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BUSINESS SEGMENTS AND DISAGGREGATED REVENUE (Tables) | 12 Months Ended
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May 31, 2025
Segment Reporting [Abstract] |
Schedule of Segment Information | The following table presents segment information for the year ended May 31, 2025 (in millions):
| Federal Express Segment |  | FedEx Freight Segment |  | Corporate, other, and eliminations |  | Consolidated Total
Revenue | $ | 75,304 |  |  | $ | 8,892 |  |  | $ | 3,730 |  |  | $ | 87,926 |
Operating expenses: |  |  |  |  |  |  |
Salaries and employee benefits | 25,091 |  |  | 3,865 |  |  | 2,276 |  |  | 31,232 |
Purchased transportation | 19,974 |  |  | 807 |  |  | 987 |  |  | 21,768 |
Rentals and landing fees | 3,939 |  |  | 287 |  |  | 421 |  |  | 4,647 |
Depreciation and amortization | 3,722 |  |  | 416 |  |  | 126 |  |  | 4,264 |
Fuel | 3,316 |  |  | 457 |  |  | 2 |  |  | 3,775 |
Maintenance and repairs | 2,799 |  |  | 332 |  |  | 114 |  |  | 3,245 |
Asset impairment charges | 21 |  |  | — |  |  | — |  |  | 21 |
Business optimization costs | 384 |  |  | — |  |  | 372 |  |  | 756 |
Intercompany allocations (charges) | (791) |  |  | 573 |  |  | 218 |  |  | — |
Other(1) | 11,964 |  |  | 666 |  |  | 371 |  |  | 13,001 |
Total operating expenses | 70,419 |  |  | 7,403 |  |  | 4,887 |  |  | 82,709 |
Operating income | $ | 4,885 |  |  | $ | 1,489 |  |  | $ | (1,157) |  |  | 5,217 |
Other income (expense): |  |  |  |  |  |  |
Interest, net |  |  |  |  |  |  | (426) |
Other retirement plans, net(2) |  |  |  |  |  |  | 713 |
Other, net(3) |  |  |  |  |  |  | (63) |
Total other income (expense) |  |  |  |  |  |  | 224 |
Income before income taxes |  |  |  |  |  |  | 5,441 |
Provision for income taxes |  |  |  |  |  |  | 1,349 |
Net income |  |  |  |  |  |  | $ | 4,092 |
(1)Includes $88 million of net expenses included in Federal Express for international regulatory and legacy FedEx Ground legal matters. Also includes costs related to the planned spin-off of FedEx Freight of $38 million included in "Corporate, other, and eliminations." (2)Includes a pre-tax, noncash gain of $515 million associated with our MTM retirement plans accounting adjustments. (3)Includes $18 million related to the debt exchange offer and consent solicitation transactions in connection with the planned spin-off of FedEx Freight. The following table presents segment information for the year ended May 31, 2024 (in millions):
| Federal Express Segment |  | FedEx Freight Segment |  | Corporate, other, and eliminations |  | Consolidated Total
Revenue | $ | 74,663 |  |  | $ | 9,429 |  |  | $ | 3,601 |  |  | $ | 87,693 |
Operating expenses: |  |  |  |  |  |  |
Salaries and employee benefits | 24,606 |  |  | 3,923 |  |  | 2,432 |  |  | 30,961 |
Purchased transportation | 19,330 |  |  | 877 |  |  | 714 |  |  | 20,921 |
Rentals and landing fees | 3,863 |  |  | 280 |  |  | 428 |  |  | 4,571 |
Depreciation and amortization | 3,754 |  |  | 404 |  |  | 129 |  |  | 4,287 |
Fuel | 4,137 |  |  | 571 |  |  | 2 |  |  | 4,710 |
Maintenance and repairs | 2,848 |  |  | 330 |  |  | 113 |  |  | 3,291 |
Goodwill and other asset impairment charges | 157 |  |  | — |  |  | — |  |  | 157 |
Business optimization costs | 251 |  |  | — |  |  | 331 |  |  | 582 |
Intercompany allocations (charges) | (684) |  |  | 543 |  |  | 141 |  |  | — |
Other(1) | 11,582 |  |  | 680 |  |  | 392 |  |  | 12,654 |
Total operating expenses | 69,844 |  |  | 7,608 |  |  | 4,682 |  |  | 82,134 |
Operating income | $ | 4,819 |  |  | $ | 1,821 |  |  | $ | (1,081) |  |  | 5,559 |
Other income (expense): |  |  |  |  |  |  |
Interest, net |  |  |  |  |  |  | (375) |
Other retirement plans, net(2) |  |  |  |  |  |  | 722 |
Other, net |  |  |  |  |  |  | (70) |
Total other income (expense) |  |  |  |  |  |  | 277 |
Income before income taxes |  |  |  |  |  |  | 5,836 |
Provision for income taxes(3) |  |  |  |  |  |  | 1,505 |
Net income |  |  |  |  |  |  | $ | 4,331 |
(1)Includes a $57 million benefit included in “Corporate, other, and eliminations" for an insurance reimbursement related to pre- and post-judgment interest in connection with a legacy FedEx Ground legal matter. (2)Includes a pre-tax, noncash gain of $561 million associated with our MTM retirement plans accounting adjustments. (3)Includes a $54 million tax expense related to the remeasurement of state deferred income taxes under the new one FedEx structure. The following table presents segment information for the year ended May 31, 2023 (in millions):
| Federal Express Segment |  | FedEx Freight Segment |  | Corporate, other, and eliminations |  | Consolidated Total
Revenue | $ | 75,884 |  |  | $ | 10,084 |  |  | $ | 4,187 |  |  | $ | 90,155 |
Operating expenses: |  |  |  |  |  |  |
Salaries and employee benefits | 24,523 |  |  | 4,057 |  |  | 2,439 |  |  | 31,019 |
Purchased transportation | 19,677 |  |  | 1,078 |  |  | 1,035 |  |  | 21,790 |
Rentals and landing fees | 4,035 |  |  | 269 |  |  | 434 |  |  | 4,738 |
Depreciation and amortization | 3,655 |  |  | 387 |  |  | 134 |  |  | 4,176 |
Fuel | 5,157 |  |  | 748 |  |  | 4 |  |  | 5,909 |
Maintenance and repairs | 2,910 |  |  | 320 |  |  | 127 |  |  | 3,357 |
Goodwill and other asset impairment charges | 70 |  |  | — |  |  | 47 |  |  | 117 |
Business optimization costs | 47 |  |  | — |  |  | 262 |  |  | 309 |
Intercompany allocations (charges) | (689) |  |  | 542 |  |  | 147 |  |  | — |
Other(1) | 12,306 |  |  | 747 |  |  | 775 |  |  | 13,828 |
Total operating expenses | 71,691 |  |  | 8,148 |  |  | 5,404 |  |  | 85,243 |
Operating income | $ | 4,193 |  |  | $ | 1,936 |  |  | $ | (1,217) |  |  | 4,912 |
Other income (expense): |  |  |  |  |  |  |
Interest, net |  |  |  |  |  |  | (496) |
Other retirement plans, net(2) |  |  |  |  |  |  | 1,054 |
Other, net |  |  |  |  |  |  | (107) |
Total other income (expense) |  |  |  |  |  |  | 451 |
Income before income taxes |  |  |  |  |  |  | 5,363 |
Provision for income taxes |  |  |  |  |  |  | 1,391 |
Net income |  |  |  |  |  |  | $ | 3,972 |
(1)Includes $35 million in connection with a FedEx Ground legal matter included in “Corporate, other, and eliminations.” (2)Includes a pre-tax, noncash gain of $650 million associated with our MTM retirement plans accounting adjustments. The following table provides a reconciliation of segment assets to consolidated financial statement totals (in millions) for the years as of May 31:
| Federal Express Segment |  | FedEx Freight Segment |  | Corporate, other, and eliminations |  | Consolidated Total
Segment assets(1) |  |  |  |  |  |  |
2025 | $ | 74,154 |  |  | $ | 12,899 |  |  | $ | 574 |  |  | $ | 87,627 |
2024 | 73,259 |  |  | 11,615 |  |  | 2,133 |  |  | 87,007 |
2023 | 85,128 |  |  | 10,416 |  |  | (8,401) |  |  | 87,143 |
(1)Segment assets include intercompany receivables. In the fourth quarter of 2024, legacy FedEx Ground settled an intercompany balance of $19.5 billion with FedEx in preparation for the one FedEx consolidation.
Schedule of Segment Capital Expenditures | The following table provides a reconciliation of reportable segment capital expenditures to consolidated totals for the years ended May 31 (in millions):
| Federal Express Segment |  | FedEx Freight Segment |  | Other |  | Consolidated Total
2025 | $ | 3,505 |  |  | $ | 437 |  |  | $ | 113 |  |  | $ | 4,055 |
2024 | 4,591 |  |  | 461 |  |  | 124 |  |  | 5,176 |
2023 | 5,480 |  |  | 557 |  |  | 137 |  |  | 6,174 |
Schedule of Revenue by Service Type and Geographical Information | The following table presents revenue by service type and geographic information for the years ended or as of May 31 (in millions):
| 2025 |  | 2024 |  | 2023
REVENUE BY SERVICE TYPE |  |  |  |  |
Federal Express segment: |  |  |  |  |
Package: |  |  |  |  |
U.S. priority revenue | $ | 10,520 |  |  | $ | 10,543 |  |  | $ | 10,896 |
U.S. deferred revenue | 5,007 |  |  | 4,926 |  |  | 5,126 |
U.S. ground revenue | 33,887 |  |  | 32,981 |  |  | 32,352 |
Total U.S. domestic package revenue | 49,414 |  |  | 48,450 |  |  | 48,374 |
International priority | 8,737 |  |  | 9,454 |  |  | 10,938 |
International economy | 5,861 |  |  | 4,653 |  |  | 3,307 |
Total international export package revenue | 14,598 |  |  | 14,107 |  |  | 14,245 |
International domestic(1) | 4,495 |  |  | 4,659 |  |  | 4,552 |
Total package revenue | 68,507 |  |  | 67,216 |  |  | 67,171 |
Freight: |  |  |  |  |
U.S. | 1,536 |  |  | 2,391 |  |  | 2,883 |
International priority | 2,320 |  |  | 2,205 |  |  | 3,059 |
International economy | 1,975 |  |  | 1,874 |  |  | 1,719 |
Total freight revenue | 5,831 |  |  | 6,470 |  |  | 7,661 |
Other | 966 |  |  | 977 |  |  | 1,052 |
Total Federal Express segment | 75,304 |  |  | 74,663 |  |  | 75,884 |
FedEx Freight segment | 8,892 |  |  | 9,429 |  |  | 10,084 |
Other and eliminations(2) | 3,730 |  |  | 3,601 |  |  | 4,187 |
| $ | 87,926 |  |  | $ | 87,693 |  |  | $ | 90,155 |
GEOGRAPHICAL INFORMATION(3) |  |  |  |  |
Revenue: |  |  |  |  |
U.S. | $ | 62,916 |  |  | $ | 63,531 |  |  | $ | 64,890 |
International: |  |  |  |  |
Federal Express segment | 23,720 |  |  | 23,136 |  |  | 23,951 |
FedEx Freight segment | 247 |  |  | 266 |  |  | 264 |
Other | 1,043 |  |  | 760 |  |  | 1,050 |
Total international revenue | 25,010 |  |  | 24,162 |  |  | 25,265 |
| $ | 87,926 |  |  | $ | 87,693 |  |  | $ | 90,155 |
Noncurrent assets: |  |  |  |  |
U.S. | $ | 57,040 |  |  | $ | 56,822 |  |  | $ | 56,449 |
International | 12,201 |  |  | 11,978 |  |  | 12,084 |
| $ | 69,241 |  |  | $ | 68,800 |  |  | $ | 68,533 |
(1)International domestic revenue relates to our intra-country operations. (2)Includes the FedEx Office, FedEx Logistics, and FedEx Dataworks operating segments. (3)International revenue includes shipments that either originate in or are destined to locations outside the United States, which could include U.S. payors. Noncurrent assets include property and equipment, operating lease right-of-use assets, goodwill, and other long-term assets. Our flight equipment is registered in the U.S. and is included as U.S. assets; however, many of our aircraft operate internationally.

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