FedEx provides package and freight transportation through an integrated air-and-ground network, alongside logistics, retail and digital services. Following the June 1, 2026 FedEx Freight spin-off, its reportable segments are Express U.S. Domestic and Express International.
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A snapshot of what FEDEX CORP owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| May 31, 20240000950170-24-083577 | Jul 15, 2024 | 10-K | Open 10-Ksec.gov |
| May 31, 20250001048911-25-000011 | Jul 21, 2025 | 10-K | Open 10-Ksec.gov |
| May 31, 20260001048911-26-000105 | Jul 20, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
FedEx’s package business improved, but the company’s changing boundaries make headline comparisons unusually important. Fiscal 2026 revenue and operating profit increased, although the operating margin narrowed and earnings benefited from pension and tax gains. Those annual results still include the now-separated FedEx Freight business. Separate, unaudited calendar-year comparisons show stronger continuing operations in 2025, led by Domestic, while International’s adjusted operating profit declined. Cash generation improved, partly through higher unpaid accruals and lower pension contributions—not solely stronger underlying earnings. FedEx subsequently repurchased debt and issued new bonds, but the supplied disclosures do not establish a current consolidated cash or debt balance. Network integration, higher pilot compensation, tariff-related collections and litigation, and a proposed €2.20 billion InPost investment remain material demands or uncertainties.
Sources: 10-K · 2026-05-31 · EX-99.1 · 2026-07-21 · 8-K · 2026-09-09
FedEx earns revenue from delivery volumes, realized revenue per shipment and service mix. Its aircraft, facilities and transportation network carry substantial fixed costs, so weaker demand can hurt margins before capacity can adjust. Realized yields also reflect fuel surcharges, shipment weight and customer mix; they are not simply list-price increases.
The Freight separation was completed June 1, 2026. FedEx retained 19.9%, with subsequent fair-value changes recognized in earnings; monetization within 24 months was an expectation subject to conditions, not assured cash. The July 21 filing and exhibit introduce the Domestic and International segments and a December year-end. June–December 2026 is a seven-month transition period. The exhibit’s calendar-2025 and calendar-2024 comparisons are unaudited historical recasts, not new 2026 results or corrections of accounting errors. They exclude Freight but retain Supply Chain and some shared costs left behind after separation.
Sources: 10-K · 2026-05-31 · 8-K · 2026-07-21 · EX-99.1 · 2026-07-21
For the year ended May 31, 2026, consolidated revenue was $94.720 billion and GAAP operating income $5.463 billion, versus $87.926 billion and $5.217 billion a year earlier. Margin nevertheless slipped to 5.8% from 5.9%. Management credited package yields, U.S. volumes, fuel surcharges and structural savings. Higher labor and transportation costs, tariff-related credit losses, the expired USPS contract and MD-11 grounding offset those gains. Freight’s operating profit fell to $616 million from $1.489 billion, reflecting both weak demand and $492 million of separation costs.
Net income of $4.433 billion included a $647 million pretax noncash pension gain and approximately $100 million of Brazilian tax benefit. Lower restructuring expense and a legal/regulatory gain also helped comparisons, while separation costs weighed on earnings. Diluted EPS of $18.55 benefited from a lower share denominator. These effects mean reported earnings improvement was not entirely recurring delivery-business improvement.
On the separate recast calendar-year basis, 2025 continuing revenue was $82.463 billion versus $79.130 billion in 2024. GAAP operating income rose to $4.554 billion from $3.272 billion; company-adjusted operating income rose more modestly to $5.010 billion from $4.187 billion. Domestic’s GAAP operating profit increased to $4.421 billion from $3.365 billion. International’s GAAP profit increased slightly, but adjusted profit fell to $732 million from $772 million. Lower fuel, restructuring and impairment expense supported the aggregate improvement, offset by higher compensation and purchased transportation. The recast table includes a $14 million fiscal-year-change adjustment in calendar 2025, but the accompanying explanation places these costs in fiscal 2026’s fourth quarter, while the annual report reports $33 million in fiscal 2026 and none in fiscal 2025. These comparisons retain the reported table values; the inconsistency in cost timing and allocation remains unresolved. Pension mark-to-market effects are removed from adjusted net income and EPS, with no such adjustment to the operating income shown here. Excluded restructuring costs are not necessarily noncash.
Sources: 10-K · 2026-05-31 · EX-99.1 · 2026-07-21
Fiscal 2026 operating cash flow was $8.925 billion, versus $7.036 billion, and cash capital spending was $3.809 billion, versus $4.055 billion. Higher accruals and lower voluntary pension contributions helped cash generation, while receivables absorbed cash. At May 31, $749 million was owed to customers for received tariff refunds and the $625 million pilot ratification payment was already accrued. Neither amount represents freely available surplus. The pilot agreement became effective June 29 with an initial 40% pay-rate increase; the supplied records do not confirm payment of the ratification amount.
The May 31 balance sheet, still including Freight, carried $17.229 billion of operating-lease liabilities and $10.722 billion of noncancellable purchase commitments. Cash capex excludes noncash lease additions. Calendar-2026 capex guidance of approximately $3.9 billion excludes Freight and is not directly comparable with the May-ending annual actual. Fiscal 2026 dividends consumed $1.374 billion. June repurchases included a $1 billion accelerated program whose completion is not established here; the July 20 authorization for another $5 billion is permission, not completed spending.
Sources: 10-K · 2026-05-31
At May 31, 2026, cash was $13.311 billion, long-term debt including current maturities and finance leases was $24.969 billion, and short-term borrowing was $745 million. Reported remaining credit availability of approximately $2.8 billion was borrowing capacity, not cash. FedEx reported covenant compliance and a negotiated debt-to-adjusted-EBITDA ratio of 1.8 times at that date; this does not establish current headroom. Freight-related parent guarantees were released at separation, and FedEx repurchased approximately $4.9 billion principal of its own debt in July.
Following September 9 underwriting agreements, new offerings closed September 14: €1.1 billion of 4.000% notes due 2030, €900 million of 4.625% notes due 2034, and $1.1 billion of 5.750% notes due 2036. These are face amounts and coupons, not net proceeds or effective borrowing costs. Undisclosed fees, uses and contemporaneous repayments prevent deriving current cash or net debt by adding these issuances to May balances.
Sources: 10-K · 2026-05-31 · 8-K · 2026-09-09
Network 2.0 had reached approximately 410 U.S. and Canadian locations by May 31; U.S. completion remained a calendar-2027 expectation. Management anticipated continued revenue and operating-profit growth during the remainder of calendar 2026, but labor inflation, fuel, trade policy and transformation disruption could offset savings. Full MD-11 return was expected by calendar year-end, not confirmed. Credit-loss provision reached $946 million, with tariffs contributing to collection pressure. Customer tariff-refund litigation and a government appeal involving a previously recognized $249 million tax benefit remained unresolved in the supplied evidence.
Separation does not eliminate shared-service, tax, brand or cross-indemnity exposure. Stranded-cost reductions are expected rather than achieved, and Freight’s ability to honor indemnities is not assured. FedEx’s proposed noncontrolling 37% InPost interest would require approximately €2.20 billion, subject to regulatory approvals and other conditions. The July 1 announced Supply Chain sale carried a $1.4 billion headline price and expected second-half-2026 closing. Neither transaction’s completion is established; the sale price is not received cash, and undisclosed adjustments, taxes and retained obligations prevent treating it as certain net funding.
Sources: 10-K · 2026-05-31 · EX-99.1 · 2026-07-21
The July 24 filing reported a July 20 executive severance-plan adoption and a June-established one-time bonus pool for approximately 1,100 employees. Severance depends on qualifying events and conditions, not merely plan adoption; the total bonus pool and completed payments were not disclosed. The September 29 filing reported the September 28 election of eleven directors, advisory compensation approval, auditor ratification for the transition period, and rejection of proposals on an independent chair, a lower special-meeting threshold and an abortion-drug distribution risk report. It also reported updated outside-director compensation arrangements without supplying their amounts in the primary filing.
Sources: 8-K · 2026-07-20 · 8-K · 2026-09-28
USD 94.72 bn
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency · includes fedex freight: true
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 94.72 bn | 7.7% |
| 2025 | USD 87.926 bn | 0.3% |
| 2024 | USD 87.693 bn | — |
Consolidated GAAP revenue, including FedEx Freight before its June 1, 2026 separation.
Sources: 10-K · 2026-05-31
USD 4.433 bn
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency · includes fedex freight: true
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 4.433 bn | 8.3% |
| 2025 | USD 4.092 bn | -5.5% |
| 2024 | USD 4.331 bn | — |
Consolidated GAAP net income, including FedEx Freight and retirement-plan mark-to-market adjustments.
Sources: 10-K · 2026-05-31
USD 8.925 bn
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency · includes fedex freight: true
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 8.925 bn | 26.8% |
| 2025 | USD 7.036 bn | -15.4% |
| 2024 | USD 8.312 bn | — |
Consolidated GAAP operating cash flow; not profit and not reduced by capital expenditures.
Sources: 10-K · 2026-05-31
USD 82.463 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · operations: continuing · period basis: recast_calendar_year · unaudited: true
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 82.463 bn | 4.2% |
| 2024 | USD 79.13 bn | — |
Unaudited calendar-year consolidated revenue excluding FedEx Freight discontinued operations; includes FedEx Supply Chain.
Sources: EX-99.1 · 2026-07-21
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