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BUSINESS SEGMENTS AND DISAGGREGATED REVENUE (Tables)
 6 Months Ended
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 EndedSix Months Ended
November 30, 2025November 30, 2024November 30, 2025November 30, 2024
Federal Express segment:
Revenue$20,433 $18,841 $39,549 $37,146 
Operating expenses:
Salaries and employee benefits6,824 6,329 13,340 12,530 
Purchased transportation5,480 5,067 10,553 9,868 
Rentals and landing fees1,028 987 2,041 1,973 
Depreciation and amortization931 918 1,885 1,853 
Fuel779 835 1,539 1,789 
Maintenance and repairs773 715 1,510 1,434 
Separation and other costs18 — 23 — 
Business optimization costs7 206 28 249 
Intercompany charges(229)(205)(462)(392)
Other3,271 2,937 6,403 5,837 
Total operating expenses18,882 17,789 36,860 35,141 
Operating income$1,551 $1,052 $2,689 $2,005 
Three Months EndedSix Months Ended
November 30, 2025November 30, 2024November 30, 2025November 30, 2024
FedEx Freight segment:
Revenue$2,139 $2,177 $4,396 $4,506 
Operating expenses:
Salaries and employee benefits983 976 1,958 1,960 
Purchased transportation197 197 398 400 
Rentals and landing fees76 72 150 143 
Depreciation and amortization113 112 223 222 
Fuel110 111 223 232 
Maintenance and repairs89 88 170 170 
Separation and other costs152 — 161 — 
Intercompany allocations153 143 315 291 
Other176 166 348 337 
Total operating expenses2,049 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 income1,378 1,052 2,564 2,132 
Other (expense) income:
Interest, net(135)(102)(254)(186)
Other retirement plans, net59 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, 202574,154 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, 20241,301 230 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 EndedSix Months Ended
November 30, 2025November 30, 2024November 30, 2025November 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 segment2,139 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 EndedSix Months Ended
November 30, 2025November 30, 2024November 30, 2025November 30, 2024
Geographical information(1)
Revenue:
U.S.$16,720 $15,373 $32,695 $30,869 
International:
Federal Express segment6,449 6,262 12,416 11,999 
FedEx Freight segment60 63 122 128 
Other240 269 480 550 
Total international revenue6,749 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 
International12,119 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.