FEDEX CORP
For the period ended Nov 30, 2025. Filed Dec 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.
Nov 30, 2025 · Filed Dec 18, 2025
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Liquidity
Cash and cash equivalents totaled $6.6 billion at November 30, 2025, compared to $5.5 billion at May 31, 2025. The following table provides a summary of our cash flows for the periods ended November 30, 2025 and 2024 (in millions):
| Six Months Ended | ||
|---|---|---|
| 2025 | 2024 | |
| Operating activities: | ||
| Net income | $1,780 | $1,535 |
| Separation and other costs, net of payments | 146 | — |
| Business optimization costs, net of payments | (130) | 125 |
| Other noncash charges and credits | 4,165 | 4,064 |
| Changes in assets and liabilities | (2,294) | (3,219) |
| Cash provided by operating activities | 3,667 | 2,505 |
| Investing activities: | ||
| Capital expenditures | (1,380) | (1,585) |
| Purchase of investments | (326) | (107) |
| Proceeds from sale of investments | 177 | 52 |
| Proceeds from asset dispositions, and other investing activities, net | 49 | 34 |
| Cash used in investing activities | (1,480) | (1,606) |
| Financing activities: | ||
| Proceeds from debt issuances | 997 | — |
| Principal payments on debt | (647) | (47) |
| Proceeds from stock issuances | 50 | 440 |
| Dividends paid | (687) | (676) |
| Purchases of common stock | (796) | (2,020) |
| Other | (9) | (6) |
| Cash used in financing activities | (1,092) | (2,309) |
| Effect of exchange rate changes on cash | (27) | (62) |
| Net increase (decrease) in cash and cash equivalents | 1,068 | (1,472) |
| Cash and cash equivalents at the end of period | $6,570 | $5,029 |
Cash Provided by Operating Activities. Cash flows from operating activities increased $1.2 billion in the first half of 2026 primarily due to working capital changes driven by increases in pension liabilities and accounts payable, as well as increases in accruals for self-insurance, variable incentive compensation, income taxes, and professional fees.
Cash Used in Investing Activities. Capital expenditures decreased $0.1 billion in the first half of 2026 primarily due to decreased spending on “package handling and ground support equipment” and “aircraft and related equipment” at Federal Express. See “Capital Resources” for a discussion of capital expenditures during 2026.
Cash Used in Financing Activities. Cash used in financing activities decreased $1.2 billion in the first half of 2026 primarily due to less repurchases of our common stock compared to the first half of 2025. Additionally, in the first quarter of 2026, we issued €850 million of senior unsecured debt and used a portion of the net proceeds to repay the €500 million aggregate principal amount outstanding of our 0.45% notes at maturity. 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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