FedEx Corporation (FDX)
Receivables turnover
| May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (ttm) | US$ in thousands | 87,926,000 | 87,815,000 | 87,393,000 | 87,591,000 | 87,693,000 | 87,514,000 | 87,945,000 | 88,594,000 | 90,155,000 | 92,619,000 | 94,091,000 | 94,751,000 | 93,512,000 | 91,683,000 | 89,552,000 | 86,641,000 | 83,959,000 | 78,752,000 | 74,729,000 | 71,490,000 |
| Receivables | US$ in thousands | — | 10,230,000 | 10,737,000 | 10,312,000 | 10,550,000 | 9,904,000 | 10,665,000 | 10,207,000 | 10,188,000 | 10,721,000 | 11,644,000 | 11,055,000 | 11,863,000 | 11,668,000 | 12,197,000 | 11,125,000 | 12,069,000 | 11,481,000 | 11,417,000 | 10,508,000 |
| Receivables turnover | — | 8.58 | 8.14 | 8.49 | 8.31 | 8.84 | 8.25 | 8.68 | 8.85 | 8.64 | 8.08 | 8.57 | 7.88 | 7.86 | 7.34 | 7.79 | 6.96 | 6.86 | 6.55 | 6.80 |
May 31, 2025 calculation
Receivables turnover = Revenue (ttm) ÷ Receivables
= $87,926,000K ÷ $—K
= —
The receivables turnover ratio for FedEx Corporation has demonstrated consistent fluctuations over the specified period from August 31, 2020, to November 30, 2024. Throughout this timeframe, the ratio has generally ranged between approximately 6.55 and 8.85 times, indicating variability in the company's efficiency in collecting accounts receivable.
Initially, the ratio started at 6.80 in August 2020 and experienced slight declines and increases over subsequent quarters. Notably, there was an upward trend approaching late 2021 and early 2022, with a peak of 8.57 in August 2022. This trend suggests improved collection efficiency during that period, possibly reflecting strengthened credit management or changes in customer payment behaviors.
After reaching its peak, the ratio declined modestly to around 8.08 by November 2022, then increased again to 8.64 in February 2023 and further to 8.85 in May 2023. The ratio subsequently showed marginal decreases, recording 8.68 in August 2023 and dipping slightly to 8.25 in November 2023, followed by a rise to 8.84 in February 2024. These oscillations suggest periods of improved or slightly challenged receivables collection efficiency, but overall, the ratio remains relatively stable within the 6.5 to 9 range.
The ratio's elevated levels in recent years imply that FedEx has maintained a relatively efficient receivables collection process, translating into higher turnover rates compared to earlier periods. Nevertheless, the minor fluctuations indicate a dynamic environment with potential influences from seasonal variations, credit policies, or external economic factors.
Overall, the data suggests that FedEx's receivables management has generally been effective, with slight fluctuations reflecting operational or market-related shifts, maintaining an average turnover rate that supports effective working capital management and cash flow stability.