Name: FedEx Corp. (NYSE:FDX) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

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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FedEx Corp., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	May 31, 2026	Feb 28, 2026	Nov 30, 2025	Aug 31, 2025	May 31, 2025	Feb 28, 2025	Nov 30, 2024	Aug 31, 2024	May 31, 2024	Feb 29, 2024	Nov 30, 2023	Aug 31, 2023	May 31, 2023	Feb 28, 2023	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020
Revenue	25,007)	24,000)	23,469)	22,244)	22,220)	22,160)	21,967)	21,579)	22,109)	21,738)	22,165)	21,681)	21,930)	22,169)	22,814)	23,242)	24,394)	23,641)	23,474)	22,003)	22,565)	21,510)	20,563)	19,321)
Salaries and employee benefits	(8,568)	(8,819)	(8,395)	(8,062)	(7,689)	(7,879)	(7,879)	(7,785)	(7,650)	(7,693)	(7,833)	(7,785)	(7,551)	(7,817)	(7,792)	(7,859)	(7,903)	(8,244)	(8,135)	(7,776)	(7,868)	(8,010)	(7,443)	(6,852)
Purchased transportation	(6,163)	(6,084)	(5,885)	(5,488)	(5,359)	(5,634)	(5,500)	(5,275)	(5,145)	(5,345)	(5,395)	(5,036)	(4,956)	(5,402)	(5,665)	(5,767)	(5,946)	(6,272)	(6,241)	(5,659)	(5,630)	(5,660)	(5,407)	(4,977)
Rentals and landing fees	(1,245)	(1,235)	(1,211)	(1,192)	(1,140)	(1,178)	(1,168)	(1,161)	(1,137)	(1,145)	(1,138)	(1,151)	(1,179)	(1,205)	(1,195)	(1,159)	(1,177)	(1,225)	(1,177)	(1,133)	(1,082)	(1,131)	(1,006)	(936)
Depreciation and amortization	(1,097)	(1,112)	(1,068)	(1,092)	(1,057)	(1,066)	(1,063)	(1,078)	(1,104)	(1,072)	(1,040)	(1,071)	(1,075)	(1,031)	(1,046)	(1,024)	(1,018)	(986)	(995)	(971)	(975)	(956)	(936)	(926)
Fuel	(1,434)	(856)	(889)	(873)	(864)	(889)	(947)	(1,075)	(1,141)	(1,140)	(1,328)	(1,101)	(1,144)	(1,350)	(1,593)	(1,822)	(1,760)	(1,201)	(1,145)	(1,009)	(936)	(756)	(625)	(565)
Maintenance and repairs	(827)	(771)	(889)	(843)	(802)	(783)	(831)	(829)	(809)	(804)	(854)	(824)	(782)	(789)	(882)	(904)	(842)	(822)	(839)	(869)	(885)	(822)	(815)	(806)
Separation and other costs	(311)	(202)	(213)	(45)	(33)	(5)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Goodwill and other asset impairment charges	(23)	—)	—)	—)	(21)	—)	—)	—)	(157)	—)	—)	—)	(117)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Business optimization costs	(204)	(65)	(30)	(67)	(123)	(179)	(326)	(128)	(218)	(114)	(145)	(105)	(112)	(123)	(36)	(38)	(60)	(107)	(44)	(67)	(106)	(10)	—)	—)
Other	(3,584)	(3,508)	(3,511)	(3,396)	(3,339)	(3,255)	(3,201)	(3,168)	(3,193)	(3,182)	(3,156)	(3,123)	(3,511)	(3,410)	(3,429)	(3,478)	(3,764)	(3,458)	(3,301)	(3,121)	(3,286)	(3,160)	(2,866)	(2,669)
Operating expenses	(23,456)	(22,652)	(22,091)	(21,058)	(20,427)	(20,868)	(20,915)	(20,499)	(20,554)	(20,495)	(20,889)	(20,196)	(20,427)	(21,127)	(21,638)	(22,051)	(22,470)	(22,315)	(21,877)	(20,605)	(20,768)	(20,505)	(19,098)	(17,731)
Operating income	1,551)	1,348)	1,378)	1,186)	1,793)	1,292)	1,052)	1,080)	1,555)	1,243)	1,276)	1,485)	1,503)	1,042)	1,176)	1,191)	1,924)	1,326)	1,597)	1,398)	1,797)	1,005)	1,465)	1,590)
Interest, net	(141)	(138)	(135)	(119)	(124)	(116)	(102)	(84)	(96)	(91)	(97)	(91)	(105)	(122)	(127)	(142)	(158)	(163)	(155)	(160)	(186)	(187)	(184)	(184)
Other retirement plans, net	707)	59)	59)	60)	564)	50)	50)	49)	602)	40)	41)	39)	750)	102)	101)	101)	(1,106)	211)	(47)	216)	1,430)	202)	150)	201)
Loss on debt extinguishment	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(393)	—)	—)	—)
Other, net	(10)	(6)	(13)	7)	(10)	(45)	(19)	11)	(33)	(9)	(18)	(10)	(20)	—)	(91)	4)	24)	1)	(15)	3)	(35)	29)	(25)	(1)
Other income (expense)	556)	(85)	(89)	(52)	430)	(111)	(71)	(24)	473)	(60)	(74)	(62)	625)	(20)	(117)	(37)	(1,240)	49)	(217)	59)	816)	44)	(59)	16)
Income before income taxes	2,107)	1,263)	1,289)	1,134)	2,223)	1,181)	981)	1,056)	2,028)	1,183)	1,202)	1,423)	2,128)	1,022)	1,059)	1,154)	684)	1,375)	1,380)	1,457)	2,613)	1,049)	1,406)	1,606)
Provision for income taxes	(510)	(207)	(333)	(310)	(575)	(272)	(240)	(262)	(554)	(304)	(302)	(345)	(590)	(251)	(271)	(279)	(126)	(263)	(336)	(345)	(745)	(157)	(180)	(361)
Net income	1,597)	1,056)	956)	824)	1,648)	909)	741)	794)	1,474)	879)	900)	1,078)	1,538)	771)	788)	875)	558)	1,112)	1,044)	1,112)	1,868)	892)	1,226)	1,245)

The financial performance over the analyzed period is characterized by a cycle of rapid expansion, a period of stabilization, and a subsequent growth phase, alongside significant volatility in non-operating items. While revenue reached a peak in mid-2022 and experienced a subsequent correction, the most recent quarters indicate a return to growth, surpassing previous highs by May 2026.

Revenue and Operating Income Trends: Revenue grew from 19.3 billion US$ in August 2020 to 24.4 billion US$ by May 2022. A contraction phase followed, with revenue dipping to a low of 21.5 billion US$ in August 2024 before ascending to 25.0 billion US$ by May 2026. Operating income remained relatively resilient throughout these fluctuations, generally oscillating between 1.0 billion US$ and 1.9 billion US$, suggesting a degree of operational leverage and cost alignment with revenue shifts.
Operating Expense Analysis: Salaries and employee benefits represent the largest cost component, remaining stable near 7.5 billion to 8.2 billion US$ for several years before rising to 8.8 billion US$ in November 2025. Purchased transportation costs peaked in late 2021 and early 2022 at approximately 6.2 billion US$, declined through 2023, and then climbed back to 6.1 billion US$ by May 2026. Fuel expenses demonstrated the highest volatility, spiking to 1.8 billion US$ in August 2022, dropping to 864 million US$ in May 2025, and surging again to 1.4 billion US$ in May 2026.
Optimization and Restructuring Costs: Business optimization costs have been a recurring expenditure, with significant spikes observed in November 2024 (326 million US$) and May 2026 (204 million US$). Additionally, a new cost category, separation and other costs, emerged in late 2024, peaking at 311 million US$ in May 2026, indicating a sustained period of organizational restructuring and workforce adjustments.
Net Income and Non-Operating Volatility: Net income displays significant variance that does not always correlate directly with operating income. This divergence is primarily driven by "Other retirement plans, net," which produced extreme swings, including a gain of 1.4 billion US$ in May 2021 and a loss of 1.1 billion US$ in May 2022. Despite these non-operating fluctuations, a general upward trend in net income is observed in the final quarters, reaching 1.59 billion US$ in May 2026.

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FedEx Corp. (NYSE:FDX)

Income StatementQuarterly Data

Income Statement
Quarterly Data