Selected Financial Data
since 2005
Income Statement
FedEx Corp., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenue | Operating income | Net income |
|---|---|---|---|
| May 31, 2026 | 94,720) | 5,463) | 4,433) |
| May 31, 2025 | 87,926) | 5,217) | 4,092) |
| May 31, 2024 | 87,693) | 5,559) | 4,331) |
| May 31, 2023 | 90,155) | 4,912) | 3,972) |
| May 31, 2022 | 93,512) | 6,245) | 3,826) |
| May 31, 2021 | 83,959) | 5,857) | 5,231) |
| May 31, 2020 | 69,217) | 2,417) | 1,286) |
| May 31, 2019 | 69,693) | 4,466) | 540) |
| May 31, 2018 | 65,450) | 4,870) | 4,572) |
| May 31, 2017 | 60,319) | 5,037) | 2,997) |
| May 31, 2016 | 50,365) | 3,077) | 1,820) |
| May 31, 2015 | 47,453) | 1,867) | 1,050) |
| May 31, 2014 | 45,567) | 3,446) | 2,097) |
| May 31, 2013 | 44,287) | 2,551) | 1,561) |
| May 31, 2012 | 42,680) | 3,186) | 2,032) |
| May 31, 2011 | 39,304) | 2,378) | 1,452) |
| May 31, 2010 | 34,734) | 1,998) | 1,184) |
| May 31, 2009 | 35,497) | 747) | 98) |
| May 31, 2008 | 37,953) | 2,075) | 1,125) |
| May 31, 2007 | 35,214) | 3,276) | 2,016) |
| May 31, 2006 | 32,294) | 3,014) | 1,806) |
| May 31, 2005 | 29,363) | 2,471) | 1,449) |
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
An analysis of the financial performance from 2005 to 2026 reveals a long-term expansion in scale, characterized by significant revenue growth and varying levels of profitability. The overall trajectory indicates a transition from a mid-sized operation to a large-scale enterprise, though this growth has been accompanied by periodic volatility in earnings.
- Revenue Trajectory
- Revenue exhibits a consistent long-term upward trend, increasing from 29,363 million US dollars in 2005 to a projected 94,720 million US dollars by 2026. A period of steady growth is observed between 2005 and 2014, followed by a notable acceleration between 2016 and 2022. The peak revenue of 93,512 million US dollars was reached in 2022, followed by a brief contraction and subsequent recovery starting in 2025.
- Operating Income Stability
- Operating income demonstrates higher volatility than revenue, reflecting sensitivity to economic cycles and operational costs. A significant decline is noted in 2009, where operating income fell to 747 million US dollars. Recovery followed, leading to a peak of 6,245 million US dollars in 2022. Recent figures from 2023 to 2026 indicate a stabilization phase, with operating income maintaining a range between 4,912 million and 5,463 million US dollars.
- Net Income Volatility
- Net income exhibits the most significant fluctuations among the three metrics. Sharp declines are evident in 2009 (98 million US dollars) and 2019 (540 million US dollars), suggesting the impact of non-recurring expenses or severe macroeconomic headwinds during those periods. A substantial surge occurred in 2021, reaching 5,231 million US dollars, before settling into a consistent range between 3,826 million and 4,433 million US dollars from 2022 through the 2026 projections.
The correlation between revenue and net income is inconsistent, particularly during the 2019 fiscal year when high revenue coincided with a sharp drop in net income. However, the long-term trend indicates that the organization has successfully scaled its top-line growth while maintaining a positive and generally increasing bottom-line result over the twenty-year horizon.
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Balance Sheet: Assets
FedEx Corp., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| May 31, 2026 | 27,903) | 98,937) |
| May 31, 2025 | 18,386) | 87,627) |
| May 31, 2024 | 18,207) | 87,007) |
| May 31, 2023 | 18,610) | 87,143) |
| May 31, 2022 | 20,365) | 85,994) |
| May 31, 2021 | 20,580) | 82,777) |
| May 31, 2020 | 16,383) | 73,537) |
| May 31, 2019 | 13,086) | 54,403) |
| May 31, 2018 | 13,341) | 52,330) |
| May 31, 2017 | 12,628) | 48,552) |
| May 31, 2016 | 11,989) | 46,064) |
| May 31, 2015 | 10,941) | 37,069) |
| May 31, 2014 | 9,683) | 33,070) |
| May 31, 2013 | 11,274) | 33,567) |
| May 31, 2012 | 9,056) | 29,903) |
| May 31, 2011 | 8,285) | 27,385) |
| May 31, 2010 | 7,284) | 24,902) |
| May 31, 2009 | 7,116) | 24,244) |
| May 31, 2008 | 7,244) | 25,633) |
| May 31, 2007 | 6,629) | 24,000) |
| May 31, 2006 | 6,464) | 22,690) |
| May 31, 2005 | 5,269) | 20,404) |
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
An analysis of the asset base reveals a consistent long-term expansion in total resources, with total assets growing from 20,404 million USD in 2005 to 98,937 million USD by 2026. This growth trajectory is characterized by periods of steady incremental increases interrupted by significant accelerations, particularly between 2019 and 2020, and again leading into 2026.
- Total Asset Growth Patterns
- Total assets exhibited a steady upward trend from 2005 through 2019, rising from 20,404 million USD to 54,403 million USD. A period of rapid expansion is observed starting in 2020, where assets jumped to 73,537 million USD, followed by further growth to a peak of 87,143 million USD in 2022. After a period of relative stabilization between 2022 and 2024, a final sharp increase is projected to reach 98,937 million USD by 2026.
- Current Asset Trends and Liquidity
- Current assets followed a similar, though more volatile, growth path. Starting at 5,269 million USD in 2005, these assets grew to 11,274 million USD by 2013 before experiencing a contraction to 9,683 million USD in 2014. A subsequent recovery led to a peak of 20,580 million USD in 2021. While values remained relatively flat between 2022 and 2024 (averaging approximately 18,300 million USD), a substantial increase to 27,903 million USD is observed in the 2026 projection.
- Asset Composition and Structural Shifts
- The relationship between current assets and total assets indicates shifts in the capital structure. In 2005, current assets represented approximately 25.8% of total assets. This ratio fluctuated moderately over the next decade, peaking near 33.8% in 2013. However, during the massive expansion of total assets in 2020, the proportion of current assets dropped to approximately 22.3%, suggesting that the growth in the overall asset base during that period was driven primarily by non-current assets, such as property, plant, and equipment. By 2026, the projected increase in current assets brings this proportion back up to approximately 28.2% of the total asset base.
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Balance Sheet: Liabilities and Stockholders’ Equity
FedEx Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Short-term borrowings and long-term debt, including current portion | Common stockholders’ investment | |
|---|---|---|---|
| May 31, 2026 | 18,912) | 25,714) | 31,647) |
| May 31, 2025 | 15,411) | 20,579) | 28,074) |
| May 31, 2024 | 13,355) | 20,203) | 27,582) |
| May 31, 2023 | 13,586) | 20,579) | 26,088) |
| May 31, 2022 | 14,274) | 20,264) | 24,939) |
| May 31, 2021 | 13,660) | 20,879) | 24,168) |
| May 31, 2020 | 10,344) | 22,003) | 18,295) |
| May 31, 2019 | 9,013) | 17,581) | 17,757) |
| May 31, 2018 | 9,627) | 16,585) | 19,416) |
| May 31, 2017 | 7,918) | 14,931) | 16,073) |
| May 31, 2016 | 8,008) | 13,867) | 13,784) |
| May 31, 2015 | 5,957) | 7,268) | 14,993) |
| May 31, 2014 | 5,312) | 4,737) | 15,277) |
| May 31, 2013 | 5,750) | 2,990) | 17,398) |
| May 31, 2012 | 5,374) | 1,667) | 14,727) |
| May 31, 2011 | 4,882) | 1,685) | 15,220) |
| May 31, 2010 | 4,645) | 1,930) | 13,811) |
| May 31, 2009 | 4,524) | 2,583) | 13,626) |
| May 31, 2008 | 5,368) | 2,008) | 14,526) |
| May 31, 2007 | 5,428) | 2,646) | 12,656) |
| May 31, 2006 | 5,473) | 2,442) | 11,511) |
| May 31, 2005 | 4,734) | 2,796) | 9,588) |
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
The balance sheet exhibits a significant long-term expansion in both obligations and equity, characterized by a marked shift in leverage strategy beginning around 2013. While the early period from 2005 to 2012 was defined by relative stability or contraction in debt, the subsequent decade shows a substantial increase in the scale of financing and short-term obligations.
- Debt Obligations and Leverage
- A dramatic escalation in short-term borrowings and long-term debt is observed starting in 2013. Total debt rose from 2,990 million US$ in 2013 to 13,867 million US$ by 2016, representing a more than four-fold increase within three years. This upward trajectory continued until 2020, when debt peaked at 22,003 million US$. Between 2021 and 2024, debt levels stabilized in the 20,000 million US$ range, before a projected increase to 25,714 million US$ by 2026.
- Current Liabilities Trend
- Current liabilities remained relatively stagnant between 2005 and 2011, fluctuating between 4,500 million and 5,500 million US$. However, a consistent upward trend emerged after 2012, with obligations climbing to 10,344 million US$ by 2020. This growth accelerated in the final period, reaching 18,912 million US$ by 2026, indicating a significant increase in short-term financial commitments over the twenty-year horizon.
- Stockholders' Equity Evolution
- Common stockholders' investment shows a steady, albeit non-linear, growth pattern. Investment grew from 9,588 million US$ in 2005 to 13,811 million US$ in 2010, followed by a period of volatility between 2011 and 2016. A strong growth phase began in 2017, with equity rising from 16,073 million US$ to a projected 31,647 million US$ by 2026. This indicates a long-term strengthening of the equity base, although the growth in equity was outpaced by the growth in total debt during the 2013-2020 period.
- Capital Structure Shift
- The relationship between debt and equity transitioned from a low-leverage position in 2005, where equity heavily outweighed debt, to a more leveraged position by 2020, where total debt exceeded stockholders' investment. In the most recent projected figures for 2026, the capital structure appears to be rebalancing, as the growth in common stockholders' investment (31,647 million US$) once again exceeds the total debt levels (25,714 million US$).
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Cash Flow Statement
FedEx Corp., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Cash provided by operating activities | Cash used in investing activities | Cash provided by (used in) financing activities |
|---|---|---|---|
| May 31, 2026 | 8,925) | (3,911) | 2,749) |
| May 31, 2025 | 7,036) | (4,092) | (4,019) |
| May 31, 2024 | 8,312) | (5,200) | (3,426) |
| May 31, 2023 | 8,848) | (6,174) | (2,597) |
| May 31, 2022 | 9,832) | (6,816) | (3,019) |
| May 31, 2021 | 10,135) | (6,010) | (2,090) |
| May 31, 2020 | 5,097) | (5,846) | 3,381) |
| May 31, 2019 | 5,613) | (5,473) | (1,039) |
| May 31, 2018 | 4,674) | (5,677) | 227) |
| May 31, 2017 | 4,930) | (4,981) | 528) |
| May 31, 2016 | 5,708) | (9,446) | 3,611) |
| May 31, 2015 | 5,366) | (5,752) | 1,349) |
| May 31, 2014 | 4,264) | (3,551) | (2,719) |
| May 31, 2013 | 4,688) | (3,803) | 1,184) |
| May 31, 2012 | 4,835) | (4,049) | (244) |
| May 31, 2011 | 4,041) | (3,419) | (287) |
| May 31, 2010 | 3,138) | (2,781) | (692) |
| May 31, 2009 | 2,753) | (2,383) | 400) |
| May 31, 2008 | 3,465) | (2,897) | (617) |
| May 31, 2007 | 3,557) | (4,124) | 193) |
| May 31, 2006 | 3,676) | (2,454) | (324) |
| May 31, 2005 | 3,117) | (2,348) | (776) |
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
The financial data reveals a long-term expansion in cash generation capabilities, characterized by a significant escalation in operating cash flows and a consistently high capital expenditure profile. The interaction between these cash flow components suggests a transition from a phase of moderate growth and stability to a period of aggressive investment, followed by a high-liquidity phase that has facilitated substantial financing outflows in recent years.
- Operating Cash Flow Trends
- Cash provided by operating activities exhibited a steady upward trajectory from 2005 through 2019, rising from 3,117 million USD to 5,613 million USD. A substantial surge occurred in 2021, where operating cash reached a peak of 10,135 million USD. Following this peak, a gradual decline is observed through 2025, reaching 7,036 million USD, before rebounding to 8,925 million USD in 2026. This volatility in the latter period indicates a heightened sensitivity to external market conditions while maintaining a significantly higher baseline of cash generation compared to the 2005-2010 period.
- Investment and Capital Expenditure Patterns
- Cash used in investing activities remained consistently negative throughout the entire period, reflecting continuous capital reinvestment. Spending was relatively stable between 2,348 million USD and 4,124 million USD from 2005 to 2014. A period of intense capital deployment occurred between 2015 and 2016, with expenditures peaking at 9,446 million USD in 2016. In the subsequent decade, investing outflows stabilized, generally fluctuating between 3,911 million USD and 6,816 million USD, indicating a sustained commitment to infrastructure and asset modernization.
- Financing Activities and Liquidity Management
- Financing activities demonstrate significant volatility, alternating between net inflows and outflows. Positive cash flows from financing were prominent in 2016 (3,611 million USD) and 2020 (3,381 million USD), likely serving to offset the aggressive investing cycles or to bolster liquidity during market instability. Conversely, a sustained trend of financing outflows began in 2022, with annual usage ranging from 2,597 million USD to 4,019 million USD through 2025. This suggests a strategic shift toward debt reduction or increased shareholder distributions, funded by the elevated operating cash flows observed since 2021. A reversal to a net inflow of 2,749 million USD is noted in 2026.
- Overall Cash Flow Synergy
- The relationship between operating and investing cash flows indicates that while capital expenditures were historically high, the growth in operating cash has increasingly covered these investments. The period around 2016 represents a critical juncture where investing outflows exceeded operating inflows, necessitating external financing. In contrast, the period from 2021 to 2026 shows a strong surplus of operating cash over investing needs, providing the flexibility to execute the substantial financing outflows seen in the early 2020s.
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Per Share Data
FedEx Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| May 31, 2026 | 18.71 | 18.55 | 5.80 |
| May 31, 2025 | 16.96 | 16.81 | 5.52 |
| May 31, 2024 | 17.41 | 17.21 | 3.78 |
| May 31, 2023 | 15.60 | 15.48 | 5.86 |
| May 31, 2022 | 14.54 | 14.33 | 3.00 |
| May 31, 2021 | 19.79 | 19.45 | 2.60 |
| May 31, 2020 | 4.92 | 4.90 | 2.60 |
| May 31, 2019 | 2.06 | 2.03 | 2.60 |
| May 31, 2018 | 17.08 | 16.79 | 2.00 |
| May 31, 2017 | 11.24 | 11.07 | 1.60 |
| May 31, 2016 | 6.59 | 6.51 | 1.00 |
| May 31, 2015 | 3.70 | 3.65 | 0.80 |
| May 31, 2014 | 6.82 | 6.75 | 0.60 |
| May 31, 2013 | 4.95 | 4.91 | 0.56 |
| May 31, 2012 | 6.44 | 6.41 | 0.52 |
| May 31, 2011 | 4.61 | 4.57 | 0.48 |
| May 31, 2010 | 3.78 | 3.76 | 0.44 |
| May 31, 2009 | 0.31 | 0.31 | 0.44 |
| May 31, 2008 | 3.64 | 3.60 | 0.30 |
| May 31, 2007 | 6.57 | 6.48 | 0.37 |
| May 31, 2006 | 5.94 | 5.83 | 0.33 |
| May 31, 2005 | 4.81 | 4.72 | 0.29 |
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
1, 2, 3 Data adjusted for splits and stock dividends.
Analysis of per share metrics from 2005 through 2026 reveals a pattern of significant earnings volatility contrasted by a consistent, long-term upward trend in shareholder distributions.
- Earnings Per Share Trends
- Basic and diluted earnings per share (EPS) exhibit a cyclical trajectory with three distinct phases. An initial growth period ending in 2007 was followed by a sharp contraction, reaching a low of 0.31 in 2009. A subsequent recovery phase led to a peak of 17.08 in 2018, though this was interrupted by a severe decline to 2.06 in 2019. Since 2020, EPS has stabilized at a significantly higher plateau, generally fluctuating between 14.33 and 19.79, with projected values maintaining this elevated range through 2026.
- Dividend Distribution Patterns
- Dividend per share demonstrates a disciplined growth strategy. From 2005 to 2015, dividends grew incrementally from 0.29 to 0.80. This was followed by a period of accelerated growth between 2016 and 2018, where payments reached 2.00. After a period of stability at 2.60 from 2019 to 2021, a new growth phase emerged, peaking at 5.86 in 2023. Despite a temporary reduction to 3.78 in 2024, the trend indicates a return to levels around 5.80 by 2026.
- Comparative Analysis and Stability
- A notable divergence exists between earnings volatility and dividend stability. Dividend payments remained steady or increased even during years of severe earnings compression, specifically in 2009 and 2019, suggesting a commitment to shareholder returns regardless of short-term profitability shocks. Additionally, the narrow variance between basic and diluted EPS across the entire period indicates a stable share capital structure with negligible impact from dilutive instruments.
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