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Company file · FDX

FedEx

FedEx's revenue and net income grew in fiscal 2026

Revenue rose 7.7% to $94.7B. Net income rose 8.3% to $4.4B.

Prepared from SEC filings · Latest annual report: 10-K for FY2026 (filed Jul 20, 2026) · Latest quarter: 10-Q for the quarter ended Feb 28, 2026 (filed Mar 19, 2026) · Data pulled Oct 25, 2026

Key facts

In fiscal 2026, which ended May 31, 2026, FedEx (NYSE: FDX) took in $94.7B of revenue (up 7.7% on fiscal 2025); net income was $4.4B (up 8.3%). The most recent quarter, ended Feb 28, 2026, brought revenue of $24.0B, up 8.3% year over year, with net income of $1.1B. Federal Express was the biggest single line by segment (before eliminations): 90% of fiscal 2026 revenue. Sources: 10-K for fiscal 2026 (filed Jul 20, 2026) and 10-Q for the quarter ended Feb 28, 2026 (filed Mar 19, 2026).

Revenue$94.7BFY2026 · +7.7% vs FY2025
Net income$4.4BFY2026 · +8.3% vs FY2025
Operating cash flow$8.9BFY2026 · +26.8% vs FY2025
Cash & equivalents$13.3BFY2026 end · +141.9% vs FY2025
Total debt$25.0BFY2026 end · +21.3% vs FY2025
Diluted shares239MFY2026 avg · −1.6% vs FY2025
Revenue and net income, three fiscal yearsBy fiscal year, $bn
RevenueNet income
Revenue and net income by fiscal yearRevenue FY2024: $87.7B87.7Net income FY2024: $4.3B4.3FY2024Revenue FY2025: $87.9B87.9Net income FY2025: $4.1B4.1FY2025Revenue FY2026: $94.7B94.7Net income FY2026: $4.4B4.4FY2026

Source: 10-K FY2026, filed Jul 20, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly revenue, fiscal 2026 vs 2025FY2025 Q1: $21.6B21.6FY2026 Q1: $22.2B22.2Q1FY2025 Q2: $22.0B22.0FY2026 Q2: $23.5B23.5Q2FY2025 Q3: $22.2B22.2FY2026 Q3: $24.0B24.0Q3

Source: 10-Q filed Sep 18, 2025 · 10-Q filed Dec 18, 2025 · 10-Q filed Mar 19, 2026

How it makes money

FY2026 total by categoryFederal Express: $82.3B (90%)FedEx Freight: $8.8B (10%)$91.1BFY2026 total

By segment (before eliminations), FY2026

  • LineAmountSharevs FY2025
  • Federal Express$82.3B90%+9.3%
  • FedEx Freight$8.8B10%−1.1%

Source: 10-K FY2026, XBRL breakdown

Federal Express was 90% of FY2026 segment revenue and FedEx Freight 10%. Operating cash flow was $8.9B.

By segment (before eliminations): three-year mixShare of the total each fiscal year
Federal ExpressFedEx Freight

Source: 10-K FY2026

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 FY2026 (Dec 2025 to Feb 2026) compared with Q3 FY2025 (Dec 2024 to Feb 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 FY2026Q3 FY2025

This is the latest quarter with its own 10-Q. Fiscal 2026 has since ended, and companies report the fourth quarter only inside the annual 10-K (filed Jul 20, 2026), so the full-year figures above are newer than this comparison.

Company

Revenue
$24.0B Q3 FY2026
$22.2B Q3 FY2025
8.3% increase
Net income
$1.1B Q3 FY2026
$909M Q3 FY2025
16.2% increase

Source: FedEx 10-Q for the quarter ended Feb 28, 2026, filed Mar 19, 2026

By segment

Federal Express
$21.2B Q3 FY2026
$19.2B Q3 FY2025
10.3% increase
FedEx Freight
$2.0B Q3 FY2026
$2.1B Q3 FY2025
4.7% decrease

Source: FedEx 10-Q for the quarter ended Feb 28, 2026, filed Mar 19, 2026

  • Operating cash flow, first 9 months of fiscal 2026: $5.7B vs $4.5B a year earlier.

The bull case and the bear case

The bull case

  • Revenue rose 7.7% in FY2026 to $94.7B, and net income rose 8.3% to $4.4B. 10-K, FY2026
  • Federal Express revenue grew 9.3% in FY2026. 10-K, FY2026
  • Operating cash flow rose 26.8% in FY2026 to $8.9B, and cash and equivalents reached $13.3B. 10-K, FY2026

The bear case

  • FedEx Freight revenue fell 1.1% in FY2026. 10-K, FY2026
  • Total debt rose 21.3% in FY2026 to $25.0B. 10-K, FY2026
  • The 10-K lists the economy, competition, fuel costs, trade policy, network changes and cyberattacks among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

FedEx is one of the world's largest package delivery companies. It delivers express and ground packages worldwide and runs a less-than-truckload freight business.

Federal Express delivers express air and ground packages in the US and internationally. FedEx Freight moves less-than-truckload shipments, which fill part of a truck, mainly in North America.

Its fiscal year ends May 31.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in FedEx's latest 10-K. Read the original for the full list.

  1. EconomyShipping volumes fall when industrial and consumer demand weakens.
  2. CompetitionIt competes with UPS, the US Postal Service, Amazon and others.
  3. TradeTariffs and trade policy affect international shipments.
  4. FuelJet fuel and diesel prices affect costs.
  5. RestructuringChanges to its network may not save as much as planned.
  6. CybersecurityAttacks could disrupt its delivery systems.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2024FY2025FY2026
Revenue$87.7B$87.9B$94.7B
Net income$4.3B$4.1B$4.4B
Operating cash flow$8.3B$7.0B$8.9B
Cash & equivalents (year end)$6.5B$5.5B$13.3B
Total debt (year end)–$20.6B$25.0B
Diluted shares251M243M239M
  • Revenue: Fees for express and ground package delivery, less-than-truckload freight and related services.
  • Net income: Profit after all costs and taxes.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Current portion plus long-term debt, including finance leases, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • FedEx's latest annual report (FY2026, to May 31, 2026) is newer than its latest 10-Q, which covers the quarter ended Feb 28, 2026. FedEx doesn't file a 10-Q for its fourth fiscal quarter, so “What changed last quarter” uses that quarter.
  • Segment shares are of the two segments' revenue before eliminations and other items, so they don't add up exactly to reported revenue.

Recent filings

FormFiledPeriod
DEF 14AAug 17, 2026Sep 28, 2026
10-KJul 20, 2026May 31, 2026
10-QMar 19, 2026Feb 28, 2026

Latest filings

  1. Sep 295:06 PM ET

    8-K

    FedEx files an 8-K on shareholder vote results and other events

    FedEx filed a Form 8-K on Sep 29, 2026 at 5:06 PM ET under Item 5.07 (Submission of Matters to a Vote of Security Holders), Item 8.01 (Other Events).

  2. Sep 254:35 PM ET

    Form 4

    FedEx director Joshua Cooper Ramo reports exercising or converting 5,042 shares

    The filing reports 5,042 shares in an exercise or conversion of a derivative security (code M); and 2,436 shares withheld to pay the exercise price or tax (code F).

All FedEx filings notes →

Common questions about FedEx

How does FedEx make money?

In fiscal 2026, revenue totaled $94.7B. Federal Express was 90% of FY2026 segment revenue and FedEx Freight 10%. Operating cash flow was $8.9B. Source: 10-K for fiscal 2026, filed Jul 20, 2026.

What was FedEx's revenue in fiscal 2026?

Revenue came to $94.7B in the year ended May 31, 2026. Going back two years, it was $87.7B in fiscal 2024 and $87.9B in fiscal 2025, so the latest year was up 7.7%. Source: 10-K for fiscal 2026, filed Jul 20, 2026.

Is FedEx profitable?

Yes, by US accounting rules (GAAP): net income was $4.4B in fiscal 2026, up 8.3% from $4.1B a year earlier. For the quarter ended Feb 28, 2026, net income was $1.1B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2026, filed Jul 20, 2026.

What did FedEx report in its latest quarterly filing?

The 10-Q for the quarter ended Feb 28, 2026 shows revenue of $24.0B, against $22.2B in the same quarter a year before (up 8.3%), and net income of $1.1B, against $909M (up 16.2%). Source: 10-Q for the quarter ended Feb 28, 2026, filed Mar 19, 2026.

How much cash and debt does FedEx have?

On May 31, 2026, cash and cash equivalents stood at $13.3B and total debt at $25.0B. Total debt here is current portion plus long-term debt, including finance leases, at carrying value. Source: 10-K filed Jul 20, 2026.

What are the main risks FedEx lists?

Item 1A of the fiscal 2026 10-K (filed Jul 20, 2026) sets out the risks. Grouped, they fall into 6 areas: Economy; competition; trade; fuel; restructuring; cybersecurity. To start with the first: Shipping volumes fall when industrial and consumer demand weakens. Source: 10-K, Item 1A Risk Factors.

Where do these FedEx numbers come from?

Two filings FedEx made with the SEC: its fiscal 2026 10-K, filed Jul 20, 2026, and its 10-Q for the quarter ended Feb 28, 2026, filed Mar 19, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in FDX
The editor holds no position in FedEx (FDX). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell FDX from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold FDX, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
FedExFDXFY2026$94.7B+7.7%$4.4B
UPSFY2025$88.7B−2.6%$5.6B
Union PacificUNPFY2025$24.5B+1.1%$7.1B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.