Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

FedEx Corp., consolidated cash flow statement

US$ in millions

12 months ended:	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Net income	4,331)	3,972)	3,826)	5,231)	1,286)	540)
Depreciation and amortization	4,287)	4,176)	3,970)	3,793)	3,615)	3,353)
Provision for uncollectible accounts	421)	696)	403)	577)	442)	295)
Other noncash items including leases and deferred income taxes	2,919)	3,472)	2,931)	2,887)	2,449)	(233)
Stock-based compensation	163)	182)	190)	200)	168)	174)
Retirement plans mark-to-market adjustments	(561)	(650)	1,578)	(1,176)	794)	3,882)
Loss on extinguishment of debt	—)	—)	—)	393)	—)	—)
Goodwill and other asset impairment charges	157)	117)	—)	—)	435)	—)
Gain from sale of business	—)	—)	—)	—)	—)	(8)
Business optimization and realignment costs, net of payments	26)	23)	53)	102)	—)	101)
Receivables	(270)	782)	(310)	(1,389)	(1,331)	(873)
Other current assets	(43)	48)	(158)	(40)	(59)	(25)
Pension and postretirement healthcare assets and liabilities, net	(522)	(623)	(697)	(317)	(908)	(909)
Accounts payable and other liabilities	(2,553)	(3,331)	(1,861)	71)	(1,787)	(571)
Other, net	(43)	(16)	(93)	(197)	(7)	(113)
Changes in assets and liabilities	(3,431)	(3,140)	(3,119)	(1,872)	(4,092)	(2,491)
Adjustments to reconcile net income to cash provided by operating activities	3,981)	4,876)	6,006)	4,904)	3,811)	5,073)
Cash provided by operating activities	8,312)	8,848)	9,832)	10,135)	5,097)	5,613)
Capital expenditures	(5,176)	(6,174)	(6,763)	(5,884)	(5,868)	(5,490)
Business acquisitions, net of cash acquired	—)	—)	—)	(228)	—)	(66)
Purchase of investments	(176)	(84)	(147)	—)	—)	—)
Proceeds from sale of investments	38)	—)	—)	—)	—)	—)
Proceeds from asset dispositions and other	114)	84)	94)	102)	22)	83)
Cash used in investing activities	(5,200)	(6,174)	(6,816)	(6,010)	(5,846)	(5,473)
Principal payments on debt	(147)	(152)	(161)	(6,318)	(2,548)	(1,436)
Proceeds from debt issuances	—)	—)	—)	4,212)	6,556)	2,463)
Proceeds from stock issuances	491)	231)	184)	740)	64)	101)
Dividends paid	(1,259)	(1,177)	(793)	(686)	(679)	(683)
Purchase of treasury stock	(2,500)	(1,500)	(2,248)	—)	(3)	(1,480)
Other, net	(11)	1)	(1)	(38)	(9)	(4)
Cash provided by (used in) financing activities	(3,426)	(2,597)	(3,019)	(2,090)	3,381)	(1,039)
Effect of exchange rate changes on cash	(41)	(118)	(187)	171)	(70)	(47)
Net increase (decrease) in cash and cash equivalents	(355)	(41)	(190)	2,206)	2,562)	(946)
Cash and cash equivalents at beginning of period	6,856)	6,897)	7,087)	4,881)	2,319)	3,265)
Cash and cash equivalents at end of period	6,501)	6,856)	6,897)	7,087)	4,881)	2,319)

Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31).

Download chart

Cash flow statement item	Description	The company
Cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	FedEx Corp. cash provided by operating activities decreased from 2022 to 2023 and from 2023 to 2024.
Cash used in investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	FedEx Corp. cash used in investing activities increased from 2022 to 2023 and from 2023 to 2024.
Cash provided by (used in) financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	FedEx Corp. cash provided by (used in) financing activities increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

FedEx Corp. (NYSE:FDX)

Cash Flow Statement