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<ACCESSION-NUMBER>0000950123-09-042585
<TYPE>8-K
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<PERIOD>20090909
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<ITEMS>8.01
<ITEMS>9.01
<FILING-DATE>20090911
<DATE-OF-FILING-DATE-CHANGE>20090911
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>FEDEX CORP
<CIK>0001048911
<ASSIGNED-SIC>4513
<IRS-NUMBER>621721435
<STATE-OF-INCORPORATION>DE
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<BUSINESS-ADDRESS>
<STREET1>942 SOUTH SHADY GROVE ROAD
<CITY>MEMPHIS
<STATE>TN
<ZIP>38120-
<PHONE>9018187500
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>942 SOUTH SHADY GROVE ROAD
<CITY>MEMPHIS
<STATE>TN
<ZIP>38120-
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>FDX CORP
<DATE-CHANGED>19971103
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<CONFORMED-NAME>FEDERAL EXPRESS CORP
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<STREET1>3610 HACKS CROSS ROAD
<CITY>MEMPHIS
<STATE>TN
<ZIP>38125
<PHONE>9013693600
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<FILENAME>c90078e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV style="font-size: 10pt">
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>


<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): September 9, 2009</B>

<P align="center">

<P align="center" style="font-size: 24pt"><B>FEDEX CORPORATION<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>1-15829</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>62-1721435</B></TD>
</TR>
<TR valign="top">
    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
</TR>
</TABLE>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>942 South Shady Grove Road, Memphis, Tennessee<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>38120</B></TD>
</TR>
<TR valign="top">
    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(901) 818-7500</B>


<TABLE border="0" width="30%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="100%">&nbsp;</TD>
</TR>
<TR>
    <TD nowrap style="border-bottom: 1px solid #000000"><B>&nbsp;</B></TD>
</TR>
<TR>
    <TD nowrap>(Former name or former address if changed since last report.)</TD>
</TR>
</TABLE>



<P align="center" style="font-size: 24pt"><B>FEDERAL EXPRESS CORPORATION<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>1-7806</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>71-0427007</B></TD>
</TR>
<TR valign="top">
    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
</TR>
</TABLE>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>3610 Hacks Cross Road, Memphis, Tennessee   <BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>38125</B></TD>
</TR>
<TR valign="top">
    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(901) 369-3600</B>


<TABLE border="0" width="30%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="100%">&nbsp;</TD>
</TR>
<TR>
    <TD nowrap style="border-bottom: 1px solid #000000"><B>&nbsp;</B></TD>
</TR>
<TR>
    <TD nowrap>(Former name or former address if changed since last report.)</TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


<P>
<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">1
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<P align="center" style="font-size: 10pt"><B>EXPLANATORY NOTE</B>



<P align="left" style="font-size: 10pt; text-indent: 4%">The information in Item&nbsp;2.02 of this Report, including the exhibit, is being furnished pursuant to Item&nbsp;2.02 of
Form 8-K and General Instruction B.2 thereunder. Such information shall not be deemed &#147;filed&#148; for purposes of Section
18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor
shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.


<P align="left" style="font-size: 10pt">
<B>SECTION 2. FINANCIAL INFORMATION.</B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>Item&nbsp;2.02.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Results of Operations and Financial Condition.</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt; text-indent: 4%">Attached as Exhibit&nbsp;99.1 and incorporated herein by reference is a copy of FedEx Corporation&#146;s press release,
dated September&nbsp;11, 2009, announcing expected earnings for the fiscal quarter ended August&nbsp;31, 2009.


<P align="left" style="font-size: 10pt"><B>SECTION 8. OTHER EVENTS.</B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>Item&nbsp;8.01.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Other Events.</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt; text-indent: 4%">On
September&nbsp;9, 2009, the Internal Revenue Service&#146;s audit
team (&#147;Audit Team&#148;) fully informed us of the results of their
employment tax audit for the 2002 calendar year regarding the classification of independent contractors at FedEx Ground
Package System, Inc. (&#147;FedEx Ground&#148;), a wholly owned subsidiary of FedEx Corporation. The Audit Team has proposed
that no assessment of federal employment tax be made with respect to FedEx Ground&#146;s independent contractors, with the
exception of independent contractors providing the FedEx Home Delivery service. With respect to those independent
contractors, the Audit Team has notified us that they propose to assess tax and penalties of $14&nbsp;million plus interest
for 2002. Substantially all of the proposed assessment relates to employment and withholding taxes for the 2002
calendar year.


<P align="left" style="font-size: 10pt; text-indent: 4%">We intend to contest the erroneous conclusions in the audit. We expect
that a final resolution may not occur for some time. We believe that we have strong defenses to the proposed
assessment and will vigorously defend our position, as we continue to believe that all of FedEx Ground&#146;s independent
contractors, including those providing the FedEx Home Delivery service, are independent contractors.


<P align="left" style="font-size: 10pt; text-indent: 4%">Similar issues are under audit by the IRS for calendar
years 2004 through 2008. As the IRS is still conducting audit work for calendar years 2004 through 2008, we cannot yet
determine the amount or a reasonable range of potential loss for these periods. However, we do not believe that loss
is probable for either calendar year 2002 or any subsequent period.


<P align="center" style="font-size: 10pt">2




<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">2
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<P align="left" style="font-size: 10pt"><B>SECTION 9. FINANCIAL STATEMENTS AND EXHIBITS.</B>


<P align="left" style="font-size: 10pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>



<P align="left" style="margin-left:4%; font-size: 10pt">(d)&nbsp;Exhibits. The following exhibit is being furnished as part of this Report.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="3" style="border-bottom: 0px solid #000000"><B>Exhibit</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release of FedEx Corporation
dated September&nbsp;11, 2009.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">3




<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">3
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<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report
to be signed on their behalf by the undersigned hereunto duly authorized.



<P align="left" style="margin-left:48%; font-size: 10pt"><B>FedEx Corporation</B>


<P align="left" style="font-size: 10pt">Date: September&nbsp;11, 2009


<P align="left" style="margin-left:48%; font-size: 10pt; margin-top: -11pt">By: <U><B>/</B>s/ HERBERT C. NAPPIER&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;</U>
<br>Herbert C. Nappier
<BR>
Staff Vice President and
<BR>
Corporate Controller



<P align="left" style="margin-left:48%; font-size: 10pt"><B>Federal Express Corporation</B>


<P align="left" style="font-size: 10pt">Date: September&nbsp;11, 2009



<P align="left" style="margin-left:48%; font-size: 10pt; margin-top: -11pt">By: <U><B>/</B>s/ J. RICK
BATEMAN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
<BR>
J. Rick Bateman
<BR>
Vice President and
<BR>
Worldwide Controller


<P align="center" style="font-size: 10pt">



<P align="center" style="font-size: 10pt">3




<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">4
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<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="3" style="border-bottom: 0px solid #000000"><B>Exhibit</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release of FedEx Corporation
dated September&nbsp;11, 2009.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="margin-right:2%; font-size: 10pt">


<P align="center" style="font-size: 10pt">E-1




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<P align="center" style="font-size: 10pt; display: none">5
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>c90078exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<TITLE>Exhibit 99.1</TITLE>
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<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><U><B>Exhibit&nbsp;99.1</B></U>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt">FOR IMMEDIATE RELEASE
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>FedEx Corp. First Quarter Earnings to Exceed Guidance</B><BR>
Second Quarter Earnings of $0.65 to $0.95 per Diluted Share Expected
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">MEMPHIS, Tenn. September&nbsp;11, 2009... FedEx Corporation (NYSE: FDX) today announced that it expects
to report earnings of $0.58 per diluted share for the first quarter ended August&nbsp;31, down 53% from
$1.23 per diluted share a year ago. The company&#146;s guidance for the quarter was $0.30 to $0.45 per
diluted share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">FedEx expects earnings to be $0.65 to $0.95 per diluted share in the second quarter, which reflects
the current outlook for fuel prices and a continued modest recovery in the global economy. A
substantial decline is expected from $1.58 per diluted share a year ago, as the company
significantly benefited from rapidly declining fuel prices and the timing lag that exists between
when fuel prices change and when indexed fuel surcharges automatically adjust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#147;FedEx first quarter financial performance exceeded our guidance thanks to better-than-expected
FedEx International Priority<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> volume, strict cost management and solid execution of our
strategy,&#148; said Alan B. Graf, Jr., FedEx Corp. chief financial officer. &#147;Despite some encouraging
signs in the global economy, it is difficult to predict the timing and pace of any economic
recovery. Revenue per shipment declined year over year in each of our transportation segments, as
fuel surcharges declined significantly and we continue to face a very competitive pricing
environment combined with significant overcapacity in the LTL freight market.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">FedEx will release the details of its first quarter earnings on September&nbsp;17, 2009.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>




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<P align="left" style="font-size: 10pt"><U><B>Corporate Overview</B></U>


<P align="left" style="font-size: 10pt">FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation,
e-commerce and business services. With annual revenues of $35&nbsp;billion, the company offers integrated business
applications through operating companies competing collectively and managed collaboratively, under the respected FedEx
brand. Consistently ranked among the world&#146;s most admired and trusted employers, FedEx inspires its more than 280,000
team members to remain &#147;absolutely, positively&#148; focused on safety, the highest ethical and professional standards and
the needs of their customers and communities. For more information, visit <U>news.fedex.com</U>.


<P align="left" style="font-size: 10pt">Certain statements in this press release may be considered forward-looking statements, such as statements relating to
management&#146;s views with respect to future events and financial performance. Such forward-looking statements are
subject to risks, uncertainties and other factors which could cause actual results to differ materially from historical
experience or from future results expressed or implied by such forward-looking statements. Potential risks and
uncertainties include, but are not limited to, economic conditions in the global markets in which we operate, legal
challenges or changes related to FedEx Ground&#146;s owner-operators, new U.S. domestic or international government
regulation, the impact from any terrorist activities or international conflicts, our ability to effectively operate,
integrate and leverage acquired businesses, changes in fuel prices and currency exchange rates, our ability to match
capacity to shifting volume levels and other factors which can be found in FedEx Corp.&#146;s and its subsidiaries&#146; press
releases and filings with the SEC.


<P align="left" style="font-size: 10pt">Media Contact: Jess Bunn 901-818-7463
<BR>
Investor Contact: Mickey Foster 901-818-7468
<BR>
Home Page: fedex.com


<P align="center" style="font-size: 10pt">&nbsp;

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