FedEx (FDX) FY2021 results: revenue $84.0 billion, up 21.3% on the year
FedEx Corp. (FDX) reported revenue of $84.0 billion for fiscal 2021, the year ended 31 May 2021, up 21.3% on the year before. Net income was $5.2 billion, up 306.8%, and diluted earnings per share $19.45. The figures are the company's own, from the 10-K it filed with the SEC on 19 July 2021.
Revenue
$84.0 billion
+21.3% on the year
FY2014FY2021
Operating margin
7.0%
3.5% a year earlier
FY2014FY2021
Net income
$5.2 billion
+306.8% on the year
FY2014FY2021
Diluted EPS
$19.45
+296.9% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
83,959
69,217
69,693
+21.3%
Cost of revenue
n/a
n/a
16,654
Gross profit
n/a
n/a
53,039
Gross margin
n/a
n/a
76.1%
Operating income
5,857
2,417
4,466
+142.3%
Operating margin
7.0%
3.5%
6.4%
Interest expense
793
672
588
+18.0%
Pre-tax income
6,674
1,669
655
+299.9%
Income tax
1,443
383
115
+276.8%
Effective tax rate
21.6%
22.9%
17.6%
Net income
5,231
1,286
540
+306.8%
Net margin
6.2%
1.9%
0.8%
Diluted EPS
$19.45
$4.90
$2.03
+296.9%
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
10,135
5,097
5,613
+98.8%
Capital expenditure
5,884
5,868
5,490
+0.3%
Free cash flow
4,251
-771
123
Free cash flow margin
5.1%
-1.1%
0.2%
Cash from investing
-6,010
-5,846
-5,473
Cash from financing
-2,090
3,381
-1,039
Depreciation and amortisation
3,793
3,615
3,353
+4.9%
Share-based compensation
200
168
174
+19.0%
Buybacks
n/a
3.0
1,480
Dividends paid
686
679
683
+1.0%
Dividend per share
$2.60
$2.60
$2.60
0.0%
Diluted shares, weighted
268m
262m
265m
+2.3%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
24,168
18,295
17,757
+32.1%
Debt
20,879
21,518
17,518
-3.0%
Operating lease liabilities
13,375
12,195
n/a
+9.7%
Finance lease liabilities
429
434
n/a
-1.2%
Other liabilities
23,926
21,095
19,128
+13.4%
Total liabilities and equity
82,777
73,537
54,403
+12.6%
Fixed assets
35,752
33,608
30,429
+6.4%
Goodwill
6,992
6,372
6,884
+9.7%
Intangible assets
322
322
416
0.0%
Cash and equivalents
7,087
4,881
2,319
+45.2%
Receivables
12,069
10,102
9,116
+19.5%
Other assets
20,555
18,252
5,239
+12.6%
Total assets
82,777
73,537
54,403
+12.6%
10-K for the year ended 31 May 2021, filed 19 July 2021: the filing.