Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Income Statement
- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
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FedEx Corp., consolidated cash flow statement
US$ in millions
Based on: 10-K (reporting date: 2025-05-31), 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31).
- Net Income
- Net income experienced a significant increase from 1,286 million USD in 2020 to a peak of 5,231 million USD in 2021, followed by a decline over the subsequent years, reaching 4,092 million USD in 2025. The overall trend indicates volatility with a high in 2021 and moderate stabilization thereafter.
- Depreciation and Amortization
- There is a steady upward trend in depreciation and amortization charges, rising from 3,615 million USD in 2020 to 4,287 million USD in 2024, with a slight drop to 4,264 million USD in 2025. This reflects ongoing capital investment and asset use.
- Provision for Uncollectible Accounts
- This provision showed fluctuations without a clear trend, peaking at 696 million USD in 2023, and then decreasing to 421 million USD in 2024 before rising again to 521 million USD in 2025. This suggests variability in credit risk exposure.
- Other Noncash Items Including Leases and Deferred Income Taxes
- These items generally increased from 2,449 million USD in 2020 to 3,472 million USD in 2023, then declined to 2,919 million USD in 2024 before a moderate rise to 3,156 million USD in 2025. The trend signals varying impacts of leases and deferred taxes over the years.
- Stock-Based Compensation
- Stock-based compensation was relatively stable, ranging between 154 million USD and 200 million USD, with a slight decreasing trend from 2021 onward.
- Retirement Plans Mark-to-Market Adjustments
- These adjustments were highly volatile, swinging from a positive 794 million USD in 2020 to a large negative of -1,176 million USD in 2021, followed by alternating positive and negative values, ending at -515 million USD in 2025, indicating fluctuating pension asset and liability valuations.
- Loss on Extinguishment of Debt
- Recorded only in 2021 at 393 million USD, with no occurrences in other years, suggesting a one-time event of debt settlement or restructuring during that year.
- Goodwill and Other Asset Impairment Charges
- Impairments were reported sporadically, with notable charges of 435 million USD in 2020, and smaller amounts in 2023, 2024, and 2025, indicating occasional asset write-downs but decreasing in magnitude over time.
- Business Optimization and Realignment Costs
- These costs were modest, ranging from 23 to 102 million USD, generally showing a decline with minor fluctuations, suggesting ongoing but controlled restructuring efforts.
- Changes in Assets and Liabilities
- The changes were consistently negative, with particularly large outflows in 2025 (-4,700 million USD), indicating increasing working capital requirements or other operational cash use impacting liquidity.
- Cash Provided by Operating Activities
- Operating cash flow peaked at 10,135 million USD in 2021 and then exhibited a gradual decline to 7,036 million USD in 2025, mirroring trends seen in net income and reflecting reduced operational cash generation capacity over the latter years.
- Capital Expenditures
- Capital spending was high throughout the period, with a peak in 2022 at 6,763 million USD, followed by a consistent decline to 4,055 million USD in 2025, suggesting a gradual reduction in investment intensity.
- Investing Activities
- Overall cash used in investing activities declined steadily from -6,010 million USD in 2021 to -4,092 million USD in 2025. Some variation occurred in purchases and proceeds from investments, with a slight increase in proceeds from asset dispositions toward the end of the period.
- Financing Activities
- Cash flows from financing activities turned increasingly negative after 2020, moving from a positive 3,381 million USD to a negative 4,019 million USD in 2025. This was driven primarily by increasing dividends paid, substantial purchases of common stock, and principal payments on debt outweighing proceeds from debt and stock issuances.
- Dividends and Stock Repurchases
- Dividends paid showed a consistent upward trend from 679 million USD in 2020 to 1,339 million USD in 2025, while stock repurchases became significant starting in 2022 and increased markedly, reaching 3,017 million USD in 2025, reflecting active capital return policies.
- Cash and Cash Equivalents
- The cash balance grew from 2,319 million USD at the beginning of 2020 to a high of 7,087 million USD in 2021, then declined steadily to 5,502 million USD by 2025. Net changes in cash were positive only in the first two years and negative thereafter, consistent with lower operating cash flow and increasing financing cash use.
- Effect of Exchange Rate Changes on Cash
- The impact of exchange rates on cash balances was relatively minor and volatile, alternating between positive and negative effects across the years, with no clear directional trend.