gross profit bridgeinconsistent2019-05-31
Withheld: gross profit could not be reconciled with the rest of this filer’s statement.
Revenue
$94.72B
Fiscal year ended 2026-05-31Operating income
$5.46B
Fiscal year ended 2026-05-31Free cash flow
Unavailable
Fiscal year ended 2026-05-31Valuation, from the filing
| Public float | $64.60B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-11-30 |
|---|---|---|
| Float per share | $273.06 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 14.6× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 0.7× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 2.0× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-11-30, not today, and each multiple below it uses the figures for the fiscal year ending 2026-05-31 — the year that filing covered.
Valuation over time
14.6× earnings today, against a median of 14.7× across 10 years on record. In line with its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-11-30 | $64.60B | 14.6× | |
| 2024-11-30 | $66.80B | 16.3× | |
| 2023-11-30 | $59.50B | 13.7× | |
| 2022-11-30 | $42.40B | 10.7× | |
| 2021-11-30 | $56.40B | 14.7× | |
| 2020-11-30 | $70.20B | 13.4× | |
| 2019-11-30 | $38.10B | 29.6× | |
| 2018-11-30 | $55.20B | 102.2× | |
| 2017-11-30 | $57.30B | 12.5× | |
| 2016-11-30 | $47.20B | 15.7× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
FEDEX CORP (FDX) reported revenue of $94.72B and net income of $4.43B for the fiscal year ended 2026-05-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from FEDEX CORP’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Air Courier Services.
Income
| Metric | 2026-05-31 | 2025-05-31 | 2024-05-31 | 2023-05-31 | 2022-05-31 | 2021-05-31 | 2020-05-31 | 2019-05-31 | 2018-05-31 | 2017-05-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $94.72B | $87.93B | $87.69B | $90.16B | $93.51B | $83.96B | $69.22B | $69.69B | $65.45B | $60.32B |
| Cost of revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $16.65B | $15.10B | $13.63B |
| Gross profit | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $46.69B |
| Operating income | $5.46B | $5.22B | $5.56B | $4.91B | $6.24B | $5.86B | $2.42B | $4.47B | $4.27B | $4.57B |
| Net income | $4.43B | $4.09B | $4.33B | $3.97B | $3.83B | $5.23B | $1.29B | $540.00M | $4.57B | $3.00B |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 239.00M | shares 243.00M | shares 251.00M | shares 256.00M | shares 266.00M | shares 268.00M | shares 262.00M | shares 265.00M | shares 272.00M | shares 270.00M |
| Pretax income | $5.79B | $5.44B | $5.84B | $5.36B | $4.90B | $6.67B | $1.67B | $655.00M | $4.35B | $4.58B |
| Income tax expense | $1.36B | $1.35B | $1.50B | $1.39B | $1.07B | $1.44B | $383.00M | $115.00M | -$219.00M | $1.58B |
| Diluted EPS | $18.55 | $16.81 | $17.21 | $15.48 | $14.33 | $19.45 | $4.90 | $2.03 | $16.79 | $11.07 |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2026-05-31 | 2025-05-31 | 2024-05-31 | 2023-05-31 | 2022-05-31 | 2021-05-31 | 2020-05-31 | 2019-05-31 | 2018-05-31 | 2017-05-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $13.06B | $5.50B | $6.50B | $6.86B | $6.90B | $7.09B | $4.88B | $2.32B | $3.26B | $3.97B |
| Total assets | $98.94B | $87.63B | $87.01B | $87.14B | $85.99B | $82.78B | $73.54B | $54.40B | $52.33B | $48.55B |
| Current assets | $27.90B | $18.39B | $18.21B | $18.61B | $20.36B | $20.58B | $16.38B | $13.09B | $13.34B | $12.63B |
| Total liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Current liabilities | $18.91B | $15.41B | $13.36B | $13.59B | $14.27B | $13.66B | $10.34B | $9.01B | $9.63B | $7.92B |
| Total equity incl. NCI | $31.65B | $28.07B | $27.58B | $26.09B | $24.94B | $24.17B | $18.30B | $17.76B | $19.42B | $16.07B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts receivable | $11.52B | $11.37B | $10.09B | $10.19B | $11.86B | $12.07B | $10.10B | $9.12B | $8.48B | $7.60B |
| Goodwill | $11.51B | $6.60B | $6.42B | $6.44B | $6.54B | $6.99B | $6.37B | $6.88B | $6.97B | $7.15B |
| Long-term debt | $18.81B | $19.15B | $20.14B | $20.45B | $20.18B | $20.73B | $21.95B | $16.62B | $15.24B | $14.91B |
| Accounts payable | $4.97B | $3.69B | $3.19B | $3.85B | $4.03B | $3.84B | $3.27B | $3.03B | $2.98B | $2.75B |
Cash flow
| Metric | 2026-05-31 | 2025-05-31 | 2024-05-31 | 2023-05-31 | 2022-05-31 | 2021-05-31 | 2020-05-31 | 2019-05-31 | 2018-05-31 | 2017-05-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $8.92B | $7.04B | $8.31B | $8.85B | $9.83B | $10.14B | $5.10B | $5.61B | $4.67B | $4.93B |
| Capital expenditures | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Investing cash flow | -$3.91B | -$4.09B | -$5.20B | -$6.17B | -$6.82B | -$6.01B | -$5.85B | -$5.47B | -$5.68B | -$4.98B |
| Financing cash flow | $2.75B | -$4.02B | -$3.43B | -$2.60B | -$3.02B | -$2.09B | $3.38B | -$1.04B | $227.00M | $528.00M |
| Net change in cash | $7.81B | -$999.00M | -$355.00M | -$41.00M | -$190.00M | $2.21B | $2.56B | -$946.00M | -$704.00M | $435.00M |
| Stock-based compensation | $177.00M | $154.00M | $163.00M | $182.00M | $190.00M | $200.00M | $168.00M | $174.00M | $167.00M | $154.00M |
| Common dividends paid | $1.37B | $1.34B | $1.26B | $1.18B | $793.00M | $686.00M | $679.00M | $683.00M | $535.00M | $426.00M |
| Common share repurchases | $796.00M | $3.02B | $2.50B | $1.50B | $2.25B | Unavailable | $3.00M | $1.48B | $1.02B | $509.00M |
| Depreciation & amortization | $4.37B | $4.26B | $4.29B | $4.18B | $3.97B | $3.79B | $3.62B | $3.35B | $3.10B | $3.00B |
Derived
| Metric | 2026-05-31 | 2025-05-31 | 2024-05-31 | 2023-05-31 | 2022-05-31 | 2021-05-31 | 2020-05-31 | 2019-05-31 | 2018-05-31 | 2017-05-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | 77.4% |
| Operating margin | 5.8% | 5.9% | 6.3% | 5.4% | 6.7% | 7.0% | 3.5% | 6.4% | 6.5% | 7.6% |
| FCF margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| SBC / revenue | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.3% | 0.3% |
| Current ratio | 1.48x | 1.19x | 1.36x | 1.37x | 1.43x | 1.51x | 1.58x | 1.45x | 1.39x | 1.59x |
| Revenue YoY growth | 7.7% | 0.3% | -2.7% | -3.6% | 11.4% | 21.3% | -0.7% | 6.5% | 8.5% | Unavailable |
| Net margin | 4.7% | 4.7% | 4.9% | 4.4% | 4.1% | 6.2% | 1.9% | 0.8% | 7.0% | 5.0% |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Long-term debt / equity | 0.59x | 0.68x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 23.5% | 24.8% | 25.8% | 25.9% | 21.9% | 21.6% | 22.9% | 17.6% | -5.0% | 34.5% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open FDX in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-10-28View SEC filing
10-K · Filed 2026-07-20View SEC filing
10-Q · Filed 2026-03-19View SEC filing
10-Q · Filed 2025-12-18View SEC filing
10-Q · Filed 2025-09-18View SEC filing
10-K · Filed 2025-07-21View SEC filing
Reconciliation checks needing review
2 periods on this page do not reconcile under this site’s normalization. Read that as a limitation here before an observation about the company: the figures are the filer’s own, the filings linked above are authoritative, and a difference usually means the concepts this site selected do not match how this filer presents its statements. Nothing is adjusted to make a check pass.
gross profit bridgeinconsistent2018-05-31
Withheld: gross profit could not be reconciled with the rest of this filer’s statement.