How FedEx makes money

Period

FY2026

How does FedEx make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

FedEx Corporation · FY2026 · year ended 2026-05-31

Revenue$94.7BGross profit$94.7B · 100%Cost of revenue$0 · 0%Operating income$5.8B · 6%Operating expenses$89.3B · 94%Other opex$89.3B · 94%Net income$4.4B · 5%Income tax$1.4B · 1%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.