Income Statement
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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Reportable Segments
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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FedEx Corp., consolidated income statement
US$ in millions
Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31).
- Revenue Trends
- Revenue displayed a fluctuating pattern over the periods analyzed. It declined slightly from 69,693 million in 2019 to 69,217 million in 2020, then increased significantly to peak at 93,512 million in 2022 before gradually declining again to 87,693 million in 2024.
- Operating Expenses
- Operating expenses increased steadily from 65,227 million in 2019 to a peak of 87,267 million in 2022, before decreasing somewhat to 82,134 million in 2024. Key components such as salaries and employee benefits increased consistently, peaking in 2022 at 32,058 million and slightly declining thereafter. Purchased transportation also rose until 2022 then showed a downward trend.
- Cost Components
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- Salaries and Employee Benefits
- There was a gradual increase from 24,776 million in 2019 to 32,058 million in 2022, followed by a slight reduction in subsequent years, stabilizing around 30,961 million in 2024.
- Purchased Transportation
- Increased steadily from 16,654 million in 2019 to 24,118 million in 2022 but then decreased to 20,921 million in 2024, indicating potential efficiency improvements or reduced outsourcing costs.
- Rentals and Landing Fees
- This cost item increased moderately from 3,360 million in 2019 to 4,712 million in 2022, before slightly declining to 4,571 million in 2024.
- Depreciation and Amortization
- There was a consistent upward trend in depreciation and amortization expenses, increasing from 3,353 million in 2019 to 4,287 million in 2024, suggesting growing asset base or changing asset composition.
- Fuel Expenses
- Fuel costs showed volatility, decreasing from 3,889 million in 2019 to 2,882 million in 2021, then sharply increasing to 5,909 million in 2023 before dropping to 4,710 million in 2024. This variability may reflect changes in fuel prices or consumption patterns.
- Maintenance and Repairs
- Maintenance and repairs expenses remained relatively stable, fluctuating slightly around 3,200 to 3,300 million over the years.
- Impairment Charges and Optimization Costs
- Goodwill and other asset impairment charges were sporadic and relatively minor, with small charges recorded in 2020, 2023, and 2024. Business optimization and realignment costs showed inconsistent values but increased significantly in 2024 to 582 million, indicating recent restructuring activities.
- Other Costs
- Other expenses increased steadily until 2022, peaking at 13,644 million, followed by a slight decline to 12,654 million in 2024.
- Operating Income
- Operating income fluctuated considerably. It dropped from 4,466 million in 2019 to 2,417 million in 2020, then rose sharply to 6,245 million in 2022. A decline occurred in 2023 to 4,912 million, followed by a partial recovery to 5,559 million in 2024, reflecting mixed operational performance likely influenced by revenue and cost variations.
- Interest and Other Income/Expenses
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- Interest Expense and Income
- Interest expense gradually increased from 588 million in 2019 to 745 million in 2024. Interest income remained relatively stable until 2022 but showed a notable increase in 2023 and 2024, reaching 370 million, which may relate to higher interest rates or investment income.
- Other Retirement Plans Income (Expense)
- There were significant fluctuations in other retirement plans income/expense, moving from a large expense of 3,251 million in 2019 to positive income in certain years, indicating variability in pension-related charges or gains.
- Other, Net
- This line item showed minor fluctuations but with a slight negative trend overall.
- Other Income (Expense)
- Other income/expense experienced substantial volatility, shifting from a negative 3,811 million in 2019 to positive values in some years, reflecting non-operating items impacting financial results.
- Income Before Income Taxes
- Income before taxes demonstrated a strong increase from a low of 655 million in 2019 to peak values above 6,600 million in 2021, with a decrease in 2022 and moderate recovery in 2023 and 2024. This pattern correlates with the fluctuations in operating income and other income components.
- Provision for Income Taxes
- The provision for income taxes increased steadily from 115 million in 2019 to 1,505 million in 2024. This upward trend aligns with the overall increase in pre-tax income over the period.
- Net Income
- Net income showed significant growth overall. Starting at 540 million in 2019, it rose to 5,231 million in 2021, followed by a decrease in 2022 to 3,826 million. Subsequently, it recovered, reaching 4,331 million by 2024, indicating strong profitability amid operational and market fluctuations.