Return on Assets (ROA)
since 2005
Calculation
FedEx Corp., ROA, long-term trends, calculation
| ROA | = | 100 | × | Net income1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|---|---|
| May 31, 2026 | 4.48% | = | 100 | × | 4,433) | ÷ | 98,937) |
| 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: 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), 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
The return on assets (ROA) for the period between 2005 and 2026 exhibits significant volatility, characterized by several cycles of expansion and sharp contraction. While total assets have grown consistently from 20.4 billion USD in 2005 to a projected 98.9 billion USD by 2026, the ability to generate profit from these assets has fluctuated primarily in correlation with net income volatility.
- Early Performance and Global Financial Crisis (2005–2012)
- A period of increasing efficiency was observed from 2005 to 2007, with ROA peaking at 8.40%. This trend was abruptly reversed during the 2008–2009 period, where ROA plummeted to a low of 0.40%, driven by a substantial decrease in net income to 98 million USD. A subsequent recovery phase occurred between 2010 and 2012, with ROA climbing back to 6.80% as net income returned to levels exceeding 2 billion USD.
- Peak Operational Efficiency (2013–2018)
- Following a temporary dip in 2015 (2.83%), the organization experienced a strong upward trajectory in asset utilization. This culminated in 2018, which represents the highest ROA in the analyzed timeframe at 8.74%. This peak was supported by a significant surge in net income to 4.57 billion USD, despite a steadily expanding asset base that reached 52.3 billion USD.
- Recent Volatility and Stabilization (2019–2026)
- A severe contraction occurred in 2019, with ROA falling to 0.99% due to a sharp decline in net income to 540 million USD. A rapid recovery followed, peaking in 2021 at 6.32% as net income reached a historical high of 5.23 billion USD. From 2022 through 2026, the ROA demonstrates a stabilization pattern, fluctuating within a narrow band between 4.45% and 4.98%, suggesting a consistent return relative to a now much larger asset base.
- Asset Base Expansion and ROA Correlation
- Total assets have increased nearly five-fold over the twenty-year span. The data indicates that while the scale of operations has grown aggressively, the ROA has not scaled proportionally. Instead, the ratio has become more sensitive to fluctuations in annual net income, as the larger denominator (total assets) requires significantly higher absolute profit levels to maintain previous ROA peaks.
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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, 2026 | 4.48% | — | — | — | — |
| May 31, 2025 | 4.67% | 16.27% | 10.24% | 4.39% | 7.62% |
| 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: 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), 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, 2026 | 4.48% | — |
| May 31, 2025 | 4.67% | 8.19% |
| 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: 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), 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, 2026 | 4.48% | — |
| May 31, 2025 | 4.67% | 6.35% |
| 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: 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), 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).