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FedEx Corporation, together with its subsidiaries, provides transportation, e-commerce, and business services in the United States and internationally. It operates through Federal Express and FedEx Freight segments. The company offers transportation services, including express, freight, less-than-truckload freight, and time-specific freight-shipping; and small-package ground delivery services. It also provides e-commerce and digital solutions; dataworks; printing and shipping management, including digital printing, professional finishing, document creation, design solutions, direct mail, signs and graphics, custom-branded boxes, copying, computer rental, free Wi-Fi, corporate print solutions, shredding, expedited U.S. passport processing and renewal, and digital notarization; packing services, as well as packing supplies and boxes; document and business services; and retail access for package transportation. In addition, the company offers logistics services, air and ocean freight-forwarding and cargo transportation, specialty transportation, customs brokerage and clearance, trade management tools and data, and door-to-door solutions; and third party logistics and supply chain management solutions, such as inbound logistics, warehousing and distribution, fulfillment, contract packaging and product configuration, systems integration, returns process and disposition, test, repair, refurbishment, and product liquidation. Further, it provides sales, marketing, administrative, information technology, and back-office support services. FedEx Corporation was founded in 1971 and is headquartered in Memphis, Tennessee.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $87.9B | $10.5B | $4.1B | $3.0B | 14.6% | 0.3% | -5.5% |
| 2024 | $87.7B | $10.9B | $4.3B | $3.1B | 15.7% | -2.7% | 9.0% |
| 2023 | $90.2B | $10.2B | $4.0B | $2.7B | 15.2% | -3.6% | 3.8% |
| 2022 | $93.5B | $9.6B | $3.8B | $3.1B | 15.3% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 93,512 | 90,155 | 87,693 | 87,926 |
| Operating Revenue | 93,512 | 90,155 | 87,693 | 87,926 |
| Cost Of Revenue | 73,345 | 70,989 | 68,741 | 68,931 |
| Gross Profit | 20,167 | 19,166 | 18,952 | 18,995 |
| Operating Expense | 13,644 | 13,828 | 12,654 | 13,001 |
| Selling General And Administration | 726 | -1,054 | -722 | - |
| Total Expenses | 86,989 | 84,817 | 81,395 | 81,932 |
| Operating Income | 6,523 | 5,338 | 6,298 | 5,994 |
| Total Operating Income As Reported | 6,245 | 4,912 | 5,559 | 5,217 |
| EBITDA | 9,555 | 10,233 | 10,868 | 10,494 |
| Normalized EBITDA | 9,833 | 10,659 | 11,607 | 11,271 |
| EBIT | 5,585 | 6,057 | 6,581 | 6,230 |
| Interest Income | 53 | 198 | 370 | 363 |
| Interest Expense | 689 | 694 | 745 | 789 |
| Net Interest Income | -636 | -496 | -375 | -426 |
| Other Non Operating Income Expenses | -713 | 947 | 652 | 650 |
| Other Income Expense | -991 | 521 | -87 | -127 |
| Interest Income Non Operating | 53 | 198 | 370 | 363 |
| Interest Expense Non Operating | 689 | 694 | 745 | 789 |
| Net Non Operating Interest Income Expense | -636 | -496 | -375 | -426 |
| Pretax Income | 4,896 | 5,363 | 5,836 | 5,441 |
| Tax Provision | 1,070 | 1,391 | 1,505 | 1,349 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | -60.88 | -110.33 | -190.66 | -192.70 |
| Net Income Continuous Operations | 3,826 | 3,972 | 4,331 | 4,092 |
| Net Income From Continuing And Discontinued Operation | 3,826 | 3,972 | 4,331 | 4,092 |
| Net Income From Continuing Operation Net Minority Interest | 3,826 | 3,972 | 4,331 | 4,092 |
| Net Income | 3,826 | 3,972 | 4,331 | 4,092 |
| Net Income Common Stockholders | 3,819 | 3,966 | 4,325 | 4,087 |
| Net Income Including Noncontrolling Interests | 3,826 | 3,972 | 4,331 | 4,092 |
| Normalized Income | 4,043.12 | 4,287.67 | 4,879.34 | 4,676.30 |
| Diluted NI Availto Com Stockholders | 3,819 | 3,966 | 4,325 | 4,087 |
| Basic Average Shares | 266 | 256 | 251 | 243 |
| Diluted Average Shares | 266.99 | 256.59 | 251.66 | 243.43 |
| Reconciled Depreciation | 3,970 | 4,176 | 4,287 | 4,264 |
| Reconciled Cost Of Revenue | 73,345 | 70,989 | 68,741 | 68,931 |
| Total Unusual Items | -278 | -426 | -739 | -777 |
| Total Unusual Items Excluding Goodwill | -278 | -426 | -739 | -777 |
| Special Income Charges | -278 | -426 | -739 | -777 |
| Impairment Of Capital Assets | 0 | 117 | 157 | 21 |
| Restructuring And Mergern Acquisition | 278 | 309 | 582 | 756 |
| General And Administrative Expense | 726 | -1,054 | -722 | - |
| Salaries And Wages | 726 | -1,054 | -722 | - |
| Rent Expense Supplemental | 4,712 | 4,738 | 4,571 | 4,647 |
| Other Operating Expenses | 13,644 | 13,828 | 12,654 | 13,001 |
| Otherunder Preferred Stock Dividend | 7 | 6 | 6 | 5 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| FedEx Corporationthis co. | FDX | $78.3B | 19.13↓ discount | 2.79 | 14.6% | 10.50 |
| CSX Corporation | CSX | $85.9B | 29.73 | 6.53 | 22.0% | 16.62 |
| 3M Company | MMM | $79.7B | 24.52 | 16.95 | 69.1% | 13.46 |
| Emerson Electric Co. | EMR | $79.6B | 34.70 | 3.92 | 11.3% | 18.97 |
| Northrop Grumman Corporation | NOC | $77.4B | 18.52 |
| - |
| - |
| - |
| - |
| - |
| 4.64 |
| 25.1% |
| 12.50 |
| Illinois Tool Works Inc. | ITW | $72.2B | 23.56 | 22.40 | 95.1% | 17.32 |
| Cintas Corporation | CTAS | $72.0B | 39.73 | 15.37 | 38.7% | 26.02 |
| Norfolk Southern Corporation | NSC | $69.0B | 24.01 | 4.44 | 18.5% | 14.49 |
| TransDigm Group Incorporated | TDG | $68.7B | 33.12 | -7.09 | -21.4% | 21.00 |
| Peer Median | - | 27.13 | 5.59 | 23.5% | 16.97 | |