FedEx (FDX) FY2014 results: revenue $45.6 billion, up 2.9% on the year
FedEx Corp. (FDX) reported revenue of $45.6 billion for fiscal 2014, the year ended 31 May 2014, up 2.9% on the year before. Net income was $2.3 billion, down 14.4%, and diluted earnings per share $7.48. The figures are the company's own, from the 10-K it filed with the SEC on 14 July 2014.
Revenue
$45.6 billion
+2.9% on the year
FY2008FY2014
Operating margin
8.4%
10.0% a year earlier
FY2008FY2014
Net income
$2.3 billion
-14.4% on the year
FY2008FY2014
Diluted EPS
$7.48
-12.5% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
45,567
44,287
42,680
+2.9%
Operating income
3,815
4,434
3,186
-14.0%
Operating margin
8.4%
10.0%
7.5%
Interest expense
160
82.0
52.0
+95.1%
Pre-tax income
3,658
4,338
3,141
-15.7%
Income tax
1,334
1,622
1,109
-17.8%
Effective tax rate
36.5%
37.4%
35.3%
Net income
2,324
2,716
2,032
-14.4%
Net margin
5.1%
6.1%
4.8%
Diluted EPS
$7.48
$8.55
$6.41
-12.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
4,264
4,688
4,835
-9.0%
Capital expenditure
3,533
3,375
4,007
+4.7%
Free cash flow
731
1,313
828
-44.3%
Free cash flow margin
1.6%
3.0%
1.9%
Cash from investing
-3,551
-3,803
-4,049
Cash from financing
-2,719
1,184
-244
Depreciation and amortisation
2,587
2,386
2,113
+8.4%
Share-based compensation
117
109
105
+7.3%
Buybacks
4,857
246
197
+1,874.4%
Dividends paid
187
177
164
+5.6%
Dividend per share
$0.60
$0.56
$0.52
+7.1%
Diluted shares, weighted
310m
317m
317m
-2.2%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
15,277
17,398
14,727
-12.2%
Debt
4,737
3,000
1,667
+57.9%
Other liabilities
13,056
13,169
13,509
-0.9%
Total liabilities and equity
33,070
33,567
29,903
-1.5%
Fixed assets
19,550
18,484
17,248
+5.8%
Goodwill
2,790
2,755
2,387
+1.3%
Intangible assets
57.0
72.0
34.0
-20.8%
Cash and equivalents
2,908
4,917
2,843
-40.9%
Receivables
5,460
5,044
4,704
+8.2%
Other assets
2,305
2,295
2,687
+0.4%
Total assets
33,070
33,567
29,903
-1.5%
10-K for the year ended 31 May 2014, filed 14 July 2014: the filing.