Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
FedEx Corp., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31).
The analysis reveals that the company's profitability and efficiency metrics have experienced notable fluctuations over the observed periods. Key financial ratios such as operating profit margin, net profit margin, return on equity (ROE), and return on assets (ROA) exhibit patterns that indicate varying performance levels.
- Operating Profit Margin
- This margin showed a general increasing trend from 4.24% to a peak of 6.98% early in the timeline. After reaching this high, it exhibited some volatility, trending downward to approximately 5.45% before gradually climbing again to around 6.01%. This pattern suggests periods of strengthening operational efficiency followed by minor challenges, then a recovery phase towards the latest periods.
- Net Profit Margin
- The net profit margin initially increased significantly from 2.5% to 6.23%, indicating improved overall profitability. However, a decline followed, with the margin dropping to near 3.23%, implying increased costs, expenses, or other factors affecting net profit. Subsequently, the margin recovered moderately, stabilizing in the range of about 4.4% to 5%. This volatility reveals sensitivity likely related to non-operational factors or fluctuating expense management.
- Return on Equity (ROE)
- ROE experienced substantial growth early on, rising from 9.18% to a peak of 21.64%. Following this peak, it decreased markedly to about 12.1%, indicating reduced profitability for shareholders during that period. Despite this decline, ROE rebounded moderately and then stabilized within the 14% to 16% range in recent periods, reflecting a relatively steady capacity to generate profits from equity capital.
- Return on Assets (ROA)
- ROA trends similarly showed strong improvement initially, increasing from 2.3% to over 6% before declining to below 3.5%. A gradual recovery ensued, with ROA stabilizing between approximately 4.5% and 5.1%, indicative of improved asset utilization and operational efficiency in the latest periods after a period of reduced effectiveness.
Overall, the data illustrate initial periods of strong upward trends in profitability and efficiency, followed by phases of decline and subsequent recovery. While the company has not consistently maintained its peak performance levels, the trends in the most recent periods suggest a stabilization of its financial returns at moderate levels. These insights highlight the importance of monitoring operational efficiencies and the impact of external factors on both net profitability and asset returns to sustain long-term growth.
Return on Sales
Return on Investment
Operating Profit Margin
FedEx Corp., operating profit margin calculation (quarterly data)
| Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Operating income | 1,186) | 1,793) | 1,292) | 1,052) | 1,080) | 1,555) | 1,243) | 1,276) | 1,485) | 1,503) | 1,042) | 1,176) | 1,191) | 1,924) | 1,326) | 1,597) | 1,398) | 1,797) | 1,005) | 1,465) | 1,590) | |||||||
| Revenue | 22,244) | 22,220) | 22,160) | 21,967) | 21,579) | 22,109) | 21,738) | 22,165) | 21,681) | 21,930) | 22,169) | 22,814) | 23,242) | 24,394) | 23,641) | 23,474) | 22,003) | 22,565) | 21,510) | 20,563) | 19,321) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Operating profit margin1 | 6.01% | 5.93% | 5.67% | 5.64% | 5.88% | 6.34% | 6.29% | 6.03% | 5.88% | 5.45% | 5.76% | 5.97% | 6.37% | 6.68% | 6.67% | 6.47% | 6.54% | 6.98% | 5.76% | 5.27% | 4.24% | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Uber Technologies Inc. | — | — | 9.19% | 9.53% | 8.49% | 6.36% | 6.39% | 5.03% | 4.00% | 2.98% | 0.88% | -1.64% | -4.76% | -5.75% | -7.71% | -9.07% | -13.04% | -21.97% | -28.04% | -36.73% | -47.47% | |||||||
| Union Pacific Corp. | — | — | 40.62% | 40.33% | 40.06% | 40.05% | 39.51% | 38.76% | 38.02% | 37.65% | 37.64% | 38.53% | 39.22% | 39.87% | 40.71% | 41.59% | 42.90% | 42.83% | 41.98% | 41.35% | 39.80% | |||||||
| United Airlines Holdings Inc. | — | — | 8.27% | 8.62% | 9.71% | 8.93% | 8.20% | 8.56% | 7.94% | 7.84% | 8.74% | 8.47% | 7.52% | 5.20% | 1.35% | 0.37% | -3.51% | -4.15% | -13.85% | -37.01% | -63.87% | |||||||
| United Parcel Service Inc. | — | — | 9.18% | 9.30% | 9.37% | 9.30% | 8.84% | 8.24% | 9.15% | 10.05% | 10.59% | 12.09% | 12.52% | 13.05% | 13.64% | 13.56% | 13.46% | 13.17% | 11.60% | 11.27% | 10.48% | |||||||
Based on: 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31).
1 Q1 2026 Calculation
Operating profit margin = 100
× (Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025)
÷ (RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025)
= 100 × (1,186 + 1,793 + 1,292 + 1,052)
÷ (22,244 + 22,220 + 22,160 + 21,967)
= 6.01%
2 Click competitor name to see calculations.
- Revenue Trends
- The revenue of the company shows a fluctuating pattern over the reported quarters. Starting at 19,321 million USD in August 2020, it generally increases, reaching a peak near the middle of the timeframe around November 2020 to May 2022, fluctuating between approximately 22,000 to 24,000 million USD. Following that period, the revenue slightly stabilizes around the 21,500 to 22,200 million USD range without clear upward or downward momentum through August 2025.
- Operating Income Patterns
- Operating income exhibits substantial volatility across the quarters. Initial figures start at 1,590 million USD in August 2020, with alternating increases and declines observed through the period. Peaks occur notably in May 2021, May 2022, and May 2025, suggesting possible seasonal influences or operational cycles. The lowest points tend to align with quarters where revenues are also lower, indicating some correlation between revenue and operating income, though fluctuations in profitability appear more pronounced than revenue changes.
- Operating Profit Margin Analysis
- The operating profit margin percentage fluctuates between approximately 4.24% and 6.98%, showing a general tendency to peak near the middle of the period and moderately stabilize thereafter. The margin begins relatively low at 4.24% in August 2020, then improves to its highest at 6.98% in May 2021. Despite subsequent small declines, the margin remains mostly above 5.5% from August 2021 through the remainder of the timeline, indicating an improvement in cost efficiency or pricing power relative to revenue.
- Insight on Profitability and Efficiency
- While revenue growth is modest and somewhat stable in later periods, changes in operating income and profit margin suggest that the company has periods of stronger operational efficiency and profitability. The highest margins coincide with certain peaks in operating income, demonstrating effective cost management or improved revenue quality. However, the noticeable variability in operating income relative to revenue implies potential volatility in operating expenses or external factors impacting profitability.
- Summary of Financial Performance
- Overall, the company’s financial performance reveals steady revenue generation with moderate fluctuations. Operating income shows more pronounced cyclicality, potentially indicative of seasonality or shifts in operational conditions. The operating profit margin improving from lower levels earlier in the duration to more consistently above 5.5% suggests effective management of costs relative to sales, supporting profitability stability despite revenue variability.
Net Profit Margin
FedEx Corp., net profit margin calculation (quarterly data)
| Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net income | 824) | 1,648) | 909) | 741) | 794) | 1,474) | 879) | 900) | 1,078) | 1,538) | 771) | 788) | 875) | 558) | 1,112) | 1,044) | 1,112) | 1,868) | 892) | 1,226) | 1,245) | |||||||
| Revenue | 22,244) | 22,220) | 22,160) | 21,967) | 21,579) | 22,109) | 21,738) | 22,165) | 21,681) | 21,930) | 22,169) | 22,814) | 23,242) | 24,394) | 23,641) | 23,474) | 22,003) | 22,565) | 21,510) | 20,563) | 19,321) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Net profit margin1 | 4.65% | 4.65% | 4.46% | 4.45% | 4.62% | 4.94% | 5.02% | 4.87% | 4.71% | 4.41% | 3.23% | 3.54% | 3.79% | 4.09% | 5.60% | 5.49% | 5.88% | 6.23% | 3.85% | 3.28% | 2.50% | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Uber Technologies Inc. | — | — | 33.54% | 26.68% | 27.07% | 22.41% | 10.49% | 5.02% | 3.60% | 5.06% | 2.93% | -1.07% | -9.95% | -28.68% | -30.45% | -39.39% | -29.52% | -2.84% | -15.87% | -7.97% | -36.50% | |||||||
| Union Pacific Corp. | — | — | 28.73% | 28.43% | 27.77% | 27.82% | 27.33% | 26.90% | 26.52% | 26.45% | 26.37% | 27.18% | 27.91% | 28.13% | 28.95% | 29.23% | 30.06% | 29.92% | 29.19% | 28.60% | 27.02% | |||||||
| United Airlines Holdings Inc. | — | — | 5.64% | 5.71% | 6.34% | 5.52% | 4.94% | 5.28% | 4.90% | 4.87% | 5.45% | 5.24% | 3.93% | 1.64% | -1.85% | -3.43% | -6.85% | -7.97% | -16.19% | -37.89% | -63.43% | |||||||
| United Parcel Service Inc. | — | — | 6.15% | 6.34% | 6.44% | 6.35% | 6.25% | 5.87% | 6.60% | 7.37% | 9.19% | 10.41% | 10.90% | 11.51% | 11.07% | 10.92% | 10.90% | 13.25% | 6.83% | 6.57% | 5.78% | |||||||
Based on: 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31).
1 Q1 2026 Calculation
Net profit margin = 100
× (Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025
+ Net incomeQ2 2025)
÷ (RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025)
= 100 × (824 + 1,648 + 909 + 741)
÷ (22,244 + 22,220 + 22,160 + 21,967)
= 4.65%
2 Click competitor name to see calculations.
- Revenue Trends
- The revenue exhibited a generally stable pattern with moderate fluctuations over the observed periods. Starting at approximately 19.3 billion USD, revenue increased steadily until May 2021, reaching a peak near 22.5 billion USD. Following this peak, a slight decline was observed, with values oscillating around the 21.5 to 22.5 billion USD range in subsequent quarters. There is no clear long-term upward or downward trend, suggesting consistent operational scale with periodic short-term variability.
- Net Income Patterns
- Net income displayed more pronounced volatility compared to revenue. It started around 1.2 billion USD, experienced a notable peak of approximately 1.87 billion USD in May 2021, then decreased significantly to roughly 558 million USD by May 2022. Subsequently, the net income fluctuated, with some quarters showing recovery (e.g., 1.5 billion USD in May 2023 and 1.6 billion USD in May 2025) interspersed with periods of lower profitability. The irregular pattern indicates sensitivity to factors beyond revenue growth, possibly related to cost structure or external economic conditions.
- Net Profit Margin Analysis
- The net profit margin demonstrated a positive trend from 2.5% in August 2020 to a peak of 6.23% in May 2021. After this peak, margins declined but remained above 3.2% through 2022. From late 2022 onward, the margin stabilized around the 4.4% to 5.0% range, reflecting improved profitability efficiency compared to earlier periods. This suggests enhanced cost management or better pricing power despite the fluctuations in net income and revenue.
- Overall Insights
- The company showed stable revenue generation with periods of peak performance in net income and profit margins around mid-2021. Although net income exhibited variability, the maintained and slightly improved profit margins in recent periods indicate effective control over expenses relative to revenue. The cyclical nature of earnings suggests exposure to operational or market volatility, but the ability to sustain margins above 4% points to structural profitability resilience.
Return on Equity (ROE)
FedEx Corp., ROE calculation (quarterly data)
| Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net income | 824) | 1,648) | 909) | 741) | 794) | 1,474) | 879) | 900) | 1,078) | 1,538) | 771) | 788) | 875) | 558) | 1,112) | 1,044) | 1,112) | 1,868) | 892) | 1,226) | 1,245) | |||||||
| Common stockholders’ investment | 27,771) | 28,074) | 26,708) | 26,460) | 27,176) | 27,582) | 26,375) | 26,766) | 26,534) | 26,088) | 24,733) | 24,115) | 25,140) | 24,939) | 24,526) | 24,940) | 24,321) | 24,168) | 21,981) | 21,039) | 19,462) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROE1 | 14.84% | 14.58% | 14.67% | 14.69% | 14.89% | 15.70% | 16.66% | 16.02% | 15.73% | 15.23% | 12.10% | 13.82% | 14.28% | 15.34% | 20.94% | 19.71% | 20.96% | 21.64% | 13.78% | 11.65% | 9.18% | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||||
| Uber Technologies Inc. | — | — | 59.15% | 55.87% | 55.91% | 45.72% | 29.78% | 16.28% | 12.57% | 16.77% | 11.26% | -4.31% | -44.86% | -124.54% | -141.59% | -151.07% | -70.86% | -3.43% | -16.91% | -7.20% | -28.97% | |||||||
| Union Pacific Corp. | — | — | 40.75% | 42.66% | 41.97% | 39.95% | 40.02% | 39.38% | 40.79% | 43.14% | 45.45% | 51.02% | 56.19% | 57.54% | 60.21% | 53.89% | 57.26% | 46.06% | 44.49% | 41.12% | 32.09% | |||||||
| United Airlines Holdings Inc. | — | — | 23.02% | 24.75% | 29.01% | 24.84% | 24.17% | 27.89% | 29.26% | 28.08% | 32.32% | 34.60% | 28.79% | 10.69% | -15.35% | -30.80% | -54.75% | -39.05% | -59.20% | -112.74% | -129.12% | |||||||
| United Parcel Service Inc. | — | — | 34.77% | 36.38% | 37.39% | 34.59% | 33.61% | 30.85% | 35.05% | 38.76% | 44.64% | 50.02% | 53.80% | 58.36% | 65.94% | 67.12% | 69.80% | 90.44% | 53.57% | 56.25% | 72.34% | |||||||
Based on: 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31).
1 Q1 2026 Calculation
ROE = 100
× (Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025
+ Net incomeQ2 2025)
÷ Common stockholders’ investment
= 100 × (824 + 1,648 + 909 + 741)
÷ 27,771 = 14.84%
2 Click competitor name to see calculations.
- Net Income Trend
- Net income exhibits considerable variability over the observed periods, with values ranging from a low of 558 million USD to a high of 1868 million USD. There are noticeable peaks during May 2021 and May 2023, where net income surged significantly compared to adjacent quarters. Following these peaks, a decline is observed, though the net income remains generally above the levels reported in early 2021. The data demonstrates cyclical fluctuations rather than a steady trend, with some quarters reflecting sharp increases or decreases, indicating possible seasonality or external influences impacting profitability.
- Common Stockholders’ Investment
- The common stockholders’ investment shows a consistent upward trajectory throughout most of the timeline, increasing from approximately 19,462 million USD to over 28,000 million USD by mid-2025. This suggests ongoing capital injections, retained earnings, or other equity-related growth mechanisms strengthening the shareholder equity base. Minor fluctuations occur, but the overall trend is positive, reflecting an expansion in the equity position over the periods analyzed.
- Return on Equity (ROE)
- ROE percentages vary across quarters but remain within a range of approximately 9% to 22%. Early observations show an ascending trend from around 9% to a peak exceeding 21% by May 2021, after which ROE gradually decreases and stabilizes around the mid-teens percentage. The downward adjustment from early peaks may signal normalization following periods of high profitability or changes in earnings relative to equity. However, the ROE maintains a healthy level above 14% for the majority of the latter periods, indicating sustained efficiency in generating returns on shareholders' equity.
- Interrelation of Key Metrics
- Despite fluctuations in net income, the common stockholders’ investment steadily increases, which could dilute ROE if net income were stagnant. However, ROE remains relatively stable in the mid-range, suggesting that increases in equity are matched proportionally by earnings. The periods with peaks in net income correspond to elevations in ROE, reinforcing the positive impact of higher profitability on return metrics. The data highlights the dynamic balance between net income growth and equity expansion affecting overall return on investment.
- Summary Insight
- The financial data reveals a company experiencing variable quarterly earnings with pronounced high and low points, yet maintaining a firm growth in shareholder equity. The steady increase in common stockholders’ investment, combined with a moderate but steady ROE, indicates sustained capital strength and reasonable profitability management. Variability in net income and ROE suggests sensitivity to market conditions or operational cycles but does not undermine overall financial robustness as reflected by growing equity and consistent returns.
Return on Assets (ROA)
FedEx Corp., ROA calculation (quarterly data)
| Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net income | 824) | 1,648) | 909) | 741) | 794) | 1,474) | 879) | 900) | 1,078) | 1,538) | 771) | 788) | 875) | 558) | 1,112) | 1,044) | 1,112) | 1,868) | 892) | 1,226) | 1,245) | |||||||
| Total assets | 88,416) | 87,627) | 85,043) | 85,481) | 86,711) | 87,007) | 86,114) | 88,051) | 87,576) | 87,143) | 85,775) | 85,591) | 85,826) | 85,994) | 84,108) | 84,247) | 82,048) | 82,777) | 82,793) | 81,156) | 77,648) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROA1 | 4.66% | 4.67% | 4.61% | 4.55% | 4.67% | 4.98% | 5.10% | 4.87% | 4.77% | 4.56% | 3.49% | 3.89% | 4.18% | 4.45% | 6.11% | 5.84% | 6.21% | 6.32% | 3.66% | 3.02% | 2.30% | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||||
| Uber Technologies Inc. | — | — | 26.27% | 22.55% | 23.26% | 19.23% | 9.34% | 4.84% | 3.51% | 4.88% | 2.93% | -1.09% | -10.38% | -28.47% | -28.43% | -32.45% | -19.26% | -1.28% | -6.39% | -2.82% | -11.37% | |||||||
| Union Pacific Corp. | — | — | 10.27% | 10.11% | 9.83% | 9.96% | 9.82% | 9.58% | 9.50% | 9.50% | 9.57% | 10.19% | 10.61% | 10.69% | 10.82% | 10.63% | 10.64% | 10.27% | 9.93% | 9.48% | 8.44% | |||||||
| United Airlines Holdings Inc. | — | — | 4.32% | 4.29% | 4.81% | 4.25% | 3.81% | 4.01% | 3.74% | 3.68% | 3.91% | 3.64% | 2.73% | 1.09% | -1.09% | -1.73% | -2.87% | -2.88% | -4.64% | -7.78% | -10.90% | |||||||
| United Parcel Service Inc. | — | — | 7.71% | 8.08% | 8.55% | 8.25% | 8.30% | 7.57% | 8.76% | 9.47% | 12.17% | 14.23% | 14.93% | 16.24% | 16.09% | 15.60% | 15.35% | 18.57% | 9.81% | 9.37% | 8.17% | |||||||
Based on: 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31).
1 Q1 2026 Calculation
ROA = 100
× (Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025
+ Net incomeQ2 2025)
÷ Total assets
= 100 × (824 + 1,648 + 909 + 741)
÷ 88,416 = 4.66%
2 Click competitor name to see calculations.
The analysis over the observed periods reveals several notable trends in profitability, asset utilization, and operational performance.
- Net Income Trends
- Net income exhibits significant fluctuations across the quarters, with peaks and troughs occurring intermittently. There are periods of strong earnings, such as May 2021 (US$1,868 million), May 2023 (US$1,538 million), and May 2025 (US$1,648 million). Conversely, some quarters report relatively lower net income values, particularly in May 2022 (US$558 million) and November 2024 (US$741 million). The pattern suggests cyclical variation potentially influenced by seasonality or operational factors.
- Total Assets Movement
- Total assets demonstrate a generally stable pattern with a mild upward trend over the time frame. Values range from around US$77.6 billion initially to slightly above US$88.4 billion in the latest periods. Fluctuations are modest, reflecting steady asset base management and possible strategic investments.
- Return on Assets (ROA) Trend
- ROA shows considerable volatility in early periods ranging from 2.3% to a peak of 6.32% by May 2021, followed by a decline and stabilization around the 4.5% to 5.1% range in later quarters. This pattern suggests initial improvements in asset efficiency and profitability which moderate but maintain consistent returns subsequently.
- Relationship Between Net Income and ROA
- The peaks in net income often correspond with elevated ROA values, indicating that profitability gains are generally supported by asset efficiency. However, certain periods with lower net income also maintain moderate ROA, implying that asset utilization is not the sole driver of quarterly profitability variations.
- Seasonality and Cyclical Patterns
- The quarterly data reveal a repeating pattern of higher incomes and ROA figures, notably around the second quarter of each year (May), followed by variable results in subsequent quarters. This suggests underlying seasonal factors impacting financial outcomes.
Overall, the entity maintains a solid asset base with moderate growth, experiences notable volatility in earnings, and achieves consistent, if fluctuating, returns on assets. The data reflect cyclical business dynamics that may be influenced by market demand, operational efficiency, and external economic conditions.