Common-Size Income Statement
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- Income Statement
- Statement of Comprehensive Income
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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FedEx Corp., common-size consolidated income statement
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 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).
The common-size income statement reveals a business model characterized by high operating leverage and tight margins, with operating expenses consistently consuming between 93.02% and 94.55% of total revenue over the analyzed period. While revenue remains the baseline, the net income margin has experienced a general decline from its 2021 peak, followed by a period of relative stabilization.
- Operating Expense Trends
- Salaries and employee benefits constitute the largest single expenditure, remaining relatively stable but showing a slight upward trajectory from 34.28% in 2022 to 35.73% by 2026. Purchased transportation expenses showed a period of efficiency, decreasing from 25.81% in 2021 to a low of 23.86% in 2024, before rising again to 24.94% by 2026.
- Fuel costs exhibited significant volatility, peaking at 6.55% of revenue in 2023 before trending downward to 4.28% by 2026. Other fixed and semi-variable costs, such as rentals, landing fees, and depreciation, remained largely consistent, typically fluctuating within a narrow range of 4% to 5% of revenue.
- Business optimization and realignment costs peaked at 0.86% in 2025, suggesting an increase in structural adjustments during that period.
- Profitability Analysis
- Operating income margin peaked at 6.98% in 2021 and reached a trough of 5.45% in 2023. A partial recovery occurred in 2024 at 6.34%, but a downward trend resumed toward the end of the period, ending at 5.77% in 2026.
- Net income margin mirrored this volatility, falling from 6.23% in 2021 to 4.09% in 2022. The margin subsequently stabilized, fluctuating between 4.41% and 4.94% from 2023 through 2026, indicating a level of resilience in bottom-line profitability despite operating pressure.
- Non-Operating and Tax Items
- Interest expense as a percentage of revenue has trended upward, rising from 0.74% in 2022 to 1.02% in 2026, indicating an increase in the relative cost of debt servicing.
- Other retirement plan income and expenses demonstrated significant instability, shifting from a gain of 2.36% in 2021 to an expense of 0.78% in 2022, before returning to positive contributions around 0.8% to 0.9% in the final three years.
- The provision for income taxes has remained relatively stable, generally ranging between 1.14% and 1.72% of revenue.