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FedEx FDX Debt-to-equity

Debt-to-equity at other companies

Old Dominion Freight Line logo
Old Dominion Freight LineODFL
0.0×
Amazon logo
AmazonAMZN
0.5×0.0×
United Parcel Service, Inc. logo
United Parcel Service, Inc.UPS
0.3×0.0×
XPO
XPOXPO
2.2×-0.3×
Expeditors International of Washington logo
Expeditors International of WashingtonEXPD
0.2×0.0×
JB Hunt Transport Services logo
JB Hunt Transport ServicesJBHT
0.4×0.0×

Other financials

Income statement

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Revenue$24.0B+8.3%
Operating income$1.3B+4.3%
Net income$1.1B+16.2%
EPS (diluted)$4.41+17.3%

Balance sheet

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Cash & equivalents$8.0B+56.0%
Total debt$43.2B+14.9%
Total equity$29.8B+11.6%
Total assets$94.7B+11.4%

Cash flow

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Operating cash flow$2.0B-0.9%
CapEx$955.0M-4.2%
Free cash flow$1.0B+2.3%

Valuation

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Market cap$77.77B+43.7%
Enterprise value$112.96B+31.7%
P/E17.3×+3.5×
P/S0.9×+0.2×

Profitability

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Gross margin76%
Operating margin6.2%+0.5pp
Net margin4.9%+0.4pp

Returns & leverage

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Return on equity15.9%+1.1pp
Current ratio1.5×+0.2×

Where this comes from

Calculated from FedEx’s reported figures.

Based on the most recent quarter.

The official record: FedEx’s 10-Q, filed March 19, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is FedEx's debt-to-equity?
FedEx (FDX) reported debt-to-equity of 1.4× in Q4 2025.
How has FedEx's debt-to-equity changed year-over-year?
FedEx's debt-to-equity increased by 3.0% year-over-year, from 1.4× to 1.4×.
What is the long-term trend for FedEx's debt-to-equity?
Over 4 years (2021 to 2025), FedEx's debt-to-equity has grown at a -5.9% compound annual growth rate (CAGR), from 7.1× to 5.6×.
What does debt-to-equity mean?
How much debt the company carries for every dollar of shareholder equity.
How do you interpret debt-to-equity?
Lower is generally safer, but moderate leverage can boost returns. Read in the context of cash-flow stability — a utility tolerates more debt than a cyclical. Negative equity makes the ratio meaningless and it is suppressed there.
How does debt-to-equity compare across companies?
Comparable within an industry; capital structures differ sharply across sectors. Not meaningful for banks.