Company profile
SEC EDGAR ↗- Industry
- Air Courier Services
- Listed
- NYSE: FDX
- Incorporated
- DE
- Headquarters
- Memphis, TN
- Fiscal year end
- May 31
Financials
FY2026- Revenue
- $94.7B
- Net income
- $4.43B
- Total assets
- $98.9B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2026 | $94.7B | $4.43B | $98.9B |
| FY2025 | $87.9B | $4.09B | $87.6B |
| FY2024 | $87.7B | $4.33B | $87.0B |
| FY2023 | $90.2B | $3.97B | $87.1B |
| FY2022 | $93.5B | $3.83B | $86.0B |
| FY2021 | $84.0B | $5.23B | $82.8B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Run one of these yourself
The decisions FedEx faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Decision ForksThe CannibalizationShould you launch the thing that takes revenue from your best business?See the pack →Moat & CompetitionThe Moat AnatomyWhat would it actually cost a challenger to take your customer?See the pack →Boundaries of the FirmThe Vertical IntegrationWhat must you own, and what can you safely buy?See the pack →
The analyses
The Cannibalization Choice · Growth & Portfolio
FedEx Ran Two Delivery Networks Down the Same Street for Two Decades. That Wasn't Strategy.
FedEx is praised for keeping Express and Ground separate to protect each business. The truth is duller and more expensive: overlapping stations, duplicate routes, and a $4.8B TNT deal that a cyberattack helped blow out by $600M before a crisis forced the merger management dodged for years.
8 min
The Moat Anatomy · Moat & Competition
FedEx Built the Widest Moat in Logistics. It's Wide in the Wrong Place.
FedEx flies the largest dedicated cargo fleet on earth — about 700 aircraft. Yet in 2025 it ranked fourth in U.S. parcel volume behind Amazon, USPS, and UPS, and its returns fell below its cost of capital. The moat is real. It just guards the wrong gate.
8 min
The Vertical Integration · Boundaries of the Firm
FedEx Flew 186 Packages in 1973 — Its Moat Arrived With Deregulation in 1977
On April 17, 1973, FedEx flew 186 packages to 25 cities in 14 small jets. The legend is the term paper. The real moat arrived November 9, 1977, when deregulation finally let it order Boeing 727s and the network's math worked.
7 min
Tools to try
- Ansoff move finderFramework: Ansoff Matrix
- Business model canvas builderFramework: Business Model Canvas
- Change readiness checkFramework: Kotter's 8-Step Change Model
- Five Forces scorerFramework: Porter's Five Forces
- SMART goal builderFramework: SMART Goals
- SWOT builderFramework: SWOT Analysis
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