FedEx (FDX) financial statements
FedEx reported revenue of $94.7B in fiscal 2026, up 5.1% a year over 9 years.
Net income was $4.4B and the operating margin 5.8%, against 7.6% in 2017.
Free cash flow was $5.1B, and the company returned $1.4B in dividends and $796M in net buybacks.
The diluted share count fell 11% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from FedEx's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $60.3B | $65.5B | $69.7B | $69.2B | $84.0B | $93.5B | $90.2B | $87.7B | $87.9B | $94.7B |
| Cost of revenue | $13.6B | $15.1B | $16.7B | — | — | — | — | — | — | — |
| Gross profit | $46.7B | $50.3B | $53.0B | — | — | — | — | — | — | — |
| Operating income | $4.6B | $4.3B | $4.5B | $2.4B | $5.9B | $6.2B | $4.9B | $5.6B | $5.2B | $5.5B |
| Interest expense | $512M | $558M | $588M | $672M | $793M | $689M | $694M | $745M | $789M | $970M |
| Pre-tax income | $4.6B | $4.4B | $655M | $1.7B | $6.7B | $4.9B | $5.4B | $5.8B | $5.4B | $5.8B |
| Income tax | $1.6B | -$219M | $115M | $383M | $1.4B | $1.1B | $1.4B | $1.5B | $1.3B | $1.4B |
| Net income | $3.0B | $4.6B | $540M | $1.3B | $5.2B | $3.8B | $4.0B | $4.3B | $4.1B | $4.4B |
| Diluted shares | 270M | 272M | 265M | 262M | 268M | 266M | 256M | 251M | 243M | 239M |
| Gross margin | 77.4% | 76.9% | 76.1% | — | — | — | — | — | — | — |
| Operating margin | 7.6% | 6.5% | 6.4% | 3.5% | 7.0% | 6.7% | 5.4% | 6.3% | 5.9% | 5.8% |
| Net margin | 5.0% | 7.0% | 0.8% | 1.9% | 6.2% | 4.1% | 4.4% | 4.9% | 4.7% | 4.7% |
Balance sheet
Fiscal years, from FedEx's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $4.0B | $3.3B | $2.3B | $4.9B | $7.1B | $6.9B | $6.9B | $6.5B | $5.5B | $13.3B |
| Receivables | $7.6B | $8.5B | $9.1B | $10.1B | $12.1B | $11.9B | $10.2B | $10.1B | $11.4B | $12.7B |
| Total current assets | $12.6B | $13.3B | $13.1B | $16.4B | $20.6B | $20.4B | $18.6B | $18.2B | $18.4B | $27.9B |
| Property, plant and equipment | $26.0B | $28.2B | $30.4B | $33.6B | $35.8B | $38.1B | $40.7B | $41.5B | $41.6B | $42.0B |
| Goodwill | $7.2B | $7.0B | $6.9B | $6.4B | $7.0B | $6.5B | $6.4B | $6.4B | $6.6B | $6.7B |
| Total assets | $48.6B | $52.3B | $54.4B | $73.5B | $82.8B | $86.0B | $87.1B | $87.0B | $87.6B | $98.9B |
| Total current liabilities | $7.9B | $9.6B | $9.0B | $10.3B | $13.7B | $14.3B | $13.6B | $13.4B | $15.4B | $18.9B |
| Long-term debt | $14.9B | $15.2B | $16.6B | $22.0B | $20.7B | $20.2B | $20.5B | $20.1B | $19.2B | $23.3B |
| Total liabilities | $32.5B | $32.9B | $36.6B | $55.2B | $58.6B | $61.1B | $61.1B | $59.4B | $59.6B | $67.3B |
| Shareholders' equity | $16.1B | $19.4B | $17.8B | $18.3B | $24.2B | $24.9B | $26.1B | $27.6B | $28.1B | $31.6B |
| Net debt | $10.9B | $12.0B | $14.3B | $17.1B | $13.6B | $13.3B | $13.6B | $13.6B | $13.6B | $10.0B |
Cash flow
Fiscal years, from FedEx's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.9B | $4.7B | $5.6B | $5.1B | $10.1B | $9.8B | $8.8B | $8.3B | $7.0B | $8.9B |
| Capital spending | $5.1B | $5.7B | $5.5B | $5.9B | $5.9B | $6.8B | $6.2B | $5.2B | $4.1B | $3.8B |
| Free cash flow | -$186M | -$989M | $123M | -$771M | $4.3B | $3.1B | $2.7B | $3.1B | $3.0B | $5.1B |
| Stock-based compensation | $154M | $167M | $174M | $168M | $200M | $190M | $182M | $163M | $154M | $177M |
| Dividends paid | $426M | $535M | $683M | $679M | $686M | $793M | $1.2B | $1.3B | $1.3B | $1.4B |
| Share buybacks (net) | -$509M | -$1.0B | -$1.5B | -$3M | — | -$2.2B | -$1.5B | -$2.5B | -$3.0B | -$796M |
| Net borrowing | $1.2B | $1.5B | $2.5B | $6.6B | $4.2B | — | — | $0 | $0 | $6.0B |
| Free cash flow margin | -0.3% | -1.5% | 0.2% | -1.1% | 5.1% | 3.3% | 3.0% | 3.6% | 3.4% | 5.4% |
| Dividends per share | $1.58 | $1.97 | $2.58 | $2.59 | $2.56 | $2.98 | $4.60 | $5.02 | $5.51 | $5.75 |
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Open FDX in InvestinglyQuestions
What was FedEx's revenue in 2026?
$94.7B in fiscal 2026, from its 10-K filing.
How much free cash flow does FedEx generate?
$5.1B in fiscal 2026 (operating cash flow minus capital spending).
From FedEx's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.