Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
FedEx Corp., consolidated statement of comprehensive income
US$ in millions
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 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).
The comprehensive income trajectory exhibits a notable volatility between 2021 and 2026, characterized by a significant contraction in 2022 followed by a gradual recovery phase. While net income remains the primary driver of total comprehensive income, foreign currency translation adjustments have introduced substantial variance in the overall results.
- Net Income Trends
- A sharp decline in net income is observed from US$ 5,231 million in 2021 to US$ 3,826 million in 2022. Following this trough, a steady upward trend is evident through 2024, reaching US$ 4,331 million, before experiencing a slight moderation in 2025 and a projected increase to US$ 4,433 million by 2026. This indicates a stabilization of core profitability after the initial volatility observed in the early part of the period.
- Other Comprehensive Income (OCI) and Currency Impact
- Other comprehensive income shows significant fluctuations, primarily driven by foreign currency translation adjustments. A transition from a positive adjustment of US$ 422 million in 2021 to a deficit of US$ 363 million in 2022 created a substantial drag on comprehensive income. However, a consistent recovery trend is observed from 2023 onward, with translation adjustments returning to positive territory by 2025 and reaching US$ 145 million in 2026.
- Pension-Related Adjustments
- Amortization of prior service credits and other items consistently exerted a minor negative impact, ranging between US$ 5 million and US$ 10 million annually. A one-time prior service credit of US$ 36 million was recorded in 2024, providing a marginal offset to the recurring amortization costs during that specific period.
- Total Comprehensive Income Performance
- Total comprehensive income mirrored the volatility of both net income and currency adjustments, dropping from US$ 5,646 million in 2021 to a low of US$ 3,455 million in 2022. The subsequent recovery is characterized by a positive slope, leading to a projected value of US$ 4,568 million by 2026. The convergence of recovering net income and improving foreign currency translation outcomes contributes to the strengthened comprehensive income position in the latter years of the analysis.
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