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
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Total Asset Turnover since 2005
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FedEx Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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 exhibited notable volatility over the observed periods. After peaking at 1,868 million USD in May 2021, it subsequently dipped and regained strength intermittently, reaching another high of 1,648 million USD in May 2025. Periods of negative income were rare, with a significant loss of -334 million USD occurring only in May 2020.
- Depreciation and Amortization
- This expense remained relatively stable, incrementally increasing from 879 million USD in August 2019 to about 1,057 million USD by May 2025, reflecting consistent capital expenditure and asset aging trends.
- Asset Impairment Charges
- Impairment charges were generally infrequent and scattered, with a notable amount of 369 million USD in May 2020 and isolated smaller amounts thereafter. This irregular pattern suggests sporadic reassessments of asset values.
- Provision for Uncollectible Accounts
- The provision fluctuated moderately, with amounts varying between approximately 70 million USD and 245 million USD. Peaks were observed around August 2022, indicating periods of increased credit risk or collection challenges.
- Other Noncash Items (including leases and deferred income taxes)
- These items showed variability without a clear directional trend. Values oscillated between 433 million USD and over 1,000 million USD, reflecting periodic adjustments related to accounting estimates and tax impacts.
- Stock-Based Compensation
- Compensation costs remained relatively low and stable, generally fluctuating around 30 to 70 million USD, without significant spikes or declines.
- Retirement Plans Mark-to-Market Adjustments
- These adjustments displayed extreme volatility, with large positive and negative values, including a peak positive adjustment of 1,318 million USD in May 2022 and negative adjustments around -1,228 million USD in May 2021. This reflects sensitivity to changes in actuarial assumptions and market conditions.
- Loss on Debt Extinguishment
- This was recorded once at 393 million USD in May 2021, indicating a significant debt restructuring or repayment event during this period.
- Goodwill and Other Asset Impairment Charges
- Substantial impairment charges occurred sporadically, notably 117 million USD in February 2023 and further charges in subsequent periods, suggesting periodic reassessment and write-down of intangible assets.
- Business Optimization Costs
- Costs fluctuated considerably, with both positive and negative values indicating net payments or recoveries. Periods with higher costs, such as February 2022, reflect active expense management or restructuring efforts.
- Changes in Working Capital (Receivables, Other Assets, Accounts Payable and Other Liabilities)
- Working capital components demonstrated significant volatility. Receivables and accounts payable showed substantial swings, with some periods revealing large increases in receivables offset by declines in payables, contributing to variability in operating cash flows.
- Adjustments to Reconcile Net Income to Cash Provided by Operating Activities
- These adjustments varied markedly, sometimes exceeding 2,000 million USD, supporting the conversion of net income to strong cash flows from operating activities.
- Cash Provided by Operating Activities
- Operating cash flows generally trended upward, reaching a peak of 3,502 million USD in May 2022, signaling effective cash generation capacity despite income fluctuations.
- Capital Expenditures
- Capital spending was consistently high and variable, with expenditures ranging from approximately 700 million USD to over 2,300 million USD. This reflects ongoing investment in physical assets and capacity maintenance or expansion.
- Investing Activities
- Cash used in investing activities was considerably negative throughout, driven mainly by capital expenditures and occasional acquisitions. Occasional proceeds from asset dispositions and sales of investments mitigated outflows to some extent but did not reverse the negative investing cash flow trend.
- Financing Activities
- Financing cash flows were highly volatile, alternating between large inflows and outflows. Debt issuances and repayments varied in scale, with notable repayments in May 2021. Dividends remained relatively stable, increasing slightly over time, while stock repurchases were substantial in certain periods, reflecting shareholder return strategies.
- Effect of Exchange Rate Changes on Cash
- The impact of exchange rate fluctuations on cash balances showed variability, with both positive and negative effects, indicating exposure to foreign currency risk.
- Net Change in Cash and Cash Equivalents
- Cash balances experienced notable fluctuations, with substantial increases in periods such as May 2020 and May 2022, contrasted by decreases in several other quarters. These movements likely reflect the interplay of operational cash generation, capital investments, financing activities, and currency effects.