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FedEx Corp. (FDX)


Common-Size Income Statement

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FedEx Corp., common-size consolidated income statement

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12 months ended May 31, 2019 May 31, 2018 May 31, 2017 May 31, 2016 May 31, 2015 May 31, 2014
Revenues 100.00 100.00 100.00 100.00 100.00 100.00
Purchased transportation -23.90 -23.07 -22.60 -19.79 -17.88 -17.58
Rentals and landing fees -4.82 -5.14 -5.37 -5.67 -5.65 -5.75
Fuel -5.58 -5.16 -4.60 -4.76 -7.84 -10.00
Maintenance and repairs -4.07 -4.01 -3.94 -4.19 -4.42 -4.09
Cost of revenue -38.36% -37.37% -36.50% -34.40% -35.79% -37.42%
Gross profit 61.64% 62.63% 63.50% 65.60% 64.21% 62.58%
Salaries and employee benefits -35.55 -35.46 -35.71 -36.89 -36.06 -36.33
Depreciation and amortization -4.81 -4.73 -4.97 -5.22 -5.50 -5.68
Business realignment costs -0.46 0.00 0.00 0.00 0.00 0.00
Goodwill and other asset impairment charges 0.00 -0.58 0.00 0.00 -0.58 0.00
Retirement plans mark-to-market adjustment 0.00 0.02 0.04 -2.97 -4.62 0.00
Other -14.41 -14.44 -14.51 -14.40 -13.52 -13.01
Operating income 6.41% 7.44% 8.35% 6.11% 3.93% 7.56%
Interest expense -0.84 -0.85 -0.85 -0.67 -0.50 -0.35
Interest income 0.08 0.07 0.05 0.04 0.03 0.04
Other retirement plans expense -4.66 0.00 0.00 0.00 0.00 0.00
Other, net -0.04 -0.01 0.03 -0.04 -0.04 -0.03
Other income (expense) -5.47% -0.79% -0.76% -0.67% -0.51% -0.34%
Income before income taxes 0.94% 6.65% 7.59% 5.44% 3.43% 7.22%
(Provision) benefit for income taxes -0.17 0.33 -2.62 -1.83 -1.22 -2.62
Net income 0.77% 6.99% 4.97% 3.61% 2.21% 4.60%

Based on: 10-K (filing date: 2019-07-16), 10-K (filing date: 2018-07-16), 10-K (filing date: 2017-07-17), 10-K (filing date: 2016-07-18), 10-K (filing date: 2015-07-14), 10-K (filing date: 2014-07-14).

Income statement item Description The company
Operating income The net result for the period of deducting operating expenses from operating revenues. FedEx Corp.’s operating income as a percentage of revenues declined from 2017 to 2018 and from 2018 to 2019.
Income before income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. FedEx Corp.’s income before income taxes as a percentage of revenues declined from 2017 to 2018 and from 2018 to 2019.
Net income The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. FedEx Corp.’s net income as a percentage of revenues increased from 2017 to 2018 but then declined significantly from 2018 to 2019.