- Income Tax Expense (Benefit)
- Effective Income Tax Rate (EITR)
- Components of Deferred Tax Assets and Liabilities
- Deferred Tax Assets and Liabilities, Classification
- Adjustments to Financial Statements: Removal of Deferred Taxes
- Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
- Adjusted Net Profit Margin
- Adjusted Total Asset Turnover
- Adjusted Financial Leverage
- Adjusted Return on Equity (ROE)
- Adjusted Return on Assets (ROA)
Income Tax Expense (Benefit)
Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).
Item | Description | The company |
---|---|---|
Current provision (benefit) | Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. | FedEx Corp. current provision (benefit) increased from 2021 to 2022 and from 2022 to 2023. |
Deferred provision (benefit) | Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. | FedEx Corp. deferred provision (benefit) decreased from 2021 to 2022 but then slightly increased from 2022 to 2023. |
Provision (benefit) for income taxes | Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | FedEx Corp. provision (benefit) for income taxes decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level. |
Effective Income Tax Rate (EITR)
Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).
Item | Description | The company |
---|---|---|
Effective tax rate, before TCJA | Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | FedEx Corp. effective tax rate, before TCJA increased from 2021 to 2022 and from 2022 to 2023. |
Components of Deferred Tax Assets and Liabilities
Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).
Item | Description | The company |
---|---|---|
Deferred tax assets, gross | Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | FedEx Corp. deferred tax assets, gross increased from 2021 to 2022 but then slightly decreased from 2022 to 2023. |
Deferred tax assets | Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | FedEx Corp. deferred tax assets increased from 2021 to 2022 but then slightly decreased from 2022 to 2023. |
Net deferred tax assets (liabilities) | Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. | FedEx Corp. net deferred tax assets (liabilities) decreased from 2021 to 2022 and from 2022 to 2023. |
Deferred Tax Assets and Liabilities, Classification
Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).
Item | Description | The company |
---|---|---|
Noncurrent deferred tax assets (included in Other assets) | Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. | FedEx Corp. noncurrent deferred tax assets (included in Other assets) decreased from 2021 to 2022 and from 2022 to 2023. |
Noncurrent deferred tax liabilities | Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. | FedEx Corp. noncurrent deferred tax liabilities increased from 2021 to 2022 and from 2022 to 2023. |
Adjustments to Financial Statements: Removal of Deferred Taxes
Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).
FedEx Corp., Financial Data: Reported vs. Adjusted
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).
Financial ratio | Description | The company |
---|---|---|
Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | FedEx Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | FedEx Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
FedEx Corp. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023. |
Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. | FedEx Corp. adjusted ROE deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | FedEx Corp. adjusted ROA deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
FedEx Corp., Financial Ratios: Reported vs. Adjusted
Adjusted Net Profit Margin
Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).
2023 Calculations
1 Net profit margin = 100 × Net income ÷ Revenue
= 100 × 3,972 ÷ 90,155 = 4.41%
2 Adjusted net profit margin = 100 × Adjusted net income ÷ Revenue
= 100 × 4,418 ÷ 90,155 = 4.90%
Profitability ratio | Description | The company |
---|---|---|
Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | FedEx Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Adjusted Total Asset Turnover
Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).
2023 Calculations
1 Total asset turnover = Revenue ÷ Total assets
= 90,155 ÷ 87,143 = 1.03
2 Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 90,155 ÷ 85,980 = 1.05
Activity ratio | Description | The company |
---|---|---|
Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | FedEx Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Adjusted Financial Leverage
Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).
2023 Calculations
1 Financial leverage = Total assets ÷ Common stockholders’ investment
= 87,143 ÷ 26,088 = 3.34
2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted common stockholders’ investment
= 85,980 ÷ 29,414 = 2.92
Solvency ratio | Description | The company |
---|---|---|
Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
FedEx Corp. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023. |
Adjusted Return on Equity (ROE)
Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).
2023 Calculations
1 ROE = 100 × Net income ÷ Common stockholders’ investment
= 100 × 3,972 ÷ 26,088 = 15.23%
2 Adjusted ROE = 100 × Adjusted net income ÷ Adjusted common stockholders’ investment
= 100 × 4,418 ÷ 29,414 = 15.02%
Profitability ratio | Description | The company |
---|---|---|
Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. | FedEx Corp. adjusted ROE deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Adjusted Return on Assets (ROA)
Based on: 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31).
2023 Calculations
1 ROA = 100 × Net income ÷ Total assets
= 100 × 3,972 ÷ 87,143 = 4.56%
2 Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 4,418 ÷ 85,980 = 5.14%
Profitability ratio | Description | The company |
---|---|---|
Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | FedEx Corp. adjusted ROA deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |