Document
SUPPLEMENTAL HISTORICAL FINANCIAL INFORMATION
Effective June 1, 2026, FedEx Corporation (“FedEx”) changed its fiscal year end from May 31 to December 31. As a result, FedEx will report operating results covering the seven-month transition period from June 1, 2026 through December 31, 2026 (the “Transition Period”) in a Transition Report on Form 10-K. Following the Transition Period, FedEx will report its operating results on a calendar-year basis, beginning with the fiscal year ending December 31, 2027. Prior to the change in fiscal year end, FedEx reported financial results on a fiscal-year basis for the twelve months ending May 31. Below is an illustration of the reporting periods before and after the change in fiscal year end:
On June 1, 2026, FedEx completed its spin-off of FedEx’s less-than-truckload freight transportation services businesses conducted through FedEx Freight (“FedEx Freight”) into a new, publicly traded company (the “Spin-Off”). The FedEx Freight business also included FedEx Custom Critical, Inc., LTL Select, and other operations historically included within the FedEx Freight reporting segment. As a result of the Spin-Off, FedEx no longer consolidates the FedEx Freight business and FedEx Freight is no longer a reportable segment.
In accordance with the requirements of U.S. Generally Accepted Accounting Principles (“GAAP”), following the Spin-Off, FedEx Freight is presented as discontinued operations and excluded from both continuing operations and segment results for all reporting periods, including comparable historical periods. Discontinued operations do not include historical intercompany transactions between FedEx and FedEx Freight, which were previously eliminated in consolidation. It also does not include allocations of shared service costs, such as data and technology, commercial back-office, and other general expenses, that were previously allocated to FedEx Freight through intercompany charges. Upon the Spin-Off, a portion of these costs transferred to FedEx Freight, while the remaining costs were retained by FedEx as stranded costs. Reductions to such costs are expected to be achieved through transition services agreements and cost management.
Beginning the first quarter of the Transition Period, FedEx realigned its internal reporting and management structure, resulting in the identification of two new reportable segments: Express U.S. Domestic and Express International. Prior to this change, these two segments comprised the Federal Express reportable segment. FedEx Dataworks, Inc., FedEx Office and Print Services, Inc., and FedEx Supply Chain, Inc.1 continued to be included in Corporate, other, and eliminations for segment reporting purposes for the periods presented. Certain data and technology expenses previously recorded under FedEx Dataworks have been reclassified into the U.S. Domestic segment. In addition, FedEx Logistics, Inc. (“FedEx Logistics”) was moved from Corporate, other, and eliminations to Express International. These changes reflect the realignment of FedEx’s organizational structure and reporting regularly provided to our chief operating decision maker to assess performance and allocate resources. These changes had no impact on the consolidated results of operations or financial position of FedEx.
For informational purposes only, the supplemental historical financial information presented herein has been recast to reflect the above changes to FedEx’s quarterly and annual operating results, quarterly and annual segment results, and other relevant information and statistics, for the calendar years ended December 31, 2025 and 2024 and each of the calendar quarters ended March 31, June 30, September 30, and December 31, 2025 and 2024. This unaudited financial information is based on the historical consolidated financial statements after giving effect to the change in fiscal year end, the presentation of the FedEx Freight business as discontinued operations, and the presentation of FedEx’s new reportable segments. This supplemental information should be read in conjunction with FedEx's Annual Reports on Form 10-K for the years ended May 31, 2026, May 31, 2025, and May 31, 2024 and FedEx’s quarterly reports on Form 10-Q for the quarterly periods ended February 28, 2026, November 30, 2025, August 31, 2025, February 28, 2025, November 30, 2024, August 31, 2024, February 28, 2024, November 30, 2023, and August 31, 2023. The unaudited supplemental historical financial information contained herein does not represent a restatement or reissuance of previously issued financial statements and is not indicative of future or annual results.
1 On July 1, 2026, FedEx announced that it would sell its FedEx Supply Chain business to CMA CGM Group for $1.4 billion as part of a strategic portfolio streamlining effort. The transaction is expected to close in the second half of calendar year 2026. Upon completion of the sale, FedEx will no longer consolidate FedEx Supply Chain and FedEx Supply Chain will no longer be included in Corporate, other, and eliminations.
FORWARD-LOOKING STATEMENTS
Certain statements in this Exhibit 99.1 may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act, such as statements regarding assumptions on allocations of shared costs and mitigation of stranded costs and the assumptions underlying such 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,” “determined to,” 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 FedEx operates; uncertainty and additional volatility in the global trade environment; FedEx’s ability to successfully implement business strategies and global transformation program and network optimization initiatives, including Network 2.0 and Tricolor, 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, including our 2029 financial performance targets; the ability to achieve the anticipated benefits of the Spin-Off; the possibility of disruption, including changes to existing business relationships, disputes, litigation, or unanticipated costs in connection with the Spin-Off; 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 FedEx’s global transformation programs and other ongoing reviews and initiatives; a significant data breach or other disruption to FedEx’s technology infrastructure; damage to the FedEx reputation or loss of brand equity; FedEx’s ability to meet labor and purchased transportation needs while controlling related costs; failure of third-party service providers to perform as expected, or disruptions in FedEx’s relationships with those providers or their provision of services to FedEx; 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; evolving or new U.S. domestic or international laws and government regulations, policies, and actions, including regulatory and/or legal compliance requirements that can affect the ability to efficiently or fully utilize FedEx aircraft; 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; the ability to match capacity to shifting volume levels; an increase in self-insurance accruals and expenses; loss or delay in the collection of accounts receivable, including those related to tariffs in light of recent judicial rulings; the effect of technology developments, including autonomous technology and artificial intelligence; failure to receive or collect expected insurance coverage; the ability to effectively operate, integrate, leverage, and grow acquired businesses and complete and realize the anticipated benefits of acquisitions and other strategic transactions including FedEx's investment in InPost, as a consortium member, and related commercial agreements; noncash impairment charges related to goodwill and certain deferred tax assets; the future rate of e-commerce growth; future guidance, regulations, interpretations, challenges, or judicial decisions related to tariffs and 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; the ability to quickly and effectively restore operations following adverse weather or a localized disaster or disturbance in a key geography; the effects of a widespread outbreak of an illness or any other communicable disease or public health crises; any liability resulting from and the costs of defending against litigation, including refunds of tariffs; the ability to achieve or demonstrate progress on FedEx’s goal of carbon-neutral operations by 2040; successful completion of stock repurchases; 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 the Annual Report on Form 10-K for the fiscal year ending May 31, 2026, and subsequent Quarterly Reports on Form 10-Q. Any forward-looking statement speaks only as of the date on which it is made. FedEx does 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.
FEDEX CORPORATION
CONSOLIDATED BALANCE SHEETS
RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31
RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS
RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE
(IN MILLIONS)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2025 |
|
2024 |
| ASSETS |
|
|
|
| CURRENT ASSETS |
|
|
|
| Cash and cash equivalents |
$ |
6,531 |
|
|
$ |
4,854 |
|
| Receivables, less allowances |
11,957 |
|
|
11,256 |
|
| Spare parts, supplies, and fuel, less allowances |
615 |
|
|
601 |
|
| Prepaid expenses and other |
1,361 |
|
|
1,111 |
|
| Current assets of discontinued operations |
1,111 |
|
|
238 |
|
| Total current assets |
21,575 |
|
|
18,060 |
|
| PROPERTY AND EQUIPMENT, AT COST |
82,906 |
|
|
79,572 |
|
| Less accumulated depreciation and amortization |
44,170 |
|
|
41,236 |
|
| Net property and equipment |
38,736 |
|
|
38,336 |
|
| OTHER LONG-TERM ASSETS |
|
|
|
| Operating lease right-of-use assets, net |
14,715 |
|
|
15,130 |
|
| Goodwill |
6,074 |
|
|
5,629 |
|
| Other assets |
4,374 |
|
|
3,694 |
|
| Non-current assets of discontinued operations |
4,837 |
|
|
4,741 |
|
| Total other long-term assets |
30,000 |
|
|
29,194 |
|
| TOTAL ASSETS |
$ |
90,311 |
|
|
$ |
85,590 |
|
|
|
|
|
|
|
|
|
|
|
|
|
FEDEX CORPORATION
CONSOLIDATED BALANCE SHEETS
RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31
RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS
RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE
(IN MILLIONS)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2025 |
|
2024 |
| LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT |
|
|
|
| CURRENT LIABILITIES |
|
|
|
| Accrued expenses |
$ |
5,220 |
|
|
$ |
4,642 |
|
| Accounts payable |
4,355 |
|
|
3,448 |
|
| Accrued salaries and employee benefits |
2,610 |
|
|
2,520 |
|
| Operating lease liabilities |
2,403 |
|
|
2,284 |
|
| Current portion of long-term debt |
886 |
|
|
595 |
|
| Current liabilities of discontinued operations |
711 |
|
|
664 |
|
| Total current liabilities |
16,185 |
|
|
14,153 |
|
| LONG-TERM DEBT, LESS CURRENT PORTION |
20,302 |
|
|
19,415 |
|
| OTHER LONG-TERM LIABILITIES |
|
|
|
| Operating lease liabilities |
12,671 |
|
|
13,262 |
|
| Self-insurance accruals |
4,163 |
|
|
3,768 |
|
| Deferred income taxes |
3,486 |
|
|
3,923 |
|
| Pension, postretirement healthcare, and other benefit obligations |
1,676 |
|
|
1,555 |
|
| Other liabilities |
804 |
|
|
650 |
|
| Non-current liabilities of discontinued operations |
1,743 |
|
|
1,719 |
|
| Total other long-term liabilities |
24,543 |
|
|
24,877 |
|
| COMMITMENTS AND CONTINGENCIES |
|
|
|
| COMMON STOCKHOLDERS’ INVESTMENT |
|
|
|
| Common stock, $0.10 par value; 800 million shares authorized; 318 million shares issued as of December 31, 2025 and 2024 |
32 |
|
|
32 |
|
| Additional paid-in capital |
4,418 |
|
|
4,176 |
|
| Retained earnings |
43,110 |
|
|
39,892 |
|
| Accumulated other comprehensive loss |
(1,342) |
|
|
(1,522) |
|
| Treasury stock, at cost; 82 million shares as of December 31, 2025 and 78 million shares as of December 31, 2024 |
(16,937) |
|
|
(15,433) |
|
| Total common stockholders’ investment |
29,281 |
|
|
27,145 |
|
| TOTAL LIABILITIES AND COMMON STOCKHOLDERS’ INVESTMENT |
$ |
90,311 |
|
|
$ |
85,590 |
|
FEDEX CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31
RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS
RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
2025 |
|
2024 |
| REVENUE: |
|
|
|
| Express U.S. Domestic segment |
$ |
54,401 |
|
|
$ |
51,508 |
|
| Express International segment |
25,337 |
|
|
24,835 |
|
| Corporate, other, and eliminations |
2,725 |
|
|
2,787 |
|
| TOTAL REVENUE |
82,463 |
|
|
79,130 |
|
| OPERATING EXPENSES: |
|
|
|
| Salaries and employee benefits |
28,356 |
|
|
27,227 |
|
| Purchased transportation |
21,833 |
|
|
20,676 |
|
| Rentals and landing fees |
4,456 |
|
|
4,341 |
|
| Depreciation and amortization |
3,867 |
|
|
3,883 |
|
| Fuel |
3,058 |
|
|
3,714 |
|
| Maintenance and repairs |
2,988 |
|
|
2,935 |
|
| Business optimization and realignment costs |
345 |
|
|
815 |
|
| Goodwill and other asset impairment charges |
21 |
|
|
157 |
|
| Separation and other costs |
14 |
|
|
— |
|
| Other |
12,971 |
|
|
12,110 |
|
| TOTAL OPERATING EXPENSES |
77,909 |
|
|
75,858 |
|
| OPERATING INCOME: |
|
|
|
| Express U.S. Domestic segment |
4,421 |
|
|
3,365 |
|
| Express International segment |
572 |
|
|
544 |
|
| Corporate, other, and eliminations |
(439) |
|
|
(637) |
|
| TOTAL OPERATING INCOME |
4,554 |
|
|
3,272 |
|
| OTHER INCOME (EXPENSE): |
|
|
|
| Other retirement plans income |
722 |
|
|
738 |
|
| Interest, net |
(497) |
|
|
(384) |
|
| Other, net |
(132) |
|
|
(64) |
|
| TOTAL OTHER INCOME (EXPENSE) |
93 |
|
|
290 |
|
| INCOME BEFORE INCOME TAXES |
4,647 |
|
|
3,562 |
|
| PROVISION FOR INCOME TAXES |
1,165 |
|
|
916 |
|
| NET INCOME FROM CONTINUING OPERATIONS |
3,482 |
|
|
2,646 |
|
| NET INCOME FROM DISCONTINUED OPERATIONS |
1,066 |
|
|
1,568 |
|
| NET INCOME |
$ |
4,548 |
|
|
$ |
4,214 |
|
|
|
|
|
| Continuing operations |
$ |
14.72 |
|
|
$ |
10.86 |
|
| Discontinued operations |
4.49 |
|
|
6.41 |
|
| BASIC EARNINGS PER COMMON SHARE |
$ |
19.21 |
|
|
$ |
17.27 |
|
|
|
|
|
| Continuing operations |
$ |
14.62 |
|
|
$ |
10.74 |
|
| Discontinued operations |
4.47 |
|
|
6.34 |
|
| DILUTED EARNINGS PER COMMON SHARE |
$ |
19.09 |
|
|
$ |
17.08 |
|
|
|
|
|
| DIVIDENDS DECLARED PER COMMON SHARE |
$ |
5.70 |
|
|
$ |
5.35 |
|
FEDEX CORPORATION
QUARTERLY STATEMENTS OF INCOME
RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31
RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS
RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
FIRST QUARTER |
|
SECOND QUARTER |
|
THIRD QUARTER |
|
FOURTH QUARTER |
| REVENUE: |
|
|
|
|
|
|
|
| Express U.S. Domestic segment |
$ |
12,319 |
|
|
$ |
12,925 |
|
|
$ |
13,392 |
|
|
$ |
15,765 |
|
| Express International segment |
5,999 |
|
|
6,147 |
|
|
6,363 |
|
|
6,828 |
|
| Corporate, other, and eliminations |
685 |
|
|
697 |
|
|
677 |
|
|
666 |
|
| TOTAL REVENUE |
19,003 |
|
|
19,769 |
|
|
20,432 |
|
|
23,259 |
|
| OPERATING EXPENSES: |
|
|
|
|
|
|
|
| Salaries and employee benefits |
6,615 |
|
|
6,815 |
|
|
7,078 |
|
|
7,848 |
|
| Purchased transportation |
4,944 |
|
|
5,145 |
|
|
5,419 |
|
|
6,325 |
|
| Rentals and landing fees |
1,087 |
|
|
1,077 |
|
|
1,129 |
|
|
1,163 |
|
| Depreciation and amortization |
951 |
|
|
989 |
|
|
972 |
|
|
955 |
|
| Fuel |
762 |
|
|
721 |
|
|
774 |
|
|
801 |
|
| Maintenance and repairs |
692 |
|
|
742 |
|
|
784 |
|
|
770 |
|
| Business optimization and realignment costs |
157 |
|
|
113 |
|
|
54 |
|
|
21 |
|
| Goodwill and other asset impairment charges |
— |
|
|
21 |
|
|
— |
|
|
— |
|
| Separation and other costs |
— |
|
|
1 |
|
|
7 |
|
|
6 |
|
| Other |
3,044 |
|
|
3,248 |
|
|
3,243 |
|
|
3,436 |
|
| TOTAL OPERATING EXPENSES |
18,252 |
|
|
18,872 |
|
|
19,460 |
|
|
21,325 |
|
| OPERATING INCOME: |
|
|
|
|
|
|
|
| Express U.S. Domestic segment |
780 |
|
|
982 |
|
|
884 |
|
|
1,775 |
|
| Express International segment |
87 |
|
|
47 |
|
|
192 |
|
|
246 |
|
| Corporate, other, and eliminations |
(116) |
|
|
(132) |
|
|
(104) |
|
|
(87) |
|
| TOTAL OPERATING INCOME |
751 |
|
|
897 |
|
|
972 |
|
|
1,934 |
|
| OTHER INCOME (EXPENSE): |
|
|
|
|
|
|
|
| Other retirement plans income |
47 |
|
|
568 |
|
|
52 |
|
|
55 |
|
| Interest, net |
(109) |
|
|
(130) |
|
|
(125) |
|
|
(133) |
|
| Other, net |
(37) |
|
|
(100) |
|
|
15 |
|
|
(10) |
|
| TOTAL OTHER INCOME (EXPENSE) |
(99) |
|
|
338 |
|
|
(58) |
|
|
(88) |
|
| INCOME BEFORE INCOME TAXES |
652 |
|
|
1,235 |
|
|
914 |
|
|
1,846 |
|
| PROVISION FOR INCOME TAXES |
122 |
|
|
315 |
|
|
269 |
|
|
459 |
|
| NET INCOME FROM CONTINUING OPERATIONS |
530 |
|
|
920 |
|
|
645 |
|
|
1,387 |
|
| NET INCOME FROM DISCONTINUED OPERATIONS |
301 |
|
|
458 |
|
|
275 |
|
|
32 |
|
| NET INCOME |
$ |
831 |
|
|
$ |
1,378 |
|
|
$ |
920 |
|
|
$ |
1,419 |
|
|
|
|
|
|
|
|
|
| Continuing operations |
$ |
2.21 |
|
|
$ |
3.87 |
|
|
$ |
2.74 |
|
|
$ |
5.90 |
|
| Discontinued operations |
1.26 |
|
|
1.93 |
|
|
1.16 |
|
|
0.14 |
|
| BASIC EARNINGS PER COMMON SHARE |
$ |
3.47 |
|
|
$ |
5.80 |
|
|
$ |
3.90 |
|
|
$ |
6.04 |
|
|
|
|
|
|
|
|
|
| Continuing operations |
$ |
2.19 |
|
|
$ |
3.85 |
|
|
$ |
2.73 |
|
|
$ |
5.85 |
|
| Discontinued operations |
1.25 |
|
|
1.92 |
|
|
1.16 |
|
|
0.14 |
|
| DILUTED EARNINGS PER COMMON SHARE |
$ |
3.44 |
|
|
$ |
5.77 |
|
|
$ |
3.89 |
|
|
$ |
5.99 |
|
|
|
|
|
|
|
|
|
| DIVIDENDS DECLARED PER COMMON SHARE |
$ |
1.37 |
|
|
$ |
1.44 |
|
|
$ |
1.45 |
|
|
$ |
1.44 |
|
FEDEX CORPORATION
QUARTERLY STATEMENTS OF INCOME
RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31
RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS
RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
FIRST QUARTER |
|
SECOND QUARTER |
|
THIRD QUARTER |
|
FOURTH QUARTER |
| REVENUE: |
|
|
|
|
|
|
|
| Express U.S. Domestic segment |
$ |
12,340 |
|
|
$ |
12,659 |
|
|
$ |
12,519 |
|
|
$ |
13,990 |
|
| Express International segment |
5,928 |
|
|
6,113 |
|
|
6,186 |
|
|
6,608 |
|
| Corporate, other, and eliminations |
694 |
|
|
698 |
|
|
696 |
|
|
699 |
|
| TOTAL REVENUE |
18,962 |
|
|
19,470 |
|
|
19,401 |
|
|
21,297 |
|
| OPERATING EXPENSES: |
|
|
|
|
|
|
|
| Salaries and employee benefits |
6,495 |
|
|
6,747 |
|
|
6,784 |
|
|
7,201 |
|
| Purchased transportation |
4,772 |
|
|
4,940 |
|
|
5,142 |
|
|
5,822 |
|
| Rentals and landing fees |
1,066 |
|
|
1,070 |
|
|
1,098 |
|
|
1,107 |
|
| Depreciation and amortization |
974 |
|
|
990 |
|
|
965 |
|
|
954 |
|
| Fuel |
976 |
|
|
976 |
|
|
925 |
|
|
837 |
|
| Maintenance and repairs |
714 |
|
|
737 |
|
|
754 |
|
|
730 |
|
| Goodwill and other asset impairment charges |
— |
|
|
157 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
| Business optimization and realignment costs |
183 |
|
|
159 |
|
|
187 |
|
|
286 |
|
| Other |
2,950 |
|
|
3,060 |
|
|
3,008 |
|
|
3,092 |
|
| TOTAL OPERATING EXPENSES |
18,130 |
|
|
18,836 |
|
|
18,863 |
|
|
20,029 |
|
| OPERATING INCOME: |
|
|
|
|
|
|
|
| Express U.S. Domestic segment |
864 |
|
|
658 |
|
|
684 |
|
|
1,159 |
|
| Express International segment |
138 |
|
|
110 |
|
|
32 |
|
|
264 |
|
| Corporate, other, and eliminations |
(170) |
|
|
(134) |
|
|
(178) |
|
|
(155) |
|
| TOTAL OPERATING INCOME |
832 |
|
|
634 |
|
|
538 |
|
|
1,268 |
|
| OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
| Other retirement plans income |
41 |
|
|
598 |
|
|
53 |
|
|
46 |
|
| Interest, net |
(94) |
|
|
(87) |
|
|
(90) |
|
|
(113) |
|
| Other, net |
9 |
|
|
(70) |
|
|
15 |
|
|
(18) |
|
| TOTAL OTHER INCOME (EXPENSE) |
(44) |
|
|
441 |
|
|
(22) |
|
|
(85) |
|
| INCOME BEFORE INCOME TAXES |
788 |
|
|
1,075 |
|
|
516 |
|
|
1,183 |
|
| PROVISION FOR INCOME TAXES |
202 |
|
|
294 |
|
|
133 |
|
|
287 |
|
| NET INCOME FROM CONTINUING OPERATIONS |
586 |
|
|
781 |
|
|
383 |
|
|
896 |
|
| NET INCOME FROM DISCONTINUED OPERATIONS |
423 |
|
|
467 |
|
|
406 |
|
|
272 |
|
| NET INCOME |
$ |
1,009 |
|
|
$ |
1,248 |
|
|
$ |
789 |
|
|
$ |
1,168 |
|
|
|
|
|
|
|
|
|
| Continuing operations |
$ |
2.38 |
|
|
$ |
3.18 |
|
|
$ |
1.57 |
|
|
$ |
3.73 |
|
| Discontinued operations |
1.72 |
|
|
1.90 |
|
|
1.66 |
|
|
1.13 |
|
| BASIC EARNINGS PER COMMON SHARE |
$ |
4.10 |
|
|
$ |
5.08 |
|
|
$ |
3.23 |
|
|
$ |
4.86 |
|
|
|
|
|
|
|
|
|
| Continuing operations |
$ |
2.35 |
|
|
$ |
3.15 |
|
|
$ |
1.55 |
|
|
$ |
3.69 |
|
| Discontinued operations |
1.70 |
|
|
1.88 |
|
|
1.64 |
|
|
1.12 |
|
| DILUTED EARNINGS PER COMMON SHARE |
$ |
4.05 |
|
|
$ |
5.03 |
|
|
$ |
3.19 |
|
|
$ |
4.81 |
|
|
|
|
|
|
|
|
|
| DIVIDENDS DECLARED PER COMMON SHARE |
$ |
1.25 |
|
|
$ |
1.37 |
|
|
$ |
1.36 |
|
|
$ |
1.37 |
|
|
|
|
|
|
|
|
|
FEDEX CORPORATION
CAPITAL EXPENDITURES
RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31
RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS
RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE
(IN MILLIONS)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
2025 |
|
2024 |
| BY ASSET TYPE |
|
|
|
| Aircraft and related equipment |
$ |
1,167 |
|
|
$ |
561 |
|
| Package handling and ground support equipment |
888 |
|
|
845 |
|
| Vehicles and trailers |
149 |
|
|
269 |
|
| Information technology |
439 |
|
|
561 |
|
| Facilities and other |
922 |
|
|
1,121 |
|
| TOTAL |
$ |
3,565 |
|
|
$ |
3,357 |
|
EXPRESS U.S. DOMESTIC SEGMENT
STATEMENTS OF INCOME
RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31
RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS
RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE
(IN MILLIONS)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
2025 |
|
2024 |
| REVENUE: |
|
|
|
| U.S. Package: |
|
|
|
| U.S. ground |
$ |
35,905 |
|
|
$ |
33,386 |
|
| U.S. priority |
11,115 |
|
|
10,478 |
|
| U.S. deferred |
5,454 |
|
|
4,931 |
|
| Total package revenue |
52,474 |
|
|
48,795 |
|
| U.S. Freight |
1,196 |
|
|
2,041 |
|
| Other |
731 |
|
|
672 |
|
TOTAL REVENUE(1)
|
54,401 |
|
|
51,508 |
|
| OPERATING EXPENSES: |
|
|
|
| Salaries and employee benefits |
18,024 |
|
|
17,247 |
|
| Purchased transportation |
15,271 |
|
|
14,026 |
|
| Rentals and landing fees |
2,679 |
|
|
2,661 |
|
| Depreciation and amortization |
2,601 |
|
|
2,609 |
|
| Fuel |
1,045 |
|
|
1,340 |
|
| Maintenance and repairs |
1,902 |
|
|
1,921 |
|
| Business optimization and realignment costs |
142 |
|
|
368 |
|
| Goodwill and other asset impairment charges |
20 |
|
|
153 |
|
| Separation and other costs |
13 |
|
|
— |
|
| Intercompany allocation |
(254) |
|
|
(164) |
|
| Other |
8,537 |
|
|
7,982 |
|
| TOTAL OPERATING EXPENSES |
49,980 |
|
|
48,143 |
|
| OPERATING INCOME |
$ |
4,421 |
|
|
$ |
3,365 |
|
OPERATING MARGIN(1)
|
8.1 |
% |
|
6.5 |
% |
(1) Amounts reflected are from continuing operations.
EXPRESS U.S. DOMESTIC SEGMENT
QUARTERLY STATEMENTS OF INCOME
RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31
RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS
RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE
(IN MILLIONS)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
FIRST QUARTER |
|
SECOND QUARTER |
|
THIRD QUARTER |
|
FOURTH QUARTER |
| REVENUE: |
|
|
|
|
|
|
|
| U.S. Package: |
|
|
|
|
|
|
|
| U.S. ground |
$ |
8,065 |
|
|
$ |
8,525 |
|
|
$ |
8,748 |
|
|
$ |
10,567 |
|
| U.S. priority |
2,600 |
|
|
2,718 |
|
|
2,826 |
|
|
2,971 |
|
| U.S. deferred |
1,229 |
|
1,263 |
|
1,302 |
|
1,660 |
| Total package revenue |
11,894 |
|
12,506 |
|
12,876 |
|
15,198 |
| U.S. Freight |
295 |
|
290 |
|
315 |
|
296 |
| Other |
130 |
|
129 |
|
201 |
|
271 |
TOTAL REVENUE(1)
|
12,319 |
|
12,925 |
|
13,392 |
|
15,765 |
| OPERATING EXPENSES: |
|
|
|
|
|
|
|
| Salaries and employee benefits |
4,174 |
|
4,269 |
|
4,471 |
|
5,110 |
| Purchased transportation |
3,374 |
|
3,566 |
|
3,778 |
|
4,553 |
| Rentals and landing fees |
663 |
|
642 |
|
674 |
|
700 |
| Depreciation and amortization |
636 |
|
668 |
|
656 |
|
641 |
| Fuel |
258 |
|
252 |
|
263 |
|
272 |
| Maintenance and repairs |
433 |
|
474 |
|
498 |
|
497 |
| Business optimization and realignment costs |
67 |
|
54 |
|
15 |
|
6 |
| Goodwill and other asset impairment charges |
— |
|
|
20 |
|
— |
|
|
— |
|
| Separation and other costs |
— |
|
|
1 |
|
6 |
|
6 |
| Intercompany allocation |
(52) |
|
|
(59) |
|
|
(72) |
|
|
(71) |
|
| Other |
1,986 |
|
2,056 |
|
2,219 |
|
2,276 |
| TOTAL OPERATING EXPENSES |
11,539 |
|
11,943 |
|
12,508 |
|
13,990 |
| OPERATING INCOME |
$ |
780 |
|
|
$ |
982 |
|
|
$ |
884 |
|
|
$ |
1,775 |
|
OPERATING MARGIN(1)
|
6.3 |
% |
|
7.6 |
% |
|
6.6 |
% |
|
11.3 |
% |
(1) Amounts reflected are from continuing operations.
EXPRESS U.S. DOMESTIC SEGMENT
QUARTERLY STATEMENTS OF INCOME
RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31
RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS
RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE
(IN MILLIONS)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
FIRST QUARTER |
|
SECOND QUARTER |
|
THIRD QUARTER |
|
FOURTH QUARTER |
| REVENUE: |
|
|
|
|
|
|
|
| U.S. Package: |
|
|
|
|
|
|
|
| U.S. ground |
$ |
7,796 |
|
|
$ |
8,099 |
|
|
$ |
8,020 |
|
|
$ |
9,471 |
|
| U.S. priority |
2,598 |
|
|
2,625 |
|
|
2,586 |
|
|
2,669 |
|
| U.S. deferred |
1,198 |
|
|
1,184 |
|
|
1,149 |
|
|
1,400 |
|
| Total package revenue |
11,592 |
|
|
11,908 |
|
|
11,755 |
|
|
13,540 |
|
| U.S. Freight |
602 |
|
|
582 |
|
|
559 |
|
|
298 |
|
| Other |
146 |
|
|
169 |
|
|
205 |
|
|
152 |
|
TOTAL REVENUE(1)
|
12,340 |
|
|
12,659 |
|
|
12,519 |
|
|
13,990 |
|
| OPERATING EXPENSES: |
|
|
|
|
|
|
|
| Salaries and employee benefits |
4,089 |
|
|
4,254 |
|
|
4,292 |
|
|
4,612 |
|
| Purchased transportation |
3,225 |
|
|
3,282 |
|
|
3,424 |
|
|
4,095 |
|
| Rentals and landing fees |
660 |
|
|
661 |
|
|
666 |
|
|
674 |
|
| Depreciation and amortization |
663 |
|
|
668 |
|
|
649 |
|
|
629 |
|
| Fuel |
376 |
|
|
365 |
|
|
326 |
|
|
273 |
|
| Maintenance and repairs |
469 |
|
|
488 |
|
|
488 |
|
|
476 |
|
| Goodwill and other asset impairment charges |
— |
|
|
153 |
|
|
— |
|
|
— |
|
| Separation and other costs |
— |
|
|
— |
|
|
— |
|
|
— |
|
| Business optimization and realignment costs |
74 |
|
|
130 |
|
|
72 |
|
|
92 |
|
| Intercompany allocation |
(31) |
|
|
(34) |
|
|
(42) |
|
|
(57) |
|
| Other |
1,951 |
|
|
2,034 |
|
|
1,960 |
|
|
2,037 |
|
| TOTAL OPERATING EXPENSES |
11,476 |
|
|
12,001 |
|
|
11,835 |
|
|
12,831 |
|
| OPERATING INCOME |
$ |
864 |
|
|
$ |
658 |
|
|
$ |
684 |
|
|
$ |
1,159 |
|
OPERATING MARGIN(1)
|
7.0 |
% |
|
5.2 |
% |
|
5.5 |
% |
|
8.3 |
% |
(1) Amounts reflected are from continuing operations.
EXPRESS U.S. DOMESTIC SEGMENT
ANNUAL OPERATING STATISTICS
RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31
RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS
RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE
(IN THOUSANDS, EXCEPT YIELD AMOUNTS)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
2025 |
|
2024 |
| Package Statistics |
|
|
|
Average daily package volume (ADV):(1)
|
|
|
|
| U.S. priority |
1,649 |
|
|
1,604 |
|
| U.S. deferred |
1,121 |
|
|
1,019 |
|
| U.S. ground commercial |
4,270 |
|
|
4,258 |
|
| U.S. ground home delivery/economy |
7,332 |
|
|
6,801 |
|
| Total U.S. domestic ADV |
14,372 |
|
|
13,682 |
|
| Revenue per package (yield): |
|
|
|
| U.S. priority |
$ |
26.44 |
|
|
$ |
25.51 |
|
| U.S. deferred |
19.09 |
|
|
18.89 |
|
| U.S. ground |
12.14 |
|
|
11.80 |
|
| Total U.S. domestic composite |
14.32 |
|
|
13.93 |
|
| Freight Statistics |
|
|
|
| Average daily freight pounds: |
|
|
|
| U.S. freight |
2,169 |
|
|
4,519 |
|
| Revenue per pound (yield): |
|
|
|
| U.S. freight |
$ |
2.16 |
|
|
$ |
1.76 |
|
|
|
|
|
Operating Days(2)
|
255 |
|
|
256 |
|
(1) ADV is calculated on a 5-day-per-week basis.
(2) Operating days for calendar year 2026 and 2027 are expected to be 255 and 254, respectively.
EXPRESS U.S. DOMESTIC SEGMENT
QUARTERLY OPERATING STATISTICS
RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31
RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS
RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE
(IN THOUSANDS, EXCEPT YIELD AMOUNTS)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
FIRST QUARTER |
|
SECOND QUARTER |
|
THIRD QUARTER |
|
FOURTH QUARTER |
| Package Statistics |
|
|
|
|
|
|
|
Average daily package volume (ADV):(1)
|
|
|
|
|
|
|
|
| U.S. priority |
1,561 |
|
|
1,644 |
|
|
1,681 |
|
|
1,707 |
|
| U.S. deferred |
1,018 |
|
|
1,066 |
|
|
1,074 |
|
|
1,324 |
|
| U.S. ground commercial |
4,144 |
|
|
4,215 |
|
|
4,370 |
|
|
4,348 |
|
| U.S. ground home delivery/economy |
6,528 |
|
|
6,818 |
|
|
6,969 |
|
|
8,999 |
|
| Total U.S. domestic ADV |
13,251 |
|
|
13,743 |
|
|
14,094 |
|
|
16,378 |
|
| Revenue per package (yield): |
|
|
|
|
|
|
|
| U.S. priority |
$ |
26.43 |
|
|
$ |
25.83 |
|
|
$ |
26.27 |
|
|
$ |
27.20 |
|
| U.S. deferred |
19.17 |
|
|
18.52 |
|
|
18.96 |
|
|
19.58 |
|
| U.S. ground |
12.00 |
|
|
12.07 |
|
|
12.05 |
|
|
12.37 |
|
| Total U.S. domestic composite |
14.25 |
|
|
14.22 |
|
|
14.28 |
|
|
14.50 |
|
| Freight Statistics |
|
|
|
|
|
|
|
| Average daily freight pounds: |
|
|
|
|
|
|
|
| U.S. freight |
2,274 |
|
|
2,149 |
|
|
2,202 |
|
|
2,051 |
|
| Revenue per pound (yield): |
|
|
|
|
|
|
|
| U.S. freight |
$ |
2.06 |
|
|
$ |
2.11 |
|
|
$ |
2.23 |
|
|
$ |
2.26 |
|
|
|
|
|
|
|
|
|
Operating Days(2)
|
63 |
|
|
64 |
|
|
64 |
|
|
64 |
|
(1) ADV is calculated on a 5-day-per-week basis.
(2) Operating days for the quarters ending March 31, June 30, September 30 and December 31 for calendar year 2027 are expected to be 63, 64, 64 and 63, respectively. Operating days for the quarters ending March 31, June 30, September 30 and December 31 for calendar year 2026 are expected to be 63, 64, 64 and 64, respectively.
EXPRESS U.S. DOMESTIC SEGMENT
QUARTERLY OPERATING STATISTICS
RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31
RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS
RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE
(IN THOUSANDS, EXCEPT YIELD AMOUNTS)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
FIRST QUARTER |
|
SECOND QUARTER |
|
THIRD QUARTER |
|
FOURTH QUARTER |
| Package Statistics |
|
|
|
|
|
|
|
Average daily package volume (ADV):(1)
|
|
|
|
|
|
|
|
| U.S. priority |
1,584 |
|
|
1,610 |
|
|
1,603 |
|
|
1,619 |
|
| U.S. deferred |
963 |
|
|
980 |
|
|
965 |
|
|
1,170 |
|
| U.S. ground commercial |
4,149 |
|
|
4,258 |
|
|
4,344 |
|
|
4,283 |
|
| U.S. ground home delivery/economy |
6,066 |
|
|
6,304 |
|
|
6,425 |
|
|
8,411 |
|
| Total U.S. domestic ADV |
12,762 |
|
|
13,152 |
|
|
13,337 |
|
|
15,483 |
|
| Revenue per package (yield): |
|
|
|
|
|
|
|
| U.S. priority |
$ |
25.62 |
|
|
$ |
25.47 |
|
|
$ |
25.20 |
|
|
$ |
25.77 |
|
| U.S. deferred |
19.45 |
|
|
18.89 |
|
|
18.59 |
|
|
18.69 |
|
| U.S. ground |
11.92 |
|
|
11.98 |
|
|
11.64 |
|
|
11.66 |
|
| Total U.S. domestic composite |
14.19 |
|
|
14.15 |
|
|
13.77 |
|
|
13.66 |
|
| Freight Statistics |
|
|
|
|
|
|
|
| Average daily freight pounds: |
|
|
|
|
|
|
|
| U.S. freight |
5,622 |
|
|
5,521 |
|
|
4,711 |
|
|
2,221 |
|
| Revenue per pound (yield): |
|
|
|
|
|
|
|
| U.S. freight |
$ |
1.67 |
|
|
$ |
1.65 |
|
|
$ |
1.85 |
|
|
$ |
2.09 |
|
|
|
|
|
|
|
|
|
Operating Days(2)
|
64 |
|
|
64 |
|
|
64 |
|
|
64 |
|
(1) ADV is calculated on a 5-day-per-week basis.
(2) Operating days for the quarters ending March 31, June 30, September 30 and December 31 for calendar year 2027 are expected to be 63, 64, 64 and 63, respectively. Operating days for the quarters ending March 31, June 30, September 30 and December 31 for calendar year 2026 are expected to be 63, 64, 64 and 64, respectively.
EXPRESS INTERNATIONAL SEGMENT
STATEMENTS OF INCOME
RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31
RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS
RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE
(IN MILLIONS)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
2025 |
|
2024 |
| REVENUE: |
|
|
|
| Package: |
|
|
|
| International priority |
$ |
9,048 |
|
|
$ |
9,098 |
|
| International economy |
5,767 |
|
|
5,493 |
|
| Total International export package revenue |
14,815 |
|
|
14,591 |
|
International domestic(1)
|
4,615 |
|
|
4,622 |
|
| Total package revenue |
19,430 |
|
|
19,213 |
|
| Freight: |
|
|
|
| International priority |
2,382 |
|
|
2,273 |
|
| International economy |
2,120 |
|
|
1,939 |
|
| Total freight revenue |
4,502 |
|
|
4,212 |
|
| Other |
1,405 |
|
|
1,410 |
|
TOTAL REVENUE(2)
|
25,337 |
|
|
24,835 |
|
| OPERATING EXPENSES: |
|
|
|
| Salaries and employee benefits |
8,631 |
|
|
8,108 |
|
| Purchased transportation |
6,359 |
|
|
6,498 |
|
| Rentals and landing fees |
1,385 |
|
|
1,279 |
|
| Depreciation and amortization |
1,165 |
|
|
1,162 |
|
| Fuel |
2,012 |
|
|
2,372 |
|
| Maintenance and repairs |
980 |
|
|
903 |
|
| Business optimization and realignment costs |
72 |
|
|
224 |
|
| Goodwill and other asset impairment charges |
— |
|
|
4 |
|
|
|
|
|
| Intercompany allocations |
26 |
|
|
(10) |
|
| Other |
4,135 |
|
|
3,751 |
|
| TOTAL OPERATING EXPENSES |
24,765 |
|
|
24,291 |
|
| OPERATING INCOME |
$ |
572 |
|
|
$ |
544 |
|
OPERATING MARGIN(2)
|
2.3 |
% |
|
2.2 |
% |
(1) International domestic revenue and statistics relate to FedEx’s international intra-country operations.
(2) Amounts reflected are from continuing operations.
EXPRESS INTERNATIONAL SEGMENT
QUARTERLY STATEMENTS OF INCOME
RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31
RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS
RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE
(IN MILLIONS)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
FIRST QUARTER |
|
SECOND QUARTER |
|
THIRD QUARTER |
|
FOURTH QUARTER |
| REVENUE: |
|
|
|
|
|
|
|
| Package: |
|
|
|
|
|
|
|
| International priority |
$ |
2,105 |
|
|
$ |
2,177 |
|
|
$ |
2,325 |
|
|
$ |
2,441 |
|
| International economy |
1,438 |
|
|
1,360 |
|
|
1,403 |
|
|
1,566 |
|
| Total International export package |
3,543 |
|
|
3,537 |
|
|
3,728 |
|
|
4,007 |
|
International domestic(1)
|
1,051 |
|
|
1,137 |
|
|
1,166 |
|
|
1,261 |
|
| Total package revenue |
4,594 |
|
|
4,674 |
|
|
4,894 |
|
|
5,268 |
|
| Freight: |
|
|
|
|
|
|
|
| International priority |
565 |
|
|
599 |
|
|
588 |
|
|
630 |
|
| International economy |
493 |
|
|
518 |
|
|
538 |
|
|
571 |
|
| Total freight revenue |
1,058 |
|
|
1,117 |
|
|
1,126 |
|
|
1,201 |
|
| Other |
347 |
|
|
356 |
|
|
343 |
|
|
359 |
|
TOTAL REVENUE(2)
|
5,999 |
|
|
6,147 |
|
|
6,363 |
|
|
6,828 |
|
| OPERATING EXPENSES: |
|
|
|
|
|
|
|
| Salaries and employee benefits |
2,017 |
|
|
2,114 |
|
|
2,190 |
|
|
2,310 |
|
| Purchased transportation |
1,520 |
|
|
1,527 |
|
|
1,588 |
|
|
1,724 |
|
| Rentals and landing fees |
326 |
|
|
338 |
|
|
356 |
|
|
365 |
|
| Depreciation and amortization |
291 |
|
|
294 |
|
|
292 |
|
|
288 |
|
| Fuel |
503 |
|
|
469 |
|
|
510 |
|
|
530 |
|
| Maintenance and repairs |
233 |
|
|
239 |
|
|
261 |
|
|
247 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Business optimization and realignment costs |
46 |
|
|
16 |
|
|
4 |
|
|
6 |
|
| Intercompany allocations |
— |
|
|
1 |
|
|
10 |
|
|
15 |
|
| Other |
976 |
|
|
1,102 |
|
|
960 |
|
|
1,097 |
|
| TOTAL OPERATING EXPENSES |
5,912 |
|
|
6,100 |
|
|
6,171 |
|
|
6,582 |
|
| OPERATING INCOME |
$ |
87 |
|
|
$ |
47 |
|
|
$ |
192 |
|
|
$ |
246 |
|
OPERATING MARGIN(2)
|
1.5 |
% |
|
0.8 |
% |
|
3.0 |
% |
|
3.6 |
% |
(1) International domestic revenue and statistics relate to FedEx’s international intra-country operations.
(2) Amounts reflected are from continuing operations.
EXPRESS INTERNATIONAL SEGMENT
QUARTERLY STATEMENTS OF INCOME
RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31
RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS
RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE
(IN MILLIONS)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
FIRST QUARTER |
|
SECOND QUARTER |
|
THIRD QUARTER |
|
FOURTH QUARTER |
| REVENUE: |
|
|
|
|
|
|
|
| Package: |
|
|
|
|
|
|
|
| International priority |
$ |
2,309 |
|
|
$ |
2,346 |
|
|
$ |
2,188 |
|
|
$ |
2,255 |
|
| International economy |
1,146 |
|
|
1,234 |
|
|
1,465 |
|
|
1,648 |
|
| Total International export package |
3,455 |
|
|
3,580 |
|
|
3,653 |
|
|
3,903 |
|
International domestic(1)
|
1,150 |
|
|
1,146 |
|
|
1,125 |
|
|
1,201 |
|
| Total package revenue |
4,605 |
|
|
4,726 |
|
|
4,778 |
|
|
5,104 |
|
| Freight: |
|
|
|
|
|
|
|
| International priority |
537 |
|
|
548 |
|
|
559 |
|
|
629 |
|
| International economy |
469 |
|
|
477 |
|
|
485 |
|
|
508 |
|
| Total freight revenue |
1,006 |
|
|
1,025 |
|
|
1,044 |
|
|
1,137 |
|
| Other |
317 |
|
|
362 |
|
|
364 |
|
|
367 |
|
TOTAL REVENUE(2)
|
5,928 |
|
|
6,113 |
|
|
6,186 |
|
|
6,608 |
|
| OPERATING EXPENSES: |
|
|
|
|
|
|
|
| Salaries and employee benefits |
1,936 |
|
|
2,010 |
|
|
2,023 |
|
|
2,139 |
|
| Purchased transportation |
1,509 |
|
|
1,620 |
|
|
1,681 |
|
|
1,688 |
|
| Rentals and landing fees |
305 |
|
|
307 |
|
|
334 |
|
|
333 |
|
| Depreciation and amortization |
283 |
|
|
295 |
|
|
288 |
|
|
296 |
|
| Fuel |
600 |
|
|
610 |
|
|
599 |
|
|
563 |
|
| Maintenance and repairs |
218 |
|
|
220 |
|
|
239 |
|
|
226 |
|
| Business optimization and realignment costs |
52 |
|
|
(30) |
|
|
45 |
|
|
157 |
|
| Goodwill and other asset impairment charges |
— |
|
|
4 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
| Intercompany allocations |
(1) |
|
|
(1) |
|
|
(3) |
|
|
(5) |
|
| Other |
888 |
|
|
968 |
|
|
948 |
|
|
947 |
|
| TOTAL OPERATING EXPENSES |
5,790 |
|
|
6,003 |
|
|
6,154 |
|
|
6,344 |
|
| OPERATING INCOME |
$ |
138 |
|
|
$ |
110 |
|
|
$ |
32 |
|
|
$ |
264 |
|
OPERATING MARGIN(2)
|
2.3 |
% |
|
1.8 |
% |
|
0.5 |
% |
|
4.0 |
% |
(1) International domestic revenue and statistics relate to FedEx’s international intra-country operations.
(2) Amounts reflected are from continuing operations.
EXPRESS INTERNATIONAL SEGMENT
ANNUAL OPERATING STATISTICS
RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31
RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS
RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE
(IN THOUSANDS, EXCEPT YIELD AMOUNTS)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
2025 |
|
2024 |
| Package Statistics |
|
|
|
Average daily package volume (ADV)(1)
|
|
|
|
| International priority |
564 |
|
|
628 |
|
| International economy |
558 |
|
|
490 |
|
| Total international export ADV |
1,122 |
|
|
1,118 |
|
International domestic(2)
|
1,887 |
|
|
1,922 |
|
| Total ADV |
3,009 |
|
|
3,040 |
|
| Revenue per package (yield): |
|
|
|
| International priority |
$ |
62.93 |
|
|
$ |
56.63 |
|
| International economy |
40.54 |
|
|
43.76 |
|
| International export composite |
51.79 |
|
|
50.98 |
|
International domestic(2)
|
9.59 |
|
|
9.40 |
|
| Composite package yield |
25.32 |
|
|
24.69 |
|
| Freight Statistics |
|
|
|
| Average daily freight pounds: |
|
|
|
| International priority |
4,755 |
|
|
4,613 |
|
| International economy |
11,580 |
|
|
11,396 |
|
| Total average daily freight pounds |
16,335 |
|
|
16,009 |
|
| Revenue per pound (yield): |
|
|
|
| International priority |
$ |
1.97 |
|
|
$ |
1.93 |
|
| International economy |
0.72 |
|
|
0.66 |
|
| Composite freight yield |
1.08 |
|
|
1.03 |
|
|
|
|
|
Operating Days(3)
|
255 |
|
|
256 |
|
(1) ADV is calculated on a 5-day-per-week basis.
(2) International domestic revenue and statistics relate to FedEx’s international intra-country operations.
(3) Operating days for calendar year 2026 and 2027 are expected to be 255 and 254, respectively.
EXPRESS INTERNATIONAL SEGMENT
QUARTERLY OPERATING STATISTICS
RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31
RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS
RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE
(IN THOUSANDS, EXCEPT YIELD AMOUNTS)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
FIRST QUARTER |
|
SECOND QUARTER |
|
THIRD QUARTER |
|
FOURTH QUARTER |
| Package Statistics |
|
|
|
|
|
|
|
Average daily package volume (ADV):(1)
|
|
|
|
|
|
|
|
| International priority |
541 |
|
|
556 |
|
|
569 |
|
|
590 |
|
| International economy |
559 |
|
|
524 |
|
|
532 |
|
|
617 |
|
| Total international export ADV |
1,100 |
|
|
1,080 |
|
|
1,101 |
|
|
1,207 |
|
International domestic(2)
|
1,852 |
|
|
1,846 |
|
|
1,846 |
|
|
2,004 |
|
| Total ADV |
2,952 |
|
|
2,926 |
|
|
2,947 |
|
|
3,211 |
|
| Revenue per package (yield): |
|
|
|
|
|
|
|
| International priority |
$ |
61.81 |
|
|
$ |
61.18 |
|
|
$ |
63.87 |
|
|
$ |
64.68 |
|
| International economy |
40.82 |
|
|
40.57 |
|
|
41.23 |
|
|
39.68 |
|
| International export composite |
51.13 |
|
|
51.18 |
|
|
52.93 |
|
|
51.90 |
|
International domestic(2)
|
9.01 |
|
|
9.62 |
|
|
9.87 |
|
|
9.83 |
|
| Composite package yield |
24.70 |
|
|
24.96 |
|
|
25.96 |
|
|
25.64 |
|
| Freight Statistics |
|
|
|
|
|
|
|
| Average daily freight pounds: |
|
|
|
|
|
|
|
| International priority |
4,521 |
|
|
4,668 |
|
|
4,782 |
|
|
5,047 |
|
| International economy |
11,601 |
|
|
11,159 |
|
|
11,514 |
|
|
12,046 |
|
| Total average daily freight pounds |
16,122 |
|
|
15,827 |
|
|
16,296 |
|
|
17,093 |
|
| Revenue per pound (yield): |
|
|
|
|
|
|
|
| International priority |
$ |
1.98 |
|
|
$ |
2.01 |
|
|
$ |
1.92 |
|
|
$ |
1.95 |
|
| International economy |
0.67 |
|
|
0.73 |
|
|
0.73 |
|
|
0.74 |
|
| Composite freight yield |
1.04 |
|
|
1.10 |
|
|
1.08 |
|
|
1.10 |
|
|
|
|
|
|
|
|
|
Operating Days(3)
|
63 |
|
|
64 |
|
|
64 |
|
|
64 |
|
(1) ADV is calculated on a 5-day-per-week basis.
(2) International domestic revenue and statistics relate to FedEx’s international intra-country operations.
(3) Operating days for the quarters ending March 31, June 30, September 30 and December 31 for calendar year 2027 are expected to be 63, 64, 64 and 63, respectively. Operating days for the quarters ending March 31, June 30, September 30 and December 31 for calendar year 2026 are expected to be 63, 64, 64 and 64, respectively.
EXPRESS INTERNATIONAL SEGMENT
QUARTERLY OPERATING STATISTICS
RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31
RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS
RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE
(IN THOUSANDS, EXCEPT YIELD AMOUNTS)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
FIRST QUARTER |
|
SECOND QUARTER |
|
THIRD QUARTER |
|
FOURTH QUARTER |
| Package Statistics |
|
|
|
|
|
|
|
Average daily package volume (ADV):(1)
|
|
|
|
|
|
|
|
| International priority |
635 |
|
|
680 |
|
|
596 |
|
|
599 |
|
| International economy |
387 |
|
|
414 |
|
|
541 |
|
|
619 |
|
| Total international export ADV |
1,022 |
|
|
1,094 |
|
|
1,137 |
|
|
1,218 |
|
International domestic(2)
|
1,867 |
|
|
1,838 |
|
|
1,911 |
|
|
2,070 |
|
| Total ADV |
2,889 |
|
|
2,932 |
|
|
3,048 |
|
|
3,288 |
|
| Revenue per package (yield): |
|
|
|
|
|
|
|
| International priority |
$ |
56.82 |
|
|
$ |
53.89 |
|
|
$ |
57.39 |
|
|
$ |
58.80 |
|
| International economy |
46.32 |
|
|
46.58 |
|
|
42.27 |
|
|
41.57 |
|
| International export composite |
52.85 |
|
|
51.12 |
|
|
50.19 |
|
|
50.04 |
|
International domestic(2)
|
9.62 |
|
|
9.74 |
|
|
9.20 |
|
|
9.06 |
|
| Composite package yield |
24.91 |
|
|
25.18 |
|
|
24.49 |
|
|
24.25 |
|
|
|
|
|
|
|
|
|
| Freight Statistics |
|
|
|
|
|
|
|
| Average daily freight pounds: |
|
|
|
|
|
|
|
| International priority |
4,487 |
|
|
4,503 |
|
|
4,550 |
|
|
4,912 |
|
| International economy |
11,447 |
|
|
11,208 |
|
|
11,265 |
|
|
11,665 |
|
| Total average daily freight pounds |
15,934 |
|
|
15,711 |
|
|
15,815 |
|
|
16,577 |
|
| Revenue per pound (yield): |
|
|
|
|
|
|
|
| International priority |
$ |
1.87 |
|
|
$ |
1.90 |
|
|
$ |
1.92 |
|
|
$ |
2.00 |
|
| International economy |
0.64 |
|
|
0.67 |
|
|
0.67 |
|
|
0.68 |
|
| Composite freight yield |
0.99 |
|
|
1.02 |
|
|
1.03 |
|
|
1.07 |
|
|
|
|
|
|
|
|
|
Operating Days(3)
|
64 |
|
|
64 |
|
|
64 |
|
|
64 |
|
(1) ADV is calculated on a 5-day-per-week basis.
(2) International domestic revenue and statistics relate to FedEx’s international intra-country operations.
(3) Operating days for the quarters ending March 31, June 30, September 30 and December 31 for calendar year 2027 are expected to be 63, 64, 64 and 63, respectively. Operating days for the quarters ending March 31, June 30, September 30 and December 31 for calendar year 2026 are expected to be 63, 64, 64 and 64, respectively.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
The supplemental historical financial information within this Exhibit 99.1 is presented in accordance with accounting principles generally accepted in the United States (“GAAP” or “reported”). To supplement the reporting of the information determined in accordance with GAAP with certain non-GAAP (or “adjusted”) financial measures, included in tables below are the adjusted operating income and margin, net income, and diluted earnings per share for the calendar years ended December 31, 2025 and 2024 and each of the calendar quarters ended March 31, June 30, September 30, and December 31, 2025 and 2024. These financial measures are provided on a continuing operations basis to assist investors with assessing trends in FedEx’s underlying businesses and exclude the impact of discontinued operations, as well as the impact of the following items (as applicable), which are unrelated to FedEx’s core operating performance:
•Mark-To-Market (“MTM”) adjustments for retirement plan accounting incurred: FedEx’s defined benefit pension plans are measured using actuarial techniques that reflect management’s assumptions for expected returns on assets (“EROA”), discount rate, and demographic experience such as salary increases, expected retirement, mortality, and employee turnover. Differences between these assumptions and actual experience are recognized through MTM accounting.
•Business optimization and realignment costs incurred: Business optimization costs relate to the following transformation initiatives aimed to improve long-term profitability, drive efficiency within and between the transportation segments, lower overhead and support costs, and transform FedEx’s digital capabilities: our Network 2.0 program, our international operational transformation programs, the Europe workforce reduction plan, and DRIVE initiatives commenced in prior years. These costs were primarily related to severance, incentive payments to contracted service providers, and professional services.
•Costs related to the spin-off of FedEx Freight incurred: In December 2024, FedEx announced that its Board of Directors decided to pursue a full separation of FedEx Freight through the capital markets, creating a new publicly traded company. The transaction was implemented through the spin-off of shares of the new company to FedEx stockholders on June 1, 2026, and is intended to be tax-free for U.S. federal income tax purposes for FedEx stockholders. These costs were primarily related to professional fees.
•Costs related to the change in the company's fiscal year end: In January 2025, FedEx announced that its Board of Directors approved a change in the company's fiscal year end from May 31 to December 31, which became effective June 1, 2026. The company incurred costs related to the fiscal year change in the fourth quarter and full-year fiscal 2026. These costs were primarily related to professional fees.
•Charges and adjustments related to a legacy FedEx Ground legal matter: FedEx incurred charges in connection with a legacy FedEx Ground legal matter in 2024, which was both extraordinary in nature and did not represent recurring expenses in the ordinary course of business. In addition, certain adjustments were made in subsequent periods to partially reverse this loss accrual, thus resulting in a gain in certain periods.
•Charges and adjustments related to an international regulatory matter: FedEx incurred charges in connection with an international regulatory matter in 2025, which was both extraordinary in nature and did not represent recurring expenses in the ordinary course of business. In addition, certain adjustments were made in subsequent periods to partially reverse this loss accrual, thus resulting in a gain in certain periods.
•Remeasurement of state deferred income taxes under one FedEx structure: FedEx incurred income tax expense related to the remeasurement of U.S. state deferred income tax balances in connection with the one FedEx consolidation. The transitional impact of this income tax expense was both extraordinary in nature and did not represent recurring expenses in the ordinary course of business.
•Aircraft impairment charges incurred: In May of 2024 and 2025, FedEx made a decision to permanently retire certain aircraft, as well as certain related engines, which resulted in noncash impairment charges during these periods. These retirements are aligned with the company's fleet reduction and modernization strategy as the company continues to improve its global network efficiency and better align air network capacity with anticipated demand.
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.
These adjusted financial measures facilitate analysis and comparisons of FedEx’s ongoing business operations because they exclude items that may not be indicative of, or are unrelated to, the company's and business segments' core operating performance, and may assist investors with comparisons to prior periods and assessing trends in FedEx’s underlying businesses. These adjustments are
consistent with how management views the businesses. Management uses these non-GAAP financial measures in making financial, operating, and planning decisions and evaluating the company's and each business segments' ongoing performance.
These 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, the reported financial results. Accordingly, users of the 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 the non-GAAP financial measures to the most directly comparable GAAP measures for each period presented.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31
RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS
RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE
(IN MILLIONS, EXCEPT OPERATING MARGIN AMOUNTS)
(unaudited)
FULL YEAR CALENDAR 2025
FedEx Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
Earnings
Per Share |
|
Operating |
|
Income
Taxes(1)
|
|
Net
Income(2)
|
|
| Dollars in millions, except EPS |
Income |
|
Margin |
|
|
|
| GAAP measure |
$ |
4,554
|
|
|
5.5
|
% |
|
$ |
1,165
|
|
|
$ |
3,482
|
|
|
$ |
14.62
|
|
Business optimization and realignment costs(3)
|
345 |
|
|
0.5 |
% |
|
79 |
|
|
266 |
|
|
1.11 |
|
Fiscal year change costs(4)
|
14 |
|
|
— |
|
|
3 |
|
|
11 |
|
|
0.05 |
|
Aircraft impairment charges(4)
|
21 |
|
|
— |
|
|
5 |
|
|
16 |
|
|
0.07 |
|
International regulatory matter(5)
|
88 |
|
|
0.1 |
% |
|
4 |
|
|
84 |
|
|
0.35 |
|
Legacy FedEx Ground legal matter(6)
|
(12) |
|
|
— |
|
|
(3) |
|
|
(9) |
|
|
(0.04) |
|
|
|
|
|
|
|
|
|
|
|
MTM retirement plans accounting adjustment(7)
|
— |
|
|
— |
|
|
(101) |
|
|
(317) |
|
|
(1.33) |
|
| Non-GAAP measure |
$ |
5,010 |
|
|
6.1 |
% |
|
$ |
1,152 |
|
|
$ |
3,533 |
|
|
$ |
14.83 |
|
Express U.S. Domestic Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating |
|
|
| Dollars in millions |
Income |
|
Margin |
|
|
| GAAP measure |
$ |
4,421
|
|
|
8.1
|
% |
|
|
Business optimization and realignment costs(3)
|
142 |
|
|
0.3 |
% |
|
|
Fiscal year change costs(4)
|
13 |
|
|
— |
|
|
|
Aircraft impairment charges(4)
|
20 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy FedEx Ground legal matter(6)
|
(12) |
|
|
— |
|
|
|
| Non-GAAP measure |
$ |
4,584 |
|
|
8.4 |
% |
|
|
Express International Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating |
| Dollars in millions |
Income |
|
Margin |
| GAAP measure |
$ |
572
|
|
|
2.3
|
% |
Business optimization and realignment costs(3)
|
72 |
|
|
0.3 |
% |
International regulatory matter(5)
|
88 |
|
|
0.3 |
% |
| Non-GAAP measure |
$ |
732 |
|
|
2.9 |
% |
(1) Income taxes are based on the company’s approximate statutory tax rates applicable to each transaction.
(2) Effect of “Other income (expense)” on net income amount not shown.
(3) These expenses were recognized at Express U.S. Domestic, Express International, and Corporate, other, and eliminations.
(4) These expenses were recognized at Express U.S. Domestic and Corporate, other, and eliminations.
(5) These expenses were recognized at Express International.
(6) These expenses were recognized at Express U.S. Domestic.
(7) These expenses were recognized at Corporate, other, and eliminations.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31
RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS
RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE
(IN MILLIONS, EXCEPT OPERATING MARGIN AMOUNTS)
(unaudited)
FOURTH QUARTER CALENDAR 2025
FedEx Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
Earnings
Per Share |
|
Operating |
|
Income
Taxes(1)
|
|
Net
Income(2)
|
|
| Dollars in millions, except EPS |
Income |
|
Margin |
|
|
|
| GAAP measure |
$ |
1,934
|
|
|
8.3
|
% |
|
$ |
459
|
|
|
$ |
1,387
|
|
|
$ |
5.85
|
|
Business optimization and realignment costs(3)
|
21 |
|
|
0.1 |
% |
|
3 |
|
|
18 |
|
|
0.08 |
|
Fiscal year change costs(4)
|
6 |
|
|
— |
|
|
1 |
|
|
5 |
|
|
0.02 |
|
|
|
|
|
|
|
|
|
|
|
International regulatory matter(5)
|
(12) |
|
|
(0.1) |
% |
|
4 |
|
|
(16) |
|
|
(0.07) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP measure |
$ |
1,949 |
|
|
8.3 |
% |
|
$ |
467 |
|
|
$ |
1,394 |
|
|
$ |
5.88 |
|
Express U.S. Domestic Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating |
|
|
| Dollars in millions |
Income |
|
Margin |
|
|
| GAAP measure |
$ |
1,775
|
|
|
11.3
|
% |
|
|
Business optimization and realignment costs(3)
|
6 |
|
|
— |
|
|
|
Fiscal year change costs(4)
|
6 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP measure |
$ |
1,787 |
|
|
11.3 |
% |
|
|
Express International Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating |
| Dollars in millions |
Income |
|
Margin |
| GAAP measure |
$ |
246
|
|
|
3.6
|
% |
Business optimization and realignment costs(3)
|
6 |
|
|
0.1 |
% |
International regulatory matter(5)
|
(12) |
|
|
(0.2) |
% |
| Non-GAAP measure |
$ |
240 |
|
|
3.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Income taxes are based on the company’s approximate statutory tax rates applicable to each transaction.
(2) Effect of “Other income (expense)” on net income amount not shown.
(3) These expenses were recognized at Express U.S. Domestic, Express International, and Corporate, other, and eliminations.
(4) These expenses were recognized at Express U.S. Domestic and Corporate, other, and eliminations.
(5) These expenses were recognized at Express International.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31
RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS
RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE
(IN MILLIONS, EXCEPT OPERATING MARGIN AMOUNTS)
(unaudited)
THIRD QUARTER CALENDAR 2025
FedEx Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
Earnings
Per Share |
|
Operating |
|
Income
Taxes(1)
|
|
Net
Income(2)
|
|
| Dollars in millions, except EPS |
Income |
|
Margin |
|
|
|
| GAAP measure |
$ |
972
|
|
|
4.8
|
% |
|
$ |
269
|
|
|
$ |
645
|
|
|
$ |
2.73
|
|
Business optimization and realignment costs(3)
|
54 |
|
|
0.3 |
% |
|
12 |
|
|
43 |
|
|
0.18 |
|
Fiscal year change costs(4)
|
7 |
|
|
— |
|
|
1 |
|
|
5 |
|
|
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP measure |
$ |
1,033 |
|
|
5.1 |
% |
|
$ |
282 |
|
|
$ |
693 |
|
|
$ |
2.93 |
|
Express U.S. Domestic Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating |
|
|
| Dollars in millions |
Income |
|
Margin |
|
|
| GAAP measure |
$ |
884
|
|
|
6.6
|
% |
|
|
Business optimization and realignment costs(3)
|
15 |
|
|
0.1 |
% |
|
|
Fiscal year change costs(4)
|
6 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP measure |
$ |
905 |
|
|
6.7 |
% |
|
|
Express International Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating |
| Dollars in millions |
Income |
|
Margin |
| GAAP measure |
$ |
192
|
|
|
3.0
|
% |
Business optimization and realignment costs(3)
|
4 |
|
|
0.1 |
% |
|
|
|
|
| Non-GAAP measure |
$ |
196 |
|
|
3.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Income taxes are based on the company’s approximate statutory tax rates applicable to each transaction.
(2) Effect of “Other income (expense)” on net income amount not shown.
(3) These expenses were recognized at Express U.S. Domestic, Express International, and Corporate, other, and eliminations.
(4) These expenses were recognized at Express U.S. Domestic and Corporate, other, and eliminations.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31
RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS
RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE
(IN MILLIONS, EXCEPT OPERATING MARGIN AMOUNTS)
(unaudited)
SECOND QUARTER CALENDAR 2025
FedEx Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
Earnings
Per Share |
|
Operating |
|
Income
Taxes(1)
|
|
Net
Income(2)
|
|
| Dollars in millions, except EPS |
Income |
|
Margin |
|
|
|
| GAAP measure |
$ |
897
|
|
|
4.5
|
% |
|
$ |
315
|
|
|
$ |
920
|
|
|
$ |
3.85
|
|
Business optimization and realignment costs(3)
|
113 |
|
|
0.6 |
% |
|
26 |
|
|
87 |
|
|
0.36 |
|
Fiscal year change costs(4)
|
1 |
|
|
— |
|
|
— |
|
|
1 |
|
|
— |
|
Aircraft impairment charges(4)
|
21 |
|
|
0.1 |
% |
|
5 |
|
|
16 |
|
|
0.07 |
|
International regulatory matter(5)
|
50 |
|
|
0.3 |
% |
|
(12) |
|
|
62 |
|
|
0.26 |
|
|
|
|
|
|
|
|
|
|
|
MTM retirement plans accounting adjustment(6)
|
— |
|
|
— |
|
|
(101) |
|
|
(317) |
|
|
(1.34) |
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP measure |
$ |
1,082 |
|
|
5.5 |
% |
|
$ |
233 |
|
|
$ |
769 |
|
|
$ |
3.20 |
|
Express U.S. Domestic Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating |
|
|
| Dollars in millions |
Income |
|
Margin |
|
|
| GAAP measure |
$ |
982
|
|
|
7.6
|
% |
|
|
Business optimization and realignment costs(3)
|
54 |
|
|
0.4 |
% |
|
|
Fiscal year change costs(4)
|
1 |
|
|
— |
|
|
|
Aircraft impairment charges(4)
|
20 |
|
|
0.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP measure |
$ |
1,057 |
|
|
8.2 |
% |
|
|
Express International Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating |
| Dollars in millions |
Income |
|
Margin |
| GAAP measure |
$ |
47
|
|
|
0.8
|
% |
Business optimization and realignment costs(3)
|
16 |
|
|
0.3 |
% |
International regulatory matter(5)
|
50 |
|
|
0.8 |
% |
| Non-GAAP measure |
$ |
113 |
|
|
1.9 |
% |
(1) Income taxes are based on the company’s approximate statutory tax rates applicable to each transaction.
(2) Effect of “Other income (expense)” on net income amount not shown.
(3) These expenses were recognized at Express U.S. Domestic, Express International, and Corporate, other, and eliminations.
(4) These expenses were recognized at Express U.S. Domestic and Corporate, other, and eliminations.
(5) These expenses were recognized at Express International.
(6) These expenses were recognized at Corporate, other, and eliminations.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31
RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS
RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE
(IN MILLIONS, EXCEPT OPERATING MARGIN AMOUNTS)
(unaudited)
FIRST QUARTER CALENDAR 2025
FedEx Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
Earnings
Per Share |
|
Operating |
|
Income
Taxes(1)
|
|
Net
Income(2)
|
|
| Dollars in millions, except EPS |
Income |
|
Margin |
|
|
|
| GAAP measure |
$ |
751
|
|
|
4.0
|
% |
|
$ |
122
|
|
|
$ |
530
|
|
|
$ |
2.19
|
|
Business optimization and realignment costs(3)
|
157 |
|
|
0.8 |
% |
|
37 |
|
|
120 |
|
|
0.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy FedEx Ground legal matter(4)
|
(12) |
|
|
(0.1) |
% |
|
(3) |
|
|
(9) |
|
|
(0.04) |
|
International regulatory matter(5)
|
50 |
|
|
0.3 |
% |
|
12 |
|
|
38 |
|
|
0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP measure |
$ |
946 |
|
|
5.0 |
% |
|
$ |
168 |
|
|
$ |
679 |
|
|
$ |
2.81 |
|
Express U.S. Domestic Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating |
|
|
| Dollars in millions |
Income |
|
Margin |
|
|
| GAAP measure |
$ |
780
|
|
|
6.3
|
% |
|
|
Business optimization and realignment costs(3)
|
67 |
|
|
0.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy FedEx Ground legal matter(4)
|
(12) |
|
|
(0.1) |
% |
|
|
| Non-GAAP measure |
$ |
835 |
|
|
6.7 |
% |
|
|
Express International Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating |
| Dollars in millions |
Income |
|
Margin |
| GAAP measure |
$ |
87
|
|
|
1.5
|
% |
Business optimization and realignment costs(3)
|
46 |
|
|
0.8 |
% |
International regulatory matter(5)
|
50 |
|
|
0.8 |
% |
| Non-GAAP measure |
$ |
183 |
|
|
3.1 |
% |
(1) Income taxes are based on the company’s approximate statutory tax rates applicable to each transaction.
(2) Effect of “Other income (expense)” on net income amount not shown.
(3) These expenses were recognized at Express U.S. Domestic, Express International, and Corporate, other, and eliminations.
(4) These expenses were recognized at Express U.S. Domestic.
(5) These expenses were recognized at Express International.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31
RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS
RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE
(IN MILLIONS, EXCEPT OPERATING MARGIN AMOUNTS)
(unaudited)
FULL YEAR CALENDAR 2024
FedEx Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
Earnings
Per Share |
|
Operating |
|
Income
Taxes(1)
|
|
Net
Income(2)
|
|
| Dollars in millions, except EPS |
Income |
|
Margin |
|
|
|
| GAAP measure |
$ |
3,272
|
|
|
4.1
|
% |
|
$ |
916
|
|
|
$ |
2,646
|
|
|
$ |
10.74
|
|
Business optimization and realignment costs(3)
|
815 |
|
|
1.1 |
% |
|
193 |
|
|
622 |
|
|
2.52 |
|
|
|
|
|
|
|
|
|
|
|
Aircraft impairment charges(4)
|
157 |
|
|
0.2 |
% |
|
37 |
|
|
120 |
|
|
0.49 |
|
Legacy FedEx Ground legal matter(5)
|
(57) |
|
|
(0.1) |
% |
|
(13) |
|
|
(44) |
|
|
(0.18) |
|
|
|
|
|
|
|
|
|
|
|
MTM retirement plans accounting adjustment(5)
|
— |
|
|
— |
|
|
(125) |
|
|
(397) |
|
|
(1.61) |
|
Non-cash state tax impact(5)
|
— |
|
|
— |
|
|
(54) |
|
|
54 |
|
|
0.22 |
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP measure |
$ |
4,187 |
|
|
5.3 |
% |
|
$ |
954 |
|
|
$ |
3,001 |
|
|
$ |
12.18 |
|
Express U.S. Domestic Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating |
|
|
| Dollars in millions |
Income |
|
Margin |
|
|
| GAAP measure |
$ |
3,365
|
|
|
6.5
|
% |
|
|
Business optimization and realignment costs(3)
|
368 |
|
|
0.7 |
% |
|
|
|
|
|
|
|
|
Aircraft impairment charges(4)
|
153 |
|
|
0.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP measure |
$ |
3,886 |
|
|
7.5 |
% |
|
|
Express International Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating |
| Dollars in millions |
Income |
|
Margin |
| GAAP measure |
$ |
544
|
|
|
2.2
|
% |
Business optimization and realignment costs(3)
|
224 |
|
|
0.9 |
% |
|
|
|
|
Aircraft impairment charges(4)
|
4 |
|
|
— |
|
| Non-GAAP measure |
$ |
772 |
|
|
3.1 |
% |
(1) Income taxes are based on the company’s approximate statutory tax rates applicable to each transaction.
(2) Effect of “Other income (expense)” on net income amount not shown.
(3) These expenses were recognized at Express U.S. Domestic, Express International, and Corporate, other, and eliminations.
(4) These expenses were recognized at Express U.S. Domestic and Express International.
(5) These expenses were recognized at Corporate, other, and eliminations.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31
RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS
RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE
(IN MILLIONS, EXCEPT OPERATING MARGIN AMOUNTS)
(unaudited)
FOURTH QUARTER CALENDAR 2024
FedEx Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
Earnings
Per Share |
|
Operating |
|
Income
Taxes(1)
|
|
Net
Income(2)
|
|
| Dollars in millions, except EPS |
Income |
|
Margin |
|
|
|
| GAAP measure |
$ |
1,268
|
|
|
6.0
|
% |
|
$ |
287
|
|
|
$ |
896
|
|
|
$ |
3.69
|
|
Business optimization and realignment costs(3)
|
286 |
|
|
1.3 |
% |
|
68 |
|
|
218 |
|
|
0.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP measure |
$ |
1,554 |
|
|
7.3 |
% |
|
$ |
355 |
|
|
$ |
1,114 |
|
|
$ |
4.59 |
|
Express U.S. Domestic Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating |
|
|
| Dollars in millions |
Income |
|
Margin |
|
|
| GAAP measure |
$ |
1,159
|
|
|
8.3
|
% |
|
|
Business optimization and realignment costs(3)
|
92 |
|
|
0.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP measure |
$ |
1,251 |
|
|
9.0 |
% |
|
|
Express International Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating |
| Dollars in millions |
Income |
|
Margin |
| GAAP measure |
$ |
264
|
|
|
4.0
|
% |
Business optimization and realignment costs(3)
|
157 |
|
|
2.4 |
% |
|
|
|
|
|
|
|
|
| Non-GAAP measure |
$ |
421 |
|
|
6.4 |
% |
(1) Income taxes are based on the company’s approximate statutory tax rates applicable to each transaction.
(2) Effect of “Other income (expense)” on net income amount not shown.
(3) These expenses were recognized at Express U.S. Domestic, Express International, and Corporate, other, and eliminations.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31
RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS
RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE
(IN MILLIONS, EXCEPT OPERATING MARGIN AMOUNTS)
(unaudited)
THIRD QUARTER CALENDAR 2024
FedEx Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
Earnings
Per Share |
|
Operating |
|
Income
Taxes(1)
|
|
Net
Income(2)
|
|
| Dollars in millions, except EPS |
Income |
|
Margin |
|
|
|
| GAAP measure |
$ |
538
|
|
|
2.8
|
% |
|
$ |
133
|
|
|
$ |
383
|
|
|
$ |
1.55
|
|
Business optimization and realignment costs(3)
|
187 |
|
|
0.9 |
% |
|
44 |
|
|
143 |
|
|
0.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP measure |
$ |
725 |
|
|
3.7 |
% |
|
$ |
177 |
|
|
$ |
526 |
|
|
$ |
2.13 |
|
Express U.S. Domestic Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating |
|
|
| Dollars in millions |
Income |
|
Margin |
|
|
| GAAP measure |
$ |
684
|
|
|
5.5
|
% |
|
|
Business optimization and realignment costs(3)
|
72 |
|
|
0.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP measure |
$ |
756 |
|
|
6.1 |
% |
|
|
Express International Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating |
| Dollars in millions |
Income |
|
Margin |
| GAAP measure |
$ |
32
|
|
|
0.5
|
% |
Business optimization and realignment costs(3)
|
45 |
|
|
0.7 |
% |
|
|
|
|
| Non-GAAP measure |
$ |
77 |
|
|
1.2 |
% |
(1) Income taxes are based on the company’s approximate statutory tax rates applicable to each transaction.
(2) Effect of “Other income (expense)” on net income amount not shown.
(3) These expenses were recognized at Express U.S. Domestic, Express International, and Corporate, other, and eliminations.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31
RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS
RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE
(IN MILLIONS, EXCEPT OPERATING MARGIN AMOUNTS)
(unaudited)
SECOND QUARTER CALENDAR 2024
FedEx Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
Earnings
Per Share |
|
Operating |
|
Income
Taxes(1)
|
|
Net
Income(2)
|
|
| Dollars in millions, except EPS |
Income |
|
Margin |
|
|
|
| GAAP measure |
$ |
634
|
|
|
3.3
|
% |
|
$ |
294
|
|
|
$ |
781
|
|
|
$ |
3.15
|
|
Business optimization and realignment costs(3)
|
159 |
|
|
0.8 |
% |
|
38 |
|
|
121 |
|
|
0.49 |
|
|
|
|
|
|
|
|
|
|
|
Aircraft impairment charges(4)
|
157 |
|
|
0.8 |
% |
|
37 |
|
|
120 |
|
|
0.48 |
|
Legacy FedEx Ground legal matter(5)
|
(57) |
|
|
(0.3) |
% |
|
(13) |
|
|
(44) |
|
|
(0.18) |
|
|
|
|
|
|
|
|
|
|
|
MTM retirement plans accounting adjustment(5)
|
— |
|
|
— |
|
|
(125) |
|
|
(397) |
|
|
(1.60) |
|
Remeasurement of state deferred income taxes under one FedEx structure(5)
|
— |
|
|
— |
|
|
(54) |
|
|
54 |
|
|
0.22 |
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP measure |
$ |
893 |
|
|
4.6 |
% |
|
$ |
177 |
|
|
$ |
635 |
|
|
$ |
2.56 |
|
Express U.S. Domestic Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating |
|
|
| Dollars in millions |
Income |
|
Margin |
|
|
| GAAP measure |
$ |
658
|
|
|
5.2
|
% |
|
|
Business optimization and realignment costs(3)
|
130 |
|
|
1.0 |
% |
|
|
|
|
|
|
|
|
Aircraft impairment charges(4)
|
153 |
|
|
1.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP measure |
$ |
941 |
|
|
7.4 |
% |
|
|
Express International Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating |
| Dollars in millions |
Income |
|
Margin |
| GAAP measure |
$ |
110
|
|
|
1.8
|
% |
Business optimization and realignment costs(3)
|
(30) |
|
|
(0.5) |
% |
|
|
|
|
Aircraft impairment charges(4)
|
4 |
|
|
0.1 |
% |
| Non-GAAP measure |
$ |
84 |
|
|
1.4 |
% |
(1) Income taxes are based on the company’s approximate statutory tax rates applicable to each transaction.
(2) Effect of “Other income (expense)” on net income amount not shown.
(3) These expenses were recognized at Express U.S. Domestic, Express International, and Corporate, other, and eliminations.
(4) These expenses were recognized at Express U.S. Domestic and Express International.
(5) These expenses were recognized at Corporate, other, and eliminations.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31
RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS
RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE
(IN MILLIONS, EXCEPT OPERATING MARGIN AMOUNTS)
(unaudited)
FIRST QUARTER CALENDAR 2024
FedEx Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
Earnings
Per Share |
|
Operating |
|
Income
Taxes(1)
|
|
Net
Income(2)
|
|
| Dollars in millions, except EPS |
Income |
|
Margin |
|
|
|
| GAAP measure |
$ |
832
|
|
|
4.4
|
% |
|
$ |
202
|
|
|
$ |
586
|
|
|
$ |
2.35
|
|
Business optimization and realignment costs(3)
|
183 |
|
|
1.0 |
% |
|
43 |
|
|
140 |
|
|
0.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP measure |
$ |
1,015 |
|
|
5.4 |
% |
|
$ |
245 |
|
|
$ |
726 |
|
|
$ |
2.91 |
|
Express U.S. Domestic Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating |
|
|
| Dollars in millions |
Income |
|
Margin |
|
|
| GAAP measure |
$ |
864
|
|
|
7.0
|
% |
|
|
Business optimization and realignment costs(3)
|
74 |
|
|
0.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP measure |
$ |
938 |
|
|
7.6 |
% |
|
|
Express International Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating |
| Dollars in millions |
Income |
|
Margin |
| GAAP measure |
$ |
138
|
|
|
2.3
|
% |
Business optimization and realignment costs(3)
|
52 |
|
|
0.9 |
% |
|
|
|
|
| Non-GAAP measure |
$ |
190 |
|
|
3.2 |
% |
(1) Income taxes are based on the company’s approximate statutory tax rates applicable to each transaction.
(2) Effect of “Other income (expense)” on net income amount not shown.
(3) These expenses were recognized at Express U.S. Domestic, Express International, and Corporate, other, and eliminations.
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