FedEx Cash Flow Statement

Financials in millions USD. Fiscal year is June - May.

Millions USD. Fiscal year is Jun - May.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Nov '25 Nov 30, 2025	May '25 May 31, 2025	May '24 May 31, 2024	May '23 May 31, 2023	May '22 May 31, 2022	May '21 May 31, 2021
Net Income	4,337	4,092	4,331	3,972	3,826	5,231
Depreciation & Amortization	4,283	4,264	4,287	4,176	3,970	3,793
Asset Writedown & Restructuring Costs	-191	64	183	140	53	102
Stock-Based Compensation	169	154	163	182	190	200
Provision & Write-off of Bad Debts	740	521	421	696	403	577
Other Operating Activities	2,635	2,641	2,358	2,822	4,509	2,104
Change in Accounts Receivable	-2,016	-1,780	-270	782	-310	-1,389
Change in Accounts Payable	-1,083	-2,445	-2,553	-3,331	-1,861	71
Change in Other Net Operating Assets	-676	-475	-608	-591	-948	-554
Operating Cash Flow	8,198	7,036	8,312	8,848	9,832	10,135
Operating Cash Flow Growth	20.33%	-15.35%	-6.06%	-10.01%	-2.99%	98.84%
Capital Expenditures	-3,850	-4,055	-5,176	-6,174	-6,763	-5,884
Sale of Property, Plant & Equipment	130	115	114	84	94	102
Cash Acquisitions	-	-	-	-	-	-228
Investment in Securities	-246	-152	-138	-84	-147	-
Investing Cash Flow	-3,966	-4,092	-5,200	-6,174	-6,816	-6,010
Long-Term Debt Issued	-	-	-	-	-	4,212
Long-Term Debt Repaid	-	-157	-147	-152	-161	-6,318
Net Debt Issued (Repaid)	240	-157	-147	-152	-161	-2,106
Issuance of Common Stock	134	524	491	231	184	740
Repurchase of Common Stock	-1,793	-3,017	-2,500	-1,500	-2,248	-
Common Dividends Paid	-1,350	-1,339	-1,259	-1,177	-793	-686
Other Financing Activities	-33	-30	-11	1	-1	-38
Financing Cash Flow	-2,802	-4,019	-3,426	-2,597	-3,019	-2,090
Foreign Exchange Rate Adjustments	111	76	-41	-118	-187	171
Net Cash Flow	1,541	-999	-355	-41	-190	2,206
Free Cash Flow	4,348	2,981	3,136	2,674	3,069	4,251
Free Cash Flow Growth	64.26%	-4.94%	17.28%	-12.87%	-27.81%	-
Free Cash Flow Margin	4.83%	3.39%	3.58%	2.97%	3.28%	5.06%
Free Cash Flow Per Share	18.23	12.27	12.49	10.45	11.54	15.86
Cash Interest Paid	856	814	744	694	695	819
Cash Income Tax Paid	1,500	1,250	1,433	1,043	177	1,319
Levered Free Cash Flow	4,642	3,495	2,737	3,082	1,058	3,531
Unlevered Free Cash Flow	5,178	3,988	3,203	3,516	1,488	4,027
Change in Working Capital	-3,775	-4,700	-3,431	-3,140	-3,119	-1,872

Source: S&P Global Market Intelligence. Standard template. Financial Sources.