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FedEx cash flow, quarter by quarter

Latest: Q4 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$1.8B in Q4 FY26 · $4.9B over twelve months

Operating cash flow$3.3B
Capital spending−$1.5B
Free cash flow+$1.8B

Analysis

In Q4 FY26, FedEx generated $3.3B of operating cash flow and spent $1.5B on capital projects, leaving free cash flow of $1.8B. That is $745M more than in Q4 FY25 ($1.0B).

Over the twelve months to Sep 30, 2026, operating cash flow was $8.9B; the largest uses were capital spending ($4.0B), other investing ($2.7B), buybacks ($2.0B); besides operations, cash came from shares issued ($1.1B), net borrowing (+) / repaid (−) ($1.0B); the cash balance rose by $1.5B.

Operating cash flow was $3.3B against net income of $1.6B — 2.0× profit, cash ran ahead of reported earnings. The largest differences: receivables −$1.2B, depreciation & amortization +$1.1B, other non-cash +$740M.

Free cash flow

FedEx: free cash flow by quarterFedEx: free cash flow by quarter$1.0BQ3 FY25$1.0BQ4 FY25$1.1BQ1 FY26$1.2BQ2 FY26$1.0BQ3 FY26$1.8BQ4 FY26
Operating cash flow less capital spending.
FedEx: operating cash flow against capital spendingFedEx: operating cash flow against capital spendingOperating cash flowCapital spending$2.0B$997MQ3 FY25$2.5B$1.5BQ4 FY25$1.7B$623MQ1 FY26$2.0B$757MQ2 FY26$2.0B$955MQ3 FY26$3.3B$1.5BQ4 FY26
Latest (Q4 FY26): Operating cash flow $3.3B, Capital spending $1.5B.

Capital allocation, year by year

FedEx: where the cash came from (up) and went (down), by fiscal yearFedEx: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY22: Operating cash flow $9.8BFY22: Net borrowing −$161MFY22: Shares issued $184MFY22: Asset sales $94.0MFY22: Capital spending −$6.8BFY22: Buybacks −$2.2BFY22: Dividends −$793M$10.1BFY22FY23: Operating cash flow $8.8BFY23: Net borrowing −$152MFY23: Shares issued $231MFY23: Asset sales $84.0MFY23: Capital spending −$6.2BFY23: Buybacks −$1.5BFY23: Dividends −$1.2B$9.2BFY23FY24: Operating cash flow $8.3BFY24: Net borrowing −$147MFY24: Shares issued $491MFY24: Asset sales $114MFY24: Capital spending −$5.2BFY24: Buybacks −$2.5BFY24: Dividends −$1.3B$8.9BFY24FY25: Operating cash flow $7.0BFY25: Net borrowing −$157MFY25: Shares issued $524MFY25: Asset sales $115MFY25: Capital spending −$4.1BFY25: Buybacks −$3.0BFY25: Dividends −$1.3B$7.7BFY25FY26: Operating cash flow $8.9BFY26: Net borrowing $4.0BFY26: Shares issued $992MFY26: Asset sales $97.0MFY26: Capital spending −$3.8BFY26: Buybacks −$796MFY26: Dividends −$1.4B$14.0BFY26
Over these 5 years operating cash flow totalled $43.0B; the largest uses were capital spending ($26.0B) and buybacks ($10.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$13.1B
Debt$24.2B
Net debt$11.1B
Due within a year$1.5B

FedEx funds itself: free cash flow was $4.9B over the last twelve months, and $13.1B of cash and investments stands against $24.2B of debt ($1.5B due within a year, 8.7× covered by cash).

FedEx: debt maturities by year (FY26)FedEx: debt maturities by year (FY26)$1.5BYear 1$552MYear 2$2.8BYear 3$1.8BYear 4$2.1BYear 5$15.0BAfter year 5
Principal due in each year as disclosed in the annual report, against $13.1B of cash and investments now.

Where the cash came from and went

FedEx: sources (+) and uses (−) of cash, Q4 FY26FedEx: sources (+) and uses (−) of cash, Q4 FY26Operating cash flow$3.3BCash drawn (+) / kept (−)−$1.6BCapital spending−$1.5BOther financing$736MNet borrowing (+) / repaid (−)−$735MDividends−$346MShares issued$218MExchange rates−$39.0MOther investing−$26.0MAsset & business sales$24.0M
FedEx: sources (+) and uses (−) of cash, TTM to Q1 FY27FedEx: sources (+) and uses (−) of cash, 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 profit to cash

FedEx: net income to operating cash flow, Q4 FY26FedEx: net income to operating cash flow, Q4 FY26Net income$1.6BDepreciation & amortization$1.1BStock-based pay$41.0MOther non-cash$740MReceivables−$1.2BOther operating capital−$43.0MOperating cash flow$3.3B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q4 FY26$3.3B−$1.5B—−$346M−$735M$218M−$1.6B$1.8B
Q3 FY26$2.0B−$955M—−$341M$3.6B$724M−$5.1B$1.0B
Q2 FY26$2.0B−$757M−$296M−$342M−$22.0M$32.0M−$404M$1.2B
Q1 FY26$1.7B−$623M−$500M−$345M$372M$18.0M−$664M$1.1B
Q4 FY25$2.5B−$1.5B−$500M−$331M−$68.0M$52.0M−$367M$1.0B
Q3 FY25$2.0B−$997M−$497M−$332M−$42.0M$32.0M−$106M$1.0B

FedEx: income statement and cash flow

FedEx, Q1 FY27: revenue $22.9B (+12% year over year), operating margin 4.7%. The chart follows the revenue to costs, profit and cash.

FedEx: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.