04-01
2024-12-09$1.382025-01-03

Moat model

Weak · Efficient Scale · 2026-05-31
Cost advantage34
Intangibles31
Switching costs52
Network effect50
Efficient scale85
Our component scores (0-100) and overall 47.8; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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