FDX
SP100NYSEFedEx Corporation
Industrials · Integrated Freight & Logistics · United States
FedEx Corporation, together with its subsidiaries, provides transportation, e-commerce, and business services in the United States and internationally. It provides e-commerce and digital solutions; dataworks; printing and shipping management, including digital printing, professional finishing, document creation, design solutions, direct mail, signs and graphics, custom-branded boxes, copying, computer rental, Wi-Fi, corporate print solutions, shredding, U.S. passport processing and renewal, and digital notarization; packing services, as well as packing supplies and boxes; document and business services; and retail access for package transportation. In addition, the company offers logistics services, air and ocean freight-forwarding and cargo transportation, specialty transportation, customs brokerage and clearance, trade management tools and data, and door-to-door solutions; and third party logistics and supply chain management solutions, such as inbound logistics, warehousing and distribution, fulfillment, contract packaging and product configuration, systems integration, returns process and disposition, test, repair, refurbishment, and product liquidation. Further, it provides sales, marketing, administrative, information technology, and back-office support services. FedEx Corporation was founded in 1971 and is headquartered in Memphis, Tennessee.
www.fedex.com ↗Shares trade at a moderate 16.7× trailing earnings, easing to 15.2× on forward estimates. Profitability shows a net margin of 4.7% and return on equity of 14.8%. Leverage is elevated at 2.5× net debt/EBITDA. Revenue grew 12.5% year-on-year. It yields 1.6% in dividends. The mean analyst target of USD349.72 sits 11.7% above the current price (Buy, 23 analysts).
business model
FedEx is a global transportation and logistics company that provides express air and ground parcel delivery, freight, and supply-chain services. It operates an integrated air-and-ground network and is consolidating operating companies under its 'One FedEx' and DRIVE cost-transformation programs. Revenue is driven by shipment volumes, yields (pricing per package), and fuel and network utilization.
revenue segments
Historically FedEx reported FedEx Express (time-definite global air and international delivery), FedEx Ground (residential and business parcel), and FedEx Freight (less-than-truckload freight), plus Services. The company is combining Express, Ground, and Services into a unified network and has moved to spin off the FedEx Freight LTL business.
key dependencies
The business depends on global trade and e-commerce volumes, industrial and consumer demand, fuel prices, labor and network costs, pricing discipline and yields, and execution of its DRIVE cost-cutting and network-consolidation initiatives. The loss of the U.S. Postal Service air contract and B2B demand also matter.
competitors
Key competitors include UPS in domestic and international parcel, DHL in international express, the U.S. Postal Service, regional and LTL carriers such as Old Dominion and XPO in freight, and Amazon's growing in-house logistics network.
moat
FedEx's moat comes from its dense, capital-intensive global air-and-ground network, brand and reliability, scale economies, and high barriers to replicating its infrastructure. Long-standing shipper relationships and integrated logistics capabilities add switching costs.
risks
Risks include macro and trade-cycle sensitivity, high fixed costs and network utilization risk, competition from UPS, DHL, and Amazon insourcing, fuel and labor cost inflation, execution risk in network consolidation and the Freight spin-off, and pricing pressure in a soft freight environment.
Financials & metrics
as of 26 Aug 2026Price is closer to the high end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Total revenue | $94.72B | $87.93B | $87.69B | $90.16B | — |
| Cost of revenue | $74.10B | $68.93B | $68.74B | $70.99B | — |
| Gross profit | $20.62B | $19.00B | $18.95B | $19.17B | — |
| Operating expense | $14.00B | $12.96B | $12.65B | $13.83B | — |
| Operating income | $6.62B | $6.03B | $6.30B | $5.34B | — |
| Interest expense | $970.00M | $789.00M | $745.00M | $694.00M | — |
| Pretax income | $5.79B | $5.44B | $5.84B | $5.36B | — |
| Tax provision | $1.36B | $1.35B | $1.50B | $1.39B | — |
| Net income | $4.43B | $4.09B | $4.33B | $3.97B | — |
| EBITDA | $11.13B | $10.49B | $10.87B | $10.23B | — |
| Diluted EPS | $18.55 | $16.81 | $17.21 | $15.48 | — |
Balance sheet
| Line item | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Total assets | $98.94B | $87.63B | $87.01B | $87.14B | — |
| Current assets | $27.90B | $18.39B | $18.21B | $18.61B | — |
| Cash & equivalents | $13.31B | $5.50B | $6.50B | $6.86B | — |
| Inventory | $669.00M | $602.00M | $614.00M | $604.00M | — |
| Total liabilities | $67.29B | $59.55B | $59.42B | $61.05B | — |
| Current liabilities | $18.91B | $15.41B | $13.36B | $13.59B | — |
| Total debt | $42.94B | $37.42B | $37.72B | $38.33B | — |
| Long-term debt | $23.29B | $19.15B | $20.14B | $20.45B | — |
| Shareholders' equity | $31.65B | $28.07B | $27.58B | $26.09B | — |
| Retained earnings | $44.46B | $41.40B | $38.65B | $35.26B | — |
| Working capital | $8.99B | $2.98B | $4.85B | $5.02B | — |
Cash flow
| Line item | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Operating cash flow | $8.93B | $7.04B | $8.31B | $8.85B | — |
| Investing cash flow | -$3.91B | -$4.09B | -$5.20B | -$6.17B | — |
| Financing cash flow | $2.75B | -$4.02B | -$3.43B | -$2.60B | — |
| Capital expenditure | -$3.81B | -$4.05B | -$5.18B | -$6.17B | — |
| Free cash flow | $5.12B | $2.98B | $3.14B | $2.67B | — |
| Dividends paid | -$1.37B | -$1.34B | -$1.26B | -$1.18B | — |
| Share buybacks | -$796.00M | -$3.02B | -$2.50B | -$1.50B | — |
| End cash position | $13.31B | $5.50B | $6.50B | $6.86B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 26 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 26 Aug 2026News
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