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FedEx FDX Operating Lease Liabilities

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Other financials

Income statement

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Revenue$25.0B+12.5%
Operating income$1.6B-13.5%
Net income$1.6B-3.1%
EPS (diluted)$6.64-2.6%

Balance sheet

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Cash & equivalents$13.3B+142%
Total debt$42.8B+16.7%
Total equity$31.6B+12.7%
Total assets$98.9B+12.9%

Cash flow

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Operating cash flow$3.3B+29.6%
CapEx$1.5B+0.1%
Free cash flow$1.8B+71.2%

Valuation

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Market cap$74.73B+39.9%
Enterprise value$104.2B+23.2%
P/E16.9×+3.8×
P/S0.8×+0.2×

Profitability

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Gross margin76%
Operating margin5.8%-0.2pp
Net margin4.7%0.0pp
FCF margin5.4%+2.0pp

Returns & leverage

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Return on equity14.8%+0.1pp
Debt / equity1.4×0.0×
Current ratio1.5×+0.3×

Where this comes from

Reported directly by FedEx in its filing.

Tagged under the XBRL concept us-gaap:OperatingLeaseLiabilityNoncurrent.

The source filing: FedEx’s 10-K, filed July 20, 2026.

Filed
Jul 20, 2026, 4:14 PM EDT
Fiscal year
FY2026
Accession
0001048911-26-000105
Line itemMay 31, 2026May 31, 2025
Total current liabilities18,91215,411
LONG-TERM DEBT, LESS CURRENT PORTION23,29319,151
OTHER LONG-TERM LIABILITIES
Operating lease liabilities14,54914,272
Self-insurance accruals4,4134,033
Deferred income taxes3,6644,205
Pension, postretirement healthcare, and other benefit obligations1,6251,698
Other liabilities834783

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is FedEx's operating lease liabilities?
FedEx (FDX) reported operating lease liabilities of $14.55B in Q1 2026.
How has FedEx's operating lease liabilities changed year-over-year?
FedEx's operating lease liabilities increased by 1.9% year-over-year, from $14.27B to $14.55B.
What is the long-term trend for FedEx's operating lease liabilities?
Over 5 years (2021 to 2026), FedEx's operating lease liabilities has grown at a 1.7% compound annual growth rate (CAGR), from $13.38B to $14.55B.
What does operating lease liabilities mean?
Long-term portion of operating lease obligations extending beyond one year, representing committed future rent payments.

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