FEDEX CORP (FDX)
Income Statement
Consolidated Statement of Income
FedEx Corporation (FDX 37)
Three and Nine Months Ended (In millions, except shares and per share data)
| Feb 28, 2026 (Q3) | Feb 28, 2025 (Q3) | Feb 28, 2026 (YTD) | Feb 28, 2025 (YTD) | |
|---|---|---|---|---|
| REVENUE | $24,000 | $22,160 | $69,713 | $65,706 |
| Salaries and employee benefits | $8,819 | $7,879 | $25,276 | $23,543 |
| Purchased transportation | $6,084 | $5,634 | $17,457 | $16,409 |
| Rentals and landing fees | $1,235 | $1,178 | $3,638 | $3,507 |
| Depreciation and amortization | $1,112 | $1,066 | $3,272 | $3,207 |
| Fuel | $856 | $889 | $2,618 | $2,911 |
| Maintenance and repairs | $771 | $783 | $2,503 | $2,443 |
| Separation and other costs | 202 | 5 | 460 | 5 |
| Business optimization costs | $65 | $179 | $162 | $633 |
| International Operational Transformation Programs | 16 | |||
| Other | $3,508 | $3,255 | $10,415 | $9,624 |
| Total operating expenses | $22,652 | $20,868 | $65,801 | $62,282 |
| OPERATING INCOME | $1,348 | $1,292 | $3,912 | $3,424 |
| Interest, net | $(138) | $(116) | $(392) | $(302) |
| Other retirement plans, net | $59 | $50 | $178 | $149 |
| Other, net | $(6) | $(45) | $(12) | $(53) |
| Total other (expense) income | $(85) | $(111) | $(226) | $(206) |
| INCOME BEFORE INCOME TAXES | $1,263 | $1,181 | $3,686 | $3,218 |
| PROVISION FOR INCOME TAXES | $207 | $272 | $850 | $774 |
| NET INCOME | $1,056 | $909 | $2,836 | $2,444 |
| Basic (in dollars per share) | 4.46 | 3.79 | 12.01 | 10.09 |
| Diluted (in dollars per share) | 4.41 | 3.76 | 11.91 | 9.99 |
| DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) | 1.45 | 1.38 | 5.80 | 5.52 |
Balance Sheet
Consolidated Balance Sheets
FedEx Corporation (FDX 37)
As of February 28, 2026 and May 31, 2025 (In millions, except shares and per share data)
| Feb 28, 2026 | May 31, 2025 | |
|---|---|---|
| Cash and cash equivalents | $8,008 | $5,502 |
| Restricted cash | $3,680 | |
| Receivables, less allowances of $932 and $773 | $11,807 | $11,368 |
| Spare parts, supplies, and fuel, less allowances of $322 and $308 | $631 | $602 |
| Prepaid expenses and other | $1,351 | $914 |
| Total current assets | $25,477 | $18,386 |
| PROPERTY AND EQUIPMENT, AT COST | $90,106 | $87,622 |
| Less accumulated depreciation and amortization | $48,567 | $45,980 |
| Net property and equipment | $41,539 | $41,642 |
| Operating lease right-of-use assets, net | $16,391 | $16,453 |
| Goodwill | $6,758 | $6,603 |
| Other assets | $4,568 | $4,543 |
| Total other long-term assets | $27,717 | $27,599 |
| ASSETS | $94,733 | $87,627 |
| Current portion of long-term debt | $2,422 | $1,428 |
| Accrued salaries and employee benefits | $3,079 | $2,731 |
| Accounts payable | $4,154 | $3,692 |
| Operating lease liabilities | $2,624 | $2,565 |
| Accrued expenses | $5,008 | $4,995 |
| Total current liabilities | $17,287 | $15,411 |
| LONG-TERM DEBT, LESS CURRENT PORTION | $22,831 | $19,151 |
| Deferred income taxes | $3,841 | $4,205 |
| Pension, postretirement healthcare, and other benefit obligations | $1,682 | $1,698 |
| Self-insurance accruals | $4,320 | $4,033 |
| Operating lease liabilities | $14,145 | $14,272 |
| Other liabilities | $823 | $783 |
| Total other long-term liabilities | $24,811 | $24,991 |
| COMMITMENTS AND CONTINGENCIES | ||
| Common stock, $0.10 par value; 800 million shares authorized; 318 million shares issued as of February 28, 2026 and May 31, 2025 | $32 | $32 |
| Additional paid-in capital | $4,614 | $4,290 |
| Retained earnings | $42,864 | $41,402 |
| Accumulated other comprehensive loss | $(1,220) | $(1,362) |
| Treasury Stock, Value | $(16,486) | $(16,288) |
| Total common stockholders’ investment | $29,804 | $28,074 |
| TOTAL LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT | $94,733 | $87,627 |
Cash Flow
Consolidated Statement of Cash Flows
FedEx Corporation (FDX 37)
Nine Months Ended (In millions, except shares and per share data)
| Feb 28, 2026 (YTD) | Feb 28, 2025 (YTD) | |
|---|---|---|
| Net Income | $2,836 | $2,444 |
| Depreciation and amortization | $3,272 | $3,207 |
| Provision for uncollectible accounts | $694 | $382 |
| Other noncash items including leases and deferred income taxes | $2,197 | $2,353 |
| Stock-based compensation | $136 | $116 |
| Separation and other costs, net of payments | 129 | 4 |
| Business optimization costs, net of payments | $(129) | $114 |
| Receivables | $(1,090) | $(692) |
| Other assets | $(241) | $(68) |
| Accounts payable and other liabilities | $(2,144) | $(3,387) |
| Other, net | $44 | |
| Cash provided by operating activities | $5,660 | $4,517 |
| Capital expenditures | $(2,335) | $(2,582) |
| Purchase of investments | $(427) | $(197) |
| Proceeds from sale of investments | $254 | $77 |
| Proceeds from asset dispositions and other investing activities, net | $73 | $42 |
| Cash used in investing activities | $(2,435) | $(2,660) |
| Proceeds from debt issuances | $4,689 | |
| Principal payments on debt | $(714) | $(89) |
| Proceeds from stock issuances | $774 | $472 |
| Dividends paid | $(1,028) | $(1,008) |
| Purchases of common stock | $(796) | $(2,517) |
| Accelerated Share Repurchase Agreement | $(776) | $(2,500) |
| Other | $(49) | $(30) |
| Cash provided by (used in) financing activities | $2,876 | $(3,172) |
| Effect of exchange rate changes on cash | $85 | $(51) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $6,186 | $(1,366) |
| Cash, cash equivalents, and restricted cash at end of period | ||
| Cash, cash equivalents, and restricted cash at end of period |