Common-Size Income Statement
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- Income Statement
- Statement of Comprehensive Income
- Cash Flow Statement
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
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FedEx Corp., common-size consolidated income statement
Based on: 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), 10-K (reporting date: 2020-05-31).
- Revenue and Operating Expenses
- The revenue is consistently represented as 100% across all periods, serving as the base for percentage comparisons. Operating expenses fluctuated slightly but remained a high proportion of revenue, ranging between approximately 93.0% to 96.5%. The highest operating expense ratio was observed in the fiscal year ending May 31, 2020 (96.51%), followed by a decline to the lowest point in 2021 (93.02%). Subsequent years indicate a moderate increase, stabilizing around 94% of revenue.
- Salaries and Employee Benefits
- This expense category showed a mild downward trend from 36.16% in 2020 to 34.28% in 2022, indicating some improvement in managing personnel costs relative to revenue. However, a slight increase was noted in the following years, rising to 35.52% by 2025, suggesting a recent uptick in labor-related expenses.
- Purchased Transportation
- Costs related to purchased transportation demonstrated a general decrease over the period, moving from 25.23% in 2020 down to a trough of 23.86% in 2024. A slight rebound to 24.76% occurred in the last year, indicating somewhat stabilized or renewed pressures in this expense area.
- Rentals and Landing Fees
- This category remained relatively steady with minor fluctuations between 4.95% and 5.36%, without a clear upward or downward trend, indicating stable costs associated with rentals and landing fees as a percentage of revenue.
- Depreciation and Amortization
- Depreciation and amortization expenses declined from 5.22% in 2020 to a low of 4.25% in 2022 but increased again to just below 5% in the most recent years. This suggests changes in asset base or accounting estimates affecting non-cash charges.
- Fuel Expenses
- Fuel costs depicted volatility. There was an initial decrease from 4.56% to 3.43% between 2020 and 2021, followed by a sharp increase peaking at 6.55% in 2023. Afterward, the share decreased significantly to 4.29% in 2025. This pattern likely reflects external factors such as commodity price fluctuations impacting fuel costs.
- Maintenance and Repairs
- The expenses related to maintenance and repairs showed a gradual decrease from 4.18% in 2020 to roughly 3.69% by 2025, suggesting effective cost control or efficiencies gained in maintenance activities.
- Goodwill and Other Asset Impairment Charges
- Impairment charges were relatively small in magnitude, with a notable charge in 2020 of 0.63%. Subsequently, the charges decreased substantially, becoming almost negligible by 2025, indicating limited asset write-downs in recent years.
- Business Optimization and Realignment Costs
- These costs started appearing from 2021 and increased steadily from -0.14% to -0.86% by 2025, indicating ongoing strategic adjustments or restructuring activities incurring higher associated costs over time.
- Other Operating Expenses
- The 'Other' category remained consistently high, fluctuating between approximately 14.3% and 15.3% of revenue, reflecting a stable but significant portion of operating expenses not categorized elsewhere.
- Operating Income
- Operating income as a percentage of revenue improved substantially from 3.49% in 2020 to reach a peak around 6.98% in 2021. Afterward, it declined modestly to the mid-5% range by 2023-2025. The initial improvement indicates better operational efficiency or cost management, followed by stabilization at a moderate profitability level.
- Interest and Other Income/Expense
- Interest expense remained fairly stable around 0.9% of revenue after a slight decline from 0.97% in 2020. Interest income increased noticeably from 0.08% in 2020 to around 0.41% by 2025, contributing positively to net financial results. The category "Other retirement plans income (expense)" showed volatility, with gains in some years (notably 2021 and 2023) and losses in others, averaging close to neutral in later years. Overall, other income (expense) reflected variability but remained a relatively small impact on financial results.
- Income Before Income Taxes and Net Income
- Income before income taxes rose significantly from 2.41% in 2020 to a high of 7.95% in 2021, before settling between 5.2% and 6.7% in subsequent years. Provision for income taxes correlated with pre-tax income trends, generally ranging from 0.55% to 1.72%. Net income mirrored the overall profitability trend, growing from 1.86% in 2020 to over 6% in 2021, before moderating near 4.6%-4.9% in later years. This pattern indicates improvement in profitability early in the period with some normalization afterward.