Analysis of Reportable Segments
FedEx Corp. operates in 4 segments: FedEx Express; FedEx Ground; FedEx Freight; and FedEx Services.
Segment Profit Margin
FedEx Corp., profit margin by reportable segment
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | |
|---|---|---|---|---|---|---|
| FedEx Express | 2.49% | 6.38% | 6.68% | 2.80% | 5.69% | 7.13% |
| FedEx Ground | 9.37% | 7.95% | 10.47% | 8.86% | 12.86% | 14.16% |
| FedEx Freight | 19.99% | 17.45% | 12.83% | 8.17% | 8.11% | 7.59% |
| FedEx Services | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | FedEx Express | FedEx Express segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
| FedEx Ground | FedEx Ground segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. | |
| FedEx Freight | FedEx Freight segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. | |
| FedEx Services |
Segment Profit Margin: FedEx Express
FedEx Corp.; FedEx Express; segment profit margin calculation
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | 1,064) | 2,922) | 2,810) | 996) | 2,123) | 2,578) |
| Revenue | 42,743) | 45,814) | 42,078) | 35,513) | 37,331) | 36,172) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 2.49% | 6.38% | 6.68% | 2.80% | 5.69% | 7.13% |
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).
1 2023 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Revenue
= 100 × 1,064 ÷ 42,743 = 2.49%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | FedEx Express | FedEx Express segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Profit Margin: FedEx Ground
FedEx Corp.; FedEx Ground; segment profit margin calculation
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | 3,140) | 2,642) | 3,193) | 2,014) | 2,640) | 2,605) |
| Revenue | 33,507) | 33,232) | 30,496) | 22,733) | 20,522) | 18,395) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 9.37% | 7.95% | 10.47% | 8.86% | 12.86% | 14.16% |
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).
1 2023 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Revenue
= 100 × 3,140 ÷ 33,507 = 9.37%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | FedEx Ground | FedEx Ground segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Segment Profit Margin: FedEx Freight
FedEx Corp.; FedEx Freight; segment profit margin calculation
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | 1,925) | 1,663) | 1,005) | 580) | 615) | 517) |
| Revenue | 9,632) | 9,532) | 7,833) | 7,102) | 7,582) | 6,812) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 19.99% | 17.45% | 12.83% | 8.17% | 8.11% | 7.59% |
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).
1 2023 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Revenue
= 100 × 1,925 ÷ 9,632 = 19.99%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | FedEx Freight | FedEx Freight segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Profit Margin: FedEx Services
FedEx Corp.; FedEx Services; segment profit margin calculation
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | —) | —) | —) | —) | —) | —) |
| Revenue | 301) | 253) | 32) | 22) | 1,691) | 1,650) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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).
1 2023 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Revenue
= 100 × 0 ÷ 301 = 0.00%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | FedEx Services |
Segment Return on Assets (Segment ROA)
FedEx Corp., ROA by reportable segment
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | |
|---|---|---|---|---|---|---|
| FedEx Express | 2.23% | 6.14% | 6.06% | 2.41% | 6.39% | 8.12% |
| FedEx Ground | 8.53% | 8.09% | 10.96% | 8.15% | 15.03% | 16.85% |
| FedEx Freight | 18.88% | 18.68% | 13.63% | 9.01% | 12.99% | 7.00% |
| FedEx Services | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | FedEx Express | FedEx Express segment ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| FedEx Ground | FedEx Ground segment ROA deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. | |
| FedEx Freight | FedEx Freight segment ROA improved from 2021 to 2022 and from 2022 to 2023. | |
| FedEx Services |
Segment ROA: FedEx Express
FedEx Corp.; FedEx Express; segment ROA calculation
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | 1,064) | 2,922) | 2,810) | 996) | 2,123) | 2,578) |
| Segment assets | 47,754) | 47,604) | 46,356) | 41,252) | 33,247) | 31,753) |
| Segment Profitability Ratio | ||||||
| Segment ROA1 | 2.23% | 6.14% | 6.06% | 2.41% | 6.39% | 8.12% |
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).
1 2023 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Segment assets
= 100 × 1,064 ÷ 47,754 = 2.23%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | FedEx Express | FedEx Express segment ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment ROA: FedEx Ground
FedEx Corp.; FedEx Ground; segment ROA calculation
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | 3,140) | 2,642) | 3,193) | 2,014) | 2,640) | 2,605) |
| Segment assets | 36,815) | 32,645) | 29,134) | 24,700) | 17,561) | 15,458) |
| Segment Profitability Ratio | ||||||
| Segment ROA1 | 8.53% | 8.09% | 10.96% | 8.15% | 15.03% | 16.85% |
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).
1 2023 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Segment assets
= 100 × 3,140 ÷ 36,815 = 8.53%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | FedEx Ground | FedEx Ground segment ROA deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Segment ROA: FedEx Freight
FedEx Corp.; FedEx Freight; segment ROA calculation
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | 1,925) | 1,663) | 1,005) | 580) | 615) | 517) |
| Segment assets | 10,197) | 8,904) | 7,371) | 6,434) | 4,736) | 7,389) |
| Segment Profitability Ratio | ||||||
| Segment ROA1 | 18.88% | 18.68% | 13.63% | 9.01% | 12.99% | 7.00% |
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).
1 2023 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Segment assets
= 100 × 1,925 ÷ 10,197 = 18.88%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | FedEx Freight | FedEx Freight segment ROA improved from 2021 to 2022 and from 2022 to 2023. |
Segment ROA: FedEx Services
FedEx Corp.; FedEx Services; segment ROA calculation
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | —) | —) | —) | —) | —) | —) |
| Segment assets | 7,415) | 8,389) | 8,639) | 7,285) | 6,972) | 6,377) |
| Segment Profitability Ratio | ||||||
| Segment ROA1 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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).
1 2023 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Segment assets
= 100 × 0 ÷ 7,415 = 0.00%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | FedEx Services |
Segment Asset Turnover
FedEx Corp., asset turnover by reportable segment
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | |
|---|---|---|---|---|---|---|
| FedEx Express | 0.90 | 0.96 | 0.91 | 0.86 | 1.12 | 1.14 |
| FedEx Ground | 0.91 | 1.02 | 1.05 | 0.92 | 1.17 | 1.19 |
| FedEx Freight | 0.94 | 1.07 | 1.06 | 1.10 | 1.60 | 0.92 |
| FedEx Services | 0.04 | 0.03 | 0.00 | 0.00 | 0.24 | 0.26 |
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).
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | FedEx Express | FedEx Express segment asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| FedEx Ground | FedEx Ground segment asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023. | |
| FedEx Freight | FedEx Freight segment asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. | |
| FedEx Services | FedEx Services segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Asset Turnover: FedEx Express
FedEx Corp.; FedEx Express; segment asset turnover calculation
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 42,743) | 45,814) | 42,078) | 35,513) | 37,331) | 36,172) |
| Segment assets | 47,754) | 47,604) | 46,356) | 41,252) | 33,247) | 31,753) |
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | 0.90 | 0.96 | 0.91 | 0.86 | 1.12 | 1.14 |
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).
1 2023 Calculation
Segment asset turnover = Revenue ÷ Segment assets
= 42,743 ÷ 47,754 = 0.90
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | FedEx Express | FedEx Express segment asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment Asset Turnover: FedEx Ground
FedEx Corp.; FedEx Ground; segment asset turnover calculation
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 33,507) | 33,232) | 30,496) | 22,733) | 20,522) | 18,395) |
| Segment assets | 36,815) | 32,645) | 29,134) | 24,700) | 17,561) | 15,458) |
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | 0.91 | 1.02 | 1.05 | 0.92 | 1.17 | 1.19 |
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).
1 2023 Calculation
Segment asset turnover = Revenue ÷ Segment assets
= 33,507 ÷ 36,815 = 0.91
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | FedEx Ground | FedEx Ground segment asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Asset Turnover: FedEx Freight
FedEx Corp.; FedEx Freight; segment asset turnover calculation
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 9,632) | 9,532) | 7,833) | 7,102) | 7,582) | 6,812) |
| Segment assets | 10,197) | 8,904) | 7,371) | 6,434) | 4,736) | 7,389) |
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | 0.94 | 1.07 | 1.06 | 1.10 | 1.60 | 0.92 |
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).
1 2023 Calculation
Segment asset turnover = Revenue ÷ Segment assets
= 9,632 ÷ 10,197 = 0.94
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | FedEx Freight | FedEx Freight segment asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment Asset Turnover: FedEx Services
FedEx Corp.; FedEx Services; segment asset turnover calculation
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 301) | 253) | 32) | 22) | 1,691) | 1,650) |
| Segment assets | 7,415) | 8,389) | 8,639) | 7,285) | 6,972) | 6,377) |
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | 0.04 | 0.03 | 0.00 | 0.00 | 0.24 | 0.26 |
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).
1 2023 Calculation
Segment asset turnover = Revenue ÷ Segment assets
= 301 ÷ 7,415 = 0.04
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | FedEx Services | FedEx Services segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation
FedEx Corp., capital expenditures to depreciation by reportable segment
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | |
|---|---|---|---|---|---|---|
| FedEx Express | 1.45 | 1.81 | 1.80 | 1.88 | 1.97 | 2.06 |
| FedEx Ground | 1.96 | 2.33 | 1.72 | 1.37 | 1.11 | 1.73 |
| FedEx Freight | 1.44 | 0.79 | 0.77 | 1.41 | 1.64 | 1.66 |
| FedEx Services | 0.81 | 1.10 | 1.11 | 1.28 | 1.25 | 1.25 |
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).
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | FedEx Express | FedEx Express segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| FedEx Ground | FedEx Ground segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. | |
| FedEx Freight | FedEx Freight segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. | |
| FedEx Services | FedEx Services segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: FedEx Express
FedEx Corp.; FedEx Express; segment capital expenditures to depreciation calculation
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | 3,055) | 3,637) | 3,503) | 3,560) | 3,550) | 3,461) |
| Depreciation and amortization | 2,105) | 2,007) | 1,946) | 1,894) | 1,801) | 1,679) |
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | 1.45 | 1.81 | 1.80 | 1.88 | 1.97 | 2.06 |
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).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 3,055 ÷ 2,105 = 1.45
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | FedEx Express | FedEx Express segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: FedEx Ground
FedEx Corp.; FedEx Ground; segment capital expenditures to depreciation calculation
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | 1,995) | 2,139) | 1,446) | 1,083) | 808) | 1,178) |
| Depreciation and amortization | 1,020) | 919) | 843) | 789) | 728) | 681) |
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | 1.96 | 2.33 | 1.72 | 1.37 | 1.11 | 1.73 |
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).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 1,995 ÷ 1,020 = 1.96
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | FedEx Ground | FedEx Ground segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Segment Capital Expenditures to Depreciation: FedEx Freight
FedEx Corp.; FedEx Freight; segment capital expenditures to depreciation calculation
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | 556) | 319) | 320) | 539) | 544) | 490) |
| Depreciation and amortization | 387) | 406) | 417) | 381) | 332) | 296) |
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | 1.44 | 0.79 | 0.77 | 1.41 | 1.64 | 1.66 |
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).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 556 ÷ 387 = 1.44
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | FedEx Freight | FedEx Freight segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: FedEx Services
FedEx Corp.; FedEx Services; segment capital expenditures to depreciation calculation
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | 431) | 565) | 512) | 527) | 528) | 477) |
| Depreciation and amortization | 529) | 513) | 462) | 413) | 424) | 382) |
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | 0.81 | 1.10 | 1.11 | 1.28 | 1.25 | 1.25 |
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).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 431 ÷ 529 = 0.81
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | FedEx Services | FedEx Services segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Revenue
FedEx Corp., revenue by reportable segment
US$ in millions
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | |
|---|---|---|---|---|---|---|
| FedEx Express | 42,743) | 45,814) | 42,078) | 35,513) | 37,331) | 36,172) |
| FedEx Ground | 33,507) | 33,232) | 30,496) | 22,733) | 20,522) | 18,395) |
| FedEx Freight | 9,632) | 9,532) | 7,833) | 7,102) | 7,582) | 6,812) |
| FedEx Services | 301) | 253) | 32) | 22) | 1,691) | 1,650) |
| Corporate, other and eliminations | 3,972) | 4,681) | 3,520) | 3,847) | 2,567) | 2,421) |
| Consolidated total | 90,155) | 93,512) | 83,959) | 69,217) | 69,693) | 65,450) |
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).
Depreciation and amortization
FedEx Corp., depreciation and amortization by reportable segment
US$ in millions
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | |
|---|---|---|---|---|---|---|
| FedEx Express | 2,105) | 2,007) | 1,946) | 1,894) | 1,801) | 1,679) |
| FedEx Ground | 1,020) | 919) | 843) | 789) | 728) | 681) |
| FedEx Freight | 387) | 406) | 417) | 381) | 332) | 296) |
| FedEx Services | 529) | 513) | 462) | 413) | 424) | 382) |
| Corporate, other and eliminations | 135) | 125) | 125) | 138) | 68) | 57) |
| Consolidated total | 4,176) | 3,970) | 3,793) | 3,615) | 3,353) | 3,095) |
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).
Operating income (loss)
FedEx Corp., operating income (loss) by reportable segment
US$ in millions
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | |
|---|---|---|---|---|---|---|
| FedEx Express | 1,064) | 2,922) | 2,810) | 996) | 2,123) | 2,578) |
| FedEx Ground | 3,140) | 2,642) | 3,193) | 2,014) | 2,640) | 2,605) |
| FedEx Freight | 1,925) | 1,663) | 1,005) | 580) | 615) | 517) |
| FedEx Services | —) | —) | —) | —) | —) | —) |
| Corporate, other and eliminations | (1,217) | (982) | (1,151) | (1,173) | (912) | (830) |
| Consolidated total | 4,912) | 6,245) | 5,857) | 2,417) | 4,466) | 4,870) |
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).
Segment assets
FedEx Corp., segment assets by reportable segment
US$ in millions
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | |
|---|---|---|---|---|---|---|
| FedEx Express | 47,754) | 47,604) | 46,356) | 41,252) | 33,247) | 31,753) |
| FedEx Ground | 36,815) | 32,645) | 29,134) | 24,700) | 17,561) | 15,458) |
| FedEx Freight | 10,197) | 8,904) | 7,371) | 6,434) | 4,736) | 7,389) |
| FedEx Services | 7,415) | 8,389) | 8,639) | 7,285) | 6,972) | 6,377) |
| Corporate, other and eliminations | (15,038) | (11,548) | (8,723) | (6,134) | (8,113) | (8,647) |
| Consolidated total | 87,143) | 85,994) | 82,777) | 73,537) | 54,403) | 52,330) |
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).
Capital expenditures
FedEx Corp., capital expenditures by reportable segment
US$ in millions
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | |
|---|---|---|---|---|---|---|
| FedEx Express | 3,055) | 3,637) | 3,503) | 3,560) | 3,550) | 3,461) |
| FedEx Ground | 1,995) | 2,139) | 1,446) | 1,083) | 808) | 1,178) |
| FedEx Freight | 556) | 319) | 320) | 539) | 544) | 490) |
| FedEx Services | 431) | 565) | 512) | 527) | 528) | 477) |
| Corporate, other and eliminations | 137) | 103) | 103) | 159) | 60) | 57) |
| Consolidated total | 6,174) | 6,763) | 5,884) | 5,868) | 5,490) | 5,663) |
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).