FedEx Corp FDX

IndustrialsFreight & Logistics ServicesUnited States of America

Last close 318.25 USD on Nov 2, 2026, +38.4% year to date

Quant rating

Quant rating B Rank 189 of 486 in Industrials

Growth D 434 of 486
Valuation C 205 of 486
Quality C 287 of 486
Revisions A 34 of 486
Momentum B 92 of 486

Wall Street consensus Buy (2.07)Average target 356.12 USD +11.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 74.5B
Enterprise value: 82.7B
52-week range: 201.31 – 345.00
3-year range: 159.50 – 345.00
Dividend yield: 1.56%
Beta (5 years): 1.28
Shares outstanding: 234M
Next earnings: Jan 28, 2027

About the company

FedEx Corp. provides customers and businesses worldwide with a portfolio of transportation, e-commerce, and business services. The Company's segments include Express U.S. Domestic and Express International. Express U.S. Domestic segment offers a range of United States domestic shipping services for packages and freight. It offers three overnight package delivery services (FedEx First Overnight, FedEx Priority Overnight, and FedEx Standard Overnight) and three deferred package delivery services (FedEx 2Day, FedEx 2Day AM, and FedEx Express Saver). It is also a provider of day-definite business and residential delivery services for packages weighing up to 150 pounds. Express International segment offers a range of shipping services for delivery of packages and freight. Its package services include a money-back guarantee. Its FedEx Logistics provides international trade services, specializing in customs brokerage, global ocean and air freight forwarding, and managed transportation.

Growth and profitability fiscal year ends May 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	94,720	87,926	87,693	90,155	93,512	–
Revenue growth	7.7%	0.3%	−2.7%	−3.6%	11.4%	2.4%
EPS (basic, normalized)	–	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	62.1%	62.0%	61.8%	60.3%	60.1%	61.3%
Net margin	4.7%	4.6%	4.9%	4.4%	4.1%	4.5%
ROE	14.8%	14.7%	16.1%	15.6%	15.6%	15.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	11,215
Current ratio	1.33x
Long-term debt (mil)	17,304
Net debt (mil)	8,140
Total equity (mil)	34,568
Net debt / equity	0.24x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	94,720	+7.7%	0.9x	–	–	–	–	–	–
2027	92,149	−2.7%	0.9x	9,857	–	8.4x	18.34	–	17.4x
2028	95,634	+3.8%	0.9x	10,761	+9.2%	7.7x	21.06	+14.8%	15.1x
2029	98,196	+2.7%	0.8x	11,593	+7.7%	7.1x	23.68	+12.4%	13.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	92,149	+1.0%	+0.1%	–	18.34	+3.6%	+2.1%	–
2028	95,634	+1.7%	+0.9%	–	21.06	+2.7%	+2.9%	–
2029	98,196	+1.5%	+0.8%	–	23.68	+4.0%	+6.9%	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Freight & Logistics Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
FDX FedEx Corp	74.5B	–	4.7%	2.15x	17.4x	15.1x	8.4x	7.7x
UNP Union Pacific Corporation	182.4B	2.19x	29.1%	8.29x	23.3x	21.3x	15.3x	14.2x
CP Canadian Pacific Kansas City Limited	79.6B	3.28x	27.5%	2.43x	25.0x	21.7x	16.7x	15.1x
CNR Canadian National Railway Co	76.1B	2.57x	27.3%	4.86x	21.6x	19.8x	14.1x	13.3x
CSX CSX Corporation	95.2B	2.70x	20.5%	6.62x	25.1x	22.1x	15.2x	13.9x
UPS United Parcel Service Inc	93.3B	1.60x	6.3%	6.20x	15.1x	13.6x	9.0x	8.3x
Mean		2.47x	19.2%	5.09x	21.2x	18.9x	13.1x	12.1x
Median		2.57x	23.9%	5.53x	22.4x	20.6x	14.6x	13.6x

Technical analysis

1M+9.6%
3M+3.9%
1Y+58.3%
3Y+69.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, FedEx Corp, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	94,720	87,926	87,693	90,155	93,512	83,959
Cost of revenue	35,885	33,435	33,493	35,794	37,317	32,039
Gross profit	58,835	54,491	54,200	54,361	56,195	51,920
Selling, general & administrative expenses	34,280	31,657	31,382	31,454	32,528	30,601
Research & development	–	–	–	–	–	–
Depreciation/amortization	4,369	4,264	4,287	4,176	3,970	3,793
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	1,154	865	682	461	278	509
Other operating expenses	13,575	12,488	12,290	13,358	13,174	11,553
Operating income	5,457	5,217	5,559	4,912	6,245	5,464
Net interest income (expense)	−533	−426	−375	−496	−636	−741
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	869	650	652	947	−713	1,951
Net income before taxes	5,793	5,441	5,836	5,363	4,896	6,674
Provision for taxes	1,360	1,349	1,505	1,391	1,070	1,722
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	4,433	4,092	4,331	3,972	3,826	4,952
Extraordinary items	–	–	–	–	0	279
Net income	4,433	4,092	4,331	3,972	3,826	5,231
EBIT, normalized	6,611	6,082	6,241	5,373	6,865	6,183
EBITDA, normalized	10,980	10,346	10,528	9,549	10,835	9,976
Basic EPS, normalized	–	–	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, FedEx Corp, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	13,311	5,502	6,501	6,856	6,897	7,087
Receivables	12,672	11,368	10,087	10,188	11,863	12,069
Total inventory	669	602	614	604	637	587
Prepaid expenses	1,251	914	1,005	962	968	837
Other current assets	0	0	0	0	0	0
Total current assets	27,903	18,386	18,207	18,610	20,365	20,580
Property, plant & equipment	58,866	58,095	58,606	58,045	54,704	51,135
Goodwill	6,733	6,603	6,423	6,435	6,544	6,992
Intangibles	153	205	181	234	301	322
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	5,282	4,338	3,590	3,819	4,080	3,748
Total assets	98,937	87,627	87,007	87,143	85,994	82,777
Liabilities
Accounts payable	4,327	3,692	3,189	3,848	4,030	3,841
Payable/accrued	–	–	–	–	–	–
Accrued expenses	12,164	10,291	10,098	9,612	10,162	9,673
Short-term debt	745	0	0	0	0	0
Current portion of long-term debt	1,676	1,428	68.0	126	82.0	146
Other current liabilities	0	0	0	0	0	0
Total current liabilities	18,912	15,411	13,355	13,586	14,274	13,660
Long-term debt	23,293	19,151	20,135	20,453	20,182	20,733
Minority interest	–	–	–	–	–	–
Other liabilities	25,085	24,991	25,935	27,016	26,599	24,216
Total liabilities	67,290	59,553	59,425	61,055	61,055	58,609
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	32.0	32.0	32.0	32.0	32.0	32.0
Additional paid-in capital	4,717	4,290	3,988	3,769	3,712	3,481
Retained earnings (accumulated deficit)	44,461	41,402	38,649	35,259	32,782	29,817
Treasury stock	−16,336	−16,288	−13,728	−11,645	−10,484	−8,430
Other equity	−1,227	−1,362	−1,359	−1,327	−1,103	−732
Total equity	31,647	28,074	27,582	26,088	24,939	24,168
Total liabilities & shareholders' equity	98,937	87,627	87,007	87,143	85,994	82,777

Cash flow statement in millions of USD, fiscal years

Cash flow statement, FedEx Corp, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	4,433	4,092	4,331	3,972	3,826	5,231
Depreciation, depletion & amortization	4,369	4,264	4,287	4,176	3,970	3,793
Deferred taxes	2,937	3,156	2,919	3,472	2,931	2,887
Non-cash items	530	−329	−316	−255	1,527	−221
Changes in working capital	−3,344	−4,147	−2,909	−2,517	−2,422	−1,555
Cash from operations	8,925	7,036	8,312	8,848	9,832	10,135
Investing activities
Capital expenditures	−3,809	−4,055	−5,176	−6,174	−6,763	−5,884
Other investing cash flows	−102	−37.0	−24.0	0	−53.0	−126
Cash from investing	−3,911	−4,092	−5,200	−6,174	−6,816	−6,010
Financing activities
Financing cash flow items	−55.0	−30.0	−11.0	1.0	−1.0	−38.0
Cash dividends paid	−1,374	−1,339	−1,259	−1,177	−793	−686
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	4,178	−2,650	−2,156	−1,421	−2,225	−1,366
Cash from financing	2,749	−4,019	−3,426	−2,597	−3,019	−2,090
Foreign exchange effects	46.0	76.0	−41.0	−118	−187	171
Net change in cash	7,809	−999	−355	−41.0	−190	2,206
Free cash flow	5,116	2,981	3,136	2,674	3,069	4,251

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.