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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FedEx Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-02-28), 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).
The financial information reveals fluctuating cash flows over the analyzed period, spanning from August 2019 to November 2025. Operating activities generally provide a positive cash flow, though with significant variability. Investing activities consistently represent a cash outflow, primarily driven by capital expenditures. Financing activities demonstrate substantial fluctuations, shifting between providing and using cash, influenced by debt issuance, repayments, stock repurchases, and dividend payments.
- Net Income
- Net income exhibits considerable volatility. A substantial loss was recorded in May 2020, followed by a recovery and peak in May 2021. Subsequent periods show a decline, with net income generally remaining below the May 2021 level, though with fluctuations. A recent upward trend is observed in the latest reported periods.
- Operating Activities
- Cash provided by operating activities generally increased from August 2019 to May 2021, peaking at US$3.447 billion. A subsequent decline occurred, followed by a period of relative stability. The adjustments to reconcile net income to cash flow from operations show significant contributions from non-cash items, particularly in the periods of negative net income, indicating their importance in maintaining positive operating cash flow. Receivables and other assets show significant fluctuations, often negatively impacting cash flow.
- Investing Activities
- Cash used in investing activities is consistently negative, primarily due to capital expenditures, which remain substantial throughout the period. Business acquisitions and purchases of investments also contribute to the outflow, though to a lesser extent. Proceeds from asset dispositions provide some offset, but are insufficient to turn the overall cash flow positive. A notable outflow related to the purchase of investments is observed in February 2022.
- Financing Activities
- Financing activities demonstrate the most significant fluctuations. Large inflows are observed in periods with substantial debt issuance or stock issuances, while outflows are driven by principal payments on debt, dividend payments, and common stock repurchases. The period ending in February 2021 shows a significant cash outflow from financing activities, largely due to principal payments on debt. Stock repurchases are prominent in several periods, particularly from February 2022 onwards.
- Non-Cash Items
- Depreciation and amortization consistently contribute a significant positive amount to cash flow from operations, averaging around US$900-1,100 million per quarter. Other non-cash items, including leases and deferred income taxes, also provide a substantial contribution, though with more variability. Stock-based compensation remains a consistent, though smaller, positive contributor. Asset impairment charges and retirement plan adjustments introduce significant volatility in certain periods.
- Overall Trends
- The period from May 2020 to May 2021 represents a period of strong cash generation, driven by increased net income and positive adjustments to operating cash flow. Subsequent periods show a more moderate performance, with increased volatility in both operating and financing activities. The company appears to actively manage its capital structure through debt and equity financing, as well as stock repurchases and dividend payments. Exchange rate changes have a relatively minor, but fluctuating, impact on cash flow.