Financials FedEx Corporation

Equities

FDX

US31428X1063

Air Freight & Logistics

Real-time Estimate Cboe BZX Other stock markets 01:52:54 2024-12-13 pm EST			5-day change	1st Jan Change
282.96 ^USD	-0.26%		+0.83%	+11.88%

05:00pm	Citigroup Trims Price Target on FedEx to $330 From $331, Maintains Buy Rating	MT
02:58pm	Wells Fargo Adjusts Price Target on FedEx to $305 From $300, Maintains Equalweight Rating	MT

Projected Income Statement: FedEx Corporation

income-statement-evolution-chart FEDEX-CORPORATION

Fiscal Period: May	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	69,217	84,000	93,512	90,155	87,700	88,504	92,442	96,291
Change	-	21.36%	11.32%	-3.59%	-2.72%	0.92%	4.45%	4.16%
EBITDA ¹	6,737	9,976	10,835	9,549	10,528	10,909	12,052	13,099
Change	-	48.08%	8.61%	-11.87%	10.25%	3.62%	10.48%	8.68%
EBIT ¹	3,122	6,180	6,865	5,373	6,240	6,513	7,490	8,243
Change	-	97.95%	11.08%	-21.73%	16.14%	4.38%	14.99%	10.05%
Interest Paid ¹	-617	-741	-636	-496	-375	-351.9	-357.2	-369.7
Earnings before Tax (EBT) ¹	1,669	6,674	4,896	5,363	5,836	5,991	6,852	6,703
Change	-	299.88%	-26.64%	9.54%	8.82%	2.65%	14.38%	-2.18%
Net income ¹	1,286	5,230	3,826	3,972	4,331	4,570	5,393	5,767
Change	-	306.69%	-26.85%	3.82%	9.04%	5.52%	18%	6.94%
Announcement Date	6/30/20	6/24/21	6/23/22	6/20/23	6/25/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: May	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	17,324	17,487	17,358	19,321	20,563	21,510	22,600	22,000	23,474	23,641	24,394	23,242	22,800	22,169	21,930	21,681	22,165	21,738	22,100	21,579	22,119	22,194	22,648	22,590	23,106	23,244	23,834
Change	-	0.94%	-0.74%	11.31%	6.43%	4.61%	5.07%	-2.65%	6.7%	0.71%	3.19%	-4.72%	-1.9%	-2.77%	-1.08%	-1.14%	2.23%	-1.93%	1.67%	-2.36%	2.5%	0.34%	2.05%	-0.26%	2.28%	0.6%	2.54%
EBITDA ¹	1,585	1,391	1,834	2,565	2,449	2,020	2,942	2,465	2,670	2,448	3,252	2,253	2,258	2,196	2,842	2,661	2,461	2,429	2,977	2,286	2,436	2,757	3,429	2,905	2,920	2,768	3,331
Change	-	-12.24%	31.85%	39.86%	-4.52%	-17.52%	45.64%	-16.21%	8.32%	-8.31%	32.84%	-30.72%	0.22%	-2.75%	29.42%	-6.37%	-7.52%	-1.3%	22.56%	-23.21%	6.54%	13.19%	24.39%	-15.3%	0.53%	-5.19%	20.32%
EBIT ¹	684	483	907	1,639	1,513	1,060	1,970	1,494	1,680	1,460	2,234	1,230	1,212	1,165	1,767	1,590	1,421	1,357	1,870	1,210	1,346	1,649	2,278	1,692	1,708	1,676	2,232
Change	-	-29.39%	87.78%	80.71%	-7.69%	-29.94%	85.85%	-24.16%	12.45%	-13.1%	53.01%	-44.94%	-1.46%	-3.88%	51.67%	-10.02%	-10.63%	-4.5%	37.8%	-35.29%	11.27%	22.49%	38.1%	-25.73%	0.98%	-1.87%	33.15%
Charge d'intérêts ¹	-151	-155	-174	-184	-184	-187	-186	-160	-155	-163	-158	-142	-127	-122	-105	-91	-97	-91	-96	-84	-89.73	-89.09	-89.1	-93.33	-93.67	-94.17	-94.33
Earnings before Tax (EBT) ¹	572	420	-319	1,606	1,406	1,049	2,613	1,457	1,380	1,375	684	1,154	1,059	1,022	2,128	1,423	1,202	1,183	2,028	1,056	1,305	1,602	2,217	1,557	1,594	1,651	2,334
Change	-	-26.57%	-	-	-12.45%	-25.39%	149.09%	-44.24%	-5.28%	-0.36%	-50.25%	68.71%	-8.23%	-3.49%	108.22%	-33.13%	-15.53%	-1.58%	71.43%	-47.93%	23.56%	22.81%	38.32%	-29.76%	2.34%	3.59%	41.36%
Net income ¹	560	315	-334	1,245	1,226	892	1,870	1,112	1,040	1,100	558	875	788	771	1,538	1,080	900	879	1,474	790	949.1	1,205	1,666	1,172	1,199	1,242	1,756
Change	-	-43.75%	-	-	-1.53%	-27.24%	109.64%	-40.53%	-6.47%	5.77%	-49.27%	56.81%	-9.94%	-2.16%	99.48%	-29.78%	-16.67%	-2.33%	67.69%	-46.4%	20.14%	26.98%	38.25%	-29.69%	2.35%	3.61%	41.32%
Announcement Date	12/17/19	3/17/20	6/30/20	9/15/20	12/17/20	3/18/21	6/24/21	9/21/21	12/16/21	3/17/22	6/23/22	9/15/22	12/20/22	3/16/23	6/20/23	9/20/23	12/19/23	3/21/24	6/25/24	9/19/24	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: FedEx Corporation

balance-sheet-analysis-chart FEDEX-CORPORATION

Fiscal Period: May	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	17,122	13,792	13,367	13,756	13,702	14,307	13,373	13,151
Change	-	-19.45%	-3.08%	2.91%	-0.39%	4.42%	-6.53%	-1.66%
Announcement Date	6/30/20	6/24/21	6/23/22	6/20/23	6/25/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: FedEx Corporation

Fiscal Period: May	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	5,868	5,884	6,800	6,200	5,200	5,193	5,332	5,746
Change	-	0.27%	15.57%	-8.82%	-16.13%	-0.14%	2.68%	7.76%
Free Cash Flow (FCF) ¹	-749	4,125	3,069	2,641	3,136	3,210	4,659	3,585
Change	-	-650.73%	-25.6%	-13.95%	18.74%	2.35%	45.15%	-23.05%
Announcement Date	6/30/20	6/24/21	6/23/22	6/20/23	6/25/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: FedEx Corporation

Fiscal Period: May	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	9.73%	11.88%	11.59%	10.59%	12%	12.33%	13.04%	13.6%
EBIT Margin (%)	4.51%	7.36%	7.34%	5.96%	7.12%	7.36%	8.1%	8.56%
EBT Margin (%)	2.41%	7.95%	5.24%	5.95%	6.65%	6.77%	7.41%	6.96%
Net margin (%)	1.86%	6.23%	4.09%	4.41%	4.94%	5.16%	5.83%	5.99%
FCF margin (%)	-1.08%	4.91%	3.28%	2.93%	3.58%	3.63%	5.04%	3.72%
FCF / Net Income (%)	-58.24%	78.87%	80.21%	66.49%	72.41%	70.23%	86.39%	62.16%
Profitability
ROA	3.9%	6.26%	6.52%	4.44%	5.14%	5.3%	6.02%	6.43%
ROE	13.84%	23.03%	22.41%	15.05%	16.69%	16.77%	18.48%	19.1%
Financial Health
Leverage (Debt/EBITDA)	2.54x	1.38x	1.23x	1.44x	1.3x	1.31x	1.11x	1x
Debt / Free cash flow	-22.86x	3.34x	4.36x	5.21x	4.37x	4.46x	2.87x	3.67x
Capital Intensity
CAPEX / Current Assets (%)	8.48%	7%	7.27%	6.88%	5.93%	5.87%	5.77%	5.97%
CAPEX / EBITDA (%)	87.1%	58.98%	62.76%	64.93%	49.39%	47.6%	44.24%	43.87%
CAPEX / FCF (%)	-783.44%	142.64%	221.57%	234.76%	165.82%	161.79%	114.45%	160.28%
Items per share
Cash flow per share ¹	19.45	37.82	36.96	34.43	33.12	34.47	38.02	39.66
Change	-	94.39%	-2.26%	-6.84%	-3.83%	4.09%	10.29%	4.31%
Dividend per Share ¹	2.6	2.7	3.4	5.86	5.16	5.45	5.838	6.133
Change	-	3.85%	25.93%	72.35%	-11.95%	5.62%	7.11%	5.06%
Book Value Per Share ¹	69.83	90.18	93.76	101.9	109.9	117.7	127.3	140.4
Change	-	29.15%	3.96%	8.69%	7.83%	7.09%	8.14%	10.37%
EPS ¹	4.9	19.45	14.33	15.48	17.21	18.47	22.45	24.87
Change	-	296.94%	-26.32%	8.03%	11.18%	7.33%	21.55%	10.77%
Nbr of stocks (in thousands)	261,250	265,342	259,178	251,352	246,081	244,323	244,323	244,323
Announcement Date	6/30/20	6/24/21	6/23/22	6/20/23	6/25/24	-	-	-