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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 20, 2025
FedEx Corporation
(Exact name of registrant as specified in its charter)
Commission File Number 1-15829
Delaware |
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62-1721435 |
(State or other jurisdiction of |
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(IRS Employer |
incorporation) |
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Identification No.) |
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942 South Shady Grove Road, Memphis, Tennessee |
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38120 |
(Address of principal executive offices) |
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(ZIP Code) |
Registrant’s telephone number, including area code: (901) 818-7500
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol |
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Name of each exchange on which registered |
Common Stock, par value $0.10 per share |
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FDX |
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New York Stock Exchange |
0.450% Notes due 2025 |
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FDX 25A |
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New York Stock Exchange |
1.625% Notes due 2027 |
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FDX 27 |
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New York Stock Exchange |
0.450% Notes due 2029 |
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FDX 29A |
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New York Stock Exchange |
1.300% Notes due 2031 |
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FDX 31 |
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New York Stock Exchange |
0.950% Notes due 2033 |
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FDX 33 |
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New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
EXPLANATORY NOTE
The information in this Report, including Exhibit 99.1, is being furnished pursuant to Item 2.02 of Form 8-K and General Instruction B.2 thereunder. Such information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.
SECTION 2. FINANCIAL INFORMATION.
Item 2.02. Results of Operations and Financial Condition.
Attached as Exhibit 99.1 and incorporated herein by reference is a copy of FedEx Corporation’s press release, dated March 20, 2025, announcing its financial results for the fiscal quarter ended February 28, 2025.
SECTION 9. FINANCIAL STATEMENTS AND EXHIBITS.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit Number |
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Description |
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99.1 |
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104 |
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Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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FedEx Corporation |
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Date: March 20, 2025 |
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By: |
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/s/ Guy M. Erwin II |
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Guy M. Erwin II |
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Corporate Vice President – |
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Chief Accounting Officer |
Exhibit 99.1
FedEx Reports Third Quarter Diluted EPS of $3.76
and Adjusted Diluted EPS of $4.51
Delivered Revenue, Operating Income, and EPS Growth
Completed $500 Million Share Repurchases During Quarter
Revises Full-Year Fiscal 2025 Earnings Outlook
Progresses FedEx Freight Spin-off Preparation
MEMPHIS, Tenn., March 20, 2025 ... FedEx Corp. (NYSE: FDX) today reported the following consolidated results for the third quarter ended February 28 (adjusted measures exclude the items listed below):
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Fiscal 2025 |
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Fiscal 2024 |
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As Reported |
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Adjusted |
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As Reported |
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Adjusted |
Revenue |
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$22.2 billion |
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$22.2 billion |
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$21.7 billion |
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$21.7 billion |
Operating income |
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$1.29 billion |
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$1.51 billion |
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$1.24 billion |
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$1.36 billion |
Operating margin |
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5.8% |
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6.8% |
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5.7% |
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6.2% |
Net income |
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$0.91 billion |
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$1.09 billion |
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$0.88 billion |
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$0.97 billion |
Diluted EPS |
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$3.76 |
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$4.51 |
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$3.51 |
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$3.86 |
This year’s and last year’s quarterly consolidated results have been adjusted for:
Impact per diluted share |
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Fiscal 2025 |
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Fiscal 2024 |
Business optimization costs |
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$0.56 |
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$0.35 |
International regulatory and legacy |
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0.12 |
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— |
FedEx Freight spin-off costs |
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0.07 |
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— |
"The FedEx team delivered improved profitability, while navigating a very challenging operating environment, including a compressed Peak season and severe weather events,” said Raj Subramaniam, FedEx Corp. president and chief executive officer. “I am proud of the team for executing on our transformation efforts while strengthening our value proposition and improving the customer experience. Looking ahead, we remain focused on supporting our customers amid the shifting macroeconomic environment.”
Consolidated operating results improved due to cost reduction benefits from DRIVE program initiatives, higher base yield at each transportation segment, and higher volume at Federal Express.
Federal Express segment operating results improved during the quarter, driven by cost reduction benefits from DRIVE, higher base yield, and increased U.S. and international export volume.
1
These factors were partially offset by higher wage and purchased transportation rates, as well as the expiration of the U.S. Postal Service contract.
FedEx Freight segment operating results decreased during the quarter due to lower fuel surcharges, reduced weight per shipment, and fewer shipments, partially offset by higher base yield.
The quarter’s results include a net tax benefit of $46 million ($0.19 per diluted share), primarily from corporate entity structure changes and revisions of prior year estimates for actual tax return results.
Share Repurchase Program
FedEx completed its $2.5 billion fiscal 2025 share repurchase plan with $0.5 billion in share repurchases via open market transactions during the quarter. Approximately 1.8 million shares were repurchased, with the decrease in outstanding shares benefiting third quarter results by $0.12 per diluted share.
As of February 28, 2025, $2.6 billion remained available for repurchases under the company's 2024 stock repurchase authorization.
Cash on-hand as of February 28, 2025 was $5.1 billion.
Outlook
FedEx is unable to forecast the fiscal 2025 mark-to-market ("MTM") retirement plans accounting adjustments. As a result, FedEx is unable to provide a fiscal 2025 earnings per share ("EPS") or effective tax rate ("ETR") outlook on a GAAP basis and is relying on the exemption provided by the Securities and Exchange Commission ("SEC"). It is reasonably possible that the fiscal 2025 MTM retirement plans accounting adjustments could have a material effect on fiscal 2025 consolidated financial results and ETR.
FedEx is revising its fiscal 2025 revenue, earnings and capital spending forecasts, and now expects:
2
FedEx is reaffirming its forecast of:
These forecasts assume the company's current economic forecast and fuel price expectations, and no additional adverse economic, geopolitical, or international trade-related developments. FedEx’s ETR and EPS forecasts are based on current law and related regulations and guidance.
“Our team continues to make strong progress on reducing our cost to serve and improving our operational performance–specifically at Federal Express–supporting operating income and earnings growth,” said John Dietrich, FedEx Corp. executive vice president and chief financial officer. “Our revised earnings outlook reflects continued weakness and uncertainty in the U.S. industrial economy, which is constraining demand for our business-to-business services. Despite this uncertainty, I'm confident we are well positioned to execute on our transformation initiatives and create stockholder value.”
Corporate Overview
FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenue of $88 billion, the company offers integrated business solutions utilizing its flexible, efficient, and intelligent global network. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its more than 500,000 employees to remain focused on safety, the highest ethical and professional standards and the needs of their customers and communities. FedEx is committed to connecting people and possibilities around the world responsibly and resourcefully, with a goal to achieve carbon-neutral operations by 2040. To learn more, please visit fedex.com/about.
Additional information and operating data are contained in the company’s annual report, Form 10-K, Form 10-Qs, Form 8-Ks and Statistical Books. These materials, as well as a webcast of the earnings release conference call to be held at 5:30 p.m. EDT on March 20, are available on the company’s website at investors.fedex.com. A replay of the conference call webcast will be posted on our website following the call.
The Investor Relations page of our website, investors.fedex.com, contains a significant amount of information about FedEx, including our SEC filings and financial and other information for investors. The information that we post on our Investor Relations website could be deemed to be material information.
3
We encourage investors, the media and others interested in the company to visit this website from time to time, as information is updated and new information is posted.
Certain statements in this press release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act, such as statements regarding expected cost savings, the optimization of our network through Network 2.0, the planned tax-free spin-off of the FedEx Freight business into a new independent publicly traded company (the "FedEx Freight Spin-off"), future financial targets, business strategies, management’s views with respect to future events and financial performance, and the assumptions underlying such expected cost savings, targets, strategies, and statements. Forward-looking statements include those preceded by, followed by or that include the words “will,” “may,” “could,” “would,” “should,” “believes,” “expects,” “forecasts,” “anticipates,” “plans,” “estimates,” “targets,” “projects,” “intends” or similar expressions. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions in the global markets in which we operate; our ability to successfully implement our business strategy and global transformation program and optimize our network through Network 2.0, effectively respond to changes in market dynamics, and achieve the anticipated benefits of such strategies and actions; our ability to achieve our cost reduction initiatives and financial performance goals; the timing and amount of any costs or benefits or any specific outcome, transaction, or change (of which there can be no assurance), or the terms, timing, and structure thereof, related to our global transformation program and other ongoing reviews and initiatives; a significant data breach or other disruption to our technology infrastructure; our ability to successfully implement the FedEx Freight Spin-off and achieve the anticipated benefits of such transaction; anti-trade measures and additional changes in international trade policies and relations; damage to our reputation or loss of brand equity; our ability to remove costs related to services provided to the U.S. Postal Service ("USPS") under the contract for Federal Express Corporation to provide the USPS domestic transportation services that expired on September 29, 2024; our ability to meet our labor and purchased transportation needs while controlling related costs; failure of third-party service providers to perform as expected, or disruptions in our relationships with those providers or their provision of services to FedEx; the effects of a widespread outbreak of an illness or any other communicable disease or public health crises; the effect of any international conflicts or terrorist activities, including as a result of the current conflicts between Russia and Ukraine and in the Middle East; changes in fuel prices or currency exchange rates, including significant increases in fuel prices as a result of the ongoing conflicts between Russia and Ukraine and in the Middle East and other geopolitical and regulatory developments; the effect of intense competition; our ability to match capacity to shifting volume levels; an increase in self-insurance accruals and expenses; failure to receive or collect expected insurance coverage; our ability to effectively operate, integrate, leverage, and grow acquired businesses and realize the anticipated benefits of acquisitions and other strategic transactions; noncash impairment charges related to our goodwill and certain deferred tax assets; the future rate of e-commerce growth; evolving or new U.S. domestic or international laws and government regulations, policies, and actions; future guidance, regulations, interpretations, challenges, or judicial decisions related to our tax positions; labor-related disruptions; legal challenges or changes related to service providers contracted to conduct certain linehaul and pickup-and-delivery operations and the drivers providing services on their behalf and the coverage of U.S. employees at Federal Express Corporation under the Railway Labor Act of 1926, as amended; our ability to quickly and effectively restore operations following adverse weather or a localized disaster or disturbance in a key geography; any liability resulting from and the costs of defending against litigation; our ability to achieve our goal of carbon-neutral operations by 2040; and other factors which can be found in FedEx Corp.’s and its subsidiaries’ press releases and FedEx Corp.’s filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended May 31, 2024, and subsequently filed Quarterly Reports on Form 10-Q. Any forward-looking statement speaks only as of the date on which it is made. We do not undertake or assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
4
Media Contact:
Caitlin Maier
901-434-8100
mediarelations@fedex.com
Investor Relations Contact:
Jeni Hollander
901-818-7200
ir@fedex.com
5
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
Third Quarter Fiscal 2025 and Fiscal 2024 Results
The company reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP” or “reported”). We have supplemented the reporting of our financial information determined in accordance with GAAP with certain non-GAAP (or “adjusted”) financial measures, including our adjusted third quarter fiscal 2025 and 2024 consolidated operating income and margin, income taxes, net income and diluted earnings per share and adjusted third quarter fiscal 2025 and 2024 Federal Express segment operating income and margin. These financial measures have been adjusted to exclude the effects of the following items (as applicable):
In fiscal 2023, FedEx announced DRIVE, a comprehensive program to improve the company’s long-term profitability. This program includes a business optimization plan to drive efficiency among our transportation segments, lower our overhead and support costs, and transform our digital capabilities. We incurred costs associated with our business optimization initiatives in the third quarter of fiscal 2025 and fiscal 2024. These costs were primarily related to professional services and severance.
In December 2024, FedEx announced that its Board of Directors has decided to pursue a full separation of FedEx Freight through the capital markets, creating a new publicly traded company. The transaction, which will be implemented through the spin-off of shares of the new company to FedEx stockholders, is expected to be tax-free for U.S. federal income tax purposes for FedEx stockholders. We incurred costs associated with the planned spin-off of FedEx Freight in the third quarter of fiscal 2025, which were primarily related to exchange offer and consent solicitation transactions to secure the release of the guarantee of FedEx Freight of certain series of outstanding senior notes of FedEx at the time FedEx Freight ceases to be a subsidiary of FedEx.
The charges incurred in connection with the international regulatory matter are extraordinary in nature and do not represent recurring expenses in our ordinary course of business. This item has been reduced in the amount of a gain recognized in the third quarter of fiscal 2025 in connection with the partial reversal of a loss accrual related to a legacy FedEx Ground legal matter that was also extraordinary in nature following a settlement.
Costs related to business optimization initiatives, international regulatory and legacy FedEx Ground legal matters, and the planned spin-off of FedEx Freight are excluded from our third quarter fiscal 2025 and 2024 consolidated and Federal Express segment non-GAAP financial measures, as applicable, because they are unrelated to our core operating performance and to assist investors with assessing trends in our underlying businesses.
6
The income tax effect of these costs is calculated based upon the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment. The impact of these non-GAAP items on the company’s effective tax rate represents the difference in the effective tax rate calculated with and without the non-GAAP adjustment.
We believe these adjusted financial measures facilitate analysis and comparisons of our ongoing business operations because they exclude items that may not be indicative of, or are unrelated to, the company’s and our business segments’ core operating performance, and may assist investors with comparisons to prior periods and assessing trends in our underlying businesses. These adjustments are consistent with how management views our businesses. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and evaluating the company’s and each business segment’s ongoing performance.
Our non-GAAP financial measures are intended to supplement and should be read together with, and are not an alternative or substitute for, and should not be considered superior to, our reported financial results. Accordingly, users of our financial statements should not place undue reliance on these non-GAAP financial measures. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. As required by SEC rules, the tables below present a reconciliation of our presented non-GAAP financial measures to the most directly comparable GAAP measures.
Fiscal 2025 Earnings Per Share and Effective Tax Rate Forecasts
Our fiscal 2025 EPS forecast is a non-GAAP financial measure because it excludes fiscal 2025 MTM retirement plans accounting adjustments and estimated costs related to business optimization initiatives, international regulatory and legacy FedEx Ground legal matters, and the planned spin-off of FedEx Freight in fiscal 2025. Our fiscal 2025 ETR forecast is a non-GAAP financial measure because it excludes the effect of fiscal 2025 MTM retirement plans accounting adjustments.
We have provided these non-GAAP financial measures for the same reasons that were outlined above for historical non-GAAP measures. Costs related to business optimization initiatives, international regulatory and legacy FedEx Ground legal matters, and the planned spin-off of FedEx Freight are excluded from our fiscal 2025 EPS forecast for the same reasons described above for historical non-GAAP measures.
We are unable to predict the amount of the MTM retirement plans accounting adjustments, as they are significantly affected by changes in interest rates and the financial markets, so such adjustments are not included in our fiscal 2025 EPS and ETR forecasts.
7
For this reason, a full reconciliation of our fiscal 2025 EPS and ETR forecasts to the most directly comparable GAAP measures is impracticable. It is reasonably possible, however, that our fiscal 2025 MTM retirement plans accounting adjustments could have a material effect on our fiscal 2025 consolidated financial results and ETR.
The table included below titled “Fiscal 2025 Diluted Earnings Per Share Forecast” outlines the effects of the items that are excluded from our fiscal 2025 EPS forecast, other than the MTM retirement plans accounting adjustments.
8
Third Quarter Fiscal 2025
FedEx Corporation
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Operating |
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Income |
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Net |
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Diluted |
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Dollars in millions, except EPS |
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Income |
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Margin |
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Taxes1 |
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Income2 |
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Per Share |
GAAP measure |
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$1,292 |
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5.8% |
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$272 |
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$909 |
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$3.76 |
Business optimization costs3 |
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179 |
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0.8% |
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42 |
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137 |
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0.56 |
International regulatory and legacy |
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38 |
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0.2% |
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9 |
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29 |
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0.12 |
FedEx Freight spin-off costs5 |
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5 |
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0.0% |
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5 |
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17 |
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0.07 |
Non-GAAP measure |
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$1,514 |
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6.8% |
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$328 |
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$1,092 |
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$4.51 |
Federal Express Segment
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Operating |
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Dollars in millions |
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Income |
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Margin |
GAAP measure |
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$1,294 |
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6.7% |
Business optimization costs |
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92 |
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0.5% |
International regulatory and legacy |
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38 |
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0.2% |
Non-GAAP measure |
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$1,424 |
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7.4% |
Third Quarter Fiscal 2024
FedEx Corporation
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Operating |
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Income |
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Net |
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Diluted |
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Dollars in millions, except EPS |
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Income |
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Margin |
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Taxes1 |
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Income2 |
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Per Share |
GAAP measure |
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$1,243 |
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5.7% |
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$304 |
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$879 |
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$3.51 |
Business optimization costs3 |
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114 |
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0.5% |
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27 |
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87 |
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0.35 |
Non-GAAP measure |
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$1,357 |
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6.2% |
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$331 |
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$966 |
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$3.86 |
Federal Express Segment
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Operating |
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Dollars in millions |
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Income |
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Margin |
GAAP measure |
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$1,173 |
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6.3% |
Business optimization costs |
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45 |
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0.2% |
Non-GAAP measure |
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$1,218 |
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6.5% |
9
Fiscal 2025 Diluted Earnings Per Share Forecast
Dollars in millions, except EPS |
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Adjustments |
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Diluted |
Diluted earnings per share before |
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$15.15 to $15.75 |
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Business optimization costs |
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$850 |
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International regulatory and legacy FedEx |
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38 |
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FedEx Freight spin-off costs |
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25 |
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Total adjustments |
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$913 |
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Income tax effect1 |
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(214) |
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Net of tax effect |
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$699 |
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2.85 |
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Diluted earnings per share with adjustments |
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$18.00 to $18.60 |
Notes:
1 – Income taxes are based on the company’s approximate statutory tax rates applicable to each transaction.
2 – Effect of “total other (expense) income” on net income amount not shown.
3 – These expenses were recognized at Federal Express, as well as Corporate, other, and eliminations.
4 – These expenses were recognized at Federal Express.
5 – These expenses were recognized at Corporate, other, and eliminations.
6 – The MTM retirement plans accounting adjustments, which are impracticable to calculate at this time, are excluded.
# # #
10
FEDEX CORP. FINANCIAL HIGHLIGHTS
Third Quarter Fiscal 2025
(In millions, except earnings per share)
(Unaudited)
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Three Months Ended |
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Nine Months Ended |
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February 28, 2025 |
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February 29, 2024 |
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Percent Change |
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February 28, 2025 |
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February 29, 2024 |
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Percent Change |
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Revenue: |
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Federal Express segment |
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$ |
19,181 |
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$ |
18,672 |
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3 |
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$ |
56,327 |
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$ |
55,871 |
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1 |
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FedEx Freight segment |
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2,089 |
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2,205 |
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(5 |
) |
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6,595 |
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7,042 |
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(6 |
) |
Other and eliminations1 |
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890 |
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861 |
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3 |
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2,784 |
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2,671 |
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4 |
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Total Revenue |
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22,160 |
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|
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21,738 |
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|
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2 |
|
|
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65,706 |
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|
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65,584 |
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|
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— |
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Operating Expenses: |
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Salaries and employee benefits |
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7,879 |
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7,693 |
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2 |
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23,543 |
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23,311 |
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1 |
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Purchased transportation |
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5,634 |
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5,345 |
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5 |
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16,409 |
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15,776 |
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4 |
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Rentals and landing fees |
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1,178 |
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|
|
1,145 |
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3 |
|
|
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3,507 |
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|
|
3,434 |
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|
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2 |
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Depreciation and amortization |
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1,066 |
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1,072 |
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(1 |
) |
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3,207 |
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3,183 |
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1 |
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Fuel |
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889 |
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1,140 |
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(22 |
) |
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2,911 |
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|
|
3,569 |
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|
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(18 |
) |
Maintenance and repairs |
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|
783 |
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|
|
804 |
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|
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(3 |
) |
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|
2,443 |
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|
|
2,482 |
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|
|
(2 |
) |
Business optimization costs |
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|
179 |
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|
|
114 |
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|
|
57 |
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|
|
633 |
|
|
|
364 |
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|
|
74 |
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Other |
|
|
3,260 |
|
|
|
3,182 |
|
|
|
2 |
|
|
|
9,629 |
|
|
|
9,461 |
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|
|
2 |
|
Total Operating Expenses |
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20,868 |
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|
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20,495 |
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|
|
2 |
|
|
|
62,282 |
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|
|
61,580 |
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|
|
1 |
|
Operating income (loss): |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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||||||
Federal Express segment |
|
|
1,294 |
|
|
|
1,173 |
|
|
|
10 |
|
|
|
3,299 |
|
|
|
3,514 |
|
|
|
(6 |
) |
FedEx Freight segment |
|
|
261 |
|
|
|
341 |
|
|
|
(23 |
) |
|
|
1,012 |
|
|
|
1,314 |
|
|
|
(23 |
) |
Corporate, other, and eliminations1 |
|
|
(263 |
) |
|
|
(271 |
) |
|
|
(3 |
) |
|
|
(887 |
) |
|
|
(824 |
) |
|
|
8 |
|
Total Operating Income |
|
|
1,292 |
|
|
|
1,243 |
|
|
|
4 |
|
|
|
3,424 |
|
|
|
4,004 |
|
|
|
(14 |
) |
Other (Expense) Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest, net |
|
|
(116 |
) |
|
|
(91 |
) |
|
|
27 |
|
|
|
(302 |
) |
|
|
(279 |
) |
|
|
8 |
|
Other retirement plans, net |
|
|
50 |
|
|
|
40 |
|
|
|
25 |
|
|
|
149 |
|
|
|
120 |
|
|
|
24 |
|
Other, net |
|
|
(45 |
) |
|
|
(9 |
) |
|
|
400 |
|
|
|
(53 |
) |
|
|
(37 |
) |
|
|
43 |
|
Total Other (Expense) Income |
|
|
(111 |
) |
|
|
(60 |
) |
|
|
85 |
|
|
|
(206 |
) |
|
|
(196 |
) |
|
|
5 |
|
Income Before Income Taxes |
|
|
1,181 |
|
|
|
1,183 |
|
|
|
— |
|
|
|
3,218 |
|
|
|
3,808 |
|
|
|
(15 |
) |
Provision for Income Taxes |
|
|
272 |
|
|
|
304 |
|
|
|
(11 |
) |
|
|
774 |
|
|
|
951 |
|
|
|
(19 |
) |
Net Income |
|
$ |
909 |
|
|
$ |
879 |
|
|
|
3 |
|
|
$ |
2,444 |
|
|
$ |
2,857 |
|
|
|
(14 |
) |
Diluted Earnings Per Share |
|
$ |
3.76 |
|
|
$ |
3.51 |
|
|
|
7 |
|
|
$ |
9.99 |
|
|
$ |
11.31 |
|
|
|
(12 |
) |
Weighted Average Common and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Common Equivalent Shares |
|
|
242 |
|
|
|
250 |
|
|
|
(3 |
) |
|
|
244 |
|
|
|
252 |
|
|
|
(3 |
) |
Capital Expenditures |
|
$ |
997 |
|
|
$ |
1,379 |
|
|
|
(28 |
) |
|
$ |
2,582 |
|
|
$ |
3,974 |
|
|
|
(35 |
) |
1 – Includes the FedEx Office, FedEx Logistics, and FedEx Dataworks operating segments.
11
FEDEX CORP. CONDENSED CONSOLIDATED BALANCE SHEETS
Third Quarter Fiscal 2025
(In millions, except share data)
|
|
February 28, 2025 |
|
|
|
|
||
|
|
(Unaudited) |
|
|
May 31, 2024 |
|
||
ASSETS |
|
|
|
|
|
|
||
Current Assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
5,135 |
|
|
$ |
6,501 |
|
Receivables, less allowances |
|
|
10,230 |
|
|
|
10,087 |
|
Spare parts, supplies, and fuel, less allowances |
|
|
617 |
|
|
|
614 |
|
Prepaid expenses and other |
|
|
1,232 |
|
|
|
1,005 |
|
Total current assets |
|
|
17,214 |
|
|
|
18,207 |
|
Property and Equipment, at Cost |
|
|
86,565 |
|
|
|
84,391 |
|
Less accumulated depreciation and amortization |
|
|
45,601 |
|
|
|
42,900 |
|
Net property and equipment |
|
|
40,964 |
|
|
|
41,491 |
|
Other Long-Term Assets |
|
|
|
|
|
|
||
Operating lease right-of-use assets, net |
|
|
16,468 |
|
|
|
17,115 |
|
Goodwill |
|
|
6,332 |
|
|
|
6,423 |
|
Other assets |
|
|
4,065 |
|
|
|
3,771 |
|
Total other long-term assets |
|
|
26,865 |
|
|
|
27,309 |
|
|
|
$ |
85,043 |
|
|
$ |
87,007 |
|
LIABILITIES AND COMMON STOCKHOLDERS' |
|
|
|
|
|
|
||
Current Liabilities |
|
|
|
|
|
|
||
Current portion of long-term debt |
|
$ |
611 |
|
|
$ |
68 |
|
Accrued salaries and employee benefits |
|
|
2,601 |
|
|
|
2,673 |
|
Accounts payable |
|
|
3,604 |
|
|
|
3,189 |
|
Operating lease liabilities |
|
|
2,524 |
|
|
|
2,463 |
|
Accrued expenses |
|
|
4,556 |
|
|
|
4,962 |
|
Total current liabilities |
|
|
13,896 |
|
|
|
13,355 |
|
Long-Term Debt, Less Current Portion |
|
|
19,530 |
|
|
|
20,135 |
|
Other Long-Term Liabilities |
|
|
|
|
|
|
||
Deferred income taxes |
|
|
4,308 |
|
|
|
4,482 |
|
Pension, postretirement healthcare, and other benefit obligations |
|
|
1,664 |
|
|
|
2,010 |
|
Self-insurance accruals |
|
|
3,914 |
|
|
|
3,701 |
|
Operating lease liabilities |
|
|
14,366 |
|
|
|
15,053 |
|
Other liabilities |
|
|
657 |
|
|
|
689 |
|
Total other long-term liabilities |
|
|
24,909 |
|
|
|
25,935 |
|
Commitments and Contingencies |
|
|
|
|
|
|
||
Common Stockholders' Investment |
|
|
|
|
|
|
||
Common stock, $0.10 par value, 800 million shares authorized |
|
|
32 |
|
|
|
32 |
|
Additional paid-in capital |
|
|
4,245 |
|
|
|
3,988 |
|
Retained earnings |
|
|
39,754 |
|
|
|
38,649 |
|
Accumulated other comprehensive loss |
|
|
(1,499 |
) |
|
|
(1,359 |
) |
Treasury stock, at cost |
|
|
(15,824 |
) |
|
|
(13,728 |
) |
Total common stockholders' investment |
|
|
26,708 |
|
|
|
27,582 |
|
|
|
$ |
85,043 |
|
|
$ |
87,007 |
|
12
FEDEX CORP. CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
Third Quarter Fiscal 2025
(In millions)
(Unaudited)
|
|
Nine Months Ended |
|
|||||
|
|
February 28, 2025 |
|
|
February 29, 2024 |
|
||
Operating Activities: |
|
|
|
|
|
|
||
Net income |
|
$ |
2,444 |
|
|
$ |
2,857 |
|
Adjustments to reconcile net income to cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
3,207 |
|
|
|
3,183 |
|
Other, net |
|
|
2,965 |
|
|
|
2,544 |
|
Changes in operating assets and liabilities, net |
|
|
(4,099 |
) |
|
|
(2,970 |
) |
Cash provided by operating activities |
|
|
4,517 |
|
|
|
5,614 |
|
Investing Activities: |
|
|
|
|
|
|
||
Capital expenditures |
|
|
(2,582 |
) |
|
|
(3,974 |
) |
Purchase of investments |
|
|
(197 |
) |
|
|
(110 |
) |
Proceeds from sale of investments |
|
|
77 |
|
|
|
24 |
|
Proceeds from asset dispositions and other |
|
|
42 |
|
|
|
94 |
|
Cash used in investing activities |
|
|
(2,660 |
) |
|
|
(3,966 |
) |
Financing Activities: |
|
|
|
|
|
|
||
Principal payments on debt |
|
|
(89 |
) |
|
|
(143 |
) |
Proceeds from stock issuances |
|
|
472 |
|
|
|
265 |
|
Dividends paid |
|
|
(1,008 |
) |
|
|
(949 |
) |
Purchases of common stock |
|
|
(2,517 |
) |
|
|
(2,000 |
) |
Other |
|
|
(30 |
) |
|
|
(7 |
) |
Cash used in financing activities |
|
|
(3,172 |
) |
|
|
(2,834 |
) |
Effect of exchange rate changes on cash |
|
|
(51 |
) |
|
|
(26 |
) |
Net decrease in cash and cash equivalents |
|
|
(1,366 |
) |
|
|
(1,212 |
) |
Cash and cash equivalents at beginning of period |
|
|
6,501 |
|
|
|
6,856 |
|
Cash and cash equivalents at end of period |
|
$ |
5,135 |
|
|
$ |
5,644 |
|
13
FEDERAL EXPRESS SEGMENT FINANCIAL HIGHLIGHTS
Third Quarter Fiscal 2025
(Dollars in millions)
(Unaudited)
|
|
Three Months Ended |
|
|
|
|
|
Nine Months Ended |
|
|
|
|
|
||||||||||||
|
|
February 28, 2025 |
|
|
February 29, 2024 |
|
|
Percent Change |
|
|
February 28, 2025 |
|
|
February 29, 2024 |
|
|
Percent Change |
|
|
||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Package: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. priority |
|
$ |
2,646 |
|
|
$ |
2,595 |
|
|
|
2 |
|
|
$ |
7,800 |
|
|
$ |
7,873 |
|
|
|
(1 |
) |
|
U.S. deferred |
|
|
1,386 |
|
|
|
1,316 |
|
|
|
5 |
|
|
|
3,736 |
|
|
|
3,710 |
|
|
|
1 |
|
|
U.S. ground |
|
|
8,986 |
|
|
|
8,363 |
|
|
|
7 |
|
|
|
25,298 |
|
|
|
24,805 |
|
|
|
2 |
|
|
Total U.S. domestic package revenue |
|
|
13,018 |
|
|
|
12,274 |
|
|
|
6 |
|
|
|
36,834 |
|
|
|
36,388 |
|
|
|
1 |
|
|
International priority |
|
|
2,097 |
|
|
|
2,317 |
|
|
|
(9 |
) |
|
|
6,534 |
|
|
|
7,034 |
|
|
|
(7 |
) |
|
International economy |
|
|
1,465 |
|
|
|
1,107 |
|
|
|
32 |
|
|
|
4,413 |
|
|
|
3,407 |
|
|
|
30 |
|
|
Total international export package revenue |
|
|
3,562 |
|
|
|
3,424 |
|
|
|
4 |
|
|
|
10,947 |
|
|
|
10,441 |
|
|
|
5 |
|
|
International domestic(1) |
|
|
1,078 |
|
|
|
1,139 |
|
|
|
(5 |
) |
|
|
3,380 |
|
|
|
3,492 |
|
|
|
(3 |
) |
|
Total package revenue |
|
|
17,658 |
|
|
|
16,837 |
|
|
|
5 |
|
|
|
51,161 |
|
|
|
50,321 |
|
|
|
2 |
|
|
Freight: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. |
|
|
286 |
|
|
|
641 |
|
|
|
(55 |
) |
|
|
1,238 |
|
|
|
1,795 |
|
|
|
(31 |
) |
|
International priority |
|
|
551 |
|
|
|
520 |
|
|
|
6 |
|
|
|
1,717 |
|
|
|
1,641 |
|
|
|
5 |
|
|
International economy |
|
|
470 |
|
|
|
438 |
|
|
|
7 |
|
|
|
1,462 |
|
|
|
1,380 |
|
|
|
6 |
|
|
Total freight revenue |
|
|
1,307 |
|
|
|
1,599 |
|
|
|
(18 |
) |
|
|
4,417 |
|
|
|
4,816 |
|
|
|
(8 |
) |
|
Other |
|
|
216 |
|
|
|
236 |
|
|
|
(8 |
) |
|
|
749 |
|
|
|
734 |
|
|
|
2 |
|
|
Total revenue |
|
|
19,181 |
|
|
|
18,672 |
|
|
|
3 |
|
|
|
56,327 |
|
|
|
55,871 |
|
|
|
1 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Salaries and employee benefits |
|
|
6,390 |
|
|
|
6,141 |
|
|
|
4 |
|
|
|
18,920 |
|
|
|
18,520 |
|
|
|
2 |
|
|
Purchased transportation |
|
|
5,196 |
|
|
|
4,954 |
|
|
|
5 |
|
|
|
15,064 |
|
|
|
14,611 |
|
|
|
3 |
|
|
Rentals and landing fees |
|
|
1,002 |
|
|
|
968 |
|
|
|
4 |
|
|
|
2,975 |
|
|
|
2,906 |
|
|
|
2 |
|
|
Depreciation and amortization |
|
|
926 |
|
|
|
933 |
|
|
|
(1 |
) |
|
|
2,779 |
|
|
|
2,787 |
|
|
|
— |
|
|
Fuel |
|
|
777 |
|
|
|
1,005 |
|
|
|
(23 |
) |
|
|
2,566 |
|
|
|
3,130 |
|
|
|
(18 |
) |
|
Maintenance and repairs |
|
|
672 |
|
|
|
697 |
|
|
|
(4 |
) |
|
|
2,106 |
|
|
|
2,151 |
|
|
|
(2 |
) |
|
Business optimization costs |
|
|
92 |
|
|
|
45 |
|
|
|
104 |
|
|
|
341 |
|
|
|
149 |
|
|
|
129 |
|
|
Intercompany allocations |
|
|
(199 |
) |
|
|
(167 |
) |
|
|
19 |
|
|
|
(591 |
) |
|
|
(510 |
) |
|
|
16 |
|
|
Other |
|
|
3,031 |
|
|
|
2,923 |
|
|
|
4 |
|
|
|
8,868 |
|
|
|
8,613 |
|
|
|
3 |
|
|
Total operating expenses |
|
|
17,887 |
|
|
|
17,499 |
|
|
|
2 |
|
|
|
53,028 |
|
|
|
52,357 |
|
|
|
1 |
|
|
Operating income |
|
$ |
1,294 |
|
|
$ |
1,173 |
|
|
|
10 |
|
|
$ |
3,299 |
|
|
$ |
3,514 |
|
|
|
(6 |
) |
|
Operating margin |
|
|
6.7 |
% |
|
|
6.3 |
% |
|
|
40 |
|
bp |
|
5.9 |
% |
|
|
6.3 |
% |
|
|
(40 |
) |
bp |
1 – International Domestic revenue relates to international intra-country operations.
14
FEDERAL EXPRESS SEGMENT OPERATING HIGHLIGHTS
Third Quarter Fiscal 2025
(Unaudited)
|
|
Three Months Ended |
|
|
|
|
|
Nine Months Ended |
|
|
|
|
||||||||||||
|
|
February 28, 2025 |
|
|
February 29, 2024 |
|
|
Percent Change |
|
|
February 28, 2025 |
|
|
February 29, 2024 |
|
|
Percent Change |
|
||||||
PACKAGE STATISTICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Avg. daily package volume (ADV) (000s)(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. priority |
|
|
1,588 |
|
|
|
1,634 |
|
|
|
(3 |
) |
|
|
1,597 |
|
|
|
1,664 |
|
|
|
(4 |
) |
U.S. deferred |
|
|
1,162 |
|
|
|
1,104 |
|
|
|
5 |
|
|
|
1,048 |
|
|
|
1,027 |
|
|
|
2 |
|
U.S. ground commercial |
|
|
4,181 |
|
|
|
4,189 |
|
|
|
— |
|
|
|
4,260 |
|
|
|
4,289 |
|
|
|
(1 |
) |
U.S. ground home delivery/economy |
|
|
7,887 |
|
|
|
7,090 |
|
|
|
11 |
|
|
|
7,092 |
|
|
|
6,826 |
|
|
|
4 |
|
Total U.S. domestic ADV |
|
|
14,818 |
|
|
|
14,017 |
|
|
|
6 |
|
|
|
13,997 |
|
|
|
13,806 |
|
|
|
1 |
|
International priority |
|
|
558 |
|
|
|
663 |
|
|
|
(16 |
) |
|
|
592 |
|
|
|
665 |
|
|
|
(11 |
) |
International economy |
|
|
583 |
|
|
|
393 |
|
|
|
48 |
|
|
|
552 |
|
|
|
388 |
|
|
|
42 |
|
Total international export ADV |
|
|
1,141 |
|
|
|
1,056 |
|
|
|
8 |
|
|
|
1,144 |
|
|
|
1,053 |
|
|
|
9 |
|
International domestic(2) |
|
|
1,908 |
|
|
|
1,883 |
|
|
|
1 |
|
|
|
1,930 |
|
|
|
1,954 |
|
|
|
(1 |
) |
Total ADV |
|
|
17,867 |
|
|
|
16,956 |
|
|
|
5 |
|
|
|
17,071 |
|
|
|
16,813 |
|
|
|
2 |
|
Revenue per package (yield): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. priority |
|
$ |
26.44 |
|
|
$ |
25.20 |
|
|
|
5 |
|
|
$ |
25.70 |
|
|
$ |
24.78 |
|
|
|
4 |
|
U.S. deferred |
|
|
18.94 |
|
|
|
18.93 |
|
|
|
— |
|
|
|
18.77 |
|
|
|
18.91 |
|
|
|
(1 |
) |
U.S. ground |
|
|
11.82 |
|
|
|
11.77 |
|
|
|
— |
|
|
|
11.73 |
|
|
|
11.68 |
|
|
|
— |
|
U.S. domestic composite |
|
|
13.95 |
|
|
|
13.90 |
|
|
|
— |
|
|
|
13.85 |
|
|
|
13.80 |
|
|
|
— |
|
International priority |
|
|
59.65 |
|
|
|
55.48 |
|
|
|
8 |
|
|
|
58.11 |
|
|
|
55.40 |
|
|
|
5 |
|
International economy |
|
|
39.92 |
|
|
|
44.71 |
|
|
|
(11 |
) |
|
|
42.03 |
|
|
|
46.00 |
|
|
|
(9 |
) |
International export composite |
|
|
49.57 |
|
|
|
51.47 |
|
|
|
(4 |
) |
|
|
50.35 |
|
|
|
51.94 |
|
|
|
(3 |
) |
International domestic(2) |
|
|
8.96 |
|
|
|
9.59 |
|
|
|
(7 |
) |
|
|
9.22 |
|
|
|
9.35 |
|
|
|
(1 |
) |
Composite package yield |
|
$ |
15.69 |
|
|
$ |
15.76 |
|
|
|
— |
|
|
$ |
15.77 |
|
|
$ |
15.67 |
|
|
|
1 |
|
FREIGHT STATISTICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Average daily freight pounds (000s): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. |
|
|
2,201 |
|
|
|
6,067 |
|
|
|
(64 |
) |
|
|
3,440 |
|
|
|
5,674 |
|
|
|
(39 |
) |
International priority |
|
|
4,485 |
|
|
|
4,353 |
|
|
|
3 |
|
|
|
4,625 |
|
|
|
4,405 |
|
|
|
5 |
|
International economy |
|
|
10,990 |
|
|
|
11,072 |
|
|
|
(1 |
) |
|
|
11,387 |
|
|
|
11,307 |
|
|
|
1 |
|
Total average daily freight pounds |
|
|
17,676 |
|
|
|
21,492 |
|
|
|
(18 |
) |
|
|
19,452 |
|
|
|
21,386 |
|
|
|
(9 |
) |
Revenue per pound (yield): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. |
|
$ |
2.06 |
|
|
$ |
1.68 |
|
|
|
23 |
|
|
$ |
1.89 |
|
|
$ |
1.66 |
|
|
|
14 |
|
International priority |
|
|
1.95 |
|
|
|
1.90 |
|
|
|
3 |
|
|
|
1.95 |
|
|
|
1.95 |
|
|
|
— |
|
International economy |
|
|
0.68 |
|
|
|
0.63 |
|
|
|
8 |
|
|
|
0.68 |
|
|
|
0.64 |
|
|
|
6 |
|
Composite freight yield |
|
$ |
1.17 |
|
|
$ |
1.18 |
|
|
|
(1 |
) |
|
$ |
1.20 |
|
|
$ |
1.18 |
|
|
|
2 |
|
Operating weekdays |
|
|
63 |
|
|
|
63 |
|
|
|
— |
|
|
|
190 |
|
|
|
191 |
|
|
|
(1 |
) |
1 – ADV is calculated on a 5-day-per-week basis.
2 – International Domestic statistics relate to international intra-country operations.
15
FEDEX FREIGHT SEGMENT FINANCIAL AND OPERATING HIGHLIGHTS
Third Quarter Fiscal 2025
(Dollars in millions)
(Unaudited)
|
|
Three Months Ended |
|
|
|
|
|
Nine Months Ended |
|
|
|
|
|
||||||||||||
|
|
February 28, 2025 |
|
|
February 29, 2024 |
|
|
Percent Change |
|
|
February 28, 2025 |
|
|
February 29, 2024 |
|
|
Percent Change |
|
|
||||||
FINANCIAL HIGHLIGHTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Revenue |
|
$ |
2,089 |
|
|
$ |
2,205 |
|
|
|
(5 |
) |
|
$ |
6,595 |
|
|
$ |
7,042 |
|
|
|
(6 |
) |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Salaries and employee benefits |
|
|
939 |
|
|
|
959 |
|
|
|
(2 |
) |
|
|
2,899 |
|
|
|
2,962 |
|
|
|
(2 |
) |
|
Purchased transportation |
|
|
202 |
|
|
|
218 |
|
|
|
(7 |
) |
|
|
602 |
|
|
|
668 |
|
|
|
(10 |
) |
|
Rentals |
|
|
72 |
|
|
|
70 |
|
|
|
3 |
|
|
|
215 |
|
|
|
209 |
|
|
|
3 |
|
|
Depreciation and amortization |
|
|
113 |
|
|
|
108 |
|
|
|
5 |
|
|
|
335 |
|
|
|
297 |
|
|
|
13 |
|
|
Fuel |
|
|
112 |
|
|
|
134 |
|
|
|
(16 |
) |
|
|
344 |
|
|
|
437 |
|
|
|
(21 |
) |
|
Maintenance and repairs |
|
|
85 |
|
|
|
78 |
|
|
|
9 |
|
|
|
255 |
|
|
|
247 |
|
|
|
3 |
|
|
Intercompany charges |
|
|
142 |
|
|
|
132 |
|
|
|
8 |
|
|
|
433 |
|
|
|
405 |
|
|
|
7 |
|
|
Other |
|
|
163 |
|
|
|
165 |
|
|
|
(1 |
) |
|
|
500 |
|
|
|
503 |
|
|
|
(1 |
) |
|
Total operating expenses |
|
|
1,828 |
|
|
|
1,864 |
|
|
|
(2 |
) |
|
|
5,583 |
|
|
|
5,728 |
|
|
|
(3 |
) |
|
Operating income |
|
$ |
261 |
|
|
$ |
341 |
|
|
|
(23 |
) |
|
$ |
1,012 |
|
|
$ |
1,314 |
|
|
|
(23 |
) |
|
Operating margin |
|
|
12.5 |
% |
|
|
15.5 |
% |
|
|
(300 |
) |
bp |
|
15.3 |
% |
|
|
18.7 |
% |
|
|
(340 |
) |
bp |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
OPERATING STATISTICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating weekdays |
|
|
62 |
|
|
|
62 |
|
|
|
— |
|
|
|
188 |
|
|
|
189 |
|
|
|
(1 |
) |
|
Average daily shipments (000s): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Priority |
|
|
58.2 |
|
|
|
61.5 |
|
|
|
(5 |
) |
|
|
61.2 |
|
|
|
65.4 |
|
|
|
(6 |
) |
|
Economy |
|
|
26.9 |
|
|
|
27.7 |
|
|
|
(3 |
) |
|
|
28.2 |
|
|
|
28.9 |
|
|
|
(2 |
) |
|
Total average daily shipments |
|
|
85.1 |
|
|
|
89.2 |
|
|
|
(5 |
) |
|
|
89.4 |
|
|
|
94.3 |
|
|
|
(5 |
) |
|
Weight per shipment (lbs): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Priority |
|
|
935 |
|
|
|
974 |
|
|
|
(4 |
) |
|
|
943 |
|
|
|
979 |
|
|
|
(4 |
) |
|
Economy |
|
|
877 |
|
|
|
885 |
|
|
|
(1 |
) |
|
|
870 |
|
|
|
880 |
|
|
|
(1 |
) |
|
Composite weight per shipment |
|
|
917 |
|
|
|
946 |
|
|
|
(3 |
) |
|
|
920 |
|
|
|
949 |
|
|
|
(3 |
) |
|
Revenue per shipment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Priority |
|
$ |
360.68 |
|
|
$ |
363.21 |
|
|
|
(1 |
) |
|
$ |
359.19 |
|
|
$ |
360.47 |
|
|
|
— |
|
|
Economy |
|
|
408.56 |
|
|
|
414.79 |
|
|
|
(2 |
) |
|
|
405.72 |
|
|
|
412.84 |
|
|
|
(2 |
) |
|
Composite revenue per shipment |
|
$ |
375.81 |
|
|
$ |
379.26 |
|
|
|
(1 |
) |
|
$ |
373.85 |
|
|
$ |
376.53 |
|
|
|
(1 |
) |
|
Revenue per hundredweight: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Priority |
|
$ |
38.57 |
|
|
$ |
37.31 |
|
|
|
3 |
|
|
$ |
38.11 |
|
|
$ |
36.80 |
|
|
|
4 |
|
|
Economy |
|
|
46.59 |
|
|
|
46.89 |
|
|
|
(1 |
) |
|
|
46.66 |
|
|
|
46.92 |
|
|
|
(1 |
) |
|
Composite revenue per hundredweight |
|
$ |
41.00 |
|
|
$ |
40.10 |
|
|
|
2 |
|
|
$ |
40.66 |
|
|
$ |
39.68 |
|
|
|
2 |
|
|
16