COMMITMENTS

6 Months Ended

Nov. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

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.