Stock Analysis on Net
Stock Analysis on Net
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FedEx Corp. (NYSE:FDX)

Cash Flow Statement

Beginner level

The cash flow statement provides information about a company’s 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’s 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.

FedEx Corp., consolidated cash flow statement

US$ in millions

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12 months ended: May 31, 2020 May 31, 2019 May 31, 2018 May 31, 2017 May 31, 2016 May 31, 2015
Net income 1,286  540  4,572  2,997  1,820  1,050 
Depreciation and amortization 3,615  3,353  3,095  2,995  2,631  2,611 
Provision for uncollectible accounts 442  295  246  136  121  145 
Other noncash items and deferred income taxes 2,449  (233) (231) 909  31  (572)
Stock-based compensation 168  174  167  154  144  133 
Retirement plans mark-to-market adjustment 794  3,882  (10) (24) 1,498  2,190 
Gain from sale of business —  (8) (85) —  —  — 
Gain from sale of investment —  —  —  (35) —  — 
Business realignment costs —  101  —  —  —  — 
Goodwill and other asset impairment charges 435  —  380  —  —  246 
Receivables (1,331) (873) (1,049) (556) (199) (392)
Other current assets (59) (25) (135) 78  (234) 25 
Pension and postretirement healthcare assets and liabilities, net (908) (909) (2,345) (1,688) (346) (692)
Accounts payable and other liabilities (1,787) (571) 141  103  467  659 
Other, net (7) (113) (72) (139) (225) (37)
Changes in assets and liabilities (4,092) (2,491) (3,460) (2,202) (537) (437)
Adjustments to reconcile net income to cash provided by operating activities 3,811  5,073  102  1,933  3,888  4,316 
Cash provided by operating activities 5,097  5,613  4,674  4,930  5,708  5,366 
Capital expenditures (5,868) (5,490) (5,663) (5,116) (4,818) (4,347)
Business acquisitions, net of cash acquired —  (66) (179) —  (4,618) (1,429)
Proceeds from sale of business —  —  123  —  —  — 
Proceeds from asset dispositions and other 22  83  42  135  (10) 24 
Cash used in investing activities (5,846) (5,473) (5,677) (4,981) (9,446) (5,752)
Principal payments on debt (2,548) (1,436) (38) (82) (41) (5)
Proceeds from debt issuances 6,556  2,463  1,480  1,190  6,519  2,491 
Proceeds from stock issuances 64  101  327  337  183  320 
Excess tax benefit on the exercise of stock options —  —  —  —  3  51 
Dividends paid (679) (683) (535) (426) (277) (227)
Purchase of treasury stock (3) (1,480) (1,017) (509) (2,722) (1,254)
Other, net (9) (4) 10  18  (54) (27)
Cash provided by (used in) financing activities 3,381  (1,039) 227  528  3,611  1,349 
Effect of exchange rate changes on cash (70) (47) 72  (42) (102) (108)
Net increase (decrease) in cash and cash equivalents 2,562  (946) (704) 435  (229) 855 
Cash and cash equivalents at beginning of period 2,319  3,265  3,969  3,534  3,763  2,908 
Cash and cash equivalents at end of period 4,881  2,319  3,265  3,969  3,534  3,763 

Based on: 10-K (filing date: 2020-07-20), 10-K (filing date: 2019-07-16), 10-K (filing date: 2018-07-16), 10-K (filing date: 2017-07-17), 10-K (filing date: 2016-07-18), 10-K (filing date: 2015-07-14).

Cash flow statement item Description The company
Cash provided by operating activities Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. FedEx Corp.’s cash provided by operating activities increased from 2018 to 2019 but then slightly decreased from 2019 to 2020 not reaching 2018 level.
Cash used in investing activities Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. FedEx Corp.’s cash used in investing activities increased from 2018 to 2019 but then decreased significantly from 2019 to 2020.
Cash provided by (used in) financing activities Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. FedEx Corp.’s cash provided by (used in) financing activities decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.