FedEx reported QQ2 2025 with revenue of $21.967 billion, essentially flat year over year (-0.9%) and up modestly quarter over quarter (+1.8%). The gross profit rose to $5.642 billion, yielding a gross margin of 25.7%, while operating income was $1.052 billion for an operating margin of 4.79% and net income of $0.741 billion (net margin 3.37%). EPS stood at $3.07, down from prior-year and prior-quarter levels. The quarter featured meaningful cash flow generation, with operating cash flow of $1.318 billion and free cash flow of about $0.5 billion, supporting a cash balance of roughly $5.03 billion at period end. Management deployed capital toward a sizable share repurchase program (-$1.02 billion) alongside $0.337 billion of dividends, and capital expenditures of $0.818 billion. Net debt remained elevated at approximately $32.25 billion, while liquidity indicators remained solid (current ratio 1.23, quick ratio 1.19).