FedEx Corporation (FDX) FY2025 Annual Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2024-06-01 to 2025-05-31

Swipe to see the full flow
FedEx Corporation cash flow reconciliation, Jun 1, 2024 through May 31, 2025One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash, including disposal groups and discontinued operations. Intermediate calculation bars are lighter gray. Net income is green for profit and red for loss. Identified asset purchases, sales and maturities are blue in either cash direction. Purple identifies capital transactions such as borrowing, repayments, share issuance and dividends. Free cash flow is a separate comparison, not an added cash flow. Read chart description and values below for full signed amounts, including zero items.Net income → Net cash from operating activities: $4,092,000,000.00Depreciation and amortization → Operating adjustments reconciliation: $4,264,000,000.00Other noncash items including leases and deferred income taxes → Operating adjustments reconciliation: $3,156,000,000.00Provision for uncollectible accounts → Operating adjustments reconciliation: $521,000,000.00Stock-based compensation → Operating adjustments reconciliation: $154,000,000.00Other current assets → Operating adjustments reconciliation: $90,000,000.00Business optimization and realignment costs, net of payments → Operating adjustments reconciliation: $43,000,000.00Goodwill and other asset impairment charges → Operating adjustments reconciliation: $21,000,000.00Operating adjustments reconciliation → Net cash from operating activities: $2,944,000,000.00Operating adjustments reconciliation → Accounts payable and other liabilities: $2,445,000,000.00Operating adjustments reconciliation → Receivables: $1,780,000,000.00Operating adjustments reconciliation → Pension and postretirement healthcare assets and liabilities, net: $553,000,000.00Operating adjustments reconciliation → Retirement plans mark-to-market adjustments: $515,000,000.00Operating adjustments reconciliation → Other, net: $12,000,000.00Proceeds from asset dispositions, and other investing activities, net → investing reconciliation: $115,000,000.00Proceeds from sale of investments → investing reconciliation: $110,000,000.00investing reconciliation → Capital expenditures: $4,055,000,000.00investing reconciliation → Purchase of investments: $262,000,000.00Net cash used in financing activities → financing reconciliation: $4,019,000,000.00Proceeds from stock issuances → financing reconciliation: $524,000,000.00financing reconciliation → Purchase of common stock: $3,017,000,000.00financing reconciliation → Dividends paid: $1,339,000,000.00financing reconciliation → Principal payments on debt: $157,000,000.00financing reconciliation → Other, net: $30,000,000.00Net cash used in investing activities → investing reconciliation: $4,092,000,000.00Exchange-rate effect → Cash sources and uses: $76,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash, including disposal groups and discontinued operations → Cash sources and uses: $6,501,000,000.00Net cash from operating activities → Cash sources and uses: $7,036,000,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash, including disposal groups and discontinued operations: $5,502,000,000.00Cash sources and uses → Net cash used in investing activities: $4,092,000,000.00Cash sources and uses → Net cash used in financing activities: $4,019,000,000.00Other, net: -$12,000,000.00Other working capital, net−$12.00 MBusiness optimization and realignment costs, net of payments: $43,000,000.00Optimization & realignment, net+$43.00 MOther noncash items including leases and deferred income taxes: $3,156,000,000.00Other non-cash items+$3.16 BOther current assets: $90,000,000.00Other current assets+$90.00 MReceivables: -$1,780,000,000.00Receivables, net−$1.78 BAccounts payable and other liabilities: -$2,445,000,000.00Payables & other liabilities−$2.45 BProvision for uncollectible accounts: $521,000,000.00Credit loss provision+$521.00 MNet income: $4,092,000,000.00Net income+$4.09 BGoodwill and other asset impairment charges: $21,000,000.00Asset impairments+$21.00 MPension and postretirement healthcare assets and liabilities, net: -$553,000,000.00Pension & retiree health, net−$553.00 MRetirement plans mark-to-market adjustments: -$515,000,000.00Retirement plans mark-to-market−$515.00 MDepreciation and amortization: $4,264,000,000.00Depreciation & amortization+$4.26 BStock-based compensation: $154,000,000.00Stock-based compensation+$154.00 MNet cash from operating activities: $7,036,000,000.00Operating cash+$7.04 BOperating adjustments reconciliation: $8,249,000,000.00Principal payments on debt: -$157,000,000.00Debt & capital securities repaid−$157.00 MProceeds from stock issuances: $524,000,000.00Equity issued+$524.00 MDividends paid: -$1,339,000,000.00Dividends paid−$1.34 BPurchase of common stock: -$3,017,000,000.00Common stock repurchases−$3.02 BOther, net: -$30,000,000.00Other financing, net−$30.00 MNet cash used in financing activities: -$4,019,000,000.00. Cash required to fund net payments.Financing cash−$4.02 Bfinancing reconciliation: $4,543,000,000.00Capital expenditures: -$4,055,000,000.00Capital expenditures−$4.06 BProceeds from sale of investments: $110,000,000.00Short-term investment sales+$110.00 MPurchase of investments: -$262,000,000.00Investment purchases−$262.00 MProceeds from asset dispositions, and other investing activities, net: $115,000,000.00PP&E sales+$115.00 MNet cash used in investing activities: -$4,092,000,000.00. Cash required to fund net payments.Investing cash−$4.09 Binvesting reconciliation: $4,317,000,000.00Cash sources and uses: $13,613,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash, including disposal groups and discontinued operations: $6,501,000,000.00Beginning cash$6.50 BEnding cash: Cash, cash equivalents, and restricted cash, including disposal groups and discontinued operations: $5,502,000,000.00Ending cash$5.50 BExchange-rate effect: $76,000,000.00FX effect+$76.00 MCASH RECONCILIATIONOperatingflowsInvestingflowsFinancingflowsFree cash flow$2.98 BOperating cash − cash spent on productive assetsCash flow / Net income1.72×Operating cash flow ÷ net incomeNet cash change−$999.00 MEnding cash − beginning cash
Chart details

FedEx Corporation cash flow reconciliation, Jun 1, 2024 through May 31, 2025

Cash flows for Jun 1, 2024 through May 31, 2025. Cash basis: Cash, cash equivalents, and restricted cash, including disposal groups and discontinued operations. Beginning cash: May 31, 2024. Ending cash: May 31, 2025. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on May 31, 2024
6,501,000,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash, including disposal groups and discontinued operations
Operating activities
7,036,000,000 US dollars. Net cash provided.
Net income
4,092,000,000 US dollars
Other, net
negative 12,000,000 US dollars
Business optimization and realignment costs, net of payments
43,000,000 US dollars
Other noncash items including leases and deferred income taxes
3,156,000,000 US dollars
Other current assets
90,000,000 US dollars
Receivables
negative 1,780,000,000 US dollars
Accounts payable and other liabilities
negative 2,445,000,000 US dollars
Provision for uncollectible accounts
521,000,000 US dollars
Goodwill and other asset impairment charges
21,000,000 US dollars
Pension and postretirement healthcare assets and liabilities, net
negative 553,000,000 US dollars
Retirement plans mark-to-market adjustments
negative 515,000,000 US dollars
Depreciation and amortization
4,264,000,000 US dollars
Stock-based compensation
154,000,000 US dollars
Investing activities
negative 4,092,000,000 US dollars. Net cash used.
Capital expenditures
negative 4,055,000,000 US dollars
Proceeds from sale of investments
110,000,000 US dollars
Purchase of investments
negative 262,000,000 US dollars
Proceeds from asset dispositions, and other investing activities, net
115,000,000 US dollars
Financing activities
negative 4,019,000,000 US dollars. Net cash used.
Principal payments on debt
negative 157,000,000 US dollars
Proceeds from stock issuances
524,000,000 US dollars
Dividends paid
negative 1,339,000,000 US dollars
Purchase of common stock
negative 3,017,000,000 US dollars
Other, net
negative 30,000,000 US dollars
Operating adjustment reconciliation
8,249,000,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
financing gross reconciliation
4,543,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
investing gross reconciliation
4,317,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
Exchange-rate effect
76,000,000 US dollars
Ending cash on May 31, 2025
5,502,000,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash, including disposal groups and discontinued operations
Cash sources and uses
13,613,000,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
negative 999,000,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
1.72×. Operating cash flow divided by reconciliation net income for the same period. Black from 0.90× through 1.10×; green above 1.10×; red below 0.90×. Color uses the unrounded ratio.
Operating cash flow
7,036,000,000 US dollars. Operating cash flow used in the free cash flow calculation.
cash spent on productive assets
4,055,000,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
2,981,000,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

Chart connections

  • Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
  • Financing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Investing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Operating reconciliation adjustments are not all independent cash receipts.
  • Net income enters operating cash directly in the reconciliation. The adjustment junction contributes the remaining $2.94B after reconciling the other positive and negative adjustments. These connections depict an accounting reconciliation, not traced cash receipts.
  • Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
  • The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
  • Operating cash flow minus cash spent on productive assets equals free cash flow: 7,036,000,000 US dollars minus 4,055,000,000 US dollars equals 2,981,000,000 US dollars.
FedEx Corporation (FDX) FY2025 Annual Statement of Cash Flows Sankey chart
Free to share unchanged, with credit to Plicit.ai · CC BY-NC-ND 4.0Download PNG

Newsletter

Get the teardowns by email

Subscribe if you want the public-company teardowns in your inbox when they're released.

Product waitlist

Health Check and Teardown for your own company

A health check uncovers insights of your private books, not a public ticker. Join this list to get notified as soon as we go-live!