FedEx management check
FDX · Industrials · Air Freight & Logistics · CEO Rajesh Subramaniam
Filings as of
4 good · 0 to watch · 2 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2022 grew to $144, against $136 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.87 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Flag
What does the CEO cost owners?
621565.9% of net income$27.6m of reported pay in fiscal 2026, against $4k of net income.
- n/a
Do they own the stock?
No recent CEO filingLight activity: no buys, $1.6m sold in six months.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -2.4% a year over the last three fiscal years. Stock-based pay was 0.2% of revenue in the latest year.
- Flag
Is leadership stable?
16 leadership filings in 3 yearsCEO in the pay table: Mr. Subramaniam. 16 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Industrials.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 58 | 55 | |
| Pay for performance | 94 | 86 | |
| CEO cost | 0 | 48 | |
| Skin in the game | — | — | 55 |
| Dilution | 80 | 62 | |
| Stable leadership | 45 | 75 | |
| Clean books | 100 | 100 |
Closest peers
Others in Air Freight & Logistics, by management score. FedEx is 50th of 81 in its sector.
- 200UPSUnited Parcel Service69
- 274AOSA. O. Smith63
- 280FDXFedEx63
- 283ROKRockwell Automation62
- 345EXPDExpeditors International59
- 377CHRWC.H. Robinson56
Pay versus performance
From the proxy statement filed August 17, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2026 | Mr. Subramaniam | $27.6m | $51.3m | $10.7m | $144 | $136 | $4k |
| 2025 | — | $12.9m | $7.3m | $5.6m | $75 | $93 | $4k |
| 2024 | — | $12.4m | $15.9m | $5.5m | $85 | $97 | $4k |
| 2023 | — | $13.2m | $12.8m | $6.3m | $72 | $87 | $4k |
| 2022 | — | $10.6m | −$19.6m | $4.1m | $72 | $91 | $4k |
The board says pay is tied most to adjusted consolidated operating income. Its other key measures: Adjusted consolidated operating income, Adjusted EPS, CapEx/Revenue, Relative TSR, ROIC.
Insiders and the CEO's stake
Rajesh Subramaniam (President/CEO) held 105,683 shares directly after their latest Form 4 on Jun 25, 2026.
Light activity: no buys, $1.6m sold in six months.
- SoldPaul S WalshDirector$1.6mJun 30, 2026
Leadership and governance on file
- Jul 24, 2026Leadership change8-K 5.02
- Jun 8, 2026Leadership change8-K 5.02
- Jun 1, 2026Leadership change8-K 5.02
- May 18, 2026Leadership change8-K 5.02
- May 8, 2026Leadership change8-K/A 5.02
- Apr 13, 2026Leadership change8-K 5.02
- Mar 12, 2026Leadership change8-K 5.02
- Jan 29, 2026Leadership change8-K 5.02
- Jan 16, 2026Leadership change8-K 5.02
- Oct 2, 2025Leadership change8-K 5.02
- Aug 12, 2025Leadership change8-K/A 5.02
- Jul 17, 2025Leadership change8-K 5.02
Latest shareholder vote results: Sep 29, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $16.0bn returned to owners in buybacks and dividends, 77481360% of net income, and $866.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $93.5bn | $90.2bn | $87.7bn | $87.9bn | $94.7bn |
| Net income | $4k | $4k | $4k | $4k | $4k |
| Stock-based pay | $190.0m | $182.0m | $163.0m | $154.0m | $177.0m |
| Buybacks | $2.2bn | $1.5bn | $2.5bn | $3.0bn | $796.0m |
| Dividends | $793.0m | $1.2bn | $1.3bn | $1.3bn | $1.4bn |
| Diluted shares | 266m | 256m | 251m | 243m | 239m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.