Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is FedEx Corporation (FDX) Halal?

FAIL

FedEx Corporation · NYSE: FDX · Industrials

The short answer

No - FedEx Corporation (FDX) fails this Shariah stock screen. FedEx, headquartered in Memphis, Tennessee (CEO Raj Subramaniam; more than 500,000 employees), is a transportation and logistics company. Its FY2026 segments - Federal Express (express and ground parcel, ~86.9% of $94,720M revenue), FedEx Freight (less-than-truckload, ~9.3%; spun off as NYSE: FDXF on June 1, 2026), and other/eliminations (~3.9%) - involve no alcohol, tobacco, gambling, weapons, adult entertainment, pork, or conventional finance, so Gate 1 passes. The failure is at Gate 2: total interest-bearing debt of $25,714M is about 37.51% of its ~$68.56B market cap ($287.07/share, October 1, 2026, per Finnhub), above the ~33% ceiling. Interest income of $437M is about 0.46% of FY2026 revenue ($94,720M), below the 5% ceiling, so Gate 3 passes. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.

Gate 1 — Business activity: PASS

FedEx Corporation (NYSE: FDX), headquartered in Memphis, Tennessee (CEO Raj Subramaniam; more than 500,000 employees), is a global transportation, e-commerce, and business-services company per its FY2026 Form 10-K (year ended May 31, 2026). It reported two reportable segments: Federal Express ($82,273M of $94,720M revenue, ~86.9% - express and ground parcel delivery combined as 'One FedEx') and FedEx Freight ($8,795M, ~9.3% - less-than-truckload freight, including FedEx Custom Critical and LTL Select), with $3,652M (~3.9%) in other and eliminations. Spin-off: on June 1, 2026 (one day after fiscal year-end), FedEx completed the spin-off of FedEx Freight into a new publicly traded company, FedEx Freight Holding Company (NYSE: FDXF); 80.1% of FDXF shares went to FedEx stockholders and FedEx retained 19.9%. FedEx Freight is now presented as discontinued operations and is no longer a reportable segment, and FedEx changed its fiscal year-end from May 31 to December 31. Business-screen implication (factual): all segments are transportation and logistics services - none involve alcohol, tobacco, gambling, weapons, adult entertainment, pork, or conventional finance. Gate 1 passes. Facts only.

Gate 2 — Debt and cash: FAIL

Per FedEx's FY2026 Form 10-K (year ended May 31, 2026; SEC CIK 104729), total interest-bearing debt was $25,714M - short-term borrowings $745M + current portion of long-term debt $1,676M + long-term debt (less current portion) $23,293M. Against a market cap of about $68.56B (FDX $287.07/share, October 1, 2026, per Finnhub), debt divided by market cap is about 37.51% - above the ~33% ceiling. Cash and short-term investments of $13,311M is about 19.42% of market cap. Note: this debt figure predates the June 1, 2026 FedEx Freight spin-off (no transition-period 10-Q had been filed as of October 1, 2026), so the screen uses the most recent filed debt against the current post-spin market cap. Gate 2 fails. Facts only.

Gate 3 — Non-compliant income: PASS

FedEx's FY2026 Form 10-K (SEC EDGAR; CIK 104729) reports interest income of $437M against FY2026 revenue of $94,720M - about 0.46% of revenue, below the 5% non-compliant income ceiling. Line used: the Consolidated Statements of Income 'Interest income' line. Interest expense ($970M) is a cost, not income, and is not counted. Gate 3 passes. Facts only.

Key figures used

Frequently asked questions

What does FedEx do?

FedEx Corporation (NYSE: FDX), headquartered in Memphis, Tennessee, is a global transportation company founded in 1971 (CEO Raj Subramaniam; more than 500,000 employees). Per its FY2026 Form 10-K (year ended May 31, 2026), it reported two segments: Federal Express (~86.9% of FY2026 revenue - express and ground parcel delivery combined as 'One FedEx') and FedEx Freight (~9.3% - less-than-truckload freight, including FedEx Custom Critical and LTL Select), with ~3.9% in other and eliminations. On June 1, 2026, FedEx completed the spin-off of FedEx Freight into a new publicly traded company, FedEx Freight Holding Company (NYSE: FDXF) - 80.1% of shares went to FedEx stockholders and FedEx retained 19.9%. Freight is no longer consolidated and is no longer a reportable segment; FedEx also changed its fiscal year-end from May 31 to December 31.

Why does FedEx fail this Shariah stock screen?

FedEx fails this Shariah stock screen at Gate 2 (debt). Gate 1 (business activity): all segments are transportation and logistics services - none involve alcohol, tobacco, gambling, weapons, adult entertainment, pork, or conventional finance, so Gate 1 passes. Gate 2 (debt): total interest-bearing debt of $25,714M is about 37.51% of its ~$68.56B market cap, above the ~33% ceiling - Gate 2 fails. Gate 3 (non-compliant income): interest income of $437M is about 0.46% of FY2026 revenue ($94,720M), below the 5% ceiling, so Gate 3 passes. Result: FAIL, driven by the debt ratio. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.

What is FedEx's interest-bearing debt ratio?

Per FedEx's FY2026 Form 10-K (year ended May 31, 2026; SEC CIK 104729), total interest-bearing debt was $25,714M - short-term borrowings $745M + current portion of long-term debt $1,676M + long-term debt (less current portion) $23,293M. Against a market cap of about $68.56B (FDX $287.07/share, October 1, 2026, per Finnhub), debt divided by market cap is about 37.51% - above the ~33% ceiling. Note: this debt figure predates the June 1, 2026 FedEx Freight spin-off (no transition-period 10-Q had been filed as of October 1, 2026), so the screen uses the most recent filed debt against the current post-spin market cap. Gate 2 fails. Facts only.

What is FedEx's non-compliant income ratio?

FedEx's FY2026 Form 10-K (SEC EDGAR; CIK 104729) reports interest income of $437M against FY2026 revenue of $94,720M - about 0.46% of revenue, below the 5% non-compliant income ceiling. Line used: the Consolidated Statements of Income 'Interest income' line. Interest expense ($970M) is a cost, not income, and is not counted as non-compliant income. Gate 3 passes. Facts only.

Do Zoya, Musaffa, or ShariaPortfolio cover FedEx?

Zoya covers FedEx at zoya.finance/stocks/fdx and rates FDX as not Shariah-compliant as of September 2026 - but its public page text is contradictory auto-generated template wording (it simultaneously says FDX is 'not Shariah-compliant and therefore considered halal' and 'not considered halal'), and its cited interest income of $0 differs from the 10-K's $437M, so Zoya's figure is reported here as-is with that caveat. Musaffa: no FDX page surfaced in search. ShariaPortfolio: no FDX entry found. All honestly reported as absent/inconclusive, not invented. This page applies the screen directly from FedEx's own SEC filings. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.

Sources

Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).