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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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Return on Assets (ROA) since 2005
- Price to Book Value (P/BV) since 2005
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FedEx Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).
- Net income
- The net income exhibits considerable volatility over the periods. Early quarters show positive income, interrupted by a sharp loss in May 2019. Subsequent quarters recover, maintaining generally positive net income, with some fluctuations. Peaks are noted in May 2021 and May 2023, indicating periods of particularly strong profitability.
- Depreciation and amortization
- This expense category shows a consistent upward trend, gradually increasing over time. This steady rise suggests ongoing investments in assets subject to depreciation and amortization, reflecting either asset growth or changes in asset composition.
- Asset impairment charges
- Charges appear sporadically, with significant nonrecurring amounts in November 2019 and May 2020. These impairments likely represent write-downs on asset values during those periods, impacting overall profitability.
- Provision for uncollectible accounts
- This provision fluctuates moderately, with a notable spike in May 2022. Such variability suggests changing levels of credit risk or adjustments in receivables management policies across quarters.
- Other noncash items including leases and deferred income taxes
- Values vary markedly, with large peaks occurring in several quarters, especially in May 2019. These swings imply adjustments in accounting estimates, lease accounting, or deferred tax items affecting the income statement.
- Stock-based compensation
- This expense remains relatively stable with minor fluctuations, indicating consistent levels of employee compensation through stock incentives.
- Retirement plans mark-to-market adjustments
- Reported irregularly, with some large negative and positive adjustments in specific quarters, notably negative in May 2021 and positive in May 2022. These reflect actuarial gains or losses on defined benefit plans influencing comprehensive income.
- Loss on debt extinguishment
- Recorded only in one quarter, indicating a discrete event related to repaying or refinancing debt at a cost.
- Goodwill and other asset impairment charges
- Infrequent impairments are noted in early 2023 and 2024, reflecting occasional downward adjustments in intangible asset valuations.
- Business optimization costs, net of payments
- Costs fluctuate significantly, with both positive and negative values, suggesting ongoing restructuring efforts with varying associated expenses and payments.
- Changes in working capital (Receivables, Other assets, Accounts payable and other liabilities, Other, net)
- Working capital components demonstrate considerable variability. Receivables show alternating positive and negative changes, indicating unpredictable collection patterns. Accounts payable and other liabilities exhibit large negative swings, especially in August 2019 and February 2024, reflecting payment timing and liability management. Overall, changes in assets and liabilities are negative in most quarters, except a few periods showing slight positive movement, indicating that working capital absorbs cash frequently.
- Operating cash flow
- There is a general upward trend in cash provided by operating activities, reaching notable peaks in May 2022 and May 2023. This positive development evidences improving operational cash generation over time despite fluctuations.
- Capital expenditures
- Capital spending is consistently substantial across all periods, with peaks in May 2022. The trend indicates continuous investment in property, plant, and equipment to support operations and growth.
- Business acquisitions and investments
- Business acquisition activities appear minimal and infrequent with isolated transactions in early 2019 and late 2020. Purchases and sales of investments show sporadic activity, generally at low levels, suggesting selective portfolio management rather than major investment transactions.
- Proceeds from asset dispositions and other
- Modest and relatively stable cash inflows from asset sales suggest routine divestitures or disposals that supplement cash inflow.
- Investing cash flow
- Investing activities consistently use cash, driven predominantly by capital expenditures, partially offset by asset sales and other minor inflows. The cash outflows vary, with significant use in some quarters aligning with capex spikes and acquisition payments.
- Financing activities
- Financing cash flows are highly variable, including debt issuances and repayments. Early periods show debt repayments dominating, while some quarters reflect large debt issuance inflows, notably in periods like February 2020 and February 2022. Stock issuances are intermittent, with increased proceeds in specific quarters. Dividends are paid consistently, with amounts increasing slightly over time. Share repurchases vary greatly, with large buybacks in parts of 2021 and 2022 followed by decreased activity. Overall, financing activities oscillate between net inflows and outflows.
- Effect of exchange rate changes on cash
- Foreign exchange effects on cash balances fluctuate with no clear trend, occasionally positive or negative, indicating exposure to currency fluctuations impacting cash holdings.
- Net change in cash and cash equivalents
- Cash balances show high volatility, with several quarters of cash decreases followed by significant increases, especially in mid-2020 where there is a large positive surge likely related to strong operational cash flow and financing activities. Post-2021, cash changes narrow in range but remain inconsistent, reflecting the interplay of operational performance, investments, and financing decisions.