FEDEX CORP
For the period ended Aug 31, 2025. Filed Sep 18, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Aug 31, 2025 · Filed Sep 18, 2025
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Liquidity
Cash and cash equivalents totaled $6.2 billion at August 31, 2025, compared to $5.5 billion at May 31, 2025. The following table provides a summary of our cash flows for the three-month periods ended August 31, 2025 and 2024 (in millions):
| 2025 | 2024 | |
|---|---|---|
| Operating activities: | ||
| Net income | $824 | $794 |
| Business optimization costs, net of payments | (110) | (69) |
| Other noncash charges and credits | 2,112 | 2,072 |
| Changes in assets and liabilities | (1,110) | (1,610) |
| Cash provided by operating activities | 1,716 | 1,187 |
| Investing activities: | ||
| Capital expenditures | (623) | (767) |
| Purchase of investments | (34) | (61) |
| Proceeds from sale of investments | 30 | 13 |
| Proceeds from asset dispositions, and other investing activities, net | 8 | 13 |
| Cash used in investing activities | (619) | (802) |
| Financing activities: | ||
| Proceeds from debt issuances | 997 | — |
| Principal payments on debt | (625) | (34) |
| Proceeds from stock issuances | 18 | 404 |
| Dividends paid | (345) | (339) |
| Purchases of common stock | (500) | (1,000) |
| Other | (5) | — |
| Cash used in financing activities | (460) | (969) |
| Effect of exchange rate changes on cash | 27 | 26 |
| Net increase (decrease) in cash and cash equivalents | 664 | (558) |
| Cash and cash equivalents at the end of period | $6,166 | $5,943 |
Cash Provided by Operating Activities. Cash flows from operating activities increased $0.5 billion in the first quarter of 2026 primarily due to working capital changes driven by an increase in accrued income taxes, professional fees, variable incentive compensation, and self-insurance.
Cash Used in Investing Activities. Capital expenditures decreased during the first quarter of 2026 primarily due to decreased spending on aircraft and related equipment, vehicles and trailers, and information and technology investments. See “Capital Resources” for a discussion of capital expenditures during 2026.
Cash Used in Financing Activities. Cash used in financing activities decreased $0.5 billion in the first quarter of 2026 primarily due to the repurchase of $500 million of our common stock through open market transactions during thefirst quarter of 2026, a decrease of $500 million compared to the first quarter of 2025. Additionally, we issued €850 million of senior unsecured debt in July 2025 and used a portion of the net proceeds to repay the €500 million aggregate principal amount outstanding of our 0.45% notes at maturity in August 2025. See Note 1 and Note 4 of the accompanying unaudited condensed consolidated financial statements, “Liquidity Outlook” below, and Part II, Item 2. “Unregistered Sales of Equity Securities and Use of Proceeds” for additional information.
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