FEDEX CORP
For the period ended Feb 28, 2026. Filed Mar 19, 2026.
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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.
Feb 28, 2026 · Filed Mar 19, 2026
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Liquidity
Cash, cash equivalents, and restricted cash totaled $11.7 billion at February 28, 2026, compared to $5.5 billion at May 31, 2025. The following table provides a summary of our cash flows for the periods ended February 28, 2026 and 2025 (in millions):
| Nine Months Ended | ||
|---|---|---|
| 2026 | 2025 | |
| Operating activities: | ||
| Net income | $2,836 | $2,444 |
| Separation and other costs, net of payments | 129 | 4 |
| Business optimization costs, net of payments | (129) | 114 |
| Other noncash charges and credits | 6,299 | 6,058 |
| Changes in assets and liabilities | (3,475) | (4,103) |
| Cash provided by operating activities | 5,660 | 4,517 |
| Investing activities: | ||
| Capital expenditures | (2,335) | (2,582) |
| Purchase of investments | (427) | (197) |
| Proceeds from sale of investments | 254 | 77 |
| Proceeds from asset dispositions, and other investing activities, net | 73 | 42 |
| Cash used in investing activities | (2,435) | (2,660) |
| Financing activities: | ||
| Proceeds from debt issuances | 4,689 | — |
| Principal payments on debt | (714) | (89) |
| Proceeds from stock issuances | 774 | 472 |
| Dividends paid | (1,028) | (1,008) |
| Purchases of common stock | (796) | (2,517) |
| Other | (49) | (30) |
| Cash provided by (used in) financing activities | 2,876 | (3,172) |
| Effect of exchange rate changes on cash | 85 | (51) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 6,186 | (1,366) |
| Cash, cash equivalents, and restricted cash at the end of period | $11,688 | $5,135 |
Cash Provided by Operating Activities. Cash flows from operating activities increased $1.1 billion in the nine months of 2026 primarily due to higher net income, net of non-cash adjustments, and favorable working capital changes driven by increases in accruals for variable incentive compensation, pension liabilities, self-insurance, and professional fees, partially offset by an increase in accounts receivable.
Cash Used in Investing Activities. Capital expenditures decreased $0.2 billion in the nine months of 2026 primarily due to decreased spending on “aircraft and related equipment” at Federal Express and “vehicles and trailers” at FedEx Freight. See “Capital Resources” for a discussion of capital expenditures during 2026.
Cash Provided by (Used in) Financing Activities. Cash flows from financing activities increased $6.0 billion in the nine months of 2026 primarily due to the proceeds from debt issuances and less repurchases of our common stock compared to the nine months of 2025. On February 5, 2026, FedEx Freight Holding issued $3.7 billion of senior unsecured notes in a private offering. The notes were offered as part of the financing for the planned spin-off of FedEx Freight. Additionally, in the nine months of 2026, we issued €850 million of a senior unsecured note 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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