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FedEx FDX Net debt / EBITDA

Net debt / EBITDA at other companies

Old Dominion Freight Line logo
Old Dominion Freight LineODFL
-0.1×-0.2×
Amazon logo
AmazonAMZN
0.9×+0.2×
United Parcel Service, Inc. logo
United Parcel Service, Inc.UPS
-0×-0.1×
XPO
XPOXPO
3.3×-0.2×
Expeditors International of Washington logo
Expeditors International of WashingtonEXPD
-0.7×0.0×
JB Hunt Transport Services logo
JB Hunt Transport ServicesJBHT
0.8×-0.2×

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
Debt / equity1.4×0.0×
Current ratio1.5×+0.2×

Where this comes from

Calculated from FedEx’s reported figures.

net debt/ebitda=3.5×

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 net debt / EBITDA?
FedEx (FDX) reported net debt / EBITDA of 3.5× in Q4 2025.
How has FedEx's net debt / EBITDA changed year-over-year?
FedEx's net debt / EBITDA increased by 0.4% year-over-year, from 3.5× to 3.5×.
What is the long-term trend for FedEx's net debt / EBITDA?
Over 4 years (2021 to 2025), FedEx's net debt / EBITDA has grown at a -2.7% compound annual growth rate (CAGR), from 15.5× to 13.9×.
What does net debt / EBITDA mean?
How many years of operating earnings it would take to pay off the company's net debt.
How do you interpret net debt / EBITDA?
Lower is safer; lenders often covenant around 3–4×. A negative value means net cash (more cash than debt), a position of strength. Spikes can reflect a temporary EBITDA dip rather than new borrowing.
How does net debt / EBITDA compare across companies?
A standard leverage yardstick across non-financial sectors; covenant thresholds vary by industry cash-flow stability.