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 Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Aggregate Accruals
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FedEx Corp., consolidated cash flow statement
US$ in millions
Based on: 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), 10-K (reporting date: 2019-05-31).
- Net Income
- Net income exhibited significant volatility over the periods. It increased sharply from $540 million in 2019 to a peak of $5,231 million in 2021, followed by a decline to $3,826 million in 2022. Subsequently, it showed a moderate recovery, reaching $4,331 million in 2024.
- Depreciation and Amortization
- Depreciation and amortization expenses consistently increased year-over-year, rising from $3,353 million in 2019 to $4,287 million in 2024, indicating growing investments in capital assets or acquisitions.
- Provision for Uncollectible Accounts
- This provision showed a fluctuating pattern, increasing from $295 million in 2019 to $696 million in 2023, before dropping to $421 million in 2024, reflecting variability in credit risk and receivables quality.
- Other Noncash Items
- Other noncash items, including leases and deferred income taxes, generally trended upwards, rising from a negative $233 million in 2019 to a peak of $3,472 million in 2023, with a slight decline to $2,919 million in 2024. This suggests growing noncash adjustments impacting cash flow reconciliation.
- Stock-based Compensation
- Stock-based compensation remained relatively stable, fluctuating mildly between $163 million and $200 million across the periods, indicating consistent compensation policies.
- Retirement Plans Mark-to-Market Adjustments
- These adjustments displayed high volatility, starting with a positive $3,882 million in 2019, sharply decreasing to negative values in later years, reflecting fluctuations in pension plan valuations and market conditions.
- Loss on Extinguishment of Debt
- Recorded only in 2021 at $393 million, indicating a one-time financial cost associated with debt refinancing or early repayment during that year.
- Goodwill and Other Asset Impairment Charges
- Impairment charges appeared sporadically, notably $435 million in 2020, then smaller amounts in 2023 and 2024, suggesting occasional write-downs related to asset valuations.
- Gain from Sale of Business
- A minor loss of $8 million was recognized in 2019, with no further gains recorded in subsequent years.
- Business Optimization and Realignment Costs
- These costs remained relatively low and stable, ranging from $23 million to $102 million, indicating ongoing but controlled restructuring activities.
- Changes in Working Capital Components
- Receivables, other current assets, pension liabilities, and accounts payable showed fluctuating impacts on cash flow. Notably, receivables moved from negative to positive in 2023 but returned negative in 2024. Accounts payable showed large negative adjustments in 2023 and 2024, affecting operating cash flow negatively.
- Changes in Assets and Liabilities
- This aggregate measure showed consistently negative values, ranging between -$1,872 million and -$4,092 million, indicating net increases in working capital or other asset increases decreasing cash flows from operations.
- Operating Cash Flow
- Cash provided by operating activities peaked in 2021 at $10,135 million, followed by a gradual decline to $8,312 million in 2024, still maintaining a strong cash-generating capacity.
- Capital Expenditures
- Capital expenditures exhibited a fluctuating yet generally high level, peaking at $6,763 million in 2022 before declining to $5,176 million in 2024, suggesting significant ongoing investments in fixed assets.
- Investing Activities
- Cash used in investing activities broadly matched capital expenditure trends, with modest additional cash outflows related to investments and acquisitions. Proceeds from asset dispositions were relatively minor but consistent, contributing positively to investing cash flow.
- Financing Activities
- Financing cash flows shifted from a positive $3,381 million in 2020 to sustained negative outflows in later years, driven primarily by dividends paid, treasury stock purchases, and principal debt repayments. Stock issuances increased notably in recent years, providing capital inflows.
- Dividends and Treasury Stock
- Dividends paid increased over time from $683 million in 2019 to $1,259 million in 2024, reflecting growing shareholder returns. Treasury stock purchases showed substantial variation, with large buybacks particularly notable in 2022 and 2024.
- Cash Position
- Cash and cash equivalents grew significantly from 2019 to 2021, reaching $7,087 million, then declined slightly over the next three years to $6,501 million in 2024, showing relative stability despite cash outflows from financing and investing activities.
- Foreign Exchange Effects
- The effect of exchange rate changes on cash was generally negative, with minor fluctuations, slightly reducing cash balances in most years.