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
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
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FedEx Corp., consolidated cash flow statement
US$ in millions
Based on: 10-K (reporting date: 2026-05-31), 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).
Cash flow from operating activities exhibits a general downward trend from May 31, 2021, through May 31, 2025, decreasing from 10,135 million US$ to 7,036 million US$, before recovering to 8,925 million US$ in 2026. While net income remains relatively stable, fluctuating between approximately 3.8 billion and 4.4 billion US$, the divergence between net income and operating cash flow is primarily driven by consistent non-cash adjustments, most notably depreciation and amortization, which consistently exceed 4 billion US$ annually from 2023 onward.
- Operating Cash Flow Dynamics
- A persistent drag on operating cash flow is observed in the changes in assets and liabilities, which remained negative every year from 2021 to 2026. Significant outflows are associated with accounts payable and other liabilities, particularly between 2022 and 2025, where annual decreases exceeded 2 billion US$. This indicates a consistent use of cash to settle short-term obligations and manage working capital.
- Capital Expenditure and Investment Trends
- Cash used in investing activities shows a steady decline in intensity. Capital expenditures peaked in 2022 at 6,763 million US$ and decreased linearly to 3,809 million US$ by 2026. This reduction in capital spending suggests a shift from aggressive infrastructure expansion toward a more maintenance-oriented or optimized investment phase.
- Financing Strategy and Shareholder Returns
- From 2021 to 2025, financing activities were characterized by consistent net outflows, driven by a combination of dividends and common stock repurchases. Dividends paid grew steadily from 686 million US$ in 2021 to 1,374 million US$ in 2026. Stock buybacks were particularly aggressive between 2022 and 2025, with annual expenditures often exceeding 2 billion US$. A sharp reversal occurs in 2026, where financing activities become a net positive source of cash (2,749 million US$) due to 5,289 million US$ in proceeds from debt issuances.
- Liquidity and Cash Position
- The cash and cash equivalents balance experienced a gradual decline from 7,087 million US$ in 2022 to a low of 5,502 million US$ in 2025. However, the liquidity position strengthens significantly by May 31, 2026, ending at 13,311 million US$. This surge is directly attributable to the strategic issuance of new debt and a recovery in operating cash flow, offsetting the ongoing payments for dividends and debt principal.