Analysis of Geographic Areas
FedEx Corp. operates in 2 regions: U.S. and International.
Area Asset Turnover
FedEx Corp., asset turnover by geographic area
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | |
|---|---|---|---|---|---|---|
| U.S. | 1.15 | 1.22 | 1.19 | 1.06 | 1.43 | 1.44 |
| International | 2.09 | 2.32 | 1.97 | 1.82 | 2.72 | 2.53 |
Based on: 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).
| Area activity ratio | Geographic area | The company |
|---|---|---|
| Area asset turnover | U.S. | U.S. area asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| International | International area asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Area Asset Turnover: U.S.
FedEx Corp.; U.S.; area asset turnover calculation
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 64,890) | 64,941) | 58,792) | 48,404) | 47,584) | 43,581) |
| Noncurrent assets | 56,449) | 53,311) | 49,407) | 45,691) | 33,189) | 30,362) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 1.15 | 1.22 | 1.19 | 1.06 | 1.43 | 1.44 |
Based on: 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).
1 2023 Calculation
Area asset turnover = Revenue ÷ Noncurrent assets
= 64,890 ÷ 56,449 = 1.15
| Area activity ratio | Geographic area | The company |
|---|---|---|
| Area asset turnover | U.S. | U.S. area asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Area Asset Turnover: International
FedEx Corp.; International; area asset turnover calculation
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 25,265) | 28,571) | 25,167) | 20,813) | 22,109) | 21,869) |
| Noncurrent assets | 12,084) | 12,318) | 12,790) | 11,463) | 8,128) | 8,627) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 2.09 | 2.32 | 1.97 | 1.82 | 2.72 | 2.53 |
Based on: 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).
1 2023 Calculation
Area asset turnover = Revenue ÷ Noncurrent assets
= 25,265 ÷ 12,084 = 2.09
| Area activity ratio | Geographic area | The company |
|---|---|---|
| Area asset turnover | International | International area asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Revenue
FedEx Corp., revenue by geographic area
US$ in millions
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | |
|---|---|---|---|---|---|---|
| U.S. | 64,890) | 64,941) | 58,792) | 48,404) | 47,584) | 43,581) |
| International | 25,265) | 28,571) | 25,167) | 20,813) | 22,109) | 21,869) |
| Total | 90,155) | 93,512) | 83,959) | 69,217) | 69,693) | 65,450) |
Based on: 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).
Noncurrent assets
FedEx Corp., noncurrent assets by geographic area
US$ in millions
| May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | May 31, 2018 | |
|---|---|---|---|---|---|---|
| U.S. | 56,449) | 53,311) | 49,407) | 45,691) | 33,189) | 30,362) |
| International | 12,084) | 12,318) | 12,790) | 11,463) | 8,128) | 8,627) |
| Total | 68,533) | 65,629) | 62,197) | 57,154) | 41,317) | 38,989) |
Based on: 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).