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

3 months ended:	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	May 31, 2020	Feb 29, 2020	Nov 30, 2019	Aug 31, 2019
Revenue	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)	17,358)	17,487)	17,324)	17,048)
Salaries and employee benefits	(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)	(6,327)	(6,382)	(6,235)	(6,087)
Purchased transportation	(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)	(4,552)	(4,558)	(4,328)	(4,028)
Rentals and landing fees	(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)	(904)	(964)	(924)	(920)
Depreciation and amortization	(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)	(927)	(908)	(901)	(879)
Fuel	(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)	(517)	(879)	(890)	(870)
Maintenance and repairs	(843)	(802)	(783)	(831)	(829)	(809)	(804)	(854)	(824)	(782)	(789)	(882)	(904)	(842)	(822)	(839)	(869)	(885)	(822)	(815)	(806)	(667)	(684)	(774)	(768)
Separation and other costs	(45)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Goodwill and other asset impairment charges	—)	(21)	—)	—)	—)	(157)	—)	—)	—)	(117)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(369)	—)	(66)	—)
Business optimization costs	(67)	(123)	(179)	(326)	(128)	(218)	(114)	(145)	(105)	(112)	(123)	(36)	(38)	(60)	(107)	(44)	(67)	(106)	(10)	—)	—)	—)	—)	—)	—)
Other	(3,396)	(3,372)	(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)
Operating expenses	(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)	(16,883)	(17,076)	(16,770)	(16,071)
Operating income	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)	475)	411)	554)	977)
Interest, net	(119)	(124)	(116)	(102)	(84)	(96)	(91)	(97)	(91)	(105)	(122)	(127)	(142)	(158)	(163)	(155)	(160)	(186)	(187)	(184)	(184)	(174)	(155)	(151)	(137)
Other retirement plans, net	60)	564)	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)
Loss on debt extinguishment	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(393)	—)	—)	—)	—)	—)	—)	—)
Other, net	7)	(10)	(45)	(19)	11)	(33)	(9)	(18)	(10)	(20)	—)	(91)	4)	24)	1)	(15)	3)	(35)	29)	(25)	(1)	6)	(4)	1)	(12)
Other income (expense)	(52)	430)	(111)	(71)	(24)	473)	(60)	(74)	(62)	625)	(20)	(117)	(37)	(1,240)	49)	(217)	59)	816)	44)	(59)	16)	(794)	9)	18)	19)
Income before income taxes	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)	(319)	420)	572)	996)
Provision for income taxes	(310)	(575)	(272)	(240)	(262)	(554)	(304)	(302)	(345)	(590)	(251)	(271)	(279)	(126)	(263)	(336)	(345)	(745)	(157)	(180)	(361)	(15)	(105)	(12)	(251)
Net income	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)	(334)	315)	560)	745)

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.

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FedEx Corp. (NYSE:FDX)

Income Statement Quarterly Data

Income Statement
Quarterly Data