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FedEx (FDX) earnings and revenue breakdown

Latest: Q1 FY27 · 10-Q filed Oct 28, 2026 · FedEx (FDX) Q1 FY27 earnings results →

Q1 FY27 Revenue up 12% year over year to $22.9B · 1¢ of every $1 of revenue kept as net profit · operating margin 4.7%

FedEx made $22.9B in Q1 FY27 (+12% Y/Y). Operating margin 4.7%, net earnings $290M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.

Revenue$22.9B
Year over year+12%
Operating margin4.7%
Net earnings$290M
Operating cash flow—

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FedEx Q1 FY27 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
FedEx Q1 FY27 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $22.9B in Q1 FY27, up 12% year over year.

Operating profit was $1.1B, a 4.7% margin (down 0.1 points year over year). Of the extra revenue versus a year earlier, 4% reached operating profit, below the 5% margin then. Total costs grew 12% against revenue growth of 12%. Net earnings were $0.29B, down 68% year over year. The effective tax rate was 31.6%.

Quarterly history

FedEx revenue by quarterFedEx revenue by quarter$22.2BQ3 FY25$22.2BQ4 FY25$22.2BQ1 FY26$23.5BQ2 FY26$24.0BQ3 FY26$25.0BQ4 FY26$22.9BQ1 FY27
FedEx net earnings by quarterFedEx net earnings by quarter$909MQ3 FY25$1.6BQ4 FY25$824MQ1 FY26$956MQ2 FY26$1.1BQ3 FY26$1.6BQ4 FY26$290MQ1 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q1 FY2710-QOct 28, 2026$22.9B+12%4.7%$290M—
Q4 FY2610-KJul 20, 2026$25.0B+12%6.2%$1.6B$3.3B
Q3 FY2610-QMar 19, 2026$24.0B+8%5.6%$1.1B$2.0B
Q2 FY2610-QDec 18, 2025$23.5B+7%5.9%$956M$2.0B
Q1 FY2610-QSep 18, 2025$22.2B+3%5.3%$824M$1.7B
Q4 FY2510-KJul 21, 2025$22.2B+0.5%8.1%$1.6B$2.5B
Q3 FY2510-QMar 20, 2025$22.2B+2%5.8%$909M$2.0B

Charts

FedEx: revenue growth, year over year and quarter over quarterFedEx: revenue growth, year over year and quarter over quarterY/YQ/Q+2%Q3 FY25+0%+0%Q4 FY25+3%+0%Q1 FY26+7%+6%Q2 FY26+8%+2%Q3 FY26+12%+4%Q4 FY26+12%-9%Q1 FY27
Latest (Q1 FY27): Y/Y +12%, Q/Q -9%.
FedEx: where the cash came from (+) and went (−), TTM to Q1 FY27FedEx: where the cash came from (+) and went (−), TTM to Q1 FY27Operating cash flow$8.9BCapital spending−$4.0BOther investing−$2.7BBuybacks−$2.0BCash drawn (+) / kept (−)−$1.5BDividends−$1.3BShares issued$1.1BNet borrowing (+) / repaid (−)$1.0BOther financing$415MAsset & business sales$105MExchange rates−$50.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
FedEx: profit against cash, quarter by quarterFedEx: profit against cash, quarter by quarterNet incomeOperating cash flow$909M$2.0BQ3 FY25$1.6B$2.5BQ4 FY25$824M$1.7BQ1 FY26$920MQ1 FY26$956M$2.0BQ2 FY26$1.1B$2.0BQ3 FY26$1.6B$3.3BQ4 FY26$290MQ1 FY27
Latest (Q1 FY27): Net income $290M, Operating cash flow —.
FedEx: diluted shares by fiscal yearFedEx: diluted shares by fiscal year268MFY21266MFY22256MFY23251MFY24243MFY25239MFY26
-10.8% since FY21: buybacks shrank the count.
FedEx: long-term debt falling due (FY26)FedEx: long-term debt falling due (FY26)$1.5B2027$552M2028$2.8B2029$1.8B2030$2.1B2031$15.0BLater
Cash $13.1B, short-term investments $0, long-term debt $23.5B at 2026-05-31.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Sells to

Buys from

About FedEx

FedEx Corporation (“FedEx”) was incorporated in Delaware on October 2, 1997 to serve as the parent holding company and provide strategic direction to the FedEx portfolio of companies. FedEx provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce, and business services, offering integrated business solutions utilizing its flexible, efficient, and intelligent global network. Our website is located at fedex.com. Detailed information about our services, solutions, and corporate responsibility initiatives can be found on our website. In addition, we make our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and all exhibits and amendments to such reports available, free of charge, through our website, as soon as reasonably practicable on the day they are filed with or furnished to the SEC.

In its own words, from its 10-K, filed Jul 20, 2026.

FedEx against its Air Courier Services peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +12% against the peers' median +12%. Operating margin: 4.7% against the peers' median 4.7%.

CompanyQuarterRevenueY/YOp. margin
FDX FedExQ1 FY27$22.9B+12%4.7%
FDXF FedEx Freight Holding CompanyQ1 FY27$2.4B+8%10.4%
AIRT Air TQ1 FY27$115M+63%-11.1%

Source: FedEx 10-Q on SEC EDGAR · CIK 1048911 · Air Courier Services

Guidance and outlook

FedEx Tax rate: guidance against what was reportedFedEx Tax rate: guidance against what was reportedguided rangereported (above / within / below)Q1 FY2627.3%FY27
Met or beat 0 of 1 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
FedEx: what its forward-looking statements are about (10-Q filed 2026-10-28)FedEx: what its forward-looking statements are about (10-Q filed 2026-10-28)Other13Costs5Financing3Demand3Capital spending2Buybacks & dividends2Margins1
29 statements; tone +0.07 (−1 all cautious, +1 all confident); 5 hedged.
FedEx: outlook statements against the filing beforeFedEx: outlook statements against the filing beforeNew10Updated3Dropped24Confident9Cautious7

13F: who owns FDX and who is buying

Largest holders of FDX (13F)Largest holders of FDX (13F)Vanguard Group$6.7BBlackRock$6.5BVanguard Capital Management LLC$4.4BState Street$3.2BPrimecap Management$2.6BVanguard Portfolio Management LLC$2.3BDodge & COX$2.3BFranklin Resources$1.7BGeode Capital Management, LLC$1.6BFMR LLC$1.6B
Funds' net buying of FDX by quarter (13F)Funds' net buying of FDX by quarter (13F)−$325M2024-09−$818M2024-12−$658M2025-03$360M2025-06$143M2025-09$620M2025-12$839M2026-03$25.3M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on FDX

History

Every quarter: Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results

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中文版：联邦快递（FDX）财报

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