In fiscal 2026, which ended May 31, 2026, FedEx Corporation generated $8.9 billion of cash from operations, up 26.8% from the year before. It spent $3.8 billion on capital expenditures. That left free cash flow of $5.1 billion. The company returned $1.4 billion in dividends and $796.0 million in share buybacks to shareholders.
USD in millions, except per-share amounts and ratios. The percent under a figure is the change from the year before.
| Line |
FY 2026
May 31, 2026
|
FY 2025
May 31, 2025
|
FY 2024
May 31, 2024
|
FY 2023
May 31, 2023
|
FY 2022
May 31, 2022
|
FY 2021
May 31, 2021
|
FY 2020
May 31, 2020
|
FY 2019
May 31, 2019
|
FY 2018
May 31, 2018
|
FY 2015
May 31, 2015
|
|---|---|---|---|---|---|---|---|---|---|---|
| Operating | ||||||||||
| Depreciation and amortization |
4,369
+2.5%
|
4,264
-0.5%
|
4,287
+2.7%
|
4,176
+5.2%
|
3,970
+4.7%
|
3,793
+4.9%
|
3,615
+7.8%
|
3,353
+8.3%
|
3,095
+3.3%
|
2,611
+0.9%
|
| Stock-based compensation |
177
+14.9%
|
154
-5.5%
|
163
-10.4%
|
182
-4.2%
|
190
-5.0%
|
200
+19.0%
|
168
-3.4%
|
174
+4.2%
|
167
+8.4%
|
133
+13.7%
|
| Operating cash flow |
8,925
+26.8%
|
7,036
-15.4%
|
8,312
-6.1%
|
8,848
-10.0%
|
9,832
-3.0%
|
10,135
+98.8%
|
5,097
-9.2%
|
5,613
+20.1%
|
4,674
|
5,366
+25.8%
|
| Investing | ||||||||||
| Capital expenditures |
3,809
-6.1%
|
4,055
-21.7%
|
5,176
-16.2%
|
6,174
-8.7%
|
6,763
+14.9%
|
5,884
+0.3%
|
5,868
+6.9%
|
5,490
-3.1%
|
5,663
+10.7%
|
4,347
+23.0%
|
| Investing cash flow |
-3,911
+4.4%
|
-4,092
+21.3%
|
-5,200
+15.8%
|
-6,174
+9.4%
|
-6,816
-13.4%
|
-6,010
-2.8%
|
-5,846
-6.8%
|
-5,473
+3.6%
|
-5,677
|
-5,752
-62.0%
|
| Financing | ||||||||||
| Debt issued |
—
|
—
|
—
|
—
|
—
|
4,212
-35.8%
|
6,556
+166.2%
|
2,463
+66.4%
|
1,480
+24.4%
|
2,491
+24.7%
|
| Debt repaid |
2,049
+1205.1%
|
157
+6.8%
|
147
-3.3%
|
152
-5.6%
|
161
-97.5%
|
6,318
+148.0%
|
2,548
+77.4%
|
1,436
+3678.9%
|
38
-53.7%
|
5
-98.0%
|
| Dividends paid |
1,374
+2.6%
|
1,339
+6.4%
|
1,259
+7.0%
|
1,177
+48.4%
|
793
+15.6%
|
686
+1.0%
|
679
-0.6%
|
683
+27.7%
|
535
+25.6%
|
227
+21.4%
|
| Stock buybacks |
796
-73.6%
|
3,017
+20.7%
|
2,500
+66.7%
|
1,500
-33.3%
|
2,248
+74833.3%
|
—
|
3
-99.8%
|
1,480
+45.5%
|
1,017
+99.8%
|
1,254
-74.2%
|
| Financing cash flow |
2,749
+168.4%
|
-4,019
-17.3%
|
-3,426
-31.9%
|
-2,597
+14.0%
|
-3,019
-44.4%
|
-2,090
-161.8%
|
3,381
+425.4%
|
-1,039
-557.7%
|
227
|
1,349
+149.6%
|
| Change in cash | ||||||||||
| Effect of exchange rate |
—
|
—
|
—
|
—
|
—
|
—
|
-70
-48.9%
|
-47
-165.3%
|
72
+271.4%
|
-108
-3500.0%
|
| Net change in cash |
7,809
+881.7%
|
-999
-181.4%
|
-355
-765.9%
|
-41
+78.4%
|
-190
-108.6%
|
2,206
|
—
|
—
|
—
|
—
|
| Free cash flow |
5,116
+71.6%
|
2,981
-4.9%
|
3,136
+17.3%
|
2,674
-12.9%
|
3,069
-27.8%
|
4,251
+651.4%
|
-771
-726.8%
|
123
+112.4%
|
-989
|
1,019
+39.4%
|
| Per share | ||||||||||
| Free cash flow per share |
21.41
+74.5%
|
12.27
-1.8%
|
12.49
+19.6%
|
10.45
-9.5%
|
11.54
-27.3%
|
15.86
+639.0%
|
-2.94
-734.0%
|
0.46
+112.8%
|
-3.64
|
3.55
+50.6%
|
| Dividend per share |
5.80
+5.1%
|
5.52
+46.0%
|
3.78
-35.5%
|
5.86
+95.3%
|
3.00
+15.4%
|
2.60
+0.0%
|
2.60
+0.0%
|
2.60
+30.0%
|
2.00
+25.0%
|
0.80
+33.3%
|
| Shareholder returns | ||||||||||
| Returned to shareholders |
2,170
|
4,356
|
3,759
|
2,677
|
3,041
|
686
|
682
|
2,163
|
1,552
|
1,481
|
| Share of free cash flow |
42.42%
|
146.13%
|
119.87%
|
100.11%
|
99.09%
|
16.14%
|
—
|
1,758.54%
|
—
|
145.34%
|
| Ratios | ||||||||||
| Free cash flow margin |
5.40%
|
3.39%
|
3.58%
|
2.97%
|
3.28%
|
5.06%
|
-1.11%
|
0.18%
|
-1.51%
|
2.15%
|
| Capital expenditures to revenue |
4.02%
|
4.61%
|
5.90%
|
6.85%
|
7.23%
|
7.01%
|
8.48%
|
7.88%
|
8.65%
|
9.16%
|
| Stock-based compensation to revenue |
0.19%
|
0.18%
|
0.19%
|
0.20%
|
0.20%
|
0.24%
|
0.24%
|
0.25%
|
0.26%
|
0.28%
|
| Cash conversion |
2.01x
|
1.72x
|
1.92x
|
2.23x
|
2.57x
|
1.94x
|
3.96x
|
10.39x
|
1.02x
|
5.11x
|
How these figures are calculated
Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and ratios. Capital expenditures, debt repaid, dividends, and buybacks are positive amounts. Investing and financing cash flow keep the filing sign, so an outflow is negative. Free cash flow is operating cash flow minus capital expenditures. Returned to shareholders is dividends plus buybacks. Free cash flow margin, capital expenditures, and stock-based compensation are divided by revenue. Cash conversion is operating cash flow divided by net income. More on our methodology.
Company profile
- Industry
- Air Courier Services (SIC 4513)
- Listed as
- FDX (NYSE)
- Fiscal year ends
- May 31
- Incorporated in
- DE
- Headquarters
- Memphis, TN
- SEC filer status
- Large accelerated filer
- SEC CIK
- 1048911
- Former names
- FDX CORP (until Feb 10, 2000)
Other Air Courier Services companies
- FedEx Freight Holding Company, Inc. FDXF
- Air T Inc AIRT
Source: SEC EDGAR filings. This is company-reported data, not investment advice.