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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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value (EV)
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Analysis of Debt
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FedEx Corp., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-K (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31).
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.