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Arphra AIPlain-English read on FedEx Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $83.79B | $93.51B | $90.16B | $87.69B | $87.93B | $98.49B | $102.92B | $107.35B | $112.75B |
| Cost of revenue | $66.01B | $73.35B | $70.99B | $68.74B | $68.93B | $79.34B | $80.54B | $86.74B | $88.05B |
| Gross profit | $17.79B | $20.17B | $19.17B | $18.95B | $19B | $20.96B | $21.62B | $23.54B | $24.78B |
| Gross margin | +21.23% | +21.57% | +21.26% | +21.61% | +21.60% | +21.28% | +21.01% | +21.93% | +21.98% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $11.77B | $13.64B | $13.83B | $12.6B | $12.91B | $14.26B | $15.27B | $15.96B | $17.11B |
| Total operating expenses | $11.77B | $13.64B | $13.83B | $12.6B | $12.91B | $14.68B | $15.04B | $15.9B | $16.46B |
| Operating income | $6.02B | $6.52B | $5.34B | $6.36B | $6.08B | $6.46B | $6.9B | $7.15B | $7.73B |
| Operating margin | +7.18% | +6.98% | +5.92% | +7.25% | +6.92% | +6.56% | +6.71% | +6.66% | +6.86% |
| EBITDA | $11.26B | $9.56B | $10.23B | $10.87B | $10.49B | $11.64B | $11.99B | $12.41B | $13.54B |
| EBIT | $7.47B | $5.59B | $6.06B | $6.58B | $6.23B | $6.8B | $7.28B | $7.78B | $8.02B |
| Below the line | |||||||||
| Interest expense | $793M | $689M | $694M | $745M | $789M | $843.86M | $878.06M | $875.74M | $964.49M |
| Interest income | $52M | $53M | $198M | $370M | $363M | $349.77M | $355.64M | $366.59M | $401.27M |
| Other income / expense | $656M | -$1.63B | $25M | -$519M | -$641M | — | — | — | — |
| Pre-tax income | $6.67B | $4.9B | $5.36B | $5.84B | $5.44B | $6.31B | $6.27B | $6.65B | $7.08B |
| Income tax expense | $1.44B | $1.07B | $1.39B | $1.51B | $1.35B | $1.59B | $1.62B | $1.69B | $1.75B |
| Earnings | |||||||||
| Net income | $5.23B | $3.83B | $3.97B | $4.33B | $4.09B | $4.7B | $4.7B | $4.91B | $5.41B |
| Net income · continuing ops | $5.23B | $3.83B | $3.97B | $4.33B | $4.09B | $4.59B | $4.77B | $4.94B | $5.22B |
| Net margin | +6.24% | +4.09% | +4.41% | +4.94% | +4.65% | +4.77% | +4.57% | +4.57% | +4.80% |
| EPS · basic | $19.77 | $14.52 | $15.61 | $17.44 | $16.96 | $22.98 | $26.57 | $32.51 | $37.18 |
| EPS · diluted | $19.48 | $14.36 | $15.49 | $17.21 | $16.81 | $22.58 | $26.67 | $32.54 | $36.81 |
| EPS · low estimate | — | — | — | — | — | $19.18 | $25.01 | $31.67 | $35.82 |
| EPS · high estimate | — | — | — | — | — | $24.00 | $27.79 | $34.67 | $39.23 |
| Shares · basic | 264M | 263M | 254M | 248M | 243M | 244.97M | 242.63M | 242.34M | 242.97M |
| Shares · diluted | 268M | 266M | 256M | 251M | 243M | 242.11M | 244.26M | 245.04M | 241.34M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 19 | 14 | 3 | 2 |
| Analysts (EPS) | — | — | — | — | — | 18 | 6 | 1 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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