Analysis of Geographic Areas
FedEx Corp. operates in 2 regions: U.S. and International.
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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Area Asset Turnover
FedEx Corp., asset turnover by geographic area
| May 31, 2026 | May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | |
|---|---|---|---|---|---|---|
| U.S. | ||||||
| International |
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 asset turnover ratios for the U.S. and International segments demonstrate a shared volatility pattern, characterized by a peak in 2022 followed by a period of contraction and a subsequent recovery phase leading into 2026. A consistent disparity in asset utilization efficiency is evident, with the International segment maintaining significantly higher turnover ratios than the U.S. segment throughout the entire analyzed period.
- U.S. Asset Turnover
- The U.S. segment experienced an initial increase from 1.19 in 2021 to a peak of 1.22 in 2022. This was followed by a sustained downward trend over the subsequent three years, reaching a period low of 1.10 in 2025. A recovery is observed in 2026, with the ratio rising to 1.17, effectively returning to near-baseline levels.
- International Asset Turnover
- International operations exhibit superior asset efficiency, peaking at 2.32 in 2022. A correction followed this peak, with the ratio declining to 2.02 by 2024. From 2024 onward, a gradual upward trajectory is observed, with the ratio improving to 2.05 in 2025 and 2.08 in 2026.
- Comparative Geographic Efficiency
- The International segment consistently generates more revenue per unit of asset compared to the U.S. segment. Even at its lowest observed point in 2024 (2.02), the International turnover ratio remains substantially higher than the U.S. peak of 1.22 in 2022, indicating a more capital-efficient operational structure in international markets relative to domestic operations.
Area Asset Turnover: U.S.
FedEx Corp.; U.S.; area asset turnover calculation
| May 31, 2026 | May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | ||||||
| Noncurrent assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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).
1 2026 Calculation
Area asset turnover = Revenue ÷ Noncurrent assets
= ÷ =
The financial trajectory for the U.S. geographic area is characterized by a period of operational volatility in revenue generation contrasted with a consistent, long-term expansion of the noncurrent asset base.
- Revenue Trends
- Revenue experienced an initial increase, peaking at 64,941 million US$ in 2022. This was followed by a three-year period of contraction and stagnation, with values declining to 62,916 million US$ by 2025. A significant recovery is observed in 2026, with revenue rising to a period high of 67,944 million US$.
- Noncurrent Asset Growth
- Noncurrent assets exhibit a steady and uninterrupted upward trend throughout the analyzed period. Assets grew from 49,407 million US$ in 2021 to 58,134 million US$ in 2026, indicating continuous capital investment in the U.S. area regardless of short-term revenue fluctuations.
- Area Asset Turnover Analysis
- The area asset turnover ratio peaked at 1.22 in 2022, aligning with the initial surge in revenue. Between 2023 and 2025, the ratio entered a downward trend, reaching a trough of 1.10. This decline indicates that the growth in the noncurrent asset base outpaced revenue generation during those years, leading to reduced asset efficiency. The ratio recovered to 1.17 in 2026, driven by the substantial increase in revenue which offset the continued growth in assets.
Area Asset Turnover: International
FedEx Corp.; International; area asset turnover calculation
| May 31, 2026 | May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | ||||||
| Noncurrent assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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).
1 2026 Calculation
Area asset turnover = Revenue ÷ Noncurrent assets
= ÷ =
The international segment demonstrates a period of volatility in revenue generation coupled with relatively stable asset management, resulting in a fluctuating asset turnover ratio over the observed six-year period.
- Revenue Trends
- Revenue exhibited a sharp increase to a peak of US$ 28,571 million in 2022, followed by a contraction period that bottomed at US$ 24,162 million in 2024. A recovery phase is evident in the final two years, with projected growth reaching US$ 26,776 million by 2026.
- Noncurrent Asset Movement
- The noncurrent asset base remained comparatively stable, characterized by a gradual decline from US$ 12,790 million in 2021 to a low of US$ 11,978 million in 2024. A subsequent upward trend is observed, with assets increasing to US$ 12,900 million by 2026.
- Area Asset Turnover Analysis
- The asset turnover ratio closely correlates with revenue fluctuations, peaking at 2.32 in 2022. Following the decline in revenue, the ratio retreated to 2.02 in 2024. The period concludes with a trend of marginal improvement and stabilization, with the ratio projected to rise to 2.08 by 2026, indicating a consistent efficiency in utilizing long-term assets to generate sales.
Revenue
FedEx Corp., revenue by geographic area
US$ in millions
| May 31, 2026 | May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | |
|---|---|---|---|---|---|---|
| U.S. | ||||||
| International | ||||||
| Total |
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).
Total revenue experienced a peak in May 2022 at US$ 93,512 million, following a significant increase from US$ 83,959 million in May 2021. A period of contraction followed, with revenue declining steadily to US$ 87,693 million by May 2024. After stabilizing in May 2025 at US$ 87,926 million, a projected recovery is observed for May 2026, with total revenue expected to reach a period high of US$ 94,720 million.
- U.S. Revenue Performance
- Domestic revenue showed an initial upward trend, rising from US$ 58,792 million in 2021 to a peak of US$ 64,941 million in 2022. This was followed by a gradual decline over the next three years, reaching US$ 62,916 million by May 2025. A sharp projected increase is noted for May 2026, where revenue is expected to rise to US$ 67,944 million.
- International Revenue Performance
- International revenue demonstrated greater volatility compared to domestic figures. After an increase to US$ 28,571 million in 2022, the segment saw a notable decline to US$ 24,162 million by May 2024. A recovery trend is observed starting in May 2025 at US$ 25,010 million, with a further projected increase to US$ 26,776 million by May 2026.
- Geographic Revenue Mix
- The U.S. market consistently serves as the dominant revenue driver, maintaining a significantly higher contribution to the total revenue stream than the international segment across all periods. The reliance on the domestic market is evident, as total revenue fluctuations closely mirror the trends observed in U.S. performance.
Noncurrent assets
FedEx Corp., noncurrent assets by geographic area
US$ in millions
| May 31, 2026 | May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | |
|---|---|---|---|---|---|---|
| U.S. | ||||||
| International | ||||||
| Total |
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 total noncurrent assets exhibit a consistent upward trajectory from May 31, 2021, to May 31, 2026, increasing from US$ 62,197 million to US$ 71,034 million. This growth is primarily driven by sustained expansion in domestic holdings, while international assets underwent a period of contraction before returning to a growth phase.
- U.S. Noncurrent Assets
- Domestic noncurrent assets show a continuous increase, rising from US$ 49,407 million in 2021 to US$ 58,134 million by 2026. The most significant growth occurred between 2021 and 2023, after which the rate of increase slowed considerably between 2023 and 2025, before accelerating again toward the end of the period.
- International Noncurrent Assets
- A divergent trend is observed in international assets, which declined steadily from US$ 12,790 million in 2021 to a low of US$ 11,978 million in 2024. This downward trend reversed in 2025, with assets increasing to US$ 12,201 million and further rising to US$ 12,900 million by May 31, 2026.
- Geographic Concentration
- The concentration of noncurrent assets in the U.S. market has intensified over the analyzed period. The domestic share of total noncurrent assets grew from approximately 79.4% in 2021 to approximately 81.8% in 2026, indicating a strategic weighting toward U.S.-based long-term investments.