FDX FEDEX CORP

Overview and Growth

In fiscal 2026, FEDEX CORP recorded $94.72B of revenue, net income of $4.43B, and an operating cash inflow of $8.93B. At $94.72B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 7.7% above fiscal 2025 revenue of $87.93B, marking a year-over-year increase. On a per-share basis, diluted EPS was $18.55, which connects the reported earnings outcome with the company’s diluted share count. Diluted EPS increased by 10.4% from $16.81 in fiscal 2025, showing how the earnings change reached shareholders on a per-share basis. The revenue-to-assets relationship was 0.96x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Operations produced $5.46B of income after the reported operating expense base, before the remaining non-operating and tax effects. The operating result equaled 5.8% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. Net income came to $4.43B, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 4.7%, meaning that this portion of revenue remained as net income after all recognized expenses. Before income taxes, the company reported $5.79B of earnings, providing a bridge between the operating result and final net income. The pretax margin was 6.1%, relating income before taxes directly to revenue. The company recognized $1.36B of income tax for the period, completing the transition from pretax income to net income. The income-tax provision equaled 23.5% of pretax income, showing the tax burden absorbed by the year’s earnings. Return on period-end equity was 14.0%, relating annual net income to the equity capital on the balance sheet.

Liquidity and Capital Structure

Total assets were $98.94B, supported by $67.29B of liabilities and $31.65B of shareholder equity. Current assets were $27.90B against $18.91B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered current liabilities by 1.48x, leaving a positive buffer for near-term obligations. Cash and equivalents totaled $13.31B, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 70.4%, excluding receivables and other current assets. The company carried $24.04B of total debt at period end, which frames its leverage and debt-service burden. Against book equity, debt measured 0.76x, placing the company’s financial leverage in clear balance-sheet terms. Relative to total assets, debt measured 24.3%, showing how much of the asset base was matched by borrowing. Liabilities represented 68.0% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 13.5%, comparing reported cash and equivalents with the full positive asset balance. Total assets were 12.9% higher than fiscal 2025 assets of $87.63B, measuring the company’s own balance-sheet change.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $8.93B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Against net income, operating cash flow measured 2.01x, showing the relationship between accrual earnings and operating cash. The cash-flow statement records $3.81B of capital expenditures, the investment amount considered after operating cash generation. Capital expenditures represented 42.7% of operating cash flow, leaving the remainder available as free cash flow. The combination of operating cash flow and capital spending produced $5.12B of positive free cash flow for the period. The free-cash-flow margin was 5.4%, measuring cash remaining after capital spending against revenue. Free cash flow equaled 5.2% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending May 31, 2026. Analysis generated Oct 21, 2026.