Common-Size Income Statement
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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Return on Assets (ROA) since 2005
- Price to Book Value (P/BV) since 2005
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FedEx Corp., common-size consolidated income statement
Based on: 10-K (reporting date: 2024-05-31), 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).
- Revenue and Operating Expenses
- Revenue remained constant as the baseline at 100% across all periods, serving as the reference point for the percentage-based analysis. Operating expenses fluctuated in a relatively narrow range, peaking at 96.51% of revenue in 2020 and generally settling around 93-94% in other years, indicating consistent relative cost levels. The overall cost structure demonstrates moderate variability but remains stable.
- Salaries and Employee Benefits
- Costs for salaries and employee benefits consistently consumed approximately one-third of revenue, ranging from a low of 34.28% in 2022 to a high of 36.16% in 2020. The trend shows a slight dip in the middle years followed by a rebound nearing earlier levels, suggesting workforce cost management with some fluctuations possibly linked to operational adjustments or labor market conditions.
- Purchased Transportation
- Purchased transportation costs have shown a decreasing trend from a peak of 25.81% in 2021 down to 23.86% by 2024, implying enhanced efficiency or renegotiation of contracts in transportation services. This reduction contributes positively to margin management.
- Rentals and Landing Fees
- These expenses remained relatively stable, fluctuating modestly between 4.82% and 5.36%, with no clear upward or downward trend, indicating consistent facility usage costs without significant change in asset rental or landing fee expenses.
- Depreciation and Amortization
- Depreciation and amortization percentages exhibited minor oscillations around the 4.5% mark, showing a slight decrease during 2021-2022 before slightly rising again by 2024. This pattern suggests steady levels of asset investment with limited large fluctuations in fixed asset base or amortizable intangibles.
- Fuel
- Fuel costs displayed notable volatility, decreasing from 5.58% in 2019 to a low of 3.43% in 2021, then sharply increasing to 6.55% in 2023 before a moderate decline to 5.37% in 2024. This pattern likely reflects changing fuel prices and consumption levels, impacting operational costs significantly in certain years.
- Maintenance and Repairs
- Maintenance and repair expenses remained relatively stable with a slight downward trend from 4.07% to around 3.61%-3.75%, indicating consistent maintenance efforts and perhaps improved operational efficiencies or asset condition over time.
- Impairment Charges and Business Optimization Costs
- Goodwill and other asset impairment charges appeared sporadically, with small negative effects observed mainly in 2020, 2023, and 2024, indicating occasional write-downs of intangible or other assets. Business optimization and realignment costs were small but generally increasing in 2023 and 2024, suggesting active restructuring efforts in recent periods.
- Other Operating Expenses
- The 'Other' category remained relatively stable around 14-15% of revenue, reflecting miscellaneous operating costs that did not deviate significantly despite some minor fluctuations.
- Operating Income
- Operating income showed a recovery after a dip in 2020, rising from 3.49% of revenue that year up to a peak of 6.98% in 2021, with a slight decline thereafter but still maintaining above 5% in recent years. This indicates improved operational profitability following the challenges in 2020.
- Interest Income and Expense
- Interest expense as a percentage of revenue remained relatively stable, fluctuating slightly between 0.74% and 0.97%, while interest income increased moderately from 0.08% to 0.42%, reflecting a potential enhancement in investment returns or cash management.
- Other Income and Expenses
- Other retirement plans income/expense showed significant variation, with a large negative impact in 2019 but shifting to positive contributions in several later years, indicating fluctuations in pension or benefit-related income/expenses. The 'Other, net' and overall 'Other income (expense)' categories exhibited volatility with both positive and negative effects reported, suggesting variable non-operating items influencing profitability.
- Income Before Taxes and Net Income
- Income before taxes saw notable growth from a modest 0.94% in 2019 up to nearly 8% in 2021, followed by some normalization to roughly 6-7% range in subsequent years. Net income followed a similar pattern with an increase from 0.77% in 2019 to 6.23% in 2021 before stabilizing around 4-5%. The provision for income taxes generally increased in absolute terms as a percentage of revenue correlating with higher income, affecting net income but without interrupting upward profit trends.