Stock Analysis on Net

FedEx Corp. (NYSE:FDX)

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.

FedEx Corp., consolidated income statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: 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 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018
Revenue 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 17,358 17,487 17,324 17,048 17,807 17,010 17,824 17,052
Salaries and employee benefits (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) (6,327) (6,382) (6,235) (6,087) (6,187) (6,069) (6,260) (6,260)
Purchased transportation (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) (4,552) (4,558) (4,328) (4,028) (4,088) (4,253) (4,346) (3,967)
Rentals and landing fees (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) (904) (964) (924) (920) (827) (874) (836) (823)
Depreciation and amortization (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) (927) (908) (901) (879) (866) (851) (828) (808)
Fuel (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) (517) (879) (890) (870) (944) (907) (1,052) (986)
Maintenance and repairs (783) (831) (829) (809) (804) (854) (824) (782) (789) (882) (904) (842) (822) (839) (869) (885) (822) (815) (806) (667) (684) (774) (768) (690) (658) (751) (735)
Goodwill and other asset impairment charges (157) (117) (369) (66)
Business optimization costs (179) (326) (128) (218) (114) (145) (105) (112) (123) (36) (38) (60) (107) (44) (67) (106) (10) (316) (4)
Other (3,260) (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) (2,620) (2,701) (2,652) (2,519) (2,573) (2,483) (2,583) (2,402)
Operating expenses (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) (16,883) (17,076) (16,770) (16,071) (16,491) (16,099) (16,656) (15,981)
Operating income 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 1,590 475 411 554 977 1,316 911 1,168 1,071
Interest, net (116) (102) (84) (96) (91) (97) (91) (105) (122) (127) (142) (158) (163) (155) (160) (186) (187) (184) (184) (174) (155) (151) (137) (153) (135) (129) (112)
Other retirement plans, net 50 50 49 602 40 41 39 750 102 101 101 (1,106) 211 (47) 216 1,430 202 150 201 (626) 168 168 168 (3,725) 158 158 158
Loss on debt extinguishment (393)
Other, net (45) (19) 11 (33) (9) (18) (10) (20) (91) 4 24 1 (15) 3 (35) 29 (25) (1) 6 (4) 1 (12) 8 (3) (20) (16)
Other income (expense) (111) (71) (24) 473 (60) (74) (62) 625 (20) (117) (37) (1,240) 49 (217) 59 816 44 (59) 16 (794) 9 18 19 (3,870) 20 9 30
Income before income taxes 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 (319) 420 572 996 (2,554) 931 1,177 1,101
Provision for income taxes (272) (240) (262) (554) (304) (302) (345) (590) (251) (271) (279) (126) (263) (336) (345) (745) (157) (180) (361) (15) (105) (12) (251) 585 (192) (242) (266)
Net income 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 (334) 315 560 745 (1,969) 739 935 835

Based on: 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), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).


Revenue Trends
The revenue exhibited a generally increasing trend from August 2018 through May 2021, with some fluctuations. Initial revenues ranged around 17,000 million USD, rising to a peak of approximately 22,565 million USD by May 2021. Subsequently, revenue remained relatively stable, oscillating around 21,000 to 24,000 million USD, with a slight decline noticed toward the most recent quarters ending February 2025.
Salaries and Employee Benefits
Salaries and employee benefits showed an increasing trend from approximately 6,000 million USD in 2018 to over 8,000 million USD by late 2021, indicating growing personnel costs. This was followed by a moderate reduction and stabilization around 7,600 to 7,900 million USD in the most recent quarters, reflecting cost control measures or workforce adjustments.
Purchased Transportation
Purchased transportation expenses increased steadily from roughly 4,000 million USD in late 2018 to a peak above 6,200 million USD by late 2021. Thereafter, expenses decreased moderately to range between 5,000 and 5,600 million USD, signaling optimization or shifting operational strategies.
Rentals and Landing Fees
This category showed a gradual upward trend from approximately 820 million USD in 2018 to about 1,200 million USD in recent periods, indicating growing fixed costs related to operational infrastructure or leased assets.
Depreciation and Amortization
Depreciation and amortization expenses increased steadily from around 800 million USD to about 1,070 million USD over the timeframe, consistent with asset base growth or capital expenditure investments leading to higher allocated depreciation.
Fuel Costs
Fuel expenses demonstrated volatility, decreasing around mid-2020 likely due to reduced activity or lower fuel prices, from near 1,000 million USD to a low of approximately 500 million USD. Subsequently, costs rose sharply to a peak of about 1,760 million USD in mid-2022 before trending downward again to just under 900 million USD by early 2025, mirroring fluctuating fuel prices and consumption levels.
Maintenance and Repairs
Maintenance expenses remained relatively stable, fluctuating mildly around 700 to 900 million USD, without significant upward or downward trends, indicating consistent maintenance efforts relative to fleet or equipment size.
Goodwill and Other Asset Impairment Charges
Impairment charges appeared sporadically, with notable charges around 2019 and 2023, including sharp spikes in asset write-downs, which may reflect strategic reassessments or write-offs during these periods.
Business Optimization Costs
Business optimization costs were irregular but showed several spikes, notably in early 2019 and post-2021, suggesting periodic restructuring or efficiency initiatives implemented intermittently.
Other Operating Expenses
Other operating expenses rose steadily from approximately 2,400 million USD to over 3,700 million USD by 2022, then stabilized around 3,100 to 3,200 million USD, indicating expanded operational complexity or cost pressures largely contained in recent quarters.
Operating Expenses and Income
Operating expenses grew from about 16,000 million USD to over 22,000 million USD by 2022, followed by some reduction and stabilization near 20,000 million USD in later periods. Operating income showed more volatility, with values ranging from about 400 million USD in early 2020 to peaks exceeding 1,900 million USD in 2022 and 1,500 million USD in some late periods, indicating fluctuating profitability influenced by expenses and revenue changes.
Interest and Income Taxes
Interest expenses rose modestly over the period but remained under 200 million USD, suggesting stable debt servicing costs. Tax provisions fluctuated considerably, correlating with variations in pre-tax income and special charges, with some quarters showing large tax benefits or provisions consistent with unusual items impacting taxable income.
Net Income
Net income displayed significant variability, including a negative outcome in May 2019, followed by recovery and peaks above 1,800 million USD in mid-2021. The income then moderated to generally remain positive but at lower levels, reflecting ongoing earnings volatility influenced by operational performance, special charges, and external factors.
Special Items and Other Income (Expense)
Items such as loss on debt extinguishment, retirement plan impacts, and other income (expense) showed irregular occurrences with significant impacts in certain quarters, notably around 2019 and 2021. These items contributed materially to net income volatility during those periods.