Stock Analysis on Net
Stock Analysis on Net

FedEx Corp. (NYSE:FDX)

$24.99

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

Microsoft Excel
3 months ended: May 31, 2026 Feb 28, 2026 Nov 30, 2025 Aug 31, 2025 May 31, 2025 Feb 28, 2025 Nov 30, 2024 Aug 31, 2024 May 31, 2024 Feb 29, 2024 Nov 30, 2023 Aug 31, 2023 May 31, 2023 Feb 28, 2023 Nov 30, 2022 Aug 31, 2022 May 31, 2022 Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020
Net income
Depreciation and amortization
Provision for uncollectible accounts
Other noncash items including leases and deferred income taxes
Stock-based compensation
Separation and other costs, net of payments
Retirement plans mark-to-market adjustments
Loss on debt extinguishment
Goodwill and other asset impairment charges
Business optimization costs, net of payments
Receivables
Other assets
Accounts payable and other liabilities
Other, net
Changes in assets and liabilities
Adjustments to reconcile net income to cash provided by operating activities
Cash provided by operating activities
Capital expenditures
Business acquisitions, net of cash acquired
Purchase of investments
Proceeds from sale of investments
Proceeds from asset dispositions and other investing activities, net
Cash used in investing activities
Proceeds from debt issuances
Short-term borrowings, net
Principal payments on debt
Proceeds from stock issuances
Dividends paid
Purchases of common stock
Other
Cash provided by (used in) financing activities
Effect of exchange rate changes on cash
Net increase (decrease) in cash, cash equivalents, and restricted cash

Based on: 10-K (reporting date: 2026-05-31), 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).

The financial trajectory of the company is characterized by strong operational cash generation offset by consistent capital intensity and an aggressive shareholder return program. Cash flows from operating activities exhibit a cyclical pattern, frequently peaking in the May quarters, which aligns with seasonal demand shifts in the logistics sector.

Operational Cash Flow Dynamics
Cash provided by operating activities remains robust, though volatile, ranging from a low of approximately 1.18 billion US$ in August 2024 to a high of 3.50 billion US$ in May 2022. Net income fluctuates between 558 million US$ and 1.87 billion US$, with a consistent upward trend in depreciation and amortization, which has grown from 926 million US$ in August 2020 to nearly 1.10 billion US$ by May 2026. This suggests a steady expansion or modernization of the physical asset base.
Working Capital and Non-Cash Adjustments
A recurring drag on operating cash flow is the negative impact of changes in assets and liabilities, which frequently exceeds 1 billion US$ in several quarters. This is primarily driven by fluctuations in receivables and accounts payable, indicating significant cash absorption required to support operational scaling and working capital requirements.
Investing Activities and Capital Expenditures
The company maintains a high level of capital expenditure, reflecting a capital-intensive business model. CapEx spending is generally sustained between 767 million US$ and 2.38 billion US$ per quarter. A notable peak in investment occurred in May 2022, where spending reached 2.38 billion US$. Investing activities are almost exclusively dominated by these expenditures, with minimal offsets from asset dispositions or investment sales.
Financing Strategy and Shareholder Returns
Financing activities reflect a disciplined approach to returning capital to shareholders. Dividends are paid consistently, increasing from 170 million US$ per quarter in 2020 to 346 million US$ by May 2026. The company also engages in substantial share repurchases, with several quarters seeing outflows of 500 million US$ to 1.50 billion US$. Debt management is characterized by sporadic large-scale issuances to maintain liquidity, such as the 3.69 billion US$ issuance in February 2026, balanced against periodic principal repayments.

Overall, the company demonstrates a capacity to fund its significant capital requirements and shareholder distributions through its operating cash flows, although it occasionally relies on debt markets to optimize its capital structure or manage liquidity during periods of high working capital absorption.