At a glance
FedEx Corporation is worth $74.53B, about 17 times its fiscal 2026 earnings. Revenue grew 7.7% to $94.72B in fiscal 2026, with 4.7% kept as profit; over 5 years it has grown 2.4% a year. It pays a 1.68% dividend yield, and returned $16.00B to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +57.9% over the past year with dividends reinvested and +13.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 44.8% in the 2020 crash (S&P 500: 33.7%) and 45.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 10 months after the lows.
The business in plain English
FedEx moves packages and freight for businesses and households in more than 220 countries and territories, earning fees for each shipment. Federal Express sells overnight and two-day air delivery, same-day service, and ground and home delivery for packages up to 150 pounds. It also offers a lower-cost service for less urgent packages that businesses send to homes. FedEx Logistics handles customs clearance and books ocean and air cargo space. As of May 31, 2026, the network had about 700 aircraft, the world's largest all-cargo fleet, and over 180,000 vehicles. Its main hub is in Memphis, Tennessee.
In the fiscal year ended May 31, 2026, revenue was $94.7 billion. The Federal Express segment produced about 87% of it and FedEx Freight about 9%. FedEx Freight is a less-than-truckload carrier: it combines shipments from many customers on each truck, for loads too big for parcel delivery but too small to fill a trailer. About 28% of revenue came from international operations and the rest from the U.S.
The company changed shape on June 1, 2026. That day FedEx spun off FedEx Freight: shareholders received one Freight share for every two FedEx shares, and FedEx kept a 19.9% stake. From then on, FedEx reports two segments, Express U.S. Domestic and Express International, and its fiscal year ends December 31 instead of May 31.
Price history
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FDX +57.9% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Federal Express segment | $82.27B | 86.9% |
| FedEx Freight Segment | $8.79B | 9.3% |
By geography
| U.S. Pension Plans | $67.94B | 71.7% |
| International: | $26.78B | 28.3% |
Latest results
- In Q1 FY2027 (ended Sep 30, 2026), revenue was $22.86B, up 11.9% from a year earlier, and net income was $290.0M (-68.5%).
- For fiscal 2026, revenue was $94.72B (+7.7% year over year; +2.4% a year from FY2021 to FY2026) with a 4.7% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +2.4% watch |
|---|---|
| Operating margin | 5.8% watch |
| Free cash flow margin | 5.4% watch |
| Return on equity (FY2026) | 14% watch |
| Return on assets (FY2026) | 4.5% watch |
| Net cash (cash minus debt) | $-8.14B watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $83.96B | $5.23B | $4.25B |
| FY2022 | $93.51B | $3.83B | $3.07B |
| FY2023 | $90.16B | $3.97B | $2.67B |
| FY2024 | $87.69B | $4.33B | $3.14B |
| FY2025 | $87.93B | $4.09B | $2.98B |
| FY2026 | $94.72B | $4.43B | $5.12B |
Valuation snapshot
| Market value | $74.53B |
|---|---|
| P/E ratio | 17.2 |
| Dividend yield | 1.68% |
Rank among 1514 US companies
Market value at each year end
FedEx’s market value went from $49.62B at the end of 2016 to $74.53B on Nov 2, 2026, up 50%; since the end of 2025 it is up 10%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $74.53B | +9.7% |
| 2025 | $67.92B | +0.2% |
| 2024 | $67.76B | +7.2% |
| 2023 | $63.22B | +44.6% |
| 2022 | $43.72B | -36.2% |
| 2021 | $68.53B | -0.4% |
| 2020 | $68.82B | +74.3% |
| 2019 | $39.48B | -6.2% |
| 2018 | $42.11B | -37.0% |
| 2017 | $66.85B | +34.7% |
| 2016 | $49.62B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FDX price data to Nov 2, 2026 | +38.0% | +57.9% | +19.2% | +13.0% | +10.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +38.0% |
| 2025 | +5.1% |
| 2024 | +13.5% |
| 2023 | +49.1% |
| 2022 | -31.7% |
| 2021 | +0.7% |
| 2020 | +74.3% |
| 2019 | -4.8% |
| 2018 | -34.7% |
| 2017 | +35.2% |
| 2016 | +26.1% |
| 2015 | -13.7% |
| 2014 | +21.4% |
| 2013 | +57.6% |
| 2012 | +10.5% |
| 2011 | -9.7% |
| 2010 | +12.1% |
| 2009 | +31.1% |
| 2008 | -27.7% |
| 2007 | -17.6% |
| 2006 | +5.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 67.7% over that stretch · deepest drop along the way 67.8%, back to its old high 46.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 30.3% over that stretch · deepest drop along the way 44.8%, back to its old high 4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 40.1% over that stretch · deepest drop along the way 45.3%, back to its old high 9.5 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (24 read): 0 open-market purchases and 7 sales ($18.4M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 30, 2026 | Tracy B Brightman EVP - Chief People Officer | sell | $7.3M |
| Apr 15, 2026 | Tracy B Brightman EVP - Chief People Officer | sell | $3.3M |
| Apr 15, 2026 | Susan C Schwab Director | sell | $2.1M |
| Apr 15, 2026 | Tracy B Brightman EVP - Chief People Officer | sell | $1.9M |
| Jun 30, 2026 | Paul S Walsh Director | sell | $1.6M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 6.75% | Mar 31, 2026 |
| PRIMECAP MANAGEMENT CO/CA/ | 4.98% | Mar 31, 2025 |
| Dodge & Cox | 4.2% | Mar 31, 2026 |
ETFs with the most weight in FDX
| IYT iShares US Transportation ETF | 4.24% |
| SUPL ProShares Supply Chain Logistics ETF | 3.93% |
| FTXR First Trust Nasdaq Transportation ETF | 3.8% |
| SHPP Pacer Industrials and Logistics ETF | 3.37% |
| SEA U.S. Global Sea to Sky Cargo ETF | 2.84% |
| PVAL Putnam Focused Large Cap Value ETF | 2.22% |
| BUSA Brandes U.S. Value ETF | 1.75% |
| RSPN Invesco S&P 500 Equal Weight Industrials ETF | 1.17% |
What could go wrong
- Network overhaul could run late or over budget. FedEx is consolidating U.S. sorting sites under Network 2.0, expected to finish by the end of calendar 2027, and redesigning its international air network. Delays or overruns could hurt profits and its calendar 2029 targets.
- Freight spin-off may disappoint or bring taxes. Separating FedEx Freight on June 1, 2026 may not deliver the hoped-for benefits. FedEx also warns the spin-off could create a substantial tax bill for the company and its shareholders.
- Contractor delivery model faces legal challenge. Federal Express pays about 5,300 small businesses to handle some pickup, delivery and long-haul trucking. People are challenging whether those firms are the drivers' only employers. If FedEx is deemed an employer, costs could rise.
- Tariffs and trade fights can shrink volumes. About 28% of fiscal 2026 revenue was international. U.S. tariffs on many imports, and other countries' responses, can cut the goods shipped across borders and raise FedEx's costs.
- Slow economies hit a high-fixed-cost network. Volumes track how many goods people and businesses buy. Planes and hubs cost much the same whether full or not, so profits suffer when demand drops. Weaker U.S. imports since late 2022 have lowered volumes.
- Fuel price swings can squeeze margins. Profits depend on the price and supply of jet and vehicle fuel. FedEx adds fuel surcharges to customer bills, but sharp price jumps or trouble collecting surcharges can squeeze margins.
Recent events
- Quarterly results released
- Executive or board change
- Shareholder vote results; Other company announcement
- Other company announcement
- Executive or board change
- Quarterly results released
- Other company announcement
- Other company announcement
- Quarterly results released
- Executive or board change
For income and retirement investors
FedEx pays a modest dividend. The yield was 1.75% as of October 28, 2026. Dividends per share rose from $2.60 in fiscal 2021 to $5.80 in fiscal 2026, about 17.4% a year on average. The yearly figures were uneven, though, so the streak of back-to-back increases stood at two years. The fiscal 2026 dividend took 31% of earnings and about 27% of free cash flow (the cash left after capital spending). Buybacks were bigger: $10.1 billion over fiscal 2022–2026, against $5.9 billion in dividends, though they slowed to $796 million in fiscal 2026. The share count fell 11.6% from December 2021 to October 2026.
The shares fell hard in past downturns. They dropped 67.8% in the 2008 financial crisis and did not recover until February 2013. They fell 44.8% in the 2020 COVID crash and recovered in about four months. In the 2022 bear market they fell 45.3% and recovered by July 2023. A single stock like FedEx carries more risk than a diversified fund.
Questions investors ask
How does FedEx make money?
FedEx makes money by charging to deliver packages and freight. In the fiscal year ended May 31, 2026, revenue was $94.7 billion. The Federal Express segment produced about 87% of it. That segment covers overnight, two-day, ground and home delivery in more than 220 countries and territories. FedEx Freight, a less-than-truckload trucking business, added about 9% before it was spun off on June 1, 2026. About 28% of revenue came from international operations. Net income was $4.4 billion, or 4.7% of revenue.
Does FedEx raise its dividend every year?
Not in an unbroken line. Dividends per share grew from $2.60 in fiscal 2021 to $5.80 in fiscal 2026 (years ended May 31), about 17.4% a year on average. The yearly per-share figures were uneven, though, so the streak of back-to-back increases stood at two years. Total cash paid as dividends rose every year, from $686 million in fiscal 2021 to $1.37 billion in fiscal 2026. The dividend took 31% of fiscal 2026 earnings.
What did FedEx shareholders get in the FedEx Freight spin-off?
They received one FedEx Freight share for every two FedEx shares held at the close of business on May 15, 2026. The new shares were handed out on June 1, 2026. FedEx gave out 80.1% of FedEx Freight Holding's stock and kept 19.9%. Freight is a less-than-truckload business, so many customers' shipments share each truck. It brought in about 9% of FedEx's fiscal 2026 revenue. FedEx warns the spin-off could create a substantial tax bill for the company and its shareholders.
What is FedEx's P/E ratio?
FedEx traded at 16.4 times its fiscal 2026 earnings as of October 28, 2026. The P/E ratio is the share price divided by a year's profit per share. This one used earnings of $18.55 per share for the year ended May 31, 2026. Those earnings still included FedEx Freight, which was spun off on June 1, 2026. So the ratio compares the share price after the spin-off with profits from before it. FedEx's market value was about $71.3 billion.
How much debt does FedEx have?
FedEx had $19.4 billion of total debt as of September 30, 2026, against $11.2 billion of cash and investments, so debt exceeded cash by about $8.1 billion. Shareholders' equity was $34.6 billion. FedEx calls its business capital intensive. It spends heavily on aircraft, vehicles and facilities based on projected shipping volumes. Its high fixed costs make it hard to adjust quickly when volumes change.