FedEx Freight Holding Company, Inc. (FDXF) Cash Flow Statement
Where FDXF’s cash came from and went, FY2026
May 31, 2026 · U.S. dollars- Cash from operations
- $167.0M −89.1% vs FY2025
- Capital expenditures
- $379.0M 4.3% of revenue
- Free cash flow
- −$212.0M −2.4% margin
- Returned to shareholders
- —
- Change in cash
- $142.0M cash at year-end $251.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
FDXF operating cash flow, capex and free cash flow
FDXF cash flow trends, FY2023–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.75BFY2023 | $167.0MFY2026 | −54.3%/yr | |
| Capital expenditures | $558.0MFY2023 | $379.0MFY2026 | −12.1%/yr | |
| Free cash flow | $1.19BFY2023 | −$212.0MFY2026 | — | |
| Free cash flow margin | 11.8%FY2023 | −2.4%FY2026 | −14.3 pts | |
| Operating cash flow / net income | 1.11FY2023 | 0.25FY2026 | −0.85 | |
| Stock-based compensation | $13.0MFY2023 | $13.0MFY2026 | 0.0%/yr | |
| Capex / revenue | 5.5%FY2023 | 4.3%FY2026 | −1.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FDXF cash flow by activity
FDXF net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
FDXF cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | $655.0M | $1.35B | $1.57B | $1.58B |
| Depreciation & amortization | $449.0M | $416.0M | $404.0M | $387.0M |
| Stock-based compensation | $13.0M | $10.0M | $12.0M | $13.0M |
| Change in working capital | −$1.41B | −$488.0M | −$617.0M | −$531.0M |
| Other non-cash items | $463.0M | $247.0M | $168.0M | $302.0M |
| Cash from operating activities | $167.0M | $1.53B | $1.54B | $1.75B |
| Investing activities | ||||
| Capital expenditures | −$379.0M | −$437.0M | −$461.0M | −$558.0M |
| Acquisitions & other investing | $16.0M | $52.0M | $58.0M | $56.0M |
| Cash from investing activities | −$363.0M | −$385.0M | −$403.0M | −$502.0M |
| Financing activities | ||||
| Net borrowing (repayment) | $4.25B | −$63.0M | −$1.0M | −$1.0M |
| Shares issued | $0 | $0 | $0 | $0 |
| Other financing | −$3.91B | −$1.08B | −$1.12B | −$1.25B |
| Cash from financing activities | $335.0M | −$1.14B | −$1.13B | −$1.26B |
| Summary | ||||
| Net change in cash | $142.0M | $3.0M | $13.0M | −$5.0M |
| Cash at end of period | $251.0M | $109.0M | $106.0M | $93.0M |
| Free cash flow | −$212.0M | $1.09B | $1.08B | $1.19B |
| Free cash flow margin | −2.4% | 12.3% | 11.5% | 11.8% |
| Capex / revenue | 4.3% | 4.9% | 4.9% | 5.5% |
| Operating cash flow / net income | 0.25 | 1.14 | 0.98 | 1.11 |
| May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | $158.0M | $51.0M | $120.0M | $223.0M | $456.5M | $251.0M | $294.0M | $344.5M |
| Depreciation & amortization | $114.0M | $113.0M | $111.0M | $111.0M | $81.0M | $113.0M | $111.0M | $111.0M |
| Stock-based compensation | $3.0M | $3.0M | $3.5M | $3.5M | $2.0M | $2.0M | $3.0M | $3.0M |
| Change in working capital | −$788.0M | −$493.0M | $18.5M | $18.5M | −$224.0M | −$83.0M | −$90.5M | −$90.5M |
| Other non-cash items | $167.0M | $8.0M | $162.5M | $59.5M | $231.5M | −$29.0M | $47.5M | −$3.0M |
| Cash from operating activities | −$346.0M | −$318.0M | $415.5M | $415.5M | $547.0M | $254.0M | $365.0M | $365.0M |
| Investing activities | ||||||||
| Capital expenditures | −$95.0M | −$152.0M | −$66.0M | −$66.0M | −$78.0M | −$129.0M | −$115.0M | −$115.0M |
| Acquisitions & other investing | $5.0M | $3.0M | $4.0M | $4.0M | $44.0M | $3.0M | $2.5M | $2.5M |
| Cash from investing activities | −$90.0M | −$149.0M | −$62.0M | −$62.0M | −$34.0M | −$126.0M | −$112.5M | −$112.5M |
| Financing activities | ||||||||
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $586.0M | $473.0M | −$362.0M | −$362.0M | −$498.0M | −$112.0M | −$265.0M | −$265.0M |
| Cash from financing activities | $586.0M | $473.0M | −$362.0M | −$362.0M | −$498.0M | −$112.0M | −$265.0M | −$265.0M |
| Summary | ||||||||
| Net change in cash | $149.0M | $102.0M | — | — | $19.0M | $90.0M | — | — |
| Cash at end of period | $251.0M | $102.0M | — | — | $109.0M | $90.0M | — | — |
| Free cash flow | −$441.0M | −$470.0M | $349.5M | $349.5M | $469.0M | $125.0M | $250.0M | $250.0M |
| Free cash flow margin | −17.9% | −23.6% | 16.3% | 15.9% | 19.8% | 6.0% | 11.5% | 11.1% |
| Capex / revenue | 3.9% | 7.6% | 3.1% | 3.0% | 3.3% | 6.2% | 5.3% | 5.1% |
| Operating cash flow / net income | −2.19 | −6.24 | 3.46 | 1.86 | 1.20 | 1.01 | 1.24 | 1.06 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
FDXF cash generation
In fiscal 2026 (ended May 31, 2026), FedEx Freight generated $167.0 million of cash from operations (down 89.1%) and spent $379.0 million on capital expenditures, leaving free cash flow of -$212.0 million, −2.4% of revenue. Cash and equivalents rose by $142.0 million over the year.
Related: FDXF income statement, FDXF balance sheet. See the FDXF stock overview for the latest quote and news.
FDXF cash flow FAQ
What is FedEx Freight's free cash flow?
FedEx Freight's free cash flow was -$212.0 million in fiscal 2026: $167.0 million of operating cash flow minus $379.0 million of capital expenditures It was $1.1 billion a year earlier..
How much cash does FedEx Freight generate from operations?
FedEx Freight generated $167.0 million of cash from operating activities in fiscal 2026, 0.25 times its net income of $655.0 million.
How much does FedEx Freight spend on capital expenditures?
FedEx Freight spent $379.0 million on capital expenditures in fiscal 2026, 4.3% of revenue, compared with $437.0 million the year before.