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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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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FedEx Corp., consolidated income statement (quarterly data)
US$ in millions
Based on: 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), 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).
- Revenue Trends
- Revenue exhibited a generally upward trend from August 2019 to May 2022, peaking near $24,394 million in May 2022. Thereafter, it showed a gradual decline with fluctuations, settling around $22,220 million by August 2025. This suggests seasonal or market variations affecting revenue generation.
- Salaries and Employee Benefits
- This expense increased steadily from approximately $6,087 million in August 2019 to a peak around $8,244 million in February 2022, before showing minor fluctuations but generally maintaining high levels. The sustained increase indicates rising labor costs or workforce expansion followed by stabilization.
- Purchased Transportation Costs
- These costs rose consistently from $4,028 million in August 2019 to a high of $6,272 million in November 2021, then decreased somewhat to around $5,359 million by May 2025. The trend suggests increased usage or pricing in transportation services during the earlier periods, followed by some efficiency gains or cost controls.
- Rentals and Landing Fees
- Expenses related to rentals and landing fees fluctuated moderately around the range of $900 to $1,200 million, with a slight gradual increase from 2019 through the analyzed periods. This indicates relatively stable fixed costs with minor upward pressure.
- Depreciation and Amortization
- These charges remained relatively stable between $870 million and $1,100 million, with a minor upward trend, reflecting ongoing capital expenditures and asset base accumulation.
- Fuel Costs
- Fuel expenses showed considerable volatility, initially around $870 million in August 2019, dipping significantly to $517 million in May 2020—likely reflecting lower fuel prices or usage during that period—then rising to peaks exceeding $1,800 million by late 2021 and early 2022. Subsequent periods showed reductions but remained elevated above pre-2020 levels, indicating fuel price sensitivity and cost impact.
- Maintenance and Repairs
- These costs were relatively stable, fluctuating mostly between $680 million and $880 million, with no clear long-term trend, suggesting consistent maintenance activities.
- Separation, Goodwill, and Asset Impairment Charges
- The data shows sporadic impairment and separation costs occurring from late 2019 onward, including significant goodwill impairments and discrete business optimization costs primarily between 2020 and 2025. These non-recurring charges indicate periods of restructuring or asset revaluation.
- Other Operating Expenses
- Other operating expenses rose from about $2,519 million in August 2019 to nearly $3,764 million by May 2022, then stabilized around $3,200 to $3,300 million. This suggests rising ancillary costs with some stabilization in recent periods.
- Total Operating Expenses
- Operating expenses broadly increased from around $16,071 million in August 2019 to over $22,000 million by early 2022, followed by a decline and stabilization near $20,000 to $21,000 million by mid-2025. This reflects overall operational cost growth aligned with revenue trends but with attempts to control expenses post-2022.
- Operating Income
- Operating income showed volatility, starting near $977 million, dipping to $411 million in early 2020, then peaking at $1,924 million in May 2022. Post-2022 figures fluctuated between approximately $1,186 million and $1,793 million, indicating variable profitability influenced by revenue and cost dynamics.
- Interest and Other Net Costs
- Net interest expenses remained fairly consistent, generally between $80 million and $180 million, indicating stable financing costs. Other income and expenses were volatile, with some large unusual items such as a loss on debt extinguishment and swings in other retirement plans contributing to periodic income fluctuations.
- Income Before Taxes and Taxes Provision
- Income before taxes reflected volatility corresponding with operating income trends, low or negative during mid-2020 but recovering strongly to over $2,000 million in certain quarters post-2021. The provision for income taxes displayed variability but generally scaled with pre-tax income, reflecting changing profitability levels.
- Net Income
- Net income tracked operating results with initial quarterly values around $745 million, dipping to negative $334 million in May 2020, then rising to highs near $1,868 million in mid-2021 and $1,648 million in early 2024. Net income showed resilience with recovery after downturns, indicating effective cost management and revenue recovery over the longer term.