Fedex (FDX) Operating Expenses (2009 - 2026)
Fedex (FDX) reported Operating Expenses of $23.46 billion for fiscal Q4 2026 (quarter ended May 31, 2026), up 14.8% from $20.43 billion a year earlier and up 3.5% from the prior quarter.
Powered by 
Analysis
Fedex (FDX) Operating Expenses (2009 - 2026) Analysis & Trends
For FY2026 (ended May 31, 2026), Fedex posted Operating Expenses of $89.26 billion, up 7.9% from FY2025.
- Operating Expenses has a five-year compound annual growth rate of 2.7% (FY2021 to FY2026).
- By fiscal year, Operating Expenses came in at $82.71 billion in FY2025 (+0.7%), $82.13 billion in FY2024 (-3.6%), $85.24 billion in FY2023 (-2.3%) and $87.27 billion in FY2022 (+11.7%).
- The fiscal Q4 2026 figure ranks as the highest quarterly Operating Expenses in data going back to fiscal Q1 2010.
- Year over year, Operating Expenses has now increased in each of the last four quarters, with growth averaging 4.3% over the last eight quarters.
- The high point for year-over-year Operating Expenses in five years was fiscal Q1 2022 (growth of 16.2%); the low point was fiscal Q4 2023 (a decline of 9.1%).
- Per Business Quant data, the three fiscal quarters before Q4 2026 came in at $22.65 billion (Q3 2026), $22.09 billion (Q2 2026) and $21.06 billion (Q1 2026).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 176.01 Bn | 168.25 Bn | - | 4.25 Bn |
| 2 | Csx | 93.62 Bn | 88.85 Bn | - | 2.45 Bn |
| 3 | United Parcel Service | 92.85 Bn | 69.67 Bn | - | 21.11 Bn |
| 4 | Canadian Pacific Kansas City | 82.31 Bn | 81.35 Bn | - | 1.95 Bn |
| 5 | Fedex | 74.59 Bn | 40.78 Bn | - | 23.46 Bn |
| 6 | Norfolk Southern | 72.94 Bn | 67.40 Bn | - | 2.38 Bn |
| 7 | Delta Air Lines | 59.87 Bn | 42.05 Bn | - | 18.73 Bn |
| 8 | United Airlines Holdings | 39.08 Bn | -18.61 Bn | - | 16.43 Bn |
| 9 | Old Dominion Freight Line | 34.91 Bn | 33.76 Bn | - | 1.14 Bn |
| 10 | Ryanair Holdings | 32.51 Bn | -871.89 Mn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| May 31, 2026 | 23.46 Bn |
| Feb 28, 2026 | 22.65 Bn |
| Nov 30, 2025 | 22.09 Bn |
| Aug 31, 2025 | 21.06 Bn |
| May 31, 2025 | 20.43 Bn |
| Feb 28, 2025 | 20.87 Bn |
| Nov 30, 2024 | 20.92 Bn |
| Aug 31, 2024 | 20.50 Bn |
| May 31, 2024 | 20.55 Bn |
| Feb 29, 2024 | 20.50 Bn |
| Nov 30, 2023 | 20.89 Bn |
| Aug 31, 2023 | 20.20 Bn |
| May 31, 2023 | 20.43 Bn |
| Feb 28, 2023 | 21.13 Bn |
| Nov 30, 2022 | 21.64 Bn |
| Aug 31, 2022 | 22.05 Bn |
| May 31, 2022 | 22.47 Bn |
| Feb 28, 2022 | 22.32 Bn |
| Nov 30, 2021 | 21.88 Bn |
| Aug 31, 2021 | 20.61 Bn |
API Access
Fedex Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=FDX&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "FDX", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=FDX&period=max&api_key=YOUR_API_KEY");
const data = await res.json();