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:	Feb 28, 2026	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	24,000)	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	(8,819)	(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	(6,084)	(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	(1,235)	(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	(1,112)	(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	(856)	(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	(771)	(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	(202)	(213)	(45)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Goodwill and other asset impairment charges	—)	—)	—)	(21)	—)	—)	—)	(157)	—)	—)	—)	(117)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(369)	—)	(66)	—)
Business optimization costs	(65)	(30)	(67)	(123)	(179)	(326)	(128)	(218)	(114)	(145)	(105)	(112)	(123)	(36)	(38)	(60)	(107)	(44)	(67)	(106)	(10)	—)	—)	—)	—)	—)	—)
Other	(3,508)	(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	(22,652)	(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	1,348)	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	(138)	(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)	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	(6)	(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)	(85)	(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	1,263)	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	(207)	(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	1,056)	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)

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.

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FedEx Corp. (NYSE:FDX)

Income Statement Quarterly Data

Income Statement
Quarterly Data