Analysis of Geographic Areas
FedEx Corp. operates in 2 regions: U.S. and International.
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- Income Statement
- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
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Area Asset Turnover
FedEx Corp., asset turnover by geographic area
| May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | |
|---|---|---|---|---|---|---|
| U.S. | ||||||
| International |
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).
- U.S. Asset Turnover
- The U.S. geographic area asset turnover ratio showed a gradual increase from 1.06 in May 2020 to a peak of 1.22 in May 2022. Following this peak, the ratio experienced a slight decline, decreasing to 1.15 in May 2023, then further to 1.12 in May 2024, and reaching 1.10 in May 2025. Overall, the trend indicates an initial improvement in asset efficiency followed by a modest downward adjustment in the most recent years.
- International Asset Turnover
- The international asset turnover ratio demonstrated a stronger upward trend over the observed period. Beginning at 1.82 in May 2020, the ratio increased consistently, reaching a high of 2.32 in May 2022. After this peak, there was a slight slowdown, with the ratio decreasing to 2.09 in May 2023 and 2.02 in May 2024. However, in May 2025, the ratio slightly recovered to 2.05. Despite the minor fluctuations post-peak, the international asset turnover remains significantly higher than at the start of the period, indicating improved asset utilization internationally.
- Comparative Insights
- Throughout the period, the international asset turnover ratio consistently remained higher than the U.S. ratio, reflecting greater efficiency in asset use outside the U.S. Both areas experienced peak asset turnover around May 2022, followed by a mild decline or stabilization trend. The international segment shows a more pronounced growth and higher turnover levels compared to the U.S. segment, suggesting stronger international operational performance or differences in asset base composition.
Area Asset Turnover: U.S.
FedEx Corp.; U.S.; area asset turnover calculation
| May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | ||||||
| Noncurrent assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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).
1 2025 Calculation
Area asset turnover = Revenue ÷ Noncurrent assets
= ÷ =
- Revenue
- Revenue exhibited a notable upward trend from 2020 through 2022, increasing from approximately $48.4 billion to $64.9 billion. This represents a significant growth phase. However, after peaking in 2022, revenue displayed a gradual decline over the next three years, decreasing to about $62.9 billion by 2025. This suggests a weakening revenue generation in the later periods.
- Noncurrent Assets
- Noncurrent assets steadily increased throughout the entire period, rising from roughly $45.7 billion in 2020 to about $57.0 billion in 2025. The growth was consistent, with assets expanding each year, indicating ongoing investment in long-term assets despite fluctuations in revenue.
- Area Asset Turnover
- The area asset turnover ratio, a measure of efficiency in utilizing assets to generate revenue, improved from 1.06 in 2020 to a peak of 1.22 in 2022. Thereafter, it declined gradually to 1.10 by 2025. The initial rise reflects enhanced asset utilization and operational efficiency, while the subsequent decline aligns with the decrease in revenue, suggesting less efficient use of assets in the later years.
Area Asset Turnover: International
FedEx Corp.; International; area asset turnover calculation
| May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | ||||||
| Noncurrent assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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).
1 2025 Calculation
Area asset turnover = Revenue ÷ Noncurrent assets
= ÷ =
- Revenue Trend
- The revenue for the International geographic area exhibits considerable fluctuation over the analyzed period. Starting at $20,813 million in 2020, revenue increased notably to $28,571 million by 2022. However, a decline followed, with revenue dropping to $24,162 million in 2024 before slightly recovering to $25,010 million in 2025. The peak in 2022 suggests a period of strong performance, while the subsequent decrease indicates a potential challenge or market adjustment during 2023 and 2024, with a partial rebound in the most recent year.
- Noncurrent Assets Trend
- Noncurrent assets show a generally stable pattern with minor fluctuations. Beginning at $11,463 million in 2020, the figure increased to $12,790 million in 2021, then slightly decreased and remained relatively steady around $12,000 million from 2022 through 2025. This stability suggests a consistent level of long-term investment or asset base in the international operations, without significant expansion or contraction during the period.
- Area Asset Turnover Ratio
- The area asset turnover ratio, which measures the efficiency of asset use to generate revenue, increased from 1.82 in 2020 to a peak of 2.32 in 2022. Subsequent years show a decline to around 2.05 by 2025. This indicates that asset utilization was most efficient in 2022, aligning with the highest revenue year, but the efficiency diminished slightly afterwards, reflecting the lower revenue and stable asset base in the following years.
- Overall Insights
- Overall, the data reveals a peak period of operational efficiency and revenue generation in 2022 within the International segment. The decline in revenue and asset turnover after 2022, despite a stable asset base, may point to market challenges or operational difficulties affecting the segment’s performance. The slight recovery in 2025 suggests some improvement, though asset utilization has not returned to peak levels observed in 2022.
Revenue
FedEx Corp., revenue by geographic area
US$ in millions
| May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | |
|---|---|---|---|---|---|---|
| U.S. | ||||||
| International | ||||||
| Total |
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).
- U.S. Revenue
- The revenue from the U.S. market shows a consistent upward trend from May 31, 2020, to May 31, 2022, increasing from $48,404 million to $64,941 million. However, from May 31, 2022, onwards, the figures indicate a slight decline, decreasing to $62,916 million by May 31, 2025. This suggests a peak in U.S. revenue in 2022, followed by a gradual reduction over the subsequent years.
- International Revenue
- International revenue follows a growth trajectory from May 31, 2020, to May 31, 2022, rising from $20,813 million to $28,571 million. After reaching this high point, there is a noticeable decline to $24,162 million by May 31, 2024, with a modest recovery to $25,010 million in the following year. This pattern indicates some volatility in international revenue, with growth ceasing after 2022 and partial recovery thereafter.
- Total Revenue
- Total revenue combines the U.S. and international segments, showing steady growth through May 31, 2022, increasing from $69,217 million to $93,512 million. Subsequently, a decrease is observed in total revenue to $87,926 million by May 31, 2025. The decline mirrors the trends in both regional revenues, reflecting a slowdown in overall revenue growth after 2022.
- Overall Trends and Insights
- Analysis reveals that the company experienced significant revenue growth across all geographic areas through fiscal year 2022. Post-2022, revenue in both domestic and international markets declined or plateaued, leading to a reduction in total revenue. The data may indicate market saturation, competitive pressures, or other challenges impacting growth in recent years. Notably, the U.S. segment represents a larger proportion of total revenue and shows less fluctuation compared to the international segment. The modest rebound in international revenue in the latest period suggests potential stabilization or new growth opportunities abroad.
Noncurrent assets
FedEx Corp., noncurrent assets by geographic area
US$ in millions
| May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | |
|---|---|---|---|---|---|---|
| U.S. | ||||||
| International | ||||||
| Total |
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).
- U.S. Noncurrent Assets
- The U.S. noncurrent assets demonstrate a steady upward trend over the six-year period. Beginning at 45,691 million USD in 2020, the assets increased consistently each year, reaching 57,040 million USD by 2025. The growth rate appears relatively stable, indicating ongoing investment or asset retention within the U.S. geographic area.
- International Noncurrent Assets
- International noncurrent assets show a less consistent pattern compared to the U.S. segment. Starting at 11,463 million USD in 2020, the assets increased to a peak of 12,790 million USD in 2021 but then experienced a gradual decline through 2024 before a slight increase to 12,201 million USD in 2025. This suggests some variability and possible contraction or reallocation of assets internationally during the period.
- Total Noncurrent Assets
- The total noncurrent assets reflect the combined trends of the U.S. and international segments. There is a clear growth trajectory from 57,154 million USD in 2020 to 69,241 million USD in 2025. The total assets rise steadily, driven primarily by increases in the U.S. segment, while the international component shows minor fluctuations but remains relatively stable overall.
- Overall Insight
- The data indicates a strong and consistent expansion of noncurrent assets within the domestic market, contributing significantly to the total asset base growth. In contrast, international assets exhibit moderate volatility, potentially reflecting strategic adjustments or differing market conditions. The growth in total noncurrent assets suggests an overall positive capital investment trend over the analyzed period.