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FedEx key statistics and ratios

In fiscal 2026, FedEx had return on equity of 14.8%, an operating margin of 5.8%, debt equal to 81.3% of equity and a current ratio of 1.48. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2010May 20102011May 20112012May 20122013May 20132014May 20142015May 20152016May 20162017May 20172018May 20182019May 20192020May 20202021May 20212022May 20222023May 20232024May 20242025May 20252026May 2026LTMSept 2026
Gross margin———————77.4%76.9%76.1%————————
Operating margin5.8%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 margin3.4%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 margin0.9%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%—
Return on equity8.6%10.0%13.6%16.9%14.2%6.9%12.6%20.1%25.8%2.9%7.1%24.6%15.6%15.6%16.1%14.7%14.8%11.8%
Return on assets4.8%5.6%7.1%8.6%7.0%3.0%4.4%6.3%9.1%1.0%2.0%6.7%4.5%4.6%5.0%4.7%4.8%4.1%
Asset turnover1.391.501.491.401.371.361.221.281.301.311.081.071.111.041.011.011.020.99
Current ratio1.571.701.691.961.821.741.501.591.391.451.581.511.431.371.361.191.481.33
Debt to equity14.0%11.1%13.3%17.2%31.0%48.5%99.8%92.9%85.4%99.0%120.3%86.4%81.3%78.9%73.2%73.3%81.3%56.0%
Interest cover (operating income ÷ interest)—27.7x61.3x54.1x23.8x7.9x9.2x8.9x7.7x7.6x3.6x7.4x9.1x7.1x7.5x6.6x5.6x—
Effective tax rate37.5%35.9%35.3%37.4%36.5%35.5%33.6%34.5%−5.0%17.6%22.9%21.6%21.9%25.9%25.8%24.8%23.5%23.3%
Capital spending as % of revenue8.1%8.7%9.4%7.6%7.8%9.2%9.6%8.5%8.7%7.9%8.5%7.0%7.2%6.8%5.9%4.6%4.0%0.0%
Free cash flow ÷ net income27.2%41.8%40.7%48.3%31.5%97.0%48.9%−6.2%−21.6%22.8%−60.0%81.3%80.2%67.3%72.4%72.8%115.4%—
Dividends ÷ net income11.7%10.4%8.1%6.5%8.0%21.6%15.2%14.2%11.7%126.5%52.8%13.1%20.7%29.6%29.1%32.7%31.0%—
Dividends and buybacks ÷ free cash flow42.9%24.9%43.6%32.2%690.0%145.3%337.0%——>999%—16.1%99.1%100.1%119.9%146.1%42.4%—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: FDX vs UPSCHRW vs FDXFDX 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.