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BUSINESS SEGMENTS AND DISAGGREGATED REVENUE (Tables) | 6 Months Ended
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Nov. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Information | The following table presents segment information for the periods ended November 30, 2025 and 2024 (in millions):
| Three Months Ended |  | Six Months Ended
| November 30, 2025 |  | November 30, 2024 |  | November 30, 2025 |  | November 30, 2024
Federal Express segment: |  |  |  |  |  |  |
Revenue | $ | 20,433 |  |  | $ | 18,841 |  |  | $ | 39,549 |  |  | $ | 37,146 |
Operating expenses: |  |  |  |  |  |  |
Salaries and employee benefits | 6,824 |  |  | 6,329 |  |  | 13,340 |  |  | 12,530 |
Purchased transportation | 5,480 |  |  | 5,067 |  |  | 10,553 |  |  | 9,868 |
Rentals and landing fees | 1,028 |  |  | 987 |  |  | 2,041 |  |  | 1,973 |
Depreciation and amortization | 931 |  |  | 918 |  |  | 1,885 |  |  | 1,853 |
Fuel | 779 |  |  | 835 |  |  | 1,539 |  |  | 1,789 |
Maintenance and repairs | 773 |  |  | 715 |  |  | 1,510 |  |  | 1,434 |
Separation and other costs | 18 |  |  | — |  |  | 23 |  |  | — |
Business optimization costs | 7 |  |  | 206 |  |  | 28 |  |  | 249 |
Intercompany charges | (229) |  |  | (205) |  |  | (462) |  |  | (392) |
Other | 3,271 |  |  | 2,937 |  |  | 6,403 |  |  | 5,837 |
Total operating expenses | 18,882 |  |  | 17,789 |  |  | 36,860 |  |  | 35,141 |
Operating income | $ | 1,551 |  |  | $ | 1,052 |  |  | $ | 2,689 |  |  | $ | 2,005 |
| Three Months Ended |  | Six Months Ended
| November 30, 2025 |  | November 30, 2024 |  | November 30, 2025 |  | November 30, 2024
FedEx Freight segment: |  |  |  |  |  |  |
Revenue | $ | 2,139 |  |  | $ | 2,177 |  |  | $ | 4,396 |  |  | $ | 4,506 |
Operating expenses: |  |  |  |  |  |  |
Salaries and employee benefits | 983 |  |  | 976 |  |  | 1,958 |  |  | 1,960 |
Purchased transportation | 197 |  |  | 197 |  |  | 398 |  |  | 400 |
Rentals and landing fees | 76 |  |  | 72 |  |  | 150 |  |  | 143 |
Depreciation and amortization | 113 |  |  | 112 |  |  | 223 |  |  | 222 |
Fuel | 110 |  |  | 111 |  |  | 223 |  |  | 232 |
Maintenance and repairs | 89 |  |  | 88 |  |  | 170 |  |  | 170 |
Separation and other costs | 152 |  |  | — |  |  | 161 |  |  | — |
Intercompany allocations | 153 |  |  | 143 |  |  | 315 |  |  | 291 |
Other | 176 |  |  | 166 |  |  | 348 |  |  | 337 |
Total operating expenses | 2,049 |  |  | 1,865 |  |  | 3,946 |  |  | 3,755 |
Operating income | $ | 90 |  |  | $ | 312 |  |  | $ | 450 |  |  | $ | 751 |
Reconciliation of segment revenue: |  |  |  |  |  |  |
Total Federal Express and FedEx Freight revenue | $ | 22,572 |  |  | $ | 21,018 |  |  | $ | 43,945 |  |  | $ | 41,652 |
Other revenue(1) | 897 |  |  | 949 |  |  | 1,768 |  |  | 1,894 |
Total consolidated revenue | $ | 23,469 |  |  | $ | 21,967 |  |  | $ | 45,713 |  |  | $ | 43,546 |
Reconciliation of segment operating income to income before income taxes: |  |  |  |  |  |  |
Total Federal Express and FedEx Freight operating income | $ | 1,641 |  |  | $ | 1,364 |  |  | $ | 3,139 |  |  | $ | 2,756 |
Other operating loss(1) | (263) |  |  | (312) |  |  | (575) |  |  | (624) |
Operating income | 1,378 |  |  | 1,052 |  |  | 2,564 |  |  | 2,132 |
Other (expense) income: |  |  |  |  |  |  |
Interest, net | (135) |  |  | (102) |  |  | (254) |  |  | (186) |
Other retirement plans, net | 59 |  |  | 50 |  |  | 119 |  |  | 99 |
Other, net(2) | (13) |  |  | (19) |  |  | (6) |  |  | (8) |
Total other (expense) income | (89) |  |  | (71) |  |  | (141) |  |  | (95) |
Income before income taxes | $ | 1,289 |  |  | $ | 981 |  |  | $ | 2,423 |  |  | $ | 2,037 |
(1)Revenue and operating loss from segments below the quantitative thresholds are attributable to operating segments contained within “Corporate, other, and eliminations.” These operating segments include FedEx Corporate, FedEx Office, FedEx Logistics, and FedEx Dataworks. (2)Includes costs related to the planned spin-off of FedEx Freight of $2 million for the six-month period ended November 30, 2025, included in “Corporate, other, and eliminations.” The following table provides a reconciliation of segment assets to our unaudited condensed consolidated financial statement totals as of November 30, 2025 and May 31, 2025 (in millions):
| Federal Express Segment |  | FedEx Freight Segment |  | Corporate, other, and eliminations |  | Consolidated Total
Segment assets |  |  |  |  |  |  |
November 30, 2025 (Unaudited) | $ | 75,048 |  |  | $ | 13,615 |  |  | $ | 518 |  |  | $ | 89,181 |
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 six-month periods ended November 30, 2025 and 2024 (in millions):
| Federal Express Segment |  | FedEx Freight Segment |  | Corporate, other, and eliminations |  | Consolidated Total
Capital expenditures |  |  |  |  |  |  |
November 30, 2025 | $ | 1,208 |  |  | $ | 132 |  |  | $ | 40 |  |  | $ | 1,380 |
November 30, 2024 | 1,301 |  |  | 230 |  |  | 54 |  |  | 1,585 |
Schedule of Revenue by Service Type and Geographical Information | The following table presents revenue by service type for the periods ended November 30, 2025 and 2024 (in millions):
| Three Months Ended |  | Six Months Ended
| November 30, 2025 |  | November 30, 2024 |  | November 30, 2025 |  | November 30, 2024
Revenue by service type |  |  |  |  |  |  |
Federal Express segment: |  |  |  |  |  |  |
Package: |  |  |  |  |  |  |
U.S. priority | $ | 2,843 |  |  | $ | 2,563 |  |  | $ | 5,610 |  |  | $ | 5,154 |
U.S. deferred | 1,396 |  |  | 1,199 |  |  | 2,669 |  |  | 2,350 |
U.S. ground | 9,173 |  |  | 8,256 |  |  | 17,827 |  |  | 16,312 |
Total U.S. domestic package revenue | 13,412 |  |  | 12,018 |  |  | 26,106 |  |  | 23,816 |
International priority | 2,383 |  |  | 2,231 |  |  | 4,641 |  |  | 4,437 |
International economy | 1,511 |  |  | 1,588 |  |  | 2,865 |  |  | 2,948 |
Total international export package revenue | 3,894 |  |  | 3,819 |  |  | 7,506 |  |  | 7,385 |
International domestic(1) | 1,257 |  |  | 1,190 |  |  | 2,392 |  |  | 2,302 |
Total package revenue | 18,563 |  |  | 17,027 |  |  | 36,004 |  |  | 33,503 |
Freight: |  |  |  |  |  |  |
U.S. | 304 |  |  | 383 |  |  | 607 |  |  | 952 |
International priority | 617 |  |  | 640 |  |  | 1,212 |  |  | 1,166 |
International economy | 582 |  |  | 529 |  |  | 1,110 |  |  | 992 |
Total freight revenue | 1,503 |  |  | 1,552 |  |  | 2,929 |  |  | 3,110 |
Other | 367 |  |  | 262 |  |  | 616 |  |  | 533 |
Total Federal Express segment | 20,433 |  |  | 18,841 |  |  | 39,549 |  |  | 37,146 |
FedEx Freight segment | 2,139 |  |  | 2,177 |  |  | 4,396 |  |  | 4,506 |
Other and eliminations(2) | 897 |  |  | 949 |  |  | 1,768 |  |  | 1,894 |
| $ | 23,469 |  |  | $ | 21,967 |  |  | $ | 45,713 |  |  | $ | 43,546 |
(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 periods ended November 30, 2025 and 2024 (in millions):
| Three Months Ended |  | Six Months Ended
| November 30, 2025 |  | November 30, 2024 |  | November 30, 2025 |  | November 30, 2024
Geographical information(1) |  |  |  |  |  |  |
Revenue: |  |  |  |  |  |  |
U.S. | $ | 16,720 |  |  | $ | 15,373 |  |  | $ | 32,695 |  |  | $ | 30,869 |
International: |  |  |  |  |  |  |
Federal Express segment | 6,449 |  |  | 6,262 |  |  | 12,416 |  |  | 11,999 |
FedEx Freight segment | 60 |  |  | 63 |  |  | 122 |  |  | 128 |
Other | 240 |  |  | 269 |  |  | 480 |  |  | 550 |
Total international revenue | 6,749 |  |  | 6,594 |  |  | 13,018 |  |  | 12,677 |
| $ | 23,469 |  |  | $ | 21,967 |  |  | $ | 45,713 |  |  | $ | 43,546 |
(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 November 30, 2025 and May 31, 2025 (in millions):
Geographical information(1) | November 30, 2025 (unaudited) |  | May 31, 2025
Noncurrent assets: |  |  |
U.S. | $ | 56,409 |  |  | $ | 57,040 |
International | 12,119 |  |  | 12,201 |
| $ | 68,528 |  |  | $ | 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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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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