FDXNYSEAir Courier ServicesFiscal year ends May 31
FEDEX CORP
Financials through Q4 FY2026, quarter ended May 31, 2026Last filing: 10-K on Jul 20, 2026
$293.78+0.23 (+0.08%)
Close on Oct 19, 2026
- Market cap
- $71.09B
- P/E (TTM)
- 15.8
- Dividend yield
- 1.97%
Margins
Share of revenue, fiscal years 2012 to 2026
Gross margin
–
Operating margin
5.8%−1.2 pts over 5 years
Net margin
4.7%−1.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +7.7% | +1.7% | +2.4% | +6.5% | |
| Operating income | +4.7% | +3.6% | -1.4% | +5.9% | |
| Net income | +8.3% | +3.7% | -3.3% | +9.3% | |
| EPS, diluted | +10.4% | +6.2% | -0.9% | +11.0% | |
| Free cash flow | +71.6% | +24.1% | +3.8% | +19.1% | |
| Dividend per share | +5.1% | -0.3% | +17.4% | +19.2% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | 20.1% | 24.6% | 14.8% | |
| Return on assets | 6.3% | 6.7% | 4.8% | |
| Current ratio | 1.59 | 1.51 | 1.48 | |
| Debt to equity | 0.93 | 0.86 | 0.81 | |
| Net debt to EBITDA | 1.45× | 1.43× | 1.26× | |
| Interest coverage | 8.9× | 7.4× | 5.6× | |
| Capex to revenue | 8.5% | 7.0% | 4.0% | |
| Diluted shares | 270M | 268M | 239M |
Where the cash went
Fiscal 2022 to 2026, five years combined
Fedex generated $42.95B from operations and spent $41.98B on capital expenditure, dividends and share buybacks. 62% of that went back into the business.
Generated
$42.95B
Used
$41.98B
Capital expenditure$25.98B62%Dividends$5.94B14%Share buybacks$10.06B24%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin4.7%
×Asset turnover1.02×
×Equity multiplier3.12×
=Return on equity, FY202614.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | 4.7% | 1.02× | 3.12× | 14.8% |
| FY2025 | 4.7% | 1.01× | 3.14× | 14.7% |
| FY2024 | 4.9% | 1.01× | 3.24× | 16.1% |
| FY2023 | 4.4% | 1.04× | 3.39× | 15.6% |
| FY2022 | 4.1% | 1.11× | 3.44× | 15.6% |
| FY2021 | 6.2% | 1.07× | 3.68× | 24.6% |
| FY2020 | 1.9% | 1.08× | 3.55× | 7.1% |
| FY2019 | 0.8% | 1.31× | 2.87× | 2.9% |
| FY2018 | 7.0% | 1.30× | 2.84× | 25.8% |
| FY2017 | 5.0% | 1.28× | 3.17× | 20.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
7of 8 tests passed in fiscal 2026. Some tests lack the figures they need.
- ProfitableNet income above zero$4.43B
- Cash generatingOperating cash flow above zero$8.93B
- Return on assets improvedROA up on the prior year4.7% → 5.1%
- Earnings backed by cashOperating cash flow above net income$8.93B vs $4.43B
- Less leverageLong-term debt to assets fell21.9% → 23.5%
- Better liquidityCurrent ratio rose1.19 → 1.48
- No dilutionShare count did not rise243M → 239M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose1.01 → 1.08