FedEx Corp. (NYSE:FDX)

Revenue Trend

Revenue showed a generally upward trajectory from 2005 through 2015, increasing from $29.4 billion to $50.4 billion. This growth trend accelerated notably between 2015 and 2022, reaching a peak of approximately $93.5 billion. However, revenue experienced a decline starting in 2023, falling to around $87.9 billion by 2025. The overall pattern suggests steady growth with a recent pullback in the latest years.

Operating Income Analysis

Operating income demonstrated considerable volatility over the period. Initially, from 2005 to 2007, operating income rose from $2.5 billion to $3.3 billion. It then dropped sharply in 2008 and 2009, hitting a low point of $747 million in 2009. Recovery began in the following years, with operating income climbing back above $3 billion by 2016. A significant increase occurred between 2016 and 2017, with operating income peaking at $5 billion. From 2018 to 2025, operating income fluctuated between roughly $4.5 billion and $6.2 billion, showing some variability but maintaining generally higher levels than the early years.

Net Income Examination

Net income mirrored operating income in volatility but exhibited distinct fluctuations. Starting at $1.4 billion in 2005, net income rose steadily to about $2 billion in 2007 before plunging to a mere $98 million in 2009. It then increased again, reaching a peak of $4.6 billion in 2018. Subsequent years showed variability, with net income falling to a low of $540 million in 2019, then recovering to over $5.2 billion in 2021. The last three years saw a decline, ending near $4.1 billion in 2025.

Summary of Financial Performance Patterns

The data reveals periods of significant volatility likely tied to external economic conditions, with notable downturns around 2008-2009 and 2019. Despite this, the longer-term trend for revenue was positive until a recent downturn, while operating and net incomes recovered and grew substantially after the financial crisis and mid-2010s before entering another phase of fluctuation. The company appears to maintain strong profitability in recent years, although recent declines suggest challenges impacting earnings.

The analysis of the financial data reveals several notable trends in the company's asset management over the period from 2005 to 2025.

Current Assets

The current assets exhibit a general upward trend with some fluctuations. Starting at 5,269 million US dollars in 2005, current assets increased steadily, reaching a peak of 20,580 million in 2020. Thereafter, there is a slight decline, with values decreasing to 18,207 million by 2024, before stabilizing around 18,386 million in 2025. This pattern suggests growth in liquid and short-term assets over the years, with some recent consolidation or reduction slightly before 2025.

Total Assets

Total assets also show a persistent increase throughout the period. Beginning at 20,404 million US dollars in 2005, total assets rose sharply to 73,537 million by 2020. After 2020, the total assets continued to grow but at a much slower pace, reaching 87,627 million in 2025. The acceleration in total assets up to 2020 implies significant investment in long-term or fixed assets, while the slower growth afterwards might indicate a more cautious expansion or asset optimization strategy.

Comparison and Insights

Comparing current to total assets, the proportion of current assets relative to total assets increased until about 2020 but then slightly declined in the following years. This may indicate a shift toward greater investment in longer-term assets or changes in working capital management. The sizeable growth in total assets suggests the company was expanding its asset base substantially over the analyzed period, likely supporting business growth and capacity enhancement. The recent plateau and slight decline in current assets could reflect efforts to streamline operations or improve asset efficiency.

The analysis of the financial data over the reported periods reveals several notable trends regarding liquidity, leverage, and equity position.

Current Liabilities

Current liabilities demonstrated fluctuations with an overall increasing trend. The values increased from 4,734 million USD in May 2005 to a peak of 14,274 million USD by May 2022, followed by a slight decrease and another rise, ending at 15,411 million USD in May 2025. This pattern indicates growing short-term obligations over the years, with some volatility around the early 2010s and recent periods.

Long-Term Debt, Including Current Portion

Long-term debt showed a varying pattern, initially decreasing from 2,796 million USD in May 2005 to 1,667 million USD in May 2012. After that, a significant increase is observed, reaching a peak of approximately 22,003 million USD in May 2020. Subsequently, the debt stabilized around the 20,000 million USD range through May 2025. This trend suggests substantial borrowing or refinancing activities occurring primarily in the 2010s, raising the company's leverage considerably.

Common Stockholders’ Investment

Common stockholders’ investment exhibited steady growth with moderate fluctuations. Starting from 9,588 million USD in May 2005, the investment rose to roughly 28,074 million USD by May 2025. A slight dip was noted around May 2014 and May 2019, but the overall trajectory is upward, indicating an expanding equity base and potentially increased retained earnings or capital issuance during these years.

Overall, the data reflect a company managing increasing liabilities and long-term debt over the years while simultaneously growing its equity base. The heightened long-term debt level since the early 2010s suggests strategic leveraging, which may be aimed at financing expansion or restructuring efforts. Concurrently, the rising common stockholders' investment indicates strengthening shareholder equity despite the increasing financial obligations. The combination of these trends points to a dynamic capital structure evolving over the examined periods and an emphasis on balancing debt and equity financing to support operations and growth initiatives.

The analysis of the cash flow data over the two-decade period reveals several notable trends and shifts in the company's financial activities, segmented into operating, investing, and financing cash flows.

Operating Activities

Cash provided by operating activities shows a general upward trend from 2005 to the early 2010s, growing from approximately 3.1 billion US dollars in 2005 to a peak exceeding 10 billion in 2021. This indicates a strengthening in the generation of cash from core business operations over this period.

However, after peaking in 2021, there is a discernible decrease in operating cash flow, declining steadily to about 7 billion US dollars by 2025. Despite this decline, operating cash remains positive throughout, reflecting ongoing operational profitability but possibly signaling operational challenges or changes in working capital management after 2021.

Investing Activities

Cash used in investing activities consistently shows negative values, indicating ongoing investment in long-term assets such as property, equipment, or acquisitions. The magnitude of cash outflows fluctuates, with relatively moderate outflows in the early years (around -2 to -4 billion US dollars), which increase sharply from 2011 onward, peaking near -9.4 billion in 2016.

Post-2016, cash used in investing activities decreases gradually but remains substantially negative, hovering in the range of approximately -4 to -6.8 billion US dollars through 2025. This pattern suggests sustained capital expenditure and strategic investments, though with some moderation compared to the mid-2010s peak.

Financing Activities

Cash flows from financing activities show substantial variability, alternating between positive and negative values over the years, reflecting active management of the company’s debt and equity structure.

Initially, these flows are often negative, indicating net repayments or dividend payments. However, from around 2013 to 2016, there are significant positive inflows, peaking at over 3.6 billion US dollars in 2016, which may correspond to increased borrowing or equity injections.

Following this period, the data show a reversal with predominantly negative financing cash flows from 2017 onward, reaching values around -4 billion in 2025. This shift implies a period of debt repayment, stock buybacks, or dividend distributions, suggesting focus on deleveraging or returning capital to shareholders.

In summary, the company demonstrates strong and growing operational cash generation until the early 2020s, supported by substantial and consistent investment activities. The financing patterns reveal cycles of funding and repayment aligned with strategic financial management. The decline in operating cash flows post-2021 and decreased investment outflows thereafter may indicate a transition phase or response to changing market or internal conditions.

The earnings per share (EPS) data reveals substantial variability over the examined period. Basic EPS initially increased from 4.81 US$ in 2005 to a peak of 6.57 US$ in 2007, followed by a sharp decline to 0.31 US$ in 2009. This decrease likely reflects challenging operational or external conditions impacting profitability during that time. Subsequently, the EPS generally trended upwards, with some fluctuations, reaching a notable high of 19.79 US$ in 2021 before settling slightly lower at 16.96 US$ in 2025. Diluted EPS follows a similar pattern, consistently slightly below the basic EPS, indicating a modest level of potential dilution from convertible securities or stock options.*

Dividend per share shows a steady and strong upward trend throughout the period. Starting at 0.29 US$ in 2005, it exhibited gradual increments, reflecting ongoing growth in dividend payouts. A notable acceleration occurs from 2012 onwards, with dividends increasing from 0.52 US$ to 5.86 US$ by 2023. Despite a dip to 3.78 US$ in 2024, the figure rises again to 5.52 US$ in 2025, demonstrating a commitment to rewarding shareholders and potentially signaling confidence in future earnings stability.*

Basic Earnings Per Share (EPS)

Fluctuated markedly, with early growth followed by a sharp decline in 2009; thereafter, a recovery trend with peaks in the early 2020s.

Highest value recorded was 19.79 US$ in 2021 with some volatility in subsequent years but maintained above prior decade levels.

Diluted Earnings Per Share (EPS)

Mirrors the basic EPS closely, with consistent slight reductions, indicating modest dilution effects.

Shows the same trend of volatility and recovery, culminating near the high range by 2025.

Dividend Per Share

Consistently increased across the entire period, reflecting a strategy of growing shareholder returns.

Acceleration in dividend growth observed post-2012, with minor year-to-year variations but an overall upward trajectory.