Cash Flow Statement
Quarterly Data
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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- Balance Sheet: Assets
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
- Aggregate Accruals
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FedEx Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2025-11-30), 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
- Net Income
- Net income shows significant volatility over the periods analyzed. It experienced sharp declines notably in May 2020, with a negative value, followed by a recovery and peaks around May 2021 and May 2023. Generally, the later periods from 2023 through early 2025 reflect higher net income levels compared to earlier years, albeit with fluctuations suggesting variability in profitability.
- Depreciation and Amortization
- This expense category shows a gradual upward trend over time, increasing steadily from approximately 879 million to over 1100 million US dollars by mid-2024. This indicates ongoing investments in fixed assets and the related amortization of intangible assets, reflecting continuous asset additions or revaluations.
- Asset Impairment Charges and Goodwill Impairments
- Intermittent asset impairment and goodwill impairment charges are present, with notable spikes in select quarters, such as in 2019 and sporadically from 2022 onward. These charges signal adjustments for reduced asset values and potentially reflect strategic restructuring or impacts of market conditions on asset utility.
- Provision for Uncollectible Accounts
- The provision for uncollectible accounts displays variability, peaking at certain intervals (e.g., late 2022 and 2025), suggesting fluctuating credit risk exposure and changes in receivables quality. Elevated provisions may reflect heightened caution regarding customer creditworthiness or economic uncertainties.
- Other Noncash Items Including Leases and Deferred Income Taxes
- These items fluctuate considerably without a clear trend, with some quarters showing significantly high values. The variability indicates changes in lease accounting, deferred tax positions, or other non-cash adjustments affecting reported earnings and cash flow reconciliation.
- Stock-Based Compensation
- Stock-based compensation remains relatively stable, generally ranging between 30 to 70 million US dollars per quarter. This suggests consistent employee incentive schemes without major changes in equity compensation strategy.
- Changes in Assets and Liabilities
- This line item mostly reflects negative values, often substantial, indicating cash outflows related to working capital adjustments such as receivables, payables, and other operating assets/liabilities. There are occasional positive reversals, but the overall pattern points to significant cash tied up in operating assets.
- Cash Provided by Operating Activities
- Operating cash flows generally increased over the periods, with dips during certain quarters but notably strong performances in 2022 and mid-2023. This trend signals effective cash generation from core business operations despite periodic earnings volatility.
- Capital Expenditures
- Capital expenditures show consistent, substantial outflows each quarter, typically ranging between approximately 600 to 2300 million US dollars. This pattern evidences ongoing investments in infrastructure, equipment, or technology necessary for operations and long-term growth.
- Investing Activities
- Cash used in investing activities is predominantly negative, consistent with the capital expenditure pattern. Proceeds from investments and asset dispositions occasionally offset cash outflows, but net investing cash flows remain outflows throughout, aligned with expansion or asset replacement strategies.
- Financing Activities
- Financing cash flows fluctuate widely, with periods of significant inflows, often linked to debt issuances and stock issuances, alternating with sizable outflows driven by dividend payments, debt repayments, and stock repurchases. This indicates active capital structure management and shareholder return policies balanced with funding needs.
- Dividends and Stock Repurchases
- Dividend payments steadily increase over the timeframe, reflecting a commitment to returning cash to shareholders. Stock repurchases occur sporadically but involve large amounts in selected quarters, pointing to opportunistic share buybacks as part of capital allocation.
- Effect of Exchange Rate Changes on Cash
- Exchange rate impacts on cash balances show fluctuating positive and negative values, with no consistent directional trend. These effects reflect currency exposure and translation differences affecting cash holdings in foreign operations.
- Net Change in Cash and Cash Equivalents
- Cash balances experience irregular shifts, with notable increases in some quarters, particularly those aligning with strong operating cash flows or financing inflows. Conversely, there are periods of cash declines, corresponding with high capital expenditures and financing outflows. This variability suggests careful liquidity management responsive to operational and strategic requirements.