FEDEX CORP

FDX 10-K · FY 2025

FDX FY 2025 request

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Income Statement

Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 87,926 87,693 +0.3%
Show Product Lines breakouts
International domestic · Federal Express segment 4,495 4,659 -3.5%
International economy · Federal Express segment 1,975 1,874 +5.4%
International economy · Federal Express segment 5,861 4,653 +26.0%
International priority · Federal Express segment 2,320 2,205 +5.2%
International priority · Federal Express segment 8,737 9,454 -7.6%
Other · Federal Express segment 966 977 -1.1%
Total freight revenue · Federal Express segment 5,831 6,470 -9.9%
Total international export package revenue · Federal Express segment 14,598 14,107 +3.5%
Total package revenue · Federal Express segment 68,507 67,216 +1.9%
Total U.S. domestic package revenue · Federal Express segment 49,414 48,450 +2.0%
U.S. deferred revenue · Federal Express segment 5,007 4,926 +1.6%
U.S. ground revenue · Federal Express segment 33,887 32,981 +2.7%
U.S. priority revenue · Federal Express segment 10,520 10,543 -0.2%
U.S. · Federal Express segment 1,536 2,391 -35.8%
Show Business Segments breakouts
Federal Express segment · Non Us 23,720 23,136 +2.5%
Federal Express segment · Operating Segments 75,304 74,663 +0.9%
FedEx Freight
Segment · Non Us 247 266 -7.1%
FedEx Freight
Segment · Operating Segments 8,892 9,429 -5.7%
Other · Non Us 1,043 760 +37.2%
Show Geography breakouts
Non Us 25,010 24,162 +3.5%
US 62,916 63,531 -1.0%
Show Consolidation Items breakouts
Corporate, Other, and Eliminations 3,730 3,601 +3.6%
Other and eliminations 3,730 3,601 +3.6%
Labor And Related Expense 31,232 30,961 +0.9%
Show Business Segments breakouts
Federal Express segment · Operating Segments 25,091 24,606 +2.0%
FedEx Freight
Segment · Operating Segments 3,865 3,923 -1.5%
Show Consolidation Items breakouts
Corporate, Other, and Eliminations 2,276 2,432 -6.4%
Purchased Transportation Costs 21,768 20,921 +4.0%
Show Business Segments breakouts
Federal Express segment · Operating Segments 19,974 19,330 +3.3%
FedEx Freight
Segment · Operating Segments 807 877 -8.0%
Show Consolidation Items breakouts
Corporate, Other, and Eliminations 987 714 +38.2%
Rentals And Landing Fees 4,647 4,571 +1.7%
Show Business Segments breakouts
Federal Express segment · Operating Segments 3,939 3,863 +2.0%
FedEx Freight
Segment · Operating Segments 287 280 +2.5%
Show Consolidation Items breakouts
Corporate, Other, and Eliminations 421 428 -1.6%
Depreciation & Amortization 4,264 4,287 -0.5%
Show Business Segments breakouts
Federal Express segment · Operating Segments 3,722 3,754 -0.9%
FedEx Freight
Segment · Operating Segments 416 404 +3.0%
Show Consolidation Items breakouts
Corporate, Other, and Eliminations 126 129 -2.3%
Fuel Costs 3,775 4,710 -19.9%
Show Business Segments breakouts
Federal Express segment · Operating Segments 3,316 4,137 -19.8%
FedEx Freight
Segment · Operating Segments 457 571 -20.0%
Show Consolidation Items breakouts
Corporate, Other, and Eliminations 2 2 0.0%
Cost Of Property Repairs And Maintenance 3,245 3,291 -1.4%
Show Business Segments breakouts
Federal Express segment · Operating Segments 2,799 2,848 -1.7%
FedEx Freight
Segment · Operating Segments 332 330 +0.6%
Show Consolidation Items breakouts
Corporate, Other, and Eliminations 114 113 +0.9%
Asset Impairment Charges 21 157 -86.6%
Show Business Segments breakouts
Federal Express segment · Operating Segments 21 157 -86.6%
Business Optimization And Realignment Costs 756 582 +29.9%
Show Business Segments breakouts
Federal Express segment · Operating Segments 384 251 +53.0%
Show Consolidation Items breakouts
Corporate, Other, and Eliminations 372 331 +12.4%
Other Cost And Expense Operating 13,001 12,654 +2.7%
Show Business Segments breakouts
Federal Express segment · Operating Segments 11,964 11,582 +3.3%
FedEx Freight
Segment · Operating Segments 666 680 -2.1%
Show Consolidation Items breakouts
Corporate, Other, and Eliminations 371 392 -5.4%
Total Costs & Expenses 82,709 82,134 +0.7%
Show Business Segments breakouts
Federal Express segment · Operating Segments 70,419 69,844 +0.8%
FedEx Freight
Segment · Operating Segments 7,403 7,608 -2.7%
Show Consolidation Items breakouts
Corporate, Other, and Eliminations 4,887 4,682 +4.4%
Operating Income 5,217 5,559 -6.2%
Show Business Segments breakouts
Federal Express segment · Operating Segments 4,885 4,819 +1.4%
FedEx Freight
Segment · Operating Segments 1,489 1,821 -18.2%
Show Consolidation Items breakouts
Corporate, Other, and Eliminations -1,157 -1,081 -7.0%
Interest Expense -789 -745 -5.9%
Interest Income 363 370 -1.9%
Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component 713 722 -1.2%
Other Non-Operating Income (Expense) -63 -70 +10.0%
Non-Operating Income (Expense) 224 277 -19.1%
Income Before Taxes 5,441 5,836 -6.8%
Income Tax Expense (Benefit) 1,349 1,505 -10.4%
Net Income 4,092 4,331 -5.5%
Show Equity Components breakouts
Retained Earnings 4,092 4,331 -5.5%
EPS (Basic) 16.96 17.41 -2.6%
EPS (Diluted) 16.81 17.21 -2.3%
Comprehensive Income 4,089 4,299 -4.9%
Other Comprehensive Income -3 -32 +90.6%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -3 -32 +90.6%
Wtd Avg Shares (Basic) 241 248 -2.8%
Wtd Avg Shares (Diluted) 243 251 -3.2%
Net Income Loss Available To Common Stockholders Basic 4,087 4,325 -5.5%
Marketing And Advertising Expense 425 421 +1.0%
Professional And Contract Services Expense 38

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 5,502 6,501 -15.4%
Receivables Net Current 11,368 10,087 +12.7%
Spare Parts Supplies And Fuel Less Allowances 602 614 -2.0%
Prepaid Expenses & Other Current Assets 914 1,005 -9.1%
Total Current Assets 18,386 18,207 +1.0%
Non-Current Assets
Property, Plant & Equipment 41,642 41,491 +0.4%
Show Property Plant And Equipment By Type breakouts
Facilities and other 8,474 8,324 +1.8%
Information technology 1,568 1,722 -8.9%
Narrow-body and feeder aircraft and related equipment 1,750 1,849 -5.4%
Package handling and ground support equipment 7,573 7,607 -0.4%
Vehicles and trailers 4,075 4,053 +0.5%
Wide-body aircraft and related equipment 18,202 17,936 +1.5%
Operating Lease Right-of-Use Assets 16,453 17,115 -3.9%
Goodwill 6,603 6,423 +2.8%
Show Business Segments breakouts
Federal Express segment · Operating Segments 5,949 5,769 +3.1%
FedEx Freight
Segment · Operating Segments 638 638 0.0%
Show Consolidation Items breakouts
Corporate, Other, and Eliminations 16 16 0.0%
Other Non-Current Assets 4,543 3,771 +20.5%
Total Assets 87,627 87,007 +0.7%
Show Business Segments breakouts
Federal Express segment · Operating Segments 74,154 73,259 +1.2%
FedEx Freight
Segment · Operating Segments 12,899 11,615 +11.1%
Show Consolidation Items breakouts
Corporate, Other, and Eliminations 574 2,133 -73.1%
Intangible Assets 205 181 +13.3%
Show Finite Lived Intangible Assets By Major Class breakouts
Customer Relationships 126 165 -23.6%
Technology Based Intangible Assets 79 16 +393.8%
Deferred Tax Assets 1,116 1,313 -15.0%
Other Assets
Property Plant And Equipment Gross 87,622 84,391 +3.8%
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment 45,980 42,900 +7.2%
Other Long Term Assets Noncurrent Excluding Property And Equipment 27,599 27,309 +1.1%
Current Liabilities
Long Term Debt And Capital Lease Obligations Current 1,428 68 +2000.0%
Employee Related Liabilities Current 2,731 2,673 +2.2%
Accounts Payable 3,692 3,189 +15.8%
Operating Lease Liability Current 2,565 2,463 +4.1%
Accrued Liabilities 4,995 4,962 +0.7%
Total Current Liabilities 15,411 13,355 +15.4%
Deferred Revenue (Current) 23 23 0.0%
Non-Current Liabilities
Deferred Tax Liabilities 4,205 4,482 -6.2%
Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent 1,698 2,010 -15.5%
Self Insurance Reserve Noncurrent 4,033 3,701 +9.0%
Operating Lease Liabilities 14,272 15,053 -5.2%
Other Non-Current Liabilities 783 689 +13.6%
Liabilities Other Than Longterm Debt Noncurrent 24,991 25,935 -3.6%
Long-Term Debt 19,899
Show Debt Instrument breakouts
Euro Senior Unsecured Debt Due 2026 0.45% 569 542 +5.0%
Euro Senior Unsecured Debt Due 2027 1.625% 1,422 1,353 +5.1%
Euro Senior Unsecured Debt Due 2029 0.45% 679 647 +4.9%
Euro Senior Unsecured Debt Due 2032 1.30% 566 539 +5.0%
Euro Senior Unsecured Debt Due 2033 0.95% 734 699 +5.0%
Senior Secured Debt Due 2034 1.875% 729 780 -6.5%
Senior Unsecured Debt 19,170 18,992 +0.9%
Senior Unsecured Debt Due 2026 3.25% 749 748 +0.1%
Senior Unsecured Debt Due 2028 3.40% 498 498 0.0%
Senior Unsecured Debt Due 2029 4.20% 398 398 0.0%
Senior Unsecured Debt Due 2030 3.10-4.25% 1,738 1,739 -0.1%
Senior Unsecured Debt Due 2031 2.40% 992 992 0.0%
Senior Unsecured Debt Due 2034 4.90% 496 497 -0.2%
Senior Unsecured Debt Due 2035 3.90% 495 495 0.0%
Senior Unsecured Debt Due 2041 3.25% 740 740 0.0%
Senior Unsecured Debt Due 2043 3.875-4.10% 985 986 -0.1%
Senior Unsecured Debt Due 2044 5.10% 742 743 -0.1%
Senior Unsecured Debt Due 2045 4.10% 641 642 -0.2%
Senior Unsecured Debt Due 2046 4.55-4.75% 2,462 2,464 -0.1%
Senior Unsecured Debt Due 2047 4.40% 736 737 -0.1%
Senior Unsecured Debt Due 2048 4.05% 986 987 -0.1%
Senior Unsecured Debt Due 2049 4.95% 835 836 -0.1%
Senior Unsecured Debt Due 2050 5.25% 1,225 1,227 -0.2%
Senior Unsecured Debt Due 2065 4.50% 245 246 -0.4%
Senior Unsecured Debt Due 2098 7.60% 237 237 0.0%
Other Liabilities
Long Term Debt And Capital Lease Obligations 19,151 20,135 -4.9%
Stockholders' Equity
Common Stock 32 32 0.0%
Additional Paid In Capital Common Stock 4,290 3,988 +7.6%
Retained Earnings 41,402 38,649 +7.1%
Accumulated Other Comprehensive Income -1,362 -1,359 -0.2%
Treasury Stock Value -16,288 -13,728 -18.6%
Total Stockholders' Equity 28,074 27,582 +1.8%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment 58 63 -7.9%
Accumulated Other Comprehensive Income -1,362 -1,359 -0.2%
Accumulated Translation Adjustment -1,420 -1,422 +0.1%
Additional Paid In Capital 4,290 3,988 +7.6%
Common Stock 32 32 0.0%
Retained Earnings 41,402 38,649 +7.1%
Treasury Stock Common -16,288 -13,728 -18.6%
Total Liabilities & Equity 87,627 87,007 +0.7%
Aircraft And Related Equipment 31,584 30,525 +3.5%
Package Handling And Ground Support Equipment 18,878 17,880 +5.6%
Information Technology 9,706 9,203 +5.5%
Vehicles And Trailers 10,949 10,568 +3.6%
Facilities And Other 16,505 16,215 +1.8%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Provision For Doubtful Accounts 521 421 +23.8%
Other Non-Cash Items 3,156 2,919 +8.1%
Stock-Based Compensation 154 163 -5.5%
Retirement Plans Mark To Market Adjustment -515 -561 +8.2%
Business Optimization And Realignment Costs Net Of Payments 43 26 +65.4%
Increase Decrease In Receivables -1,780 -270 -559.3%
Increase Decrease In Other Current Assets 90 -43 +309.3%
Increase Decrease In Pension And Postretirement Healthcare Assets And Liabilities Net -553 -522 -5.9%
Increase Decrease In Accounts Payable And Other Operating Liabilities -2,445 -2,553 +4.2%
Increase Decrease In Other Operating Capital Net -12 -43 +72.1%
Net Cash from Operations 7,036 8,312 -15.4%
Deferred Income Taxes -47 -162 +71.0%
Investing Activities
Payments To Acquire Productive Assets -4,055 -5,176 +21.7%
Show Business Segments breakouts
Federal Express segment · Operating Segments -3,505 -4,591 +23.7%
FedEx Freight
Segment · Operating Segments -437 -461 +5.2%
Show Consolidation Items breakouts
Corporate, Other, and Eliminations -113 -124 +8.9%
Payments To Acquire Investments -262 -176 -48.9%
Proceeds From Sale Of Short Term Investments 110 38 +189.5%
Proceeds From Sale Of Property Plant And Equipment 115 114 +0.9%
Net Cash from Investing -4,092 -5,200 +21.3%
Financing Activities
Repayments Of Long Term Debt And Capital Securities -157 -147 -6.8%
Proceeds From Issuance Or Sale Of Equity 524 491 +6.7%
Payments Of Dividends -1,339 -1,259 -6.4%
Share Repurchases -3,017 -2,500 -20.7%
Show Share Repurchase Program breakouts
Accelerated Share Repurchase Agreement -3
Proceeds From Payments For Other Financing Activities -30 -11 -172.7%
Net Cash from Financing -4,019 -3,426 -17.3%
Supplemental
Income Taxes Paid 1,250 1,433 -12.8%
Interest Paid 814 744 +9.4%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations 76 -41 +285.4%
Net Change in Cash -999 -355 -181.4%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations 5,502 6,501 -15.4%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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