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BUSINESS SEGMENTS AND DISAGGREGATED REVENUE (Tables)

3 Months Ended

Aug. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Information

The following table presents segment information for the three-month period end August 31, 2025 (in millions):

			Federal Express Segment						FedEx Freight Segment						Corporate, other, and eliminations						Consolidated Total
Revenue			$	19,116					$	2,257					$	871					$	22,244
Operating expenses:
Salaries and employee benefits			6,516						975						571						8,062
Purchased transportation			5,073						201						214						5,488
Rentals and landing fees			1,013						74						105						1,192
Depreciation and amortization			954						110						28						1,092
Fuel			760						113						—						873
Maintenance and repairs			737						81						25						843
Separation and other costs			5						9						31						45
Business optimization costs			21						—						46						67
Intercompany allocations (charges)			(233)						162						71						—
Other			3,132						172						92						3,396
Total operating expenses			17,978						1,897						1,183						21,058
Operating income			$	1,138					$	360					$	(312)					1,186
Other (expense) income:
Interest, net																					(119)
Other retirement plans, net																					60
Other, net(1)																					7
Total other (expense) income																					(52)
Income before income taxes																					1,134
Provision for income taxes																					310
Net income																					$	824

(1)Includes costs related to the planned spin-off of FedEx Freight of $2 million included in “Corporate, other, and eliminations.”

The following table presents segment information for the three-month period ended August 31, 2024 (in millions):

			Federal Express Segment						FedEx Freight Segment						Corporate, other, and eliminations						Consolidated Total
Revenue			$	18,305					$	2,329					$	945					$	21,579
Operating expenses:
Salaries and employee benefits			6,201						984						600						7,785
Purchased transportation			4,801						203						271						5,275
Rentals and landing fees			986						71						104						1,161
Depreciation and amortization			935						110						33						1,078
Fuel			954						121						—						1,075
Maintenance and repairs			719						82						28						829
Business optimization costs			43						—						85						128
Intercompany allocations (charges)			(187)						148						39						—
Other			2,900						171						97						3,168
Total operating expenses			17,352						1,890						1,257						20,499
Operating income			$	953					$	439					$	(312)					1,080
Other (expense) income:
Interest, net																					(84)
Other retirement plans, net																					49
Other, net																					11
Total other (expense) income																					(24)
Income before income taxes																					1,056
Provision for income taxes																					262
Net income																					$	794

The following table provides a reconciliation of segment assets to our unaudited condensed consolidated financial statement totals as of the periods presented (in millions):

						Federal Express Segment						FedEx Freight Segment						Corporate, other, and eliminations						Consolidated Total
Segment assets
August 31, 2025 (Unaudited)						$	75,045					$	13,274					$	97					$	88,416
May 31, 2025						74,154						12,899						574						87,627

Schedule of Segment Capital Expenditures

The following table provides a reconciliation of reportable segment capital expenditures to consolidated totals for the three-month periods ended August 31, 2025 and 2024 (in millions).

						Federal Express Segment						FedEx Freight Segment						Corporate, other, and eliminations						Consolidated Total
August 31, 2025						$	568					$	32					$	23					$	623
August 31, 2024						703						35						29						767

Schedule of Revenue by Service Type and Geographical Information

The following table presents revenue by service type for the three months ended August 31, 2025 and 2024 (in millions):

						Three Months Ended
						August 31, 2025						August 31, 2024
REVENUE BY SERVICE TYPE
Federal Express segment:
Package:
U.S. priority						$	2,767					$	2,591
U.S. deferred						1,273						1,151
U.S. ground						8,654						8,056
Total U.S. domestic package revenue						12,694						11,798
International priority						2,258						2,206
International economy						1,354						1,360
Total international export package revenue						3,612						3,566
International domestic(1)						1,135						1,112
Total package revenue						17,441						16,476
Freight:
U.S.						303						569
International priority						595						526
International economy						528						463
Total freight revenue						1,426						1,558
Other						249						271
Total Federal Express Segment						19,116						18,305
FedEx Freight Segment						2,257						2,329
Other and eliminations(2)						871						945
						$	22,244					$	21,579

(1)International domestic revenue relates to our intra-country operations.

(2)Includes the FedEx Logistics, FedEx Office, and FedEx Dataworks operating segments.

The following table presents geographic revenue information for the three months ended August 31, 2025 and 2024 (in millions):

			August 31, 2025						August 31, 2024
GEOGRAPHICAL INFORMATION(1)
Revenue:
U.S.			$	15,975					$	15,496
International:
Federal Express segment			5,967						5,737
FedEx Freight segment			62						65
Other			240						281
Total international revenue			6,269						6,083
			$	22,244					$	21,579

(1)International revenue includes shipments that either originate in or are destined to locations outside the United States, which could include U.S. payors.

The following table presents geographic noncurrent asset information as of August 31, 2025 and May 31, 2025 (in millions):

GEOGRAPHICAL INFORMATION(1)			August 31, 2025 (unaudited)						May 31, 2025
Noncurrent assets:
U.S.			$	56,703					$	57,040
International			12,369						12,201
			$	69,072					$	69,241

(1)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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Business Segment Capital Expenditures

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Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information.

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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