Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Cash Flow Statement
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
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FedEx Corp., consolidated income statement
US$ in millions
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).
Revenue exhibited a period of volatility between 2021 and 2026. A significant peak occurred in 2022 at 93,512 million US$, followed by a two-year contraction reaching a low of 87,693 million US$ in 2024. However, a recovery trend is evident in the subsequent periods, with revenue projected to reach 94,720 million US$ by 2026, marking the highest level in the analyzed timeframe.
- Operating Expense Analysis
- Operating expenses fluctuated in correlation with revenue, peaking in 2022 at 87,267 million US$. Salaries and employee benefits represent the most substantial and stable cost component, consistently exceeding 30,000 million US$ annually, with a projected increase to 33,844 million US$ by 2026. Fuel costs demonstrated the highest relative volatility, increasing from 2,882 million US$ in 2021 to a peak of 5,909 million US$ in 2023 before receding to 3,775 million US$ by 2025.
- Structural Optimization and Impairments
- There is a clear upward trend in business optimization and realignment costs, which rose from 116 million US$ in 2021 to a peak of 756 million US$ in 2025. This suggests an intensifying period of organizational restructuring. Additionally, impairment charges were recorded between 2023 and 2026, though these costs decreased significantly after 2024.
- Operating Income and Profitability
- Operating income remained relatively resilient despite revenue fluctuations, fluctuating between a low of 4,912 million US$ in 2023 and a high of 6,245 million US$ in 2022. Net income showed a sharp decline from 5,231 million US$ in 2021 to 3,826 million US$ in 2022, largely influenced by the surge in operating expenses and a shift in other retirement plans income from a gain of 1,983 million US$ to a loss of 726 million US$. From 2023 onward, net income stabilized, trending toward 4,433 million US$ by 2026.
- Non-Operating Items
- Interest expenses remained relatively stable until 2026, where a projected increase to 970 million US$ is observed. Interest income showed a consistent growth trend, rising from 52 million US$ in 2021 to 437 million US$ in 2026, indicating an improved yield on cash holdings or investments.
The overall financial trajectory indicates a transition from a high-growth, high-cost period in 2022 toward a phase of operational realignment. The increase in optimization costs paired with the projected recovery in revenue suggests a strategic effort to improve margin efficiency and stabilize the bottom line over the long term.