FedEx cash flow statement

In fiscal 2026, FedEx's operations generated $8.93bn of cash; it spent $3.81bn on capital projects, leaving free cash flow of $5.12bn. It returned $1.37bn in dividends and $796m through buybacks.

Cash flow statement

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

FedEx: cash flow statement, annual
Fiscal year	2010May 2010	2011May 2011	2012May 2012	2013May 2013	2014May 2014	2015May 2015	2016May 2016	2017May 2017	2018May 2018	2019May 2019	2020May 2020	2021May 2021	2022May 2022	2023May 2023	2024May 2024	2025May 2025	2026May 2026	LTMSept 2026
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	—
Depreciation and amortisation	2.0	2.0	2.1	2.4	2.6	2.6	2.6	3.0	3.1	3.4	3.6	3.8	4.0	4.2	4.3	4.3	4.4	4.2
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
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	—
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	—
Dividends paid	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	—
Share 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	—
Shares issued	0.1	0.1	0.1	0.3	0.6	0.3	0.2	0.3	0.3	0.1	0.1	0.7	0.2	0.2	0.5	0.5	1.0	—

US$ millions unless shown otherwise. Fiscal quarters.

FedEx: cash flow statement, quarterly
Quarter	2025 Q2Nov 2024	2025 Q3Feb 2025	2025 Q4May 2025	2026 Q1Sept 2025	2026 Q2Nov 2025	2026 Q3Feb 2026	2026 Q4May 2026	2027 Q1Sept 2026
Cash from operations	1,318	2,012	2,519	—	—	1,993	3,265	—
Depreciation and amortisation	1,063	1,066	1,057	972	1,068	1,112	1,097	967
Stock-based pay	36	31	38	41	43	38	41	37
Capital spending	818	997	1,473	623	—	955	1,474	—
Free cash flow	500	1,015	1,046	—	—	1,038	1,791	—
Free cash flow after stock pay	464	984	1,008	—	—	1,000	1,750	—
Shares issued	36	32	52	—	—	724	218	—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

Compare with peers

Head to head: FDX vs UPS CHRW vs FDX FDX vs GXO

More: Air Freight & Logistics stocks compared, Industrials sector, rankings of US companies

Figures from FedEx's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to FedEx.