Return on Assets (ROA)
since 2005
Calculation
FedEx Corp., ROA, long-term trends, calculation
| ROA | = | 100 | × | Net income1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|---|---|
| May 31, 2025 | 4.67% | = | 100 | × | 4,092) | ÷ | 87,627) |
| May 31, 2024 | 4.98% | = | 100 | × | 4,331) | ÷ | 87,007) |
| May 31, 2023 | 4.56% | = | 100 | × | 3,972) | ÷ | 87,143) |
| May 31, 2022 | 4.45% | = | 100 | × | 3,826) | ÷ | 85,994) |
| May 31, 2021 | 6.32% | = | 100 | × | 5,231) | ÷ | 82,777) |
| May 31, 2020 | 1.75% | = | 100 | × | 1,286) | ÷ | 73,537) |
| May 31, 2019 | 0.99% | = | 100 | × | 540) | ÷ | 54,403) |
| May 31, 2018 | 8.74% | = | 100 | × | 4,572) | ÷ | 52,330) |
| May 31, 2017 | 6.17% | = | 100 | × | 2,997) | ÷ | 48,552) |
| May 31, 2016 | 3.95% | = | 100 | × | 1,820) | ÷ | 46,064) |
| May 31, 2015 | 2.83% | = | 100 | × | 1,050) | ÷ | 37,069) |
| May 31, 2014 | 6.34% | = | 100 | × | 2,097) | ÷ | 33,070) |
| May 31, 2013 | 4.65% | = | 100 | × | 1,561) | ÷ | 33,567) |
| May 31, 2012 | 6.80% | = | 100 | × | 2,032) | ÷ | 29,903) |
| May 31, 2011 | 5.30% | = | 100 | × | 1,452) | ÷ | 27,385) |
| May 31, 2010 | 4.75% | = | 100 | × | 1,184) | ÷ | 24,902) |
| May 31, 2009 | 0.40% | = | 100 | × | 98) | ÷ | 24,244) |
| May 31, 2008 | 4.39% | = | 100 | × | 1,125) | ÷ | 25,633) |
| May 31, 2007 | 8.40% | = | 100 | × | 2,016) | ÷ | 24,000) |
| May 31, 2006 | 7.96% | = | 100 | × | 1,806) | ÷ | 22,690) |
| May 31, 2005 | 7.10% | = | 100 | × | 1,449) | ÷ | 20,404) |
Based on: 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), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
1 US$ in millions
- Net Income Trends
- The net income exhibits considerable volatility over the period analyzed. Initially, net income rose from 1,449 million USD in 2005 to a peak of 2,016 million USD in 2007. This was followed by a sharp decline to 98 million USD in 2009, indicating a significant loss in profitability during that year. Recovery occurred thereafter, with net income rebounding to 5,231 million USD by 2021. Post-2021, the net income shows a slight downward trend but remains robust, remaining above 4,000 million USD through 2024 and 2025.
- Total Assets Evolution
- Total assets demonstrate a steady and consistent upward trajectory throughout the period. Starting at 20,404 million USD in 2005, assets increased almost annually, reaching a high of approximately 87,627 million USD in 2025. This suggests a continuous expansion of the asset base, likely indicating growth and increased investment over time. Notably, the growth rate appears to accelerate after 2014, with assets nearly doubling from 46,064 million USD in 2016 to over 87,000 million USD by 2025.
- Return on Assets (ROA) Patterns
- The Return on Assets ratio reflects fluctuating operational efficiency and profitability relative to asset levels. ROA initially increases from 7.1% in 2005 to a peak of 8.74% in 2018, demonstrating improved profitability. However, it shows considerable dips in specific years, such as a low of 0.4% in 2009 and 0.99% in 2019, coinciding with large declines in net income. Post-2018, the ROA stabilizes around 4.5% to 5%, indicating a moderate return relative to the asset base despite growth in total assets.
- Interrelation of Metrics
- The strong growth in total assets does not consistently translate into proportional increases in net income or ROA. Periods of asset growth coincide with both high and low net income, reflecting variability in operational profitability. The sharp decline in net income and ROA in 2009 correlates with the global economic downturn. The recovery in net income and ROA post-2009 indicates effective management of assets to restore profitability. While asset expansion continues, ROA decreases somewhat after 2018, suggesting that asset growth may be outpacing income generation efficiency.
- Overall Financial Performance Insights
- The data suggests a company experiencing significant growth in asset size while facing occasional sharp impacts on profitability. Despite these fluctuations, there is a general trend of improved net income and stabilized returns on assets over the longer term. The company appears resilient, with recovery following downturns and sustained asset accumulation supporting future operational capacity. Future considerations may focus on improving asset utilization to enhance ROA while maintaining income growth.
Comparison to Competitors
FedEx Corp., ROA, long-term trends, comparison to competitors
| FedEx Corp. | Uber Technologies Inc. | Union Pacific Corp. | United Airlines Holdings Inc. | United Parcel Service Inc. | |
|---|---|---|---|---|---|
| May 31, 2025 | 4.67% | — | — | — | — |
| May 31, 2024 | 4.98% | 19.23% | 9.96% | 4.25% | 8.25% |
| May 31, 2023 | 4.56% | 4.88% | 9.50% | 3.68% | 9.47% |
| May 31, 2022 | 4.45% | -28.47% | 10.69% | 1.09% | 16.24% |
| May 31, 2021 | 6.32% | -1.28% | 10.27% | -2.88% | 18.57% |
| May 31, 2020 | 1.75% | -20.35% | 8.57% | -11.87% | 2.15% |
| May 31, 2019 | 0.99% | -26.78% | 9.60% | 5.72% | 7.67% |
| May 31, 2018 | 8.74% | — | 10.09% | 4.75% | 9.58% |
| May 31, 2017 | 6.17% | — | 18.53% | 5.03% | 10.81% |
| May 31, 2016 | 3.95% | — | 7.60% | 5.64% | 8.50% |
| May 31, 2015 | 2.83% | — | 8.74% | 17.96% | 12.64% |
| May 31, 2014 | 6.34% | — | 9.83% | 3.03% | 8.55% |
| May 31, 2013 | 4.65% | — | 8.82% | 1.55% | 12.07% |
| May 31, 2012 | 6.80% | — | 8.36% | -1.92% | 2.08% |
| May 31, 2011 | 5.30% | — | 7.30% | 2.21% | 10.96% |
| May 31, 2010 | 4.75% | — | 6.45% | 0.64% | 10.38% |
| May 31, 2009 | 0.40% | — | 4.48% | -3.48% | 6.75% |
| May 31, 2008 | 4.39% | — | 5.89% | -27.48% | 9.42% |
| May 31, 2007 | 8.40% | — | 4.88% | 1.66% | 0.98% |
| May 31, 2006 | 7.96% | — | 4.40% | 90.17% | 12.65% |
| May 31, 2005 | 7.10% | — | 2.88% | -109.48% | 10.99% |
Based on: 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), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
Comparison to Sector (Transportation)
FedEx Corp., ROA, long-term trends, comparison to sector (transportation)
| FedEx Corp. | Transportation | |
|---|---|---|
| May 31, 2025 | 4.67% | — |
| May 31, 2024 | 4.98% | 8.53% |
| May 31, 2023 | 4.56% | 6.44% |
| May 31, 2022 | 4.45% | 4.34% |
| May 31, 2021 | 6.32% | 6.88% |
| May 31, 2020 | 1.75% | -2.01% |
| May 31, 2019 | 0.99% | 2.09% |
| May 31, 2018 | 8.74% | 8.46% |
| May 31, 2017 | 6.17% | 10.69% |
| May 31, 2016 | 3.95% | 6.44% |
| May 31, 2015 | 2.83% | 10.54% |
| May 31, 2014 | 6.34% | 7.21% |
| May 31, 2013 | 4.65% | 6.97% |
| May 31, 2012 | 6.80% | 3.95% |
| May 31, 2011 | 5.30% | 6.47% |
| May 31, 2010 | 4.75% | 5.46% |
| May 31, 2009 | 0.40% | 2.98% |
| May 31, 2008 | 4.39% | 0.96% |
| May 31, 2007 | 8.40% | 3.72% |
| May 31, 2006 | 7.96% | 25.89% |
| May 31, 2005 | 7.10% | -13.41% |
Based on: 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), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
Comparison to Industry (Industrials)
FedEx Corp., ROA, long-term trends, comparison to industry (industrials)
| FedEx Corp. | Industrials | |
|---|---|---|
| May 31, 2025 | 4.67% | — |
| May 31, 2024 | 4.98% | 5.24% |
| May 31, 2023 | 4.56% | 5.61% |
| May 31, 2022 | 4.45% | 3.31% |
| May 31, 2021 | 6.32% | 3.40% |
| May 31, 2020 | 1.75% | 0.04% |
| May 31, 2019 | 0.99% | 2.56% |
| May 31, 2018 | 8.74% | 3.16% |
| May 31, 2017 | 6.17% | 3.59% |
| May 31, 2016 | 3.95% | 4.55% |
| May 31, 2015 | 2.83% | 3.52% |
| May 31, 2014 | 6.34% | 4.31% |
| May 31, 2013 | 4.65% | 3.91% |
| May 31, 2012 | 6.80% | 3.38% |
| May 31, 2011 | 5.30% | 3.69% |
| May 31, 2010 | 4.75% | 3.03% |
| May 31, 2009 | 0.40% | 2.24% |
| May 31, 2008 | 4.39% | 3.10% |
| May 31, 2007 | 8.40% | 3.87% |
| May 31, 2006 | 7.96% | 6.41% |
| May 31, 2005 | 7.10% | 1.42% |
Based on: 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), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).