# FedEx Corporation (FDX) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/FDX/thesis · /stocks/FDX/memo

## Financial Snapshot

---
ticker: FDX
step: 04
generated: 2026-05-12
source: quick-research
---

### FedEx Corporation (FDX) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2023 | FY2024 | FY2025 | FY2026E |
|--------|--------|--------|--------|---------|
| Revenue | $90.2B | $87.7B | $87.9B | $89-91B |
| Operating Margin (adj) | 5.5% | 6.4% | 6.8% | 7.5-8.0% |
| Operating Margin (GAAP) | 4.3% | 6.0% | 5.9% | 7.0%+ |
| Net Income | $3.97B | $4.33B | $4.40B | $4.80-5.20B |
| GAAP Diluted EPS | $15.48 | $17.21 | $17.95 | $19.00-20.00 |
| Adjusted Diluted EPS | $14.60 | $17.80 | $18.30 | $16.05-16.85 (post Freight spinoff) |

Note: FY26 adj EPS guidance lower due to FedEx Freight spinoff removing earnings. FY26 fiscal year ends May 2026; June 2026 = freight spin.

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$8.3B |
| Free Cash Flow | ~$3.8B |
| FCF Conversion | ~90% (vs 65% historical) |
| Capex | $4.1B (vs $5.2B prior year, lowest in 10+ years) |
| Cash & Equivalents | ~$5.2B |
| Total Debt | ~$20B |
| Net Debt/EBITDA | ~1.5x |

#### Key Ratios (approximate)
- P/E: ~16x | EV/EBITDA: ~9x | FCF Yield: ~5%
- Revenue Growth (TTM): ~0.2% | Op Margin: ~6.8%
- Dividend Yield: ~2.0% | Buybacks: ~$2.5B annual

#### Growth Profile
DRIVE delivered $4B cost savings (2-year target hit FY25). Network 2.0 integrating Express + Ground in 290+ locations. FedEx Freight spinoff (June 2026) will create pure-play parcel co. FY26 guides another $1B cost reduction. Operating leverage from volume recovery + structural cost savings + Network 2.0 = multi-year margin expansion thesis.

#### Forward Estimates
- **FY 2026 (ending May 2026)**: Revenue $89-91B; adj EPS $16.05-16.85 (post Freight); op margin 7.5-8.0%
- **FY 2027**: First full year as parcel-only; consensus adj EPS $18-19; op margin 8.5-9.5%
- Long-term: UPS-like 10%+ op margin = bull thesis

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/FDX/fundamental

## Navigation

- Overview: /stocks/FDX
- Financials (this page): /stocks/FDX/financials
- Thesis: /stocks/FDX/thesis
- Investment Memo: /stocks/FDX/memo
- Coverage universe: /stocks