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, 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	May 31, 2019	Feb 28, 2019	Nov 30, 2018	Aug 31, 2018
Revenue	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)	17,807)	17,010)	17,824)	17,052)
Salaries and employee benefits	(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)	(6,187)	(6,069)	(6,260)	(6,260)
Purchased transportation	(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)	(4,088)	(4,253)	(4,346)	(3,967)
Rentals and landing fees	(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)	(827)	(874)	(836)	(823)
Depreciation and amortization	(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)	(866)	(851)	(828)	(808)
Fuel	(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)	(944)	(907)	(1,052)	(986)
Maintenance and repairs	(783)	(831)	(829)	(809)	(804)	(854)	(824)	(782)	(789)	(882)	(904)	(842)	(822)	(839)	(869)	(885)	(822)	(815)	(806)	(667)	(684)	(774)	(768)	(690)	(658)	(751)	(735)
Goodwill and other asset impairment charges	—)	—)	—)	(157)	—)	—)	—)	(117)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(369)	—)	(66)	—)	—)	—)	—)	—)
Business optimization costs	(179)	(326)	(128)	(218)	(114)	(145)	(105)	(112)	(123)	(36)	(38)	(60)	(107)	(44)	(67)	(106)	(10)	—)	—)	—)	—)	—)	—)	(316)	(4)	—)	—)
Other	(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)	(2,573)	(2,483)	(2,583)	(2,402)
Operating expenses	(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)	(16,491)	(16,099)	(16,656)	(15,981)
Operating income	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)	1,316)	911)	1,168)	1,071)
Interest, net	(116)	(102)	(84)	(96)	(91)	(97)	(91)	(105)	(122)	(127)	(142)	(158)	(163)	(155)	(160)	(186)	(187)	(184)	(184)	(174)	(155)	(151)	(137)	(153)	(135)	(129)	(112)
Other retirement plans, net	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)	(3,725)	158)	158)	158)
Loss on debt extinguishment	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(393)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other, net	(45)	(19)	11)	(33)	(9)	(18)	(10)	(20)	—)	(91)	4)	24)	1)	(15)	3)	(35)	29)	(25)	(1)	6)	(4)	1)	(12)	8)	(3)	(20)	(16)
Other income (expense)	(111)	(71)	(24)	473)	(60)	(74)	(62)	625)	(20)	(117)	(37)	(1,240)	49)	(217)	59)	816)	44)	(59)	16)	(794)	9)	18)	19)	(3,870)	20)	9)	30)
Income before income taxes	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)	(2,554)	931)	1,177)	1,101)
Provision for income taxes	(272)	(240)	(262)	(554)	(304)	(302)	(345)	(590)	(251)	(271)	(279)	(126)	(263)	(336)	(345)	(745)	(157)	(180)	(361)	(15)	(105)	(12)	(251)	585)	(192)	(242)	(266)
Net income	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)	(1,969)	739)	935)	835)

Revenue Trends: The revenue exhibited a generally increasing trend from August 2018 through May 2021, with some fluctuations. Initial revenues ranged around 17,000 million USD, rising to a peak of approximately 22,565 million USD by May 2021. Subsequently, revenue remained relatively stable, oscillating around 21,000 to 24,000 million USD, with a slight decline noticed toward the most recent quarters ending February 2025.
Salaries and Employee Benefits: Salaries and employee benefits showed an increasing trend from approximately 6,000 million USD in 2018 to over 8,000 million USD by late 2021, indicating growing personnel costs. This was followed by a moderate reduction and stabilization around 7,600 to 7,900 million USD in the most recent quarters, reflecting cost control measures or workforce adjustments.
Purchased Transportation: Purchased transportation expenses increased steadily from roughly 4,000 million USD in late 2018 to a peak above 6,200 million USD by late 2021. Thereafter, expenses decreased moderately to range between 5,000 and 5,600 million USD, signaling optimization or shifting operational strategies.
Rentals and Landing Fees: This category showed a gradual upward trend from approximately 820 million USD in 2018 to about 1,200 million USD in recent periods, indicating growing fixed costs related to operational infrastructure or leased assets.
Depreciation and Amortization: Depreciation and amortization expenses increased steadily from around 800 million USD to about 1,070 million USD over the timeframe, consistent with asset base growth or capital expenditure investments leading to higher allocated depreciation.
Fuel Costs: Fuel expenses demonstrated volatility, decreasing around mid-2020 likely due to reduced activity or lower fuel prices, from near 1,000 million USD to a low of approximately 500 million USD. Subsequently, costs rose sharply to a peak of about 1,760 million USD in mid-2022 before trending downward again to just under 900 million USD by early 2025, mirroring fluctuating fuel prices and consumption levels.
Maintenance and Repairs: Maintenance expenses remained relatively stable, fluctuating mildly around 700 to 900 million USD, without significant upward or downward trends, indicating consistent maintenance efforts relative to fleet or equipment size.
Goodwill and Other Asset Impairment Charges: Impairment charges appeared sporadically, with notable charges around 2019 and 2023, including sharp spikes in asset write-downs, which may reflect strategic reassessments or write-offs during these periods.
Business Optimization Costs: Business optimization costs were irregular but showed several spikes, notably in early 2019 and post-2021, suggesting periodic restructuring or efficiency initiatives implemented intermittently.
Other Operating Expenses: Other operating expenses rose steadily from approximately 2,400 million USD to over 3,700 million USD by 2022, then stabilized around 3,100 to 3,200 million USD, indicating expanded operational complexity or cost pressures largely contained in recent quarters.
Operating Expenses and Income: Operating expenses grew from about 16,000 million USD to over 22,000 million USD by 2022, followed by some reduction and stabilization near 20,000 million USD in later periods. Operating income showed more volatility, with values ranging from about 400 million USD in early 2020 to peaks exceeding 1,900 million USD in 2022 and 1,500 million USD in some late periods, indicating fluctuating profitability influenced by expenses and revenue changes.
Interest and Income Taxes: Interest expenses rose modestly over the period but remained under 200 million USD, suggesting stable debt servicing costs. Tax provisions fluctuated considerably, correlating with variations in pre-tax income and special charges, with some quarters showing large tax benefits or provisions consistent with unusual items impacting taxable income.
Net Income: Net income displayed significant variability, including a negative outcome in May 2019, followed by recovery and peaks above 1,800 million USD in mid-2021. The income then moderated to generally remain positive but at lower levels, reflecting ongoing earnings volatility influenced by operational performance, special charges, and external factors.
Special Items and Other Income (Expense): Items such as loss on debt extinguishment, retirement plan impacts, and other income (expense) showed irregular occurrences with significant impacts in certain quarters, notably around 2019 and 2021. These items contributed materially to net income volatility during those periods.

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FedEx Corp. (NYSE:FDX)

Income Statement Quarterly Data

Income Statement
Quarterly Data