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FedEx (FDX) stock

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NYSE: FDX NYSE Air Freight & Logistics Next results ~January 27, 2027

B+ Fundamentals grade

FedEx is a US-listed company in the air freight & logistics industry. Its financial year ends in May.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$220

Valuation models combined (4)

Base case. Range ~$160–$280. Weighted average of 4 models (growth cash-flow model, forward price-to-earnings vs peers, residual income, justified price-to-book), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

FedEx valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter FedEx files

10-Q filed October 28: FedEx

Model value +1.6%

Revenue for the twelve months to September 2026 was $95.3bn, up 9.9% on a year earlier, faster than the 5.7% growth a quarter earlier. That growth ranks 2 of 11 among the air freight & logistics companies we cover. Free-cash-flow margin rose to 4.2% from 3.0% a year earlier. Our model value rises from $241 to $245 a share, against a share price of $314.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-K filed July 20: FedEx

FedEx reported revenue of $95.3bn for the twelve months to May 2026, up 9.9% on a year earlier and well ahead of the 5.7% growth recorded a quarter earlier. Free-cash-flow margin climbed to 4.2%, from 3.0% a year before. Its fundamentals grade improves from C+ to B+. Our model value, however, barely moves, sitting at $241 a share against a current price of $307. As a result, the rating shifts from Hold to Sell. At that share price, the market appears to be pricing in cash-flow growth of around 7.8% a year for the next five years, a pace well above the 0.4% annual revenue growth the company has actually delivered.

10-K on SEC EDGAR

Where FedEx stands after its latest 10-K

Revenue for the twelve months to May 2026 was $94.7bn, up 7.7% on a year earlier, faster than 4.7% a quarter earlier. Free-cash-flow margin rose to 5.4% from 3.4% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 5 financial-health checks. Our cash-flow model value is $259 a share, against a share price of $300. At that price, our model says the market is pricing in about 6.9% a year of cash-flow growth for five years, faster than the 2.4% a year revenue growth it has delivered.

10-K on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 27, 2027 (estimated)

FedEx's trailing-twelve-month revenue grew 9.9% year on year, with a free-cash-flow margin of 4.2%. Where it stands out: stock pay as % of revenue of 0.2% ranks 4 of 18 air freight & logistics companies we cover.

Current signal Revenue growth accelerating: TTM revenue growth rose to 9.9% (+4.2pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 4.2 points higher than a quarter earlier.

Things to watch

  • Insiders selling. 6 insiders sold $29M of stock over the past 365 days and none bought (0% under pre-set trading plans).

Latest results: FY2027 Q1

Filed October 28, 2026
Earnings per share
$3.74 against an average estimate of $3.38: beat by 10.5%
Revenue
$22.86bn, up 11.9% on a year earlier
Share reaction
+0.2% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
revenue Growth growth 12% (calendar year 2026); diluted EPS (Continuing Operations) $35.3 to $35.9 (calendar year 2026)
Next report
October 28, 2026; average EPS estimate $6.34

FedEx's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.6%
  • 1 week+5.9%
  • 1 month+9.6%
  • This year+38.3%
  • 1 year+58.2%
  • 5 years+81.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$95.3B
Operating margin
5.6%
Net margin
4.1%
EPS (TTM, diluted)
$16.28

Growth

Revenue growth
+9.9%
Change in growth rate
+4.2 pts
Share count change
−0.4%

Cash

Free cash flow (TTM)
$3.7B
FCF margin
4.2%
Stock pay % of revenue
0.2%

Earnings

Last results
October 28, 2026
Next results (est.)
January 27, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Our research
  3. Results
  4. Results

    FedEx shifts fiscal year end to December 31

    FedEx said it changed its fiscal year end from May 31 to December 31, effective June 1, 2026. The company will report a seven-month transition period ending December 31, 2026, before moving to a calendar-year basis. FedEx also completed the spin-off of FedEx Freight and created two new reportable segments.

    SEC 8-KRead source ↗
  5. Guidance
  6. Leadership
  7. Announcement
  8. Deal
  9. Shareholder vote
  10. Announcement
  11. Leadership
  12. Results
  13. Announcement
  14. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

FedEx valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value FedEx as an operating company, with every model that fits that kind of business. Cost of equity 9.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.97 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$160 ~$100–$190 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$280 ~$250–$400 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$240 ~$180–$340 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$270 ~$230–$320 Included
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$220 ~$160–$280 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare FedEx with Air Freight & Logistics in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$112.74$133.67$173.32$108.64$93.52$228.34$164.82$163.66$194.59$170.61$329.26$318.25
Market value$31.5bn$36.1bn$47.1bn$28.8bn$24.5bn$61.2bn$43.8bn$41.9bn$48.8bn$41.5bn$78.7bn$76.2bn
+ Net debt (− = net cash)$10.2bn$11.0bn$13.3bn$15.3bn$17.1bn$13.8bn$13.4bn$13.7bn$13.7bn$15.1bn$12.7bn$11.4bn
Enterprise value$41.7bn$47.1bn$60.5bn$44.1bn$41.6bn$75.0bn$57.2bn$55.6bn$62.5bn$56.5bn$91.4bn$87.6bn
Multiples
Price / sales 0.6x0.6x0.7x0.4x0.4x0.7x0.5x0.5x0.6x0.5x0.8x0.8x
Price / earnings 17.3x12.0x10.3x53.3x19.1x11.7x11.5x10.5x11.3x10.1x17.8x19.5x
Price / free cash flow 35.3x——n/m—14.4x14.3x15.7x15.6x13.9x15.4x—
EV / EBITDA 7.3x6.2x8.2x5.6x6.9x7.8x5.6x6.1x6.4x6.0x9.3x9.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

50 /100

Moderate moat

How hard FedEx's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 5 / 20

    Net income has been a median 4.7% of total assets over 9 years.

  • Durability 10 / 20

    Operating margin has been a median 6.1%; its worst year was 4.2%.

  • Cash conversion 8 / 20

    Free cash flow was positive in 7 of 10 years, at a median 2.4% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 11.3% over five years; stock-based pay has been a median 0.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (55 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $18.02 −1% $92.2bn +5%
Next $20.97 +16% $95.5bn +4%

Next year's EPS estimate has moved +1.6% in 90 days, across 24 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.6% on 90 days ago. In the last 30 days, 0 analysts raised FedEx's forecast and 2 cut it.

Consensus EPS forecast FedEx, last 90 days
$17.00 $18.00 $19.00 $20.00 $21.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $17.74 Current fiscal year, 60 days ago: $17.73 Current fiscal year, 30 days ago: $17.75 Current fiscal year, 7 days ago: $17.78 Current fiscal year, Now: $18.02 $18.02 Next fiscal year, 90 days ago: $20.64 Next fiscal year, 60 days ago: $20.84 Next fiscal year, 30 days ago: $20.86 Next fiscal year, 7 days ago: $20.82 Next fiscal year, Now: $20.97 $20.97

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $17.74$20.64
60 days ago $17.73$20.84
30 days ago $17.75$20.86
7 days ago $17.78$20.82
Now $18.02$20.97

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $3.38 $3.74 +10.5%
Aug 2025 $3.61 $3.83 +6.0%
May 2025 $5.80 $6.07 +4.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026
  • Revenue Growth calendar year 2026 about 12% growth Raised
    “Revenue Growth ~12% YoY Compared to the prior forecast of ~11%.” source
  • Diluted EPS (Continuing Operations) calendar year 2026 $35.30 to $35.90 GAAP Raised
    “Diluted EPS (Continuing Operations) $35.30 to $35.90 Compared to the prior forecast of $16.55 to $17.75 per diluted share, which excluded impacts related to MTM accounting for the FedEx Freight investment and gain on extinguishment of debt. Prior to additional CY26 MTM adjustments for retirement plan accounting.” source
  • Adjusted Diluted EPS (Continuing Operations) calendar year 2026 $18.00 to $18.60 Non-GAAP Raised
    “Adjusted Diluted EPS (Continuing Operations) $18.00 to $18.60 Compared to the prior forecast of $16.90 to $18.10 per diluted share. Also excludes MTM adjustments for retirement plan accounting, adjustments related to MTM accounting for the FedEx Freight investment, gain on extinguishment of debt, and restructuring, exit and other costs.” source
  • Effective Tax Rate (ETR) calendar year 2026 about 22.5% Non-GAAP Lowered
    “Effective Tax Rate (ETR) ~22.5% Compared to the prior forecast of ~23%. Prior to MTM adjustments for retirement plan accounting, adjustments related to MTM accounting for the FedEx Freight investment, and a $263 million deferred income tax benefit on FedEx Supply Chain basis difference.” source
  • Pension Contributions calendar year 2026 about $475m Maintained
    “Pension Contributions $475 million Unchanged from the prior forecast.” source
  • Capital Spending calendar year 2026 about $3.9bn Maintained
    “Capital Spending $3.9 billion Unchanged from the prior forecast. Prioritizes investments in network optimization and efficiency improvement, including fleet and facility modernization and automation.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

29 analysts, Oct 2026
Buy2172%
Hold621%
Sell27%

Monthly trend

  1. Oct 2026417629
  2. Sep 2026417729
  3. Aug 2026417629
  4. Jul 2026417629

Counts of recommendations published by analysts covering FedEx, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.2%
of tradable shares
Days to cover
3.33
at average volume
Short interest, 1 month
+5%
to October 15, 2026
Held by institutions
84%
of shares
Held by insiders
6.3%
of shares
Employees
300,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +58.2%

$201.12 on October 31, 2025 to $318.25

ThenNowEffect
Revenue (last 12 months) $87.9bn $92.9bn +5.7%
Net margin 4.7% 4.9% +4.7%
P/E multiple 11.9x 16.8x +40.6%
Share count 243m 239m +1.7%

Biggest factor: p/e multiple.

Last 3 years +69.7%

$187.52 on November 3, 2023 to $318.25

ThenNowEffect
Revenue (last 12 months) $88.6bn $92.9bn +4.9%
Net margin 4.7% 4.9% +3.4%
P/E multiple 11.4x 16.8x +47.2%
Share count 254m 239m +6.3%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
FDX+1%−32%+49%+14%+5%+38%
Industry peers (median)+30%−19%+16%−14%−19%−23%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
FDX50%50%58%50%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
FDX−31%−45%−15%−18%−29%−17%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 66% from January 19, 2018 to March 16, 2020. Getting back needed a 194% gain, reached on October 7, 2020, 205 days after the low.

Price behaviour

52-week range
$199.58 – $338.02
From 52-week high
−5.8%
vs 50-day average
+4.8%
vs 200-day average
+4.9%
Volatility (1 year)
28%
Beta vs S&P 500
0.76

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±4.9%
After a week
6 up, 5 down
typical move ±4.9%
After a month
6 up, 5 down
typical move ±8.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 +0.2% 0.0% — —
July 21, 2026 +4.8% +0.7% +2.1% +7.2%
June 23, 2026 −3.6% −1.5% −4.8% −4.0%
March 19, 2026 +2.6% −1.7% −0.1% +12.6%
December 18, 2025 +2.3% +1.7% +5.0% +8.8%
September 18, 2025 +2.6% +1.0% +4.7% +5.3%
June 24, 2025 −3.2% +1.2% +2.2% +3.2%
March 20, 2025 −6.8% −0.3% −1.3% −17.0%
December 19, 2024 +0.9% +1.2% +2.6% −1.1%
September 19, 2024 −14.6% +1.5% −10.7% −8.0%
September 3, 2024 −2.0% −2.3% −4.5% −10.2%
June 25, 2024 +15.5% +0.5% +16.3% +16.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

FedEx in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) FedEx
$85B $90B $95B $100B FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue (TTM), FY24 Q2: $87.9B Revenue (TTM), FY24 Q3: $87.5B Revenue (TTM), FY24 Q4: $87.7B Revenue (TTM), FY25 Q1: $87.6B Revenue (TTM), FY25 Q2: $87.4B Revenue (TTM), FY25 Q3: $87.8B Revenue (TTM), FY25 Q4: $87.9B Revenue (TTM), FY26 Q1: $86.8B Revenue (TTM), FY26 Q2: $88.3B Revenue (TTM), FY26 Q3: $90.1B Revenue (TTM), FY26 Q4: $92.9B Revenue (TTM), FY27 Q1: $95.3B $95.3B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY24 Q2 $87.9B
FY24 Q3 $87.5B
FY24 Q4 $87.7B
FY25 Q1 $87.6B
FY25 Q2 $87.4B
FY25 Q3 $87.8B
FY25 Q4 $87.9B
FY26 Q1 $86.8B
FY26 Q2 $88.3B
FY26 Q3 $90.1B
FY26 Q4 $92.9B
FY27 Q1 $95.3B
Revenue growth, TTM YoY FedEx
-10% -5% 0% 5% 10% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue growth, TTM YoY, FY24 Q2: -6.5% Revenue growth, TTM YoY, FY24 Q3: -5.5% Revenue growth, TTM YoY, FY24 Q4: -2.7% Revenue growth, TTM YoY, FY25 Q1: -1.1% Revenue growth, TTM YoY, FY25 Q2: -0.6% Revenue growth, TTM YoY, FY25 Q3: 0.3% Revenue growth, TTM YoY, FY25 Q4: 0.3% Revenue growth, TTM YoY, FY26 Q1: -0.9% Revenue growth, TTM YoY, FY26 Q2: 1.0% Revenue growth, TTM YoY, FY26 Q3: 2.6% Revenue growth, TTM YoY, FY26 Q4: 5.7% Revenue growth, TTM YoY, FY27 Q1: 9.9% 9.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q2 -6.5%
FY24 Q3 -5.5%
FY24 Q4 -2.7%
FY25 Q1 -1.1%
FY25 Q2 -0.6%
FY25 Q3 0.3%
FY25 Q4 0.3%
FY26 Q1 -0.9%
FY26 Q2 1.0%
FY26 Q3 2.6%
FY26 Q4 5.7%
FY27 Q1 9.9%
Operating margin (TTM) FedEx
5.6% 5.8% 6% 6.2% 6.4% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Operating margin (TTM), FY24 Q2: 6.0% Operating margin (TTM), FY24 Q3: 6.3% Operating margin (TTM), FY24 Q4: 6.3% Operating margin (TTM), FY25 Q1: 5.9% Operating margin (TTM), FY25 Q2: 5.6% Operating margin (TTM), FY25 Q3: 5.7% Operating margin (TTM), FY25 Q4: 5.9% Operating margin (TTM), FY26 Q1: 5.9% Operating margin (TTM), FY26 Q2: 6.2% Operating margin (TTM), FY26 Q3: 6.1% Operating margin (TTM), FY26 Q4: 5.6% Operating margin (TTM), FY27 Q1: 5.6% 5.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q2 6.0%
FY24 Q3 6.3%
FY24 Q4 6.3%
FY25 Q1 5.9%
FY25 Q2 5.6%
FY25 Q3 5.7%
FY25 Q4 5.9%
FY26 Q1 5.9%
FY26 Q2 6.2%
FY26 Q3 6.1%
FY26 Q4 5.6%
FY27 Q1 5.6%
FCF margin (TTM) FedEx
2% 3% 4% 5% FY23 Q2 FY24 Q1 FY24 Q4 FY26 Q1 FCF margin (TTM), FY23 Q2: 2.2% FCF margin (TTM), FY23 Q3: 2.3% FCF margin (TTM), FY23 Q4: 3.0% FCF margin (TTM), FY24 Q1: 3.7% FCF margin (TTM), FY24 Q2: 4.7% FCF margin (TTM), FY24 Q3: 3.8% FCF margin (TTM), FY24 Q4: 3.6% FCF margin (TTM), FY25 Q1: 3.0% FCF margin (TTM), FY25 Q2: 3.0% FCF margin (TTM), FY25 Q3: 3.9% FCF margin (TTM), FY25 Q4: 3.4% FCF margin (TTM), FY26 Q1: 4.2% 4.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q2 2.2%
FY23 Q3 2.3%
FY23 Q4 3.0%
FY24 Q1 3.7%
FY24 Q2 4.7%
FY24 Q3 3.8%
FY24 Q4 3.6%
FY25 Q1 3.0%
FY25 Q2 3.0%
FY25 Q3 3.9%
FY25 Q4 3.4%
FY26 Q1 4.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar FedEx took in during FY2026, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $94.7B
  2. Other operating costs $89.3B · 94.2%
  3. Operating income $5.5B · 5.8%
  4. Income tax $1.4B · 1.4%
  5. Net income $4.4B · 4.7%

Shares of revenue. Source: FedEx's 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 May 2010 2011 May 2011 2012 May 2012 2013 May 2013 2014 May 2014 2015 May 2015 2016 May 2016 2017 May 2017 2018 May 2018 2019 May 2019 2020 May 2020 2021 May 2021 2022 May 2022 2023 May 2023 2024 May 2024 2025 May 2025 2026 May 2026 LTM Sept 2026
Income
Revenue 34.7 39.3 42.7 44.3 45.6 47.5 50.4 60.3 65.5 69.7 69.2 84.0 93.5 90.2 87.7 87.9 94.7 95.3
Gross profit — — — — — — — 46.7 50.3 53.0 — — — — — — — —
EBITDA 4.0 4.4 5.3 6.8 6.4 4.5 5.7 7.6 7.4 7.8 6.0 9.7 10.2 9.1 9.8 9.5 9.8 9.6
Operating income 2.0 2.4 3.2 4.4 3.8 1.9 3.1 4.6 4.3 4.5 2.4 5.9 6.2 4.9 5.6 5.2 5.5 5.3
Net income 1.2 1.5 2.0 2.7 2.3 1.1 1.8 3.0 4.6 0.5 1.3 5.2 3.8 4.0 4.3 4.1 4.4 3.9
Diluted EPS $3.76 $4.57 $6.41 $8.55 $7.48 $3.65 $6.51 $11.07 $16.79 $2.03 $4.90 $19.45 $14.33 $15.48 $17.21 $16.81 $18.55 $16.28
Growth (year on year)
Revenue −2.1% +13.2% +8.6% +3.8% +2.9% +4.1% +6.1% +19.8% +8.5% +6.5% −0.7% +21.3% +11.4% −3.6% −2.7% +0.3% +7.7% +9.9%
EBITDA +45.3% +10.0% +21.8% +28.7% −6.1% −30.1% +27.5% +32.5% −2.6% +6.1% −22.9% +60.0% +5.9% −11.0% +8.3% −3.7% +3.7% +3.5%
Operating income +167.5% +19.0% +34.0% +39.2% −14.0% −51.1% +64.8% +48.4% −6.4% +4.5% −45.9% +142.3% +6.6% −21.3% +13.2% −6.2% +4.7% +4.6%
Net income — +22.6% +39.9% +33.7% −14.4% −54.8% +73.3% +64.7% +52.6% −88.2% — — −26.9% +3.8% +9.0% −5.5% +8.3% −7.6%
Diluted EPS — +21.5% +40.3% +33.4% −12.5% −51.2% +78.4% +70.0% +51.7% −87.9% — — −26.3% +8.0% +11.2% −2.3% +10.4% −7.2%
Margins
Gross margin — — — — — — — 77.4% 76.9% 76.1% — — — — — — — —
EBITDA margin 11.4% 11.1% 12.4% 15.4% 14.0% 9.4% 11.3% 12.5% 11.3% 11.2% 8.7% 11.5% 10.9% 10.1% 11.2% 10.8% 10.4% 10.1%
Operating margin 5.8% 6.1% 7.5% 10.0% 8.4% 3.9% 6.1% 7.6% 6.5% 6.4% 3.5% 7.0% 6.7% 5.4% 6.3% 5.9% 5.8% 5.6%
Net margin 3.4% 3.7% 4.8% 6.1% 5.1% 2.2% 3.6% 5.0% 7.0% 0.8% 1.9% 6.2% 4.1% 4.4% 4.9% 4.7% 4.7% 4.1%
Free-cash-flow margin 0.9% 1.5% 1.9% 3.0% 1.6% 2.1% 1.8% −0.3% −1.5% 0.2% −1.1% 5.1% 3.3% 3.0% 3.6% 3.4% 5.4% —
Cash flow
Cash from operations 3.1 4.0 4.8 4.7 4.3 5.4 5.7 4.9 4.7 5.6 5.1 10.1 9.8 8.8 8.3 7.0 8.9 —
Capital spending 2.8 3.4 4.0 3.4 3.5 4.3 4.8 5.1 5.7 5.5 5.9 5.9 6.8 6.2 5.2 4.1 3.8 0.0
Free cash flow 0.3 0.6 0.8 1.3 0.7 1.0 0.9 −0.2 −1.0 0.1 −0.8 4.3 3.1 2.7 3.1 3.0 5.1 —
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2
Free cash flow after stock pay 0.2 0.5 0.7 1.2 0.6 0.9 0.7 −0.3 −1.2 −0.1 −0.9 4.1 2.9 2.5 3.0 2.8 4.9 —
Balance sheet
Cash 2.0 2.3 2.8 4.9 2.9 3.8 3.5 4.0 3.3 2.3 4.9 7.1 6.9 6.9 6.5 5.5 13.1 8.0
Total debt 1.9 1.7 2.0 3.0 4.7 7.3 13.8 14.9 16.6 17.6 22.0 20.9 20.3 20.6 20.2 20.6 25.7 19.4
Net debt (negative = net cash) −0.0 −0.6 −0.9 −1.9 1.8 3.5 10.2 11.0 13.3 15.3 17.1 13.8 13.4 13.7 13.7 15.1 12.7 11.4
Diluted shares 314m 317m 317m 317m 310m 287m 279m 270m 272m 265m 262m 268m 266m 256m 251m 243m 239m 240m
Returned to shareholders
Dividends 0.1 0.2 0.2 0.2 0.2 0.2 0.3 0.4 0.5 0.7 0.7 0.7 0.8 1.2 1.3 1.3 1.4 —
Buybacks — — 0.2 0.2 4.9 1.3 2.7 0.5 1.0 1.5 0.0 — 2.2 1.5 2.5 3.0 0.8 —
Total returned 0.1 0.2 0.4 0.4 5.0 1.5 3.0 0.9 1.6 2.2 0.7 0.7 3.0 2.7 3.8 4.4 2.2 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 4 checks passed · September 30, 2026
What it owns · $92.9bn
Short-term assets $25.0bnLonger-term assets $67.9bn
What it owes, and who funded it · $53.4bn
Short-term liabilities $18.8bnShareholders' equity $34.6bn
  • Short-term assets cover short-term liabilities $25.0bn of assets due within a year against $18.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $8.0bn of cash against $19.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 56% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 83% to 56% over five years.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From FedEx's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q1 TTM
Buybacks (TTM)
$2.5B
Dividends (TTM)
$1.3B
Returned to shareholders
106%
of free cash flow
Buybacks, last 3 fiscal years
$6.3B
Diluted share count
−0.4%
year over year
Dividend payout ratio
35%
of net income paid out

Competitors: side by side with peers

Closest by revenue in air freight & logistics
Last 12 months unless stated FDX UPS CHRW GXO EXPD ZTO Median
Revenue, last 12 months $95.3bn $89.9bn $18.2bn $13.6bn $12.0bn $6.8bn $555m
Revenue growth, last 12 months 9.9% −0.4% 10.4% 7.6% 6.8% 11.0% 6.4%
Revenue growth, 3-year average 2.5% −2.2% −0.4% 12.9% −1.6% — 2.5%
Revenue growth, latest quarter 11.9% 7.6% 29.5% 4.3% 32.1% — 15.2%
Gross margin 76.0% — — — 30.4% 25.0% 10.9%
Operating margin 5.6% 7.3% 4.9% 2.4% 9.8% 21.3% −0.8%
Operating margin, 3-year average 5.8% 8.3% 4.3% 2.1% 9.7% 22.7% 2.0%
Net margin 4.1% 5.1% 3.7% 1.0% 7.6% 18.5% 1.0%
Cash from operations / revenue 8.7% 9.9% 2.9% 3.7% 8.1% 24.4% 1.0%
Free-cash-flow margin 4.2% 6.1% 2.9% 1.3% 7.7% 12.0% 1.0%
Free-cash-flow margin, 3-year average 3.6% 5.1% 3.2% 1.8% 7.5% 3.7% 1.5%
Stock pay / revenue 0.2% 0.1% 0.5% 0.3% 0.6% 0.5% 0.5%
Change in share count −0.4% −0.1% −1.1% −2.4% −3.7% −2.1% 0.8%

Median of all 21 companies we cover in air freight & logistics. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

21 air freight & logistics companies
Measure Company Peer median Rank
Revenue growth Growth 9.9% 6.4% 7 of 21
Change in growth rate Growth +4.2pp +2.4pp 8 of 21
Operating margin Profitability 5.6% -0.8% 5 of 21
Net margin Profitability 4.1% 1.0% 6 of 21
Free-cash-flow margin Cash generation 4.2% 1.0% 5 of 21
Stock pay as % of revenue Cash generation 0.2% 0.5% 4 of 18
Long-term debt as % of assets Balance sheet 18.6% 16.8% 9 of 15
Change in share count Balance sheet -0.4% 0.9% 6 of 20

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to May 31, 2026
Geography
Region Revenue Share YoY
United States $67.9B 71.7% ▲ 8.0%
Outside the US $26.8B 28.3% ▲ 7.1%

From FedEx's 10-K filed July 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$59.7B
Institutions reporting
1,933
Shares held vs prior quarter
▲ 1.9%
Positions opened / closed
114 / 189

Top buyers and sellers, Q2 2026: 868 institutions bought and 885 sold ; the biggest buyer was Blackrock, Inc (+2.0M shares) and the biggest seller Dodge & Cox (−2.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $6.5B 20.8M 10.9% ▲ 10.5%
Vanguard Capital Management LLC $4.4B 14.2M 7.4% ▲ 2.0%
State Street Corp $3.2B 10.1M 5.3% ▲ 3.2%
Primecap Management Co $2.6B 8.2M 4.3% ▼ 1.8%
Vanguard Portfolio Management LLC $2.3B 7.3M 3.9% ▲ 2.8%
Dodge & Cox $2.3B 7.2M 3.8% ▼ 27.5%
Franklin Resources Inc $1.7B 5.4M 2.8% ▼ 9.0%
Geode Capital Management, LLC $1.6B 5.2M 2.7% ▲ 0.9%
FMR LLC $1.6B 5.0M 2.6% ▼ 19.7%
Norges Bank $1.2B 3.7M 1.9% —
Invesco Ltd. $1B 3.2M 1.7% ▼ 0.5%
Jpmorgan Chase & Co $998M 3.1M 1.7% ▼ 0.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not FedEx's complete shareholder register. Values are as reported by the filers ; 8 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $28.7M 11 trades by 6 insiders · 0% under pre-set plans
Net ▼ $28.7M net selling
Insider Date Trade Shares Price Value
Brightman Tracy B EVP - Chief People Officer October 30, 2026 Sell 3,541 $316.40 $1.1M
Brightman Tracy B EVP - Chief People Officer October 30, 2026 Sell 23,070 $316.73 $7.3M
Walsh Paul S Director June 30, 2026 Sell 5,042 $324.56 $1.6M
Schwab Susan C Director April 15, 2026 Sell 5,795 $369.00 $2.1M
Brightman Tracy B EVP - Chief People Officer April 15, 2026 Sell 2,781 $363.30 $1M
Brightman Tracy B EVP - Chief People Officer April 15, 2026 Sell 5,094 $363.33 $1.9M
Brightman Tracy B EVP - Chief People Officer April 15, 2026 Sell 9,084 $363.61 $3.3M
Adams Gina F. EVP GENL COUNSEL/SECTY April 14, 2026 Sell 6,435 $367.37 $2.4M
Adams Gina F. EVP GENL COUNSEL/SECTY April 14, 2026 Sell 14,015 $366.02 $5.1M
Carere Brie EVP/Chief Customer Officer April 14, 2026 Sell 2,700 $370.03 $999,068
Preet Kawal EVP - Plng, Eng, & Transfmtn April 14, 2026 Sell 4,900 $367.89 $1.8M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 109 trades and filings

In the last 12 months, 3 members of Congress disclosed 3 purchases and 3 sales of FedEx shares.

  • Rick Larsen(D-WA 2):Sale (full), $1,001 - $15,000, traded October 8, 2026, filed October 12, 2026
  • Maria Elvira Salazar(R-FL 27):Sale (partial), $1,001 - $15,000, traded September 24, 2026, filed October 7, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded July 21, 2026, filed September 4, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 21, 2026
  • June 23, 2026
  • March 19, 2026
  • December 18, 2025
  • September 18, 2025

Recent SEC filings

Data status

When each part of this page on FedEx was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

FedEx in brief

What does FedEx do?
FedEx is a US-listed company in the air freight & logistics industry. Its financial year ends in May.
What is FedEx's stock ticker?
FedEx trades under the ticker FDX on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is FedEx's revenue, and how fast is it growing?
Over its most recent trailing twelve months, FedEx reported revenue of $95.3B, 9.9% higher than a year earlier, according to its SEC filings.
What is FedEx's free cash flow?
FedEx's free-cash-flow margin is 4.2% of revenue over the trailing twelve months, ranking 5 of the 21 air freight & logistics companies we cover.
Who are FedEx's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is FedEx buying back stock, and does it pay a dividend?
FedEx spent $2.5B on share repurchases over the trailing twelve months, and its diluted share count fell 0.4% over the year.
What is FedEx's market cap?
On November 2, 2026, FedEx's market capitalisation was about $76.2B, with a price-to-earnings ratio of 19.5 and net debt of $11.4B. Market figures come from third-party market data and may be delayed.
Does FedEx pay a dividend?
Yes: FedEx paid $1.3B in dividends over the trailing twelve months and a payout ratio of 34.5%.
How much debt does FedEx have?
FedEx's debt-to-equity ratio is 56.0%, from its latest balance sheet (83.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are FedEx's competitors?
In our Air Freight & Logistics peer group, the companies closest to FedEx are United Parcel Service, C.H. Robinson, GXO Logistics, Inc., Expeditors International and ZTO Express (cayman) Inc. The side-by-side comparison below sets their revenue, margins and growth against FedEx's.
Are insiders buying or selling FedEx stock?
Over the last 12 months, FedEx's directors and officers reported 0 open-market purchases and 11 sales on Form 4. The insider trading page charts every trade.
When is FedEx's next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — FedEx announces its own schedule.