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:	Nov 30, 2025	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	23,469)	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	(8,395)	(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	(5,885)	(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	(1,211)	(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	(1,068)	(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	(889)	(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	(889)	(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	(213)	(45)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Goodwill and other asset impairment charges	—)	—)	(21)	—)	—)	—)	(157)	—)	—)	—)	(117)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(369)	—)	(66)	—)
Business optimization costs	(30)	(67)	(123)	(179)	(326)	(128)	(218)	(114)	(145)	(105)	(112)	(123)	(36)	(38)	(60)	(107)	(44)	(67)	(106)	(10)	—)	—)	—)	—)	—)	—)
Other	(3,511)	(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	(22,091)	(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	1,378)	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	(135)	(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	59)	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	(13)	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)	(89)	(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	1,289)	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	(333)	(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	956)	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: The revenue demonstrated a generally increasing trend from August 2019 to May 2022, peaking around $24.4 billion in May 2022. However, after this peak, there was a noticeable decline and fluctuation, with values stabilizing around $22 billion to $23 billion through late 2025. This indicates a period of growth followed by relative stabilization.
Salaries and employee benefits: Expenses related to salaries and employee benefits increased steadily from approximately $6.1 billion in August 2019 to a peak near $8.4 billion by November 2025. This rise suggests sustained investment in human resources despite some short-term fluctuations.
Purchased transportation: Purchased transportation costs increased significantly from about $4.0 billion in August 2019 up to $6.2 billion in November 2021, followed by some reduction and stabilization around the $5.3 billion to $5.8 billion range thereafter. This pattern may reflect increased operational scale followed by cost control efforts.
Rentals and landing fees: Rentals and landing fees showed a gradual upward trend, rising from $920 million in August 2019 to around $1.2 billion in later periods, indicating increasing infrastructure-related expenditures.
Depreciation and amortization: These costs remained relatively stable, fluctuating slightly around $900 million to $1.1 billion, reflecting a consistent level of asset base and amortization schedules.
Fuel: Fuel expenses initially ranged from $870 million to approximately $1.2 billion but rose sharply to about $1.8 billion between late 2021 and early 2022, before declining and fluctuating around $850 million to $1.3 billion in subsequent years. This volatility likely reflects fuel price fluctuations and consumption adjustments.
Maintenance and repairs: Maintenance and repair costs were generally stable with slight fluctuations, ranging from approximately $667 million to around $890 million, suggesting steady upkeep expenditures.
Special charges (Separation, Goodwill impairment, Business optimization): Notable irregular costs appeared intermittently, including goodwill and asset impairment charges peaking around $369 million early in 2020 and recurring later, business optimization costs increasing notably from 2020 onwards, and separation costs appearing in the final quarters. These indicate periods of restructuring and operational adjustments.
Other expenses: Other operating expenses showed an increasing trend, rising from $2.5 billion in August 2019 to over $3.5 billion around mid-2025, reflecting growing miscellaneous operational costs.
Operating expenses: Total operating expenses mirrored the trends in individual costs, increasing from $16.1 billion to a peak near $22.5 billion in early 2022, followed by a gradual decline and stabilization between $20.4 billion and $21.9 billion in subsequent quarters, indicating efforts to manage operational costs after a period of expansion.
Operating income: Operating income exhibited significant variability, with initial moderate values between $400 million and $1.9 billion and sharp fluctuations thereafter. Peaks reached about $1.9 billion in May 2022 and May 2025, with troughs around $400 million to $1.2 billion indicating volatility in operational profitability.
Interest and other financial items: Interest expense remained relatively stable around $100 million to $180 million per quarter, showing consistent financing costs. Other retirement plan income fluctuated widely, with significant positive spikes well above $600 million in some quarters, potentially associated with actuarial gains or funding adjustments. Other income/expenses displayed volatility including large negative impacts related to debt extinguishment and nonrecurring charges.
Income before income taxes: This measure showed strong fluctuations, with peaks exceeding $2.6 billion in mid-2021 and May 2025, while experiencing some negative and low points during mid-2020, aligning with broader economic disruptions. The variability highlights the influence of both operating performance and nonoperating factors.
Provision for income taxes: The tax provision followed income trends but was more volatile, with values ranging from minimal amounts to over $700 million in some quarters, reflecting changes in taxable income and potentially tax strategies or adjustments.
Net income: Net income generally trended upward from a low of negative $334 million in May 2020 to peaks exceeding $1.8 billion in May 2021 and May 2025; however, it also experienced significant fluctuations and some declines post-2022. This pattern reflects periods of recovery, growth, and subsequent stabilization in profitability.

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FedEx Corp. (NYSE:FDX)

Income Statement Quarterly Data

Income Statement
Quarterly Data