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.

FedEx Corp., consolidated income statement

US$ in millions

12 months ended:	May 31, 2026	May 31, 2025	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021
Revenue	94,720)	87,926)	87,693)	90,155)	93,512)	83,959)
Salaries and employee benefits	(33,844)	(31,232)	(30,961)	(31,019)	(32,058)	(30,173)
Purchased transportation	(23,620)	(21,768)	(20,921)	(21,790)	(24,118)	(21,674)
Rentals and landing fees	(4,883)	(4,647)	(4,571)	(4,738)	(4,712)	(4,155)
Depreciation and amortization	(4,369)	(4,264)	(4,287)	(4,176)	(3,970)	(3,793)
Fuel	(4,052)	(3,775)	(4,710)	(5,909)	(5,115)	(2,882)
Maintenance and repairs	(3,330)	(3,245)	(3,291)	(3,357)	(3,372)	(3,328)
Separation and other costs	(771)	(38)	—)	—)	—)	—)
Business optimization and realignment costs	(366)	(756)	(582)	(309)	(278)	(116)
Goodwill and other asset impairment charges	(23)	(21)	(157)	(117)	—)	—)
Other	(13,999)	(12,963)	(12,654)	(13,828)	(13,644)	(11,981)
Operating expenses	(89,257)	(82,709)	(82,134)	(85,243)	(87,267)	(78,102)
Operating income	5,463)	5,217)	5,559)	4,912)	6,245)	5,857)
Interest expense	(970)	(789)	(745)	(694)	(689)	(793)
Other retirement plans income (expense)	885)	713)	722)	1,054)	(726)	1,983)
Interest income	437)	363)	370)	198)	53)	52)
Loss on debt extinguishment	—)	—)	—)	—)	—)	(393)
Other, net	(22)	(63)	(70)	(107)	13)	(32)
Other income (expense)	330)	224)	277)	451)	(1,349)	817)
Income before income taxes	5,793)	5,441)	5,836)	5,363)	4,896)	6,674)
Provision for income taxes	(1,360)	(1,349)	(1,505)	(1,391)	(1,070)	(1,443)
Net income	4,433)	4,092)	4,331)	3,972)	3,826)	5,231)

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.

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FedEx Corp. (NYSE:FDX)

Income Statement