FedEx Financial Statements and Financial Ratios Analyzed

FedEx Financial Statements and FedEx Financial Ratios

Hey All,

Thanks for visiting my FedEx Financial Report page. On this page, you will find preliminary information about FedEx's current financial performance and some historical track records and trends. 

For a more detailed examination of FedEx's financial performance, I offer two reports: "A Beginner's Guide to FedEx Financial Analysis" and "FedEx Financial Report by Paul Borosky, MBA."  Both reports are written by myself, Paul Borosky, MBA., Doctoral Candidate, and published author, and include:

  • Summarized income statements for the last 5 years.
  • Summarized balance sheets for the last 5 years.
  • Five years’ worth of over twenty common financial ratios presented with formulas, calculations, and analysis tips for each ratio.
  • Line-by-line description, explanation, and analysis tip for most financial statement line items and financial ratios.
  • Professional financial analysis tips are provided in each section to help YOU conduct your OWN financial analysis!
  • Each section includes an “in other words” segment.  This is where I use plain English to explain concepts.


For a MORE in-depth review of the company's financial statements and ratios, make sure to buy my "FedEx Financial Report".  The financial report includes all aspects of my "Beginner's Guide" plus much more...

  • Professional financial analysis of important income statements, balance sheets, and financial ratio trends.
  • "Letter Grade" is assigned to most financial statement line items and financial ratios to help you better understand their overall trends for the last 5 years (Starting in 2021).
  • Overall financial analysis summary for the company.

Enjoy the preliminary information and buy the financial report for a more detailed analysis!


Paul, MBA.

PDF/Downloadable Versions

FedEx Beginner's Guide to Financial Analysis 2022 by Paul Borosky, MBA.

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FedEx 2022 Financial Report by Paul Borosky, MBA

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Sample Financial Report

Sample Financial Report by Paul Borosky, MBA.
Financial Report Sample 2

FedEx: Brief Summary

FedEx (FDX) is a global courier and delivery services company headquartered in Memphis, Tennessee. It operates in the integrated freight and logistics industry, primarily serving the industrial sector. With approximately 500,000 full-time employees, FedEx is one of the largest employers in the transportation and logistics industry. The company offers various services, including express delivery, ground transportation, freight forwarding, and e-commerce solutions. FedEx operates an extensive network of distribution centers, hubs, and delivery vehicles, enabling efficient and reliable transportation of packages and goods worldwide. Known for its distinctive purple and orange branding, FedEx has established itself as a leader in the logistics industry, providing reliable and timely delivery services to businesses and consumers globally.

From a financial perspective, FedEx Corporation currently has a market cap of $41.2 billion.  Their stock price for the last 52 weeks has ranged from $88.69 to $178.50.  As for dividends, the organization pays quarterly dividends and a dividend yield of 1.64%.  His current beta is 1.33.  This indicates that the organization’s stock is slightly to moderately riskier than the overall market.

FedEx Financial Report Sources

“FedEx 2022 Company Analysis… For Beginners: Financial Statements and Financial Ratios: Defined, Discussed, and Analyzed for 5 Years” was written by Paul Borosky, MBA., and owner of Quality Business Plan.  In this report, I used FedEx's 2022 10k, 2017 10k annual report, 2016 10k annual report, 2018 10k annual report, and 2019 10k annual report as the basis for information gathering. 

Section 1: FedEx Income Statement Analyzed

In this section, I walk through a broad definition of what an income statement is and why it is essential.  I then discuss and define income statement line items, such as revenues, gross profits, etc., in detail.  After each line item is defined and discussed, I finally summarize FedEx's significant income statement line item trends in most cases.

Importance of Understanding FedEx’s Income Statement for Financial Analysis

Understanding FedEx's income statement is crucial for conducting a comprehensive company financial analysis. The income statement provides valuable insights into the company's revenue, expenses, and profitability, allowing investors, analysts, and stakeholders to evaluate its financial performance and make informed decisions. By analyzing FedEx's revenue figures, one can assess its ability to generate income from its core operations, such as package delivery and logistics services. Revenue growth trends can indicate market demand, customer retention, and competitive positioning.

Examining Cost Structure and Efficiency: Analyzing Expense Categories in FedEx's Income Statement

Examining the various expense categories in the income statement, such as operating, fuel, and labor expenses, helps stakeholders understand the company's cost structure and efficiency. It enables the evaluation of cost management strategies and potential risks to profitability. Profitability ratios, such as gross and net profit margins derived from the income statement, provide insights into FedEx's ability to generate profits and control costs. These ratios allow for comparisons with industry peers and historical performance.

Additionally, the income statement facilitates trend analysis by comparing financial data over different periods. This helps identify growth patterns, cost fluctuations, and potential risks or opportunities. Understanding FedEx's income statement enables stakeholders to assess its revenue generation, expense management, and profitability, aiding in investment decisions, performance evaluation, and strategic planning.

FedEx: Revenue Growth.

FedEx’s revenues were $65.4 billion in 2018.  In 2022, the organization’s revenues increased to $93.5 billion.  In the last five years, the average growth rate annually for the organization was 9.6%.  From my experience, this growth rate is above average for most multinational organizations.  This growth trend indicates the organization is continually taking steps to increase market share for the firm.  From an investor’s perspective, this is a good trend.

Analyst Grade: A

FedEx 2021 Summary Income Statement



2020 2019 2018




                   69,217                    69,693                    65,450


Gross Profit


                   69,217                    69,693                    65,450




                   25,031                    24,776                    23,795




                     3,615                      3,353



R & D                            -                            -                            -                            -                             -
Other                            -                            -                             -
Total Operating Expenses


                   66,800                    65,227                    61,178




                     2,417                      4,466                      4,272


Other Income
Interest Expense


                        672                         588                         558




                     1,669                         655                      4,353




                        383                         115                        (219)


Net Income


                    1,286                        540                     4,572



Section 2: FedEx Balance Sheet Analyzed

For the FedEx balance sheet, I again go through each vital line item from the balance sheet.  In reviewing each line item, I will define their balance sheets line items, such as cash, property, plant and equipment, and liabilities.  Next, I then offer a summary analysis of their important balance sheet line items.

Importance of Understanding FedEx’s Balance Sheet for Financial Analysis

Understanding FedEx's balance sheet is crucial for financial analysis as it provides key insights into the company's financial health and stability. The balance sheet presents a snapshot of FedEx's assets, liabilities, and shareholder's equity at a given time, allowing analysts to evaluate its liquidity, leverage, and overall financial position. Analysts can assess the company's solvency and ability to meet its short-term and long-term obligations by examining the balance sheet. The composition of assets and liabilities provides information on FedEx's capital structure, debt levels, and funding sources. This knowledge aids in evaluating the company's risk profile and capacity to generate future cash flows.

Furthermore, the balance sheet helps analyze FedEx's efficiency in managing its assets and liabilities. Key metrics like the current ratio, debt-to-equity ratio, and return on assets can be derived from the balance sheet, providing valuable insights into the company's operational effectiveness and financial performance. A comprehensive understanding of FedEx's balance sheet allows for a thorough financial analysis, enabling investors, creditors, and stakeholders to make informed decisions about the company's prospects, stability, and valuation.

FedEx: Cash

FedEx’s cash holding was $3.2 billion in 2018 or 5% of sales.  In 2022, the organization’s cash holdings would increase to $6.8 billion or 7.4% of sales.  This trend indicates that the company has more cash than sales year-over-year.  From an investor’s perspective, this is not a good trend.  A better trend would be for the organization to have a steady cash position than sales. 

Analyst Grade: B

FedEx 2021 Summary Balance Sheet



2020 2019 2018




                   4,881                    2,319                    3,265


Short Term Investment                              -                         -                         -                         -                         -
Account Receivable


                   4,881                    9,116                    8,481




                      572                       553                       525


Current Assets


               16,383                13,086                13,341




                 33,608                  30,429                  28,154




                   6,372                    6,884                    6,973


Total Assets


               73,537                54,403                52,330


Accounts Payable


                   3,269                    3,030                    2,977


Accrued Expense


                   1,569                    3,278                    3,131


Accrued Taxes
Notes Payable
LT Debt - Current


                        51                       964                    1,342


Total Current Liabilities


                 10,344                    9,013                    9,627


LT Debt


                 21,952                  16,617                  15,243


Total Liabilities


               55,242                36,646                32,914


Common Stock


                   3,388                    3,231                    3,117




                   9,162                    9,289                    7,978


Retained Earnings


                 25,216                  24,648                  24,823


Total Equity


               18,295                17,757                19,416


Total Equity & Liability


               73,537                54,403                52,330



Section 3: FedEx Financial Ratios Analyzed

I have chosen several different financial ratios for this section to review for FedEx.  In reviewing each of their financial ratios, I first start by defining the financial ratio.  Next, I supply the financial formula for calculating the specific ratio.  Finally, I offer a brief analysis of their important Financial ratios. 

Importance of Understanding FedEx’s Financial Ratios for Financial Analysis

Understanding FedEx's financial ratios is crucial for financial analysis as they provide a deeper understanding of the company's performance, efficiency, and profitability. Financial ratios allow analysts to compare aspects of FedEx's financial statements, facilitating meaningful insights and informed decision-making. Ratios such as liquidity ratios (e.g., current ratio, quick ratio) help assess FedEx's ability to meet short-term obligations and manage its working capital effectively. These ratios indicate the company's liquidity position and its capacity to handle unexpected financial challenges.

Unveiling FedEx's Profitability and Return: Insights from Financial Ratio Analysis

Profitability ratios (e.g., gross profit margin, net profit margin) shed light on FedEx's ability to generate profits from its operations. These ratios provide insights into the company's pricing strategy, cost management, and profitability. Additionally, financial ratios such as return on assets (ROA), return on equity (ROE), and return on investment (ROI) measure FedEx's ability to generate returns for its shareholders and investors. These ratios indicate the company's efficiency in utilizing its assets to generate profits and create value.

Analysts can identify trends, strengths, and areas of improvement within FedEx's financial performance by analyzing these financial ratios over time and comparing them to industry benchmarks or competitors. This information is valuable for investors, stakeholders, and management to assess the company's financial health, make investment decisions, and formulate strategies for growth and sustainability.

FedEx Current Ratio.

FedEx’s current ratio was 1.39 in 2018.  As of 2020, FedEx’s current ratio increased to 1.58.  However, in the last two years, the organization has taken steps to reduce its current ratio, which resulted in 1.4 in 2022.  If the trend continues, then the organization will be more in line with other multinational organizations, which will drive to achieve a 1.0 current ratio.  However, investors should not hold their breath for this achievement if their previous performance is any indicator.  From an investor’s perspective, this is an ok trend.

Analyst Grade: B

FedEx Return on Assets.

FedEx’s return on assets (ROA) was 8.7% in 2018.  As of 2022, the return on assets was 4.4%.  The decrease in return on assets indicates that the organization is not utilizing total assets under management in an efficient manner year-over-year from a revenue generation perspective.  From an investor’s perspective, this is a below-average trend.

Analyst Grade: C