FedEx delivered a modest year-over-year revenue progression in QQ3 2025 with continued profitability and a solid free cash flow profile, underscored by disciplined capital allocation. Revenue of $22.16 billion grew about 1.9% YoY while net income reached $0.909 billion and EPS stood at $3.79, supported by an EBITDA of roughly $2.537 billion and an operating income of $1.292 billion. Despite near-term top-line growth, gross margins were a focal point of strength versus QoQ weakness, indicating seasonality and mix shifts within segments. Cash flow performance remained robust, with operating cash flow of $2.012 billion and free cash flow of $1.015 billion, enabling continued deleveraging flexibility through share repurchases and dividends, even as gross debt remained elevated. The balance sheet shows healthy liquidity, yet the company carries substantial long-term debt that influences leverage metrics and capital allocation considerations for investors.