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COMMITMENTS | 6 Months Ended
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Nov. 30, 2025
Commitments and Contingencies Disclosure [Abstract] |
COMMITMENTS | NOTE 8: COMMITMENTS As of November 30, 2025, our purchase commitments under various contracts for the remainder of 2026 and annually thereafter were as follows (in millions):
| Aircraft and Aircraft Related |  | Other(1) |  | Total
2026 (remainder) | $ | 652 |  |  | $ | 420 |  |  | $ | 1,072 |
2027 | 1,116 |  |  | 847 |  |  | 1,963 |
2028 | 990 |  |  | 650 |  |  | 1,640 |
2029 | 410 |  |  | 540 |  |  | 950 |
2030 | 204 |  |  | 118 |  |  | 322 |
Thereafter | 1,069 |  |  | 171 |  |  | 1,240 |
Total | $ | 4,441 |  |  | $ | 2,746 |  |  | $ | 7,187 |
(1) Primarily information technology and advertising contracts. The amounts reflected in the table above for purchase commitments represent noncancelable agreements to purchase goods or services. Open purchase orders that are cancelable are not considered unconditional purchase obligations for financial reporting purposes and are not included in the table above. As of November 30, 2025, we had $343 million in deposits and progress payments on aircraft purchases and other planned aircraft-related transactions. These deposits are classified in the “Other assets” caption of the accompanying unaudited condensed consolidated balance sheets. Aircraft and aircraft-related contracts are subject to price escalations. The following table is a summary of the key aircraft we are committed to purchase as of November 30, 2025, with the year of expected delivery:
| Cessna SkyCourier 408 |  | ATR 72-600F |  | B767F |  | B777F |  | Total
2026 (remainder) | 13 |  |  | 4 |  |  | 3 |  |  | — |  |  | 20 |
2027 | 4 |  |  | 3 |  |  | — |  |  | 5 |  |  | 12 |
2028 | — |  |  | 4 |  |  | — |  |  | 5 |  |  | 9 |
2029 | — |  |  | 4 |  |  | — |  |  | — |  |  | 4 |
2030 | — |  |  | 2 |  |  | — |  |  | — |  |  | 2 |
Thereafter | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | 17 |  |  | 17 |  |  | 3 |  |  | 10 |  |  | 47 |
A summary of future minimum lease payments under noncancelable operating and finance leases with an initial or remaining term in excess of one year as of November 30, 2025 is as follows (in millions):
| Aircraft and Related Equipment |  | Facilities and Other |  | Total Operating Leases |  | Finance Leases |  | Total Leases
2026 (remainder) | $ | 63 |  |  | $ | 1,449 |  |  | $ | 1,512 |  |  | $ | 65 |  |  | $ | 1,577 |
2027 | 124 |  |  | 3,046 |  |  | 3,170 |  |  | 138 |  |  | 3,308 |
2028 | 124 |  |  | 2,638 |  |  | 2,762 |  |  | 138 |  |  | 2,900 |
2029 | 117 |  |  | 2,235 |  |  | 2,352 |  |  | 135 |  |  | 2,487 |
2030 | 47 |  |  | 1,884 |  |  | 1,931 |  |  | 118 |  |  | 2,049 |
Thereafter | 91 |  |  | 8,219 |  |  | 8,310 |  |  | 631 |  |  | 8,941 |
Total lease payments | 566 |  |  | 19,471 |  |  | 20,037 |  |  | 1,225 |  |  | 21,262 |
Less imputed interest | (56) |  |  | (3,410) |  |  | (3,466) |  |  | (351) |  |  | (3,817) |
Present value of lease liability | $ | 510 |  |  | $ | 16,061 |  |  | $ | 16,571 |  |  | $ | 874 |  |  | $ | 17,445 |
While certain of our lease agreements contain covenants governing the use of the leased assets or require us to maintain certain levels of insurance, none of our lease agreements include material financial covenants or limitations. As of November 30, 2025, FedEx has entered into additional leases which have not yet commenced and are therefore not part of the right-of-use asset and liability. These leases are generally for build-to-suit facilities and have undiscounted future payments of approximately $1.1 billion that will commence when FedEx gains beneficial access to the leased asset. Commencement dates are expected to be from calendar years 2025 to 2027.

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- Definition The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 440 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/440/tableOfContent + Details
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