FedEx (FDX) reported D&A of $1.11B in Q4 2025.

How has FedEx's D&A changed year-over-year?

FedEx's D&A increased by 4.3% year-over-year, from $1.07B to $1.11B.

What is the long-term trend for FedEx's D&A?

Over 3 years (2022 to 2025), FedEx's D&A has grown at a 2.4% compound annual growth rate (CAGR), from $3.97B to $4.26B.

Total non-cash depreciation of tangible assets and amortization of intangible assets — the largest add-back to net income in the operating cash flow reconciliation.

FedEx FDX D&A

D&A at other companies

Pitney BowesPBI

$25.64M-9.5%

ArcBestARCB

$41.71M+13.5%

Forward AirFWRD

$38.52M+3.1%

AmazonAMZN

$18.95B+32.8%

United Parcel Service, Inc.UPS

$985M+8.0%

XPO

XPOXPO

$131M+6.5%

Segments

By segment

See full

Total Federal Express segment$971M+4.9%

FedEx Freight segment$112M-0.9%

Other financials

Income statement

See full

Revenue$25.0B+12.5%

Operating income$1.6B-13.5%

Net income$1.6B-3.0%

EPS (diluted)$6.60-3.2%

Balance sheet

See full

Cash & equivalents$13.3B+142%

Total debt$23.3B-38.9%

Total equity$31.6B+12.7%

Total assets$107.19B+22.3%

Cash flow

See full

Operating cash flow$3.3B+29.6%

CapEx$1.5B+0.1%

Free cash flow$1.8B+71.2%

Valuation

See full

Market cap$74.17B+31.7%

Enterprise value$84.15B-5.4%

P/E16.7×+3.0×

P/S0.8×+0.1×

Profitability

See full

Gross margin76%—

Operating margin5.8%-0.2pp

Net margin4.7%0.0pp

FCF margin5.4%+2.0pp

Returns & leverage

See full

Return on equity14.8%+0.1pp

Debt / equity0.7×-0.6×

Current ratio1.5×+0.3×

Where this comes from

Reported directly by FedEx in its filing.

Tagged under the XBRL concept us-gaap:DepreciationDepletionAndAmortization.

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 D&A?: FedEx (FDX) reported D&A of $1.11B in Q4 2025.
How has FedEx's D&A changed year-over-year?: FedEx's D&A increased by 4.3% year-over-year, from $1.07B to $1.11B.
What is the long-term trend for FedEx's D&A?: Over 3 years (2022 to 2025), FedEx's D&A has grown at a 2.4% compound annual growth rate (CAGR), from $3.97B to $4.26B.
What does D&A mean?: Total non-cash depreciation of tangible assets and amortization of intangible assets — the largest add-back to net income in the operating cash flow reconciliation.