FEDEX CORP (FDX)

Latest 10-K (filed 2026-07-20)

Income Statement

Consolidated Statement of Income

FedEx Corporation (FDX 37)

Year Ended (In millions, except shares and per share data)

May 31, 2026 May 31, 2025 May 31, 2024
  REVENUE $94,720 $87,926 $87,693
    Salaries and employee benefits $33,844 $31,232 $30,961
    Purchased transportation $23,620 $21,768 $20,921
    Rentals and landing fees $4,883 $4,647 $4,571
    Depreciation and amortization $4,369 $4,264 $4,287
    Fuel $4,052 $3,775 $4,710
    Maintenance and repairs $3,330 $3,245 $3,291
    Separation and other costs 771 38
    Business optimization and realignment costs $366 $756 $582
    Goodwill and other asset impairment charges $23 $21 $157
    Other $13,999 $12,963 $12,654
      Total operating expenses $89,257 $82,709 $82,134
    OPERATING INCOME $5,463 $5,217 $5,559
      Interest expense $(970) $(789) $(745)
      Other retirement plans income $885 $713 $722
      Interest income $437 $363 $370
      Other, net $(22) $(63) $(70)
    Total other (expense) income $330 $224 $277
  INCOME BEFORE INCOME TAXES $5,793 $5,441 $5,836
  PROVISION FOR INCOME TAXES $1,360 $1,349 $1,505
  NET INCOME $4,433 $4,092 $4,331
    Basic (in dollar per share) 18.71 16.96 17.41
    Diluted (in dollar per share) 18.55 16.81 17.21

Balance Sheet

Consolidated Balance Sheets

FedEx Corporation (FDX 37)

As of May 31, 2026 and May 31, 2025 (In millions, except shares and per share data)

May 31, 2026 May 31, 2025
        Cash and cash equivalents $13,311 $5,502
        Receivables, less allowances of $864 and $773 $12,672 $11,368
        Spare parts, supplies, and fuel, less allowances of $324 and $308 $669 $602
        Prepaid expenses and other $1,251 $914
        Total current assets $27,903 $18,386
        Aircraft and related equipment $32,107 $31,584
        Package handling and ground support equipment $19,816 $18,878
        Information technology $9,942 $9,706
        Vehicles and trailers $11,150 $10,949
        Facilities and other $17,911 $16,505
        Total property and equipment, at cost $90,926 $87,622
        Less accumulated depreciation and amortization $48,882 $45,980
        Net property and equipment $42,044 $41,642
        Operating lease right-of-use assets, net $16,822 $16,453
        Goodwill $6,733 $6,603
        Other assets $5,435 $4,543
        Total other long-term assets $28,990 $27,599
    TOTAL ASSETS $98,937 $87,627
        Accrued expenses $5,725 $4,995
        Accounts payable $4,327 $3,692
        Accrued salaries and employee benefits $3,759 $2,731
        Operating lease liabilities $2,680 $2,565
        Current portion of long-term debt $1,676 $1,428
        Short-term borrowings $745
      Total current liabilities $18,912 $15,411
      LONG-TERM DEBT, LESS CURRENT PORTION $23,293 $19,151
        Operating lease liabilities $14,549 $14,272
        Self-insurance accruals $4,413 $4,033
        Deferred income taxes $3,664 $4,205
        Pension, postretirement healthcare, and other benefit obligations $1,625 $1,698
        Other liabilities $834 $783
      Total other long-term liabilities $25,085 $24,991
      COMMITMENTS AND CONTINGENCIES
      Preferred Stock, Value, Issued
      Common stock, $0.10 par value; 800 million shares authorized; 318 million shares issued as of May 31, 2026 and 2025 $32 $32
      Additional paid-in capital $4,717 $4,290
      Retained earnings $44,461 $41,402
      Accumulated other comprehensive loss $(1,227) $(1,362)
      Treasury stock, at cost; 78 million shares as of May 31, 2026 and 80 million shares as of May 31, 2025 $(16,336) $(16,288)
      Total common stockholders’ investment $31,647 $28,074
    TOTAL LIABILITIES AND COMMON STOCKHOLDERS’ INVESTMENT $98,937 $87,627

Cash Flow

Consolidated Statement of Cash Flows

FedEx Corporation (FDX 37)

Year Ended (In millions, except shares and per share data)

May 31, 2026 May 31, 2025 May 31, 2024
      Net income $4,433 $4,092 $4,331
      Depreciation and amortization $4,369 $4,264 $4,287
      Provision for uncollectible accounts $946 $521 $421
      Other noncash items including leases and deferred income taxes $2,937 $3,156 $2,919
      Stock-based compensation $177 $154 $163
      Retirement plans mark-to-market adjustments $(647) $(515) $(561)
      Goodwill and other asset impairment charges $23 $21 $157
      Separation and other costs, net of payments 248 15
      Business optimization and realignment costs, net of payments $(48) $43 $26
        Receivables $(2,247) $(1,780) $(270)
        Other current assets $(121) $90 $(43)
        Pension and postretirement healthcare assets and liabilities, net $(169) $(553) $(522)
        Accounts payable and other liabilities $(933) $(2,460) $(2,553)
        Other, net $(43) $(12) $(43)
    Cash provided by operating activities $8,925 $7,036 $8,312
      Capital expenditures $(3,809) $(4,055) $(5,176)
      Purchase of investments $(682) $(262) $(176)
      Proceeds from sale of investments $483 $110 $38
      Proceeds from asset dispositions, and other investing activities, net $97 $115 $114
    Cash used in investing activities $(3,911) $(4,092) $(5,200)
      Proceeds from debt issuances $5,289
      Short-term borrowings, net $742
      Principal payments on debt $(2,049) $(157) $(147)
      Proceeds from stock issuances $992 $524 $491
      Dividends paid $(1,374) $(1,339) $(1,259)
      Purchase of common stock $(796) $(3,017) $(2,500)
Accelerated Share Repurchase Agreement $(776) $(3,000)
2024 Repurchase Program $(2,500)
Subsequent Event
      Other, net $(55) $(30) $(11)
    Cash provided by (used in) financing activities $2,749 $(4,019) $(3,426)
    Effect of exchange rate changes on cash $46 $76 $(41)
  Net increase (decrease) in cash and cash equivalents $7,809 $(999) $(355)
  Cash and cash equivalents at end of period
  Cash and cash equivalents at end of period