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
- Common-Size Balance Sheet: Assets
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- 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: 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), 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).
The financial performance, as indicated by the income statement, exhibits considerable fluctuation over the observed period. Revenue generally increased from August 2019 through February 2021, followed by periods of stabilization and modest decline, before showing some growth again in the latter part of the period. However, revenue in the most recent quarters appears to be leveling off, remaining relatively consistent between February 2024 and November 2025.
Significant changes are observed in operating expenses. While relatively stable in the initial period, expenses began to increase substantially starting in November 2020, driven primarily by increases in salaries and employee benefits, purchased transportation, and fuel costs. These increases continued through much of 2023, before showing some signs of moderation in the most recent quarters. The substantial increase in fuel costs, particularly from February 2021 onwards, is a notable factor.
- Revenue Growth
- Revenue demonstrated strong growth in the period from August 2019 to February 2021, increasing from US$17,048 million to US$21,510 million. Growth slowed considerably thereafter, with revenue fluctuating between approximately US$21,500 million and US$24,400 million. The most recent quarters show a stabilization around US$21.7 to US$23.5 billion.
- Cost of Operations
- Salaries and employee benefits consistently represent a substantial portion of operating expenses, increasing from US$6,087 million in August 2019 to US$8,819 million in November 2025. Purchased transportation also experienced a significant rise, moving from US$4,028 million to US$6,084 million over the same period. Fuel costs exhibited a dramatic increase, particularly after February 2021, peaking at US$1,822 million in May 2022, before decreasing but remaining elevated compared to earlier periods.
- Profitability
- Operating income mirrored the revenue trends, increasing through February 2021, then fluctuating. A significant dip in operating income occurred in May 2020, coinciding with a decrease in revenue and increased expenses. Net income also followed a similar pattern, with a notable decline in May 2020 and fluctuations throughout the period. The impact of other income (expense) and provision for income taxes are also visible, contributing to the volatility in net income. Specifically, large negative impacts from "Other income (expense)" in May 2020 and February 2022 significantly reduced net income in those periods.
Several non-recurring items impacted net income during the period. Goodwill and other asset impairment charges were recorded in November 2019 and May 2023. Business optimization costs were incurred from February 2021 onwards, and separation and other costs appeared in the later quarters. These items contribute to the overall volatility in reported earnings.
Interest expense remained relatively stable for much of the period, with a slight increase observed in the most recent quarters. Other retirement plans, net, showed significant fluctuations, with a large positive impact in May 2021 and May 2025, likely due to actuarial gains or other adjustments. Overall, the income statement reflects a dynamic operating environment with considerable cost pressures and fluctuating profitability.