Recent News
On January 5, 2026 FedEx implemented its 2026 rate changes across services, including revised surcharges. On January 30, 2026 the company announced additional network optimization actions and staff reductions tied to transformation programs. On February 12, 2026 management outlined a strategy aimed at materially increasing operating income through efficiency measures. On February 16, 2026 the company posted regulatory alerts affecting certain cross-border and customs procedures.
Technical Analysis
Directional indicators show a very strong trend in place: ADX at 56.5 signals high trend strength while DI+ at 31.71 decreasing and DI- at 8.22 with a dip-and-reversal both point to a bearish directional tilt within that strong trend.
MACD sits at 15.61 and trends decreasing with the MACD signal at 17.19, indicating bearish momentum and no bullish MACD cross at present.
Price sits above most moving averages: close $384.09 exceeds the 20-day average $382.54, 50-day average $335.22 and 200-day average $262.57; the 12-day EMA is rising, showing shorter-term upward pressure even as momentum indicators cool. The lower SuperTrend at $369.33 provides a near-term support reference.
MRO at 32.81 (positive and increasing) implies the current price stands above the model target and carries downward potential, aligning with a price that may mean-revert. RSI at 72.97 and decreasing flags an overbought condition easing lower, consistent with the other momentum signals.
Fundamental Analysis
Revenue totaled $23,469,000,000 with reported revenue growth of 5.51%. Quarterly revenue growth shows a strong jump QoQ of 49.99% while the provided year-over-year figure reads 206.29% (both values supplied). Cash flow from operations reached $1,951,000,000 with free cash flow $1,194,000,000 and a free cash flow yield of 1.96% (slightly below the industry peer mean of 2.27%).
Operating income (EBIT) totaled $1,621,000,000, producing an EBIT margin of 6.91%, which sits below the industry peer mean of 8.63% and below the peer median of 8.79%; EBIT margin improved QoQ by 18.37% and YoY by 10.11%.
Earnings per share came in at $4.82 versus an estimate of $4.11, an EPS surprise of 17.28%. Forward EPS stands at $5.42 with a forward P/E near 47.12. Trailing P/E reads 53.73 and price-to-book near 2.16; the stock’s market capitalization reached $60,860,180,150 while enterprise value stands at $92,056,180,150.
Leverage remains notable: total debt $37,766,000,000 and net debt $14,625,000,000. Debt-to-assets equals 42.35% and debt-to-equity equals 134.21%. Interest coverage remains healthy at 16.89x, supporting serviceability despite elevated leverage levels. Return on equity sits at 3.40% with return on assets 1.08% while operating margin improvements support operating leverage of 4.52x. WMDST values the stock as fair-valued based on these inputs.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-11-30 |
| REPORT DATE: | 2025-12-18 |
| NEXT REPORT DATE: | 2026-03-19 |
| CASH FLOW | Begin Period Cash Flow | $ 6.2 B |
| Operating Cash Flow | $ 2.0 B | |
| Capital Expenditures | $ -757.00 M | |
| Change In Working Capital | $ -1.18 B | |
| Dividends Paid | $ -342.00 M | |
| Cash Flow Delta | $ 404.0 M | |
| End Period Cash Flow | $ 6.6 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 23.5 B | |
| Forward Revenue | $ 7.8 B | |
| COSTS | ||
| Cost Of Revenue | $ 18.3 B | |
| Depreciation | $ 1.1 B | |
| Depreciation and Amortization | $ 1.1 B | |
| Research and Development | — | |
| Total Operating Expenses | $ 21.8 B | |
| PROFITABILITY | ||
| Gross Profit | $ 5.1 B | |
| EBITDA | $ 2.7 B | |
| EBIT | $ 1.6 B | |
| Operating Income | $ 1.6 B | |
| Interest Income | $ -135.00 M | |
| Interest Expense | — | |
| Net Interest Income | $ -135.00 M | |
| Income Before Tax | $ 1.3 B | |
| Tax Provision | $ 333.0 M | |
| Tax Rate | 25.8 % | |
| Net Income | $ 956.0 M | |
| Net Income From Continuing Operations | $ 956.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 4.11 | |
| EPS Actual | $ 4.82 | |
| EPS Difference | $ 0.71 | |
| EPS Surprise | 17.275 % | |
| Forward EPS | $ 5.42 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 89.2 B | |
| Intangible Assets | $ 6.6 B | |
| Net Tangible Assets | $ 21.5 B | |
| Total Current Assets | $ 20.7 B | |
| Cash and Short-Term Investments | $ 6.6 B | |
| Cash | $ 6.6 B | |
| Net Receivables | $ 12.2 B | |
| Inventory | $ 631.0 M | |
| Long-Term Investments | $ 4.4 B | |
| LIABILITIES | ||
| Accounts Payable | $ 4.7 B | |
| Short-Term Debt | $ 901.0 M | |
| Total Current Liabilities | $ 16.2 B | |
| Net Debt | $ 14.6 B | |
| Total Debt | $ 37.8 B | |
| Total Liabilities | $ 61.0 B | |
| EQUITY | ||
| Total Equity | $ 28.1 B | |
| Retained Earnings | $ 42.2 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 119.74 | |
| Shares Outstanding | 235.000 M | |
| Revenue Per-Share | $ 99.87 | |
| VALUATION | Market Capitalization | $ 60.9 B |
| Enterprise Value | $ 92.1 B | |
| Enterprise Multiple | 34.234 | |
| Enterprise Multiple QoQ | -4.1 % | |
| Enterprise Multiple YoY | 32.631 % | |
| Enterprise Multiple IPRWA | high: 115.89 mean: 50.34 FDX: 34.234 median: 29.766 low: 2.046 |
|
| EV/R | 3.922 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 3.169 | |
| Asset To Liability | 1.461 | |
| Debt To Capital | 0.573 | |
| Debt To Assets | 0.423 | |
| Debt To Assets QoQ | -1.222 % | |
| Debt To Assets YoY | 6010.823 % | |
| Debt To Assets IPRWA | high: 0.554 FDX: 0.423 median: 0.391 mean: 0.33 low: 0.033 |
|
| Debt To Equity | 1.342 | |
| Debt To Equity QoQ | -1.676 % | |
| Debt To Equity YoY | 5899.464 % | |
| Debt To Equity IPRWA | high: 2.844 median: 1.762 mean: 1.354 FDX: 1.342 low: 0.043 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.163 | |
| Price To Book QoQ | 12.103 % | |
| Price To Book YoY | -15.148 % | |
| Price To Book IPRWA | high: 10.221 mean: 6.308 median: 5.223 FDX: 2.163 low: 0.232 |
|
| Price To Earnings (P/E) | 53.73 | |
| Price To Earnings QoQ | -9.372 % | |
| Price To Earnings YoY | -22.289 % | |
| Price To Earnings IPRWA | high: 219.55 mean: 80.681 FDX: 53.73 median: 38.512 low: -140.344 |
|
| PE/G Ratio | 2.079 | |
| Price To Sales (P/S) | 2.593 | |
| Price To Sales QoQ | 7.663 % | |
| Price To Sales YoY | -15.536 % | |
| Price To Sales IPRWA | high: 8.459 mean: 4.652 median: 3.462 FDX: 2.593 low: 0.815 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 47.12 | |
| Forward PE/G | 1.823 | |
| Forward P/S | 7.985 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 4.519 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.264 | |
| Asset Turnover Ratio QoQ | 4.586 % | |
| Asset Turnover Ratio YoY | 3.586 % | |
| Asset Turnover Ratio IPRWA | high: 0.761 mean: 0.416 median: 0.339 FDX: 0.264 low: 0.008 |
|
| Receivables Turnover | 1.983 | |
| Receivables Turnover Ratio QoQ | 1.982 % | |
| Receivables Turnover Ratio YoY | -5.013 % | |
| Receivables Turnover Ratio IPRWA | high: 2.589 median: 2.312 mean: 2.063 FDX: 1.983 low: 1.171 |
|
| Inventory Turnover | 29.696 | |
| Inventory Turnover Ratio QoQ | 2.031 % | |
| Inventory Turnover Ratio YoY | 5.116 % | |
| Inventory Turnover Ratio IPRWA | FDX: 29.696 high: 13.044 mean: 5.533 median: 5.004 low: 0.89 |
|
| Days Sales Outstanding (DSO) | 46.025 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 26.132 | |
| Cash Conversion Cycle Days QoQ | -9.379 % | |
| Cash Conversion Cycle Days YoY | -2.26 % | |
| Cash Conversion Cycle Days IPRWA | high: 116.203 FDX: 26.132 median: 25.694 mean: 24.974 low: -61.123 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 5.287 | |
| CapEx To Revenue | -0.032 | |
| CapEx To Depreciation | -0.709 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 48.4 B | |
| Net Invested Capital | $ 49.3 B | |
| Invested Capital | $ 49.3 B | |
| Net Tangible Assets | $ 21.5 B | |
| Net Working Capital | $ 4.4 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.405 | |
| Current Ratio | 1.274 | |
| Current Ratio QoQ | 2.224 % | |
| Current Ratio YoY | 3.449 % | |
| Current Ratio IPRWA | high: 1.812 FDX: 1.274 mean: 1.265 median: 1.219 low: 0.829 |
|
| Quick Ratio | 1.235 | |
| Quick Ratio QoQ | 2.295 % | |
| Quick Ratio YoY | 3.924 % | |
| Quick Ratio IPRWA | high: 21.528 FDX: 1.235 median: 1.172 mean: 1.111 low: 0.57 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 14.045 | |
| Cost Of Debt | 0.188 % | |
| Interest Coverage Ratio | 16.885 | |
| Interest Coverage Ratio QoQ | 24.884 % | |
| Interest Coverage Ratio YoY | 17.634 % | |
| Interest Coverage Ratio IPRWA | high: 24.425 FDX: 16.885 median: 9.917 mean: 9.646 low: -7.955 |
|
| Operating Cash Flow Ratio | 0.111 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 23.104 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 2.795 | |
| Dividend Payout Ratio | 0.358 | |
| Dividend Rate | $ 1.46 | |
| Dividend Yield | 0.006 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.865 % | |
| Revenue Growth | 5.507 % | |
| Revenue Growth QoQ | 4999.074 % | |
| Revenue Growth YoY | 206.285 % | |
| Revenue Growth IPRWA | high: 18.902 % mean: 5.794 % FDX: 5.507 % median: 1.432 % low: -7.198 % |
|
| Earnings Growth | 25.849 % | |
| Earnings Growth QoQ | -170.046 % | |
| Earnings Growth YoY | 106.792 % | |
| Earnings Growth IPRWA | high: 88.889 % FDX: 25.849 % mean: 13.028 % median: 0.56 % low: -75.342 % |
|
| MARGINS | ||
| Gross Margin | 21.867 % | |
| Gross Margin QoQ | 3.625 % | |
| Gross Margin YoY | 4.903 % | |
| Gross Margin IPRWA | high: 30.222 % FDX: 21.867 % median: 19.987 % mean: 16.308 % low: 5.091 % |
|
| EBIT Margin | 6.907 % | |
| EBIT Margin QoQ | 18.372 % | |
| EBIT Margin YoY | 10.107 % | |
| EBIT Margin IPRWA | high: 10.777 % median: 8.786 % mean: 8.627 % FDX: 6.907 % low: -2.859 % |
|
| Return On Sales (ROS) | 6.907 % | |
| Return On Sales QoQ | 18.372 % | |
| Return On Sales YoY | 10.107 % | |
| Return On Sales IPRWA | high: 10.519 % median: 9.099 % mean: 8.649 % FDX: 6.907 % low: -7.05 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 1.2 B | |
| Free Cash Flow Yield | 1.962 % | |
| Free Cash Flow Yield QoQ | -3.824 % | |
| Free Cash Flow Yield YoY | 164.777 % | |
| Free Cash Flow Yield IPRWA | high: 4.561 % median: 3.051 % mean: 2.266 % FDX: 1.962 % low: -2.947 % |
|
| Free Cash Growth | 9.241 % | |
| Free Cash Growth QoQ | 105.675 % | |
| Free Cash Growth YoY | -51.486 % | |
| Free Cash Growth IPRWA | high: 585.318 % median: 42.073 % FDX: 9.241 % mean: 8.753 % low: -504.706 % |
|
| Free Cash To Net Income | 1.249 | |
| Cash Flow Margin | 7.648 % | |
| Cash Flow To Earnings | 1.878 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.077 % | |
| Return On Assets QoQ | 15.064 % | |
| Return On Assets YoY | 25.087 % | |
| Return On Assets IPRWA | high: 4.15 % median: 2.479 % mean: 2.312 % FDX: 1.077 % low: -3.396 % |
|
| Return On Capital Employed (ROCE) | 2.222 % | |
| Return On Equity (ROE) | 0.034 | |
| Return On Equity QoQ | 14.493 % | |
| Return On Equity YoY | 21.321 % | |
| Return On Equity IPRWA | high: 0.11 median: 0.085 mean: 0.082 FDX: 0.034 low: -0.194 |
|
| DuPont ROE | 3.419 % | |
| Return On Invested Capital (ROIC) | 2.438 % | |
| Return On Invested Capital QoQ | 26.452 % | |
| Return On Invested Capital YoY | -110.397 % | |
| Return On Invested Capital IPRWA | high: 8.168 % median: 4.936 % mean: 4.57 % FDX: 2.438 % low: -1.948 % |
|