Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
FedEx’s common stock is listed on the New York Stock Exchange under the symbol “FDX.” As of July 17, 2025, there were 11,538 holders of record of our common stock.
We expect to continue to pay regular quarterly cash dividends, though each quarterly dividend payment is subject to review and approval by our Board of Directors. We evaluate our dividend payment amount on an annual basis. There are no material restrictions on our ability to declare dividends, nor are there any material restrictions on the ability of our subsidiaries to transfer funds to us in the form of cash dividends, loans, or advances.
Unregistered Sales of Equity Securities
In February 2025, we acquired RouteSmart Technologies, Inc. (“RouteSmart”), a global leader in route planning and optimization solutions, and the consideration paid to certain former stockholders of RouteSmart consisted in part of 359,052 unregistered shares of our common stock valued at approximately $90 million as of the acquisition date. In May 2025, in connection with pre-closing period financial statement adjustments, we issued another 1,510 unregistered shares of our common stock valued at less than $500,000 to the former RouteSmart stockholders pursuant to the terms of the acquisition agreement.
The foregoing transactions did not involve any underwriters or underwriting discounts or commissions. The shares of our common stock were issued in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, in a privately negotiated transaction not involving any public offerings or solicitations. See Note 4 of the accompanying audited consolidated financial statements for additional information regarding the RouteSmart acquisition.
Issuer Purchases of Equity Securities
In March 2024, our Board of Directors authorized the repurchase of up to $5.0 billion of FedEx common stock. As part of this program, we repurchased 2.1 million shares for $500 million in the open market during the fourth quarter of 2025. In fiscal 2026 we have completed $500 million of share repurchases through open market transactions through July 21, 2025 and expect to continue repurchasing additional shares of our common stock subject to market conditions, our liquidity needs, and other factors.
As of July 21, 2025, approximately $1.6 billion remained available to be used for repurchases under the program. Shares under the program may be repurchased from time to time in the open market or in privately negotiated transactions. No time limits were set for completion of the program; however, we may decide to suspend or discontinue the program.
The following table provides additional information on our repurchases of our common stock during the fourth quarter of 2025:
Period Total Number of
Shares Purchased Average Price
Paid per Share Total Number of
Shares Purchased
as Part of
Publicly
Announced
Programs Approximate
Dollar Value of
Shares That May
Yet Be Purchased
Under the
Programs
($ in millions)
Mar. 1-31, 2025 1,775,000 $ 242.43 1,775,000 $ 2,134
Apr. 1-30, 2025 287,186 $ 242.78 287,186 $ 2,064
May 1-31, 2025 — $ — — $ 2,064
Total 2,062,186 2,062,186 $ 2,064
See “ Item 7. Management’s Discussion and Analysis of Results of Operations and Financial Condition ” and Note 1 of the consolidated financial statements included in “ Item 8. Financial Statements and Supplementary Data ” of this Annual Report for additional information regarding our stock repurchases during 2025 and expected stock repurchases during 2026.
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Common Stock Performance Graph:
The following performance graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or Securities Exchange Act of 1934, each as amended, except to the extent that we specifically incorporate such information by reference into such filing.
The following graph compares the cumulative total shareholder return on our common stock for the periods indicated with the Standard & Poor's ("S&P") 500 index and the Dow Jones Transportation Average index.
May 31,
2020 2021 2022 2023 2024 2025
FedEx Corporation $ 100.00 $ 244.20 $ 176.29 $ 175.00 $ 208.06 $ 182.43
S&P 500 Index $ 100.00 $ 140.25 $ 139.83 $ 143.91 $ 184.48 $ 209.42
Dow Jones Transportation Average Index $ 100.00 $ 178.01 $ 163.66 $ 159.29 $ 179.75 $ 176.03
(1) Assumes $100 invested in FedEx common stock and in each index on May 31, 2020 and that all dividends are reinvested.
ITEM 6. [RESERVED]