09/19/2024 | Press release | Distributed by Public on 09/19/2024 14:32
FedEx Corporation | |||
Condensed Consolidated Balance Sheets | |||
FY 2023 - FY 2025 | |||
May 31 | |||
In millions (except share data) | |||
FY 2023 | FY 2024 | Aug. 31, 2024 | |
ASSETS | |||
Current Assets | |||
Cash and cash equivalents | $ 6,856 | $ 6,501 | $ 5,943 |
Receivables, less allowances | 10,188 | 10,087 | 10,312 |
Spare parts, supplies, and fuel, less allowances | 604 | 614 | 611 |
Prepaid expenses and other | 962 | 1,005 | 1,228 |
Total current assets | 18,610 | 18,207 | 18,094 |
Property and Equipment, at Cost | |||
Aircraft and related equipment | 29,108 | 30,525 | |
Package handling and ground support equipment | 16,839 | 17,880 | |
Information technology | 8,792 | 9,203 | |
Vehicles and trailers | 10,191 | 10,568 | |
Facilities and other | 15,694 | 16,215 | |
80,624 | 84,391 | 85,158 | |
Less accumulated depreciation and amortization | 39,926 | 42,900 | 43,903 |
Net property and equipment | 40,698 | 41,491 | 41,255 |
Other Long-Term Assets | |||
Operating lease right-of-use-assets, net | 17,347 | 17,115 | 17,094 |
Goodwill and other asset impairment charges | 6,435 | 6,423 | 6,512 |
Other assets | 4,053 | 3,771 | 3,756 |
Total other long-term assets | 27,835 | 27,309 | 27,362 |
$ 87,143 | $ 87,007 | $ 86,711 | |
LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT | |||
Current Liabilities | |||
Current portion of long-term debt | $ 126 | $ 68 | $ 622 |
Accrued salaries and employee benefits | 2,475 | 2,673 | 2,336 |
Accounts payable | 3,848 | 3,189 | 3,738 |
Operating lease liabilities | 2,390 | 2,463 | 2,510 |
Accrued expenses | 4,747 | 4,962 | 4,905 |
Total current liabilities | 13,586 | 13,355 | 14,111 |
Long-Term Debt, Less Current Portion | 20,453 | 20,135 | 19,664 |
Other Long-Term Liabilities | |||
Deferred income taxes | 4,489 | 4,482 | 4,485 |
Pension, postretirement healthcare, and other benefit obligations | 3,130 | 2,010 | 1,780 |
Self-insurance accruals | 3,339 | 3,701 | 3,833 |
Operating lease liabilities | 15,363 | 15,053 | 14,969 |
Other liabilities | 695 | 689 | 693 |
Total other long-term liabilities | 27,016 | 25,935 | 25,760 |
Commitments and Contingencies | |||
Common Stockholders' Investment | |||
Common stock $0.10 par value; 800 million shares auth. | 32 | 32 | 32 |
Additional paid-in capital | 3,769 | 3,988 | 4,134 |
Retained earnings | 35,259 | 38,649 | 38,767 |
Accumulated other comprehensive loss | (1,327) | (1,359) | (1,332) |
Treasury stock, at cost | (11,645) | (13,728) | (14,425) |
Total common stockholders' investment | 26,088 | 27,582 | 27,176 |
$ 87,143 | $ 87,007 | $ 86,711 | |
Unaudited. Differences may result due to rounding. The condensed consolidated balance sheets were not revised as a result of the revised financial presentation related to our one FedEx consolidation. |
&"Arial,Regular"&10Q1 FY24 Stat Book / &P
FedEx Corporation | |||
Condensed Consolidated Statements of Cash Flows | |||
FY 2023 - FY 2025 | |||
Years ended May 31 | |||
In millions | |||
FY 2023 | FY 2024 | Q1 YTD FY 2025 | |
OPERATING ACTIVITIES | |||
Net income | $ 3,972 | $ 4,331 | $ 794 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 4,176 | 4,287 | 1,078 |
Provision for uncollectible accounts | 696 | 421 | 129 |
Other noncash items including leases and deferred income taxes | 3,472 | 2,919 | 817 |
Stock-based compensation | 182 | 163 | 48 |
Retirement plans mark-to-market adjustments | (650) | (561) | - |
Goodwill and other asset impairment charges | 117 | 157 | - |
Business optimization costs, net of payments | 23 | 26 | (69) |
Changes in assets and liabilities: | |||
Receivables | 782 | (270) | (305) |
Other current assets | 48 | (43) | (223) |
Pension and postretirement assets and liabilities, net | (623) | (522) | - |
Accounts payable and other liabilities | (3,331) | (2,553) | (1,105) |
Other, net | (16) | (43) | 23 |
Cash provided by operating activities | 8,848 | 8,312 | 1,187 |
INVESTING ACTIVITIES | |||
Capital expenditures | (6,174) | (5,176) | (767) |
Purchase of investments | (84) | (176) | (61) |
Proceeds from sale of investments | - | 38 | 13 |
Proceeds from asset dispositions and other | 84 | 114 | 13 |
Cash used in investing activities | (6,174) | (5,200) | (802) |
FINANCING ACTIVITIES | |||
Principal payments on debt | (152) | (147) | (34) |
Proceeds from stock issuances | 231 | 491 | 404 |
Dividends paid | (1,177) | (1,259) | (339) |
Purchase of treasury stock | (1,500) | (2,500) | (1,000) |
Other, net | 1 | (11) | - |
Cash used in financing activities | (2,597) | (3,426) | (969) |
Effect of exchange rate changes on cash | (118) | (41) | 26 |
CASH AND CASH EQUIVALENTS | |||
Net decrease in cash and cash equivalents | (41) | (355) | (558) |
Cash and cash equivalents at beginning of period | 6,897 | 6,856 | 6,501 |
Cash and cash equivalents at end of period | $ 6,856 | $6,501 | $5,943 |
Unaudited. Differences may result due to rounding. The condensed consolidated statements of cash flows were not revised as a result of the revised financial presentation related to our one FedEx consolidation. |
&"Arial,Regular"&10Q1 FY24 Stat Book / &P
FedEx Corporation | |||
Annual Consolidated Statements of Income | |||
FY 2023 - FY 2025 | |||
Years ended May 31 | |||
In millions, except EPS | |||
FY 2023 | FY 2024 | Q1 YTD FY 2025 | |
Revenue: | |||
Federal Express segment | $ 75,884 | $ 74,663 | $ 18,305 |
FedEx Freight segment | 10,084 | 9,429 | 2,329 |
Other and eliminations | 4,187 | 3,601 | 945 |
Total Revenue | 90,155 | 87,693 | 21,579 |
Operating Expenses: | |||
Salaries and employee benefits | 31,019 | 30,961 | 7,785 |
Purchased transportation | 21,790 | 20,921 | 5,275 |
Rentals and landing fees | 4,738 | 4,571 | 1,161 |
Depreciation and amortization | 4,176 | 4,287 | 1,078 |
Fuel | 5,909 | 4,710 | 1,075 |
Maintenance and repairs | 3,357 | 3,291 | 829 |
Business optimization and realignment costs1 | 309 | 582 | 128 |
Goodwill and other asset impairment charges | 117 | 157 | - |
Other | 13,828 | 12,654 | 3,168 |
Total Operating Expenses | 85,243 | 82,134 | 20,499 |
Operating Income: | |||
Federal Express segment | 4,193 | 4,819 | 953 |
FedEx Freight segment | 1,936 | 1,821 | 439 |
Corporate, other, and eliminations | (1,217) | (1,081) | (312) |
Total Operating Income | 4,912 | 5,559 | 1,080 |
Other Income (Expense): | |||
Interest, net | (496) | (375) | (84) |
Other retirement plans income (expense) | 1,054 | 722 | 49 |
Other, net | (107) | (70) | 11 |
Total Other Income (Expense) | 451 | 277 | (24) |
Income Before Income Taxes | 5,363 | 5,836 | 1,056 |
Provision for Income Taxes | 1,391 | 1,505 | 262 |
Net Income | $ 3,972 | $4,331 | $794 |
Basic Earnings Per Share | $ 15.60 | $17.41 | $3.24 |
Weighted Avg. Common Shares | 254 | 248 | 244 |
Diluted Earnings Per Share | $ 15.48 | $ 17.21 | $ 3.21 |
Weighted Avg. Diluted Shares | 256 | 251 | 247 |
SELECTED STATISTICS | |||
Operating Margin | 5.4% | 6.3% | 5.0% |
Pre-tax Margin | 5.9% | 6.7% | 4.9% |
Return on Assets | 4.6% | 5.0% | 4.6% |
Return on Equity | 15.5% | 16.1% | 15.1% |
Dividends Paid Per Common Share | $ 4.60 | $ 5.04 | $ 1.38 |
1 - FY25 includes business optimization costs of $128 million ($98 million, net of tax, or $0.39 per diluted share) associated with our business optimization strategy announced in 2023. | |||
Unaudited. Differences may result due to rounding. |
&"Arial,Regular"&10Q1 FY24 Stat Book / &P
FedEx Corporation | ||||||||
Quarterly Consolidated Statements of Income | ||||||||
FY 2023 - FY 2024 | ||||||||
Year ended May 31 | ||||||||
In millions, except EPS | ||||||||
FY 2023 | FY 2024 | |||||||
FIRST QUARTER | SECOND QUARTER | THIRD QUARTER | FOURTH QUARTER | FIRST QUARTER | SECOND QUARTER | THIRD QUARTER | FOURTH QUARTER | |
Revenue: | ||||||||
Federal Express segment | $ 19,184 | $ 19,157 | $ 18,919 | $ 18,624 | $ 18,426 | $ 18,773 | $ 18,672 | $ 18,792 |
FedEx Freight segment | 2,849 | 2,573 | 2,293 | 2,369 | 2,385 | 2,452 | 2,205 | 2,387 |
Other and eliminations | 1,209 | 1,084 | 957 | 937 | 870 | 940 | 861 | 930 |
Total revenue | 23,242 | 22,814 | 22,169 | 21,930 | 21,681 | 22,165 | 21,738 | 22,109 |
Operating Expenses: | ||||||||
Salaries and employee benefits | 7,859 | 7,792 | 7,817 | 7,551 | 7,785 | 7,833 | 7,693 | 7,650 |
Purchased transportation | 5,767 | 5,665 | 5,402 | 4,956 | 5,036 | 5,395 | 5,345 | 5,145 |
Rentals and landing fees | 1,159 | 1,195 | 1,205 | 1,179 | 1,151 | 1,138 | 1,145 | 1,137 |
Depreciation and amortization | 1,024 | 1,046 | 1,031 | 1,075 | 1,071 | 1,040 | 1,072 | 1,104 |
Fuel | 1,822 | 1,593 | 1,350 | 1,144 | 1,101 | 1,328 | 1,140 | 1,141 |
Maintenance and repairs | 904 | 882 | 789 | 782 | 824 | 854 | 804 | 809 |
Business optimization and realignment costs | 38 | 36 | 123 | 112 | 105 | 145 | 114 | 218 |
Goodwill and other asset impairment charges | - | - | - | 117 | - | - | - | 157 |
Other | 3,478 | 3,429 | 3,410 | 3,511 | 3,123 | 3,156 | 3,182 | 3,193 |
Total operating expenses | 22,051 | 21,638 | 21,127 | 20,427 | 20,196 | 20,889 | 20,495 | 20,554 |
Operating income: | ||||||||
Federal Express segment | 862 | 937 | 962 | 1,432 | 1,306 | 1,035 | 1,173 | 1,305 |
FedEx Freight segment | 657 | 442 | 387 | 450 | 482 | 491 | 341 | 507 |
Corporate, other, and eliminations | (328) | (203) | (307) | (379) | (303) | (250) | (271) | (257) |
Total Operating Income | 1,191 | 1,176 | 1,042 | 1,503 | 1,485 | 1,276 | 1,243 | 1,555 |
Other (expense) income: | ||||||||
Interest, net | (142) | (127) | (122) | (105) | (91) | (97) | (91) | (96) |
Other retirement plans income | 101 | 101 | 102 | 750 | 39 | 41 | 40 | 602 |
Other, net | 4 | (91) | - | (20) | (10) | (18) | (9) | (33) |
Total other (expense) Income | (37) | (117) | (20) | 625 | (62) | (74) | (60) | 473 |
Income before income taxes | 1,154 | 1,059 | 1,022 | 2,128 | 1,423 | 1,202 | 1,183 | 2,028 |
Provision for income taxes | 279 | 271 | 251 | 590 | 345 | 302 | 304 | 554 |
Net income | $ 875 | $ 788 | $ 771 | $ 1,538 | $ 1,078 | $ 900 | $ 879 | $ 1,474 |
Basic earnings per share | $ 3.37 | $ 3.08 | $ 3.07 | $ 6.10 | $ 4.28 | $ 3.59 | $ 3.55 | $ 6.00 |
Weighted avg. common shares | 259 | 255 | 251 | 252 | 251 | 250 | 247 | 245 |
Diluted earnings per share | $ 3.33 | $ 3.07 | $ 3.05 | $ 6.05 | $ 4.23 | $ 3.55 | $ 3.51 | $ 5.94 |
Weighted avg. diluted shares | 262 | 256 | 253 | 254 | 254 | 253 | 250 | 248 |
Selected statistics | ||||||||
Operating margin | 5.1% | 5.2% | 4.7% | 6.9% | 6.8% | 5.8% | 5.7% | 7.0% |
Pre-tax margin | 5.0% | 4.6% | 4.6% | 9.7% | 6.6% | 5.4% | 5.4% | 9.2% |
Dividends paid per common share | $ 1.15 | $ 1.15 | $ 1.15 | $ 1.15 | $ 1.26 | $ 1.26 | $ 1.26 | $ 1.26 |
Unaudited. Differences may result due to rounding. |
&"Arial,Regular"&10Q1 FY24 Stat Book / &P
FedEx Corporation | |||
Quarterly Consolidated Statements of Income | |||
FY 2025 | |||
Years ended May 31 | |||
In millions, except EPS | |||
FY 2025 | |||
FIRST QUARTER | SECOND QUARTER | THIRD QUARTER | FOURTH QUARTER |
Revenue: | |||
Federal Express segment | $ 18,305 | ||
FedEx Freight segment | 2,329 | ||
Other and eliminations | 945 | ||
Total revenue | 21,579 | ||
Operating expenses: | |||
Salaries and employee benefits | 7,785 | ||
Purchased transportation | 5,275 | ||
Rentals and landing fees | 1,161 | ||
Depreciation and amortization | 1,078 | ||
Fuel | 1,075 | ||
Maintenance and repairs | 829 | ||
Business optimization1 | 128 | ||
Other | 3,168 | ||
Total operating expenses | 20,499 | ||
Operating income: | |||
Federal Express segment | 953 | ||
FedEx Freight segment | 439 | ||
Corporate, other, and eliminations | (312) | ||
Total operating income | 1,080 | ||
Other (expense) income: | |||
Interest, net | (84) | ||
Other retirement plans income | 49 | ||
Other, net | 11 | ||
Total other (expense) Income | (24) | ||
Income before income taxes | 1,056 | ||
Provision for income taxes | 262 | ||
Net income | $ 794 | ||
Basic earnings per share | $3.24 | ||
Weighted avg. common shares | 244 | ||
Diluted earnings per share | $3.21 | ||
Weighted avg. diluted shares | 247 | ||
Selected statistics | |||
Operating margin | 5.0% | ||
Pre-tax margin | 4.9% | ||
Dividends paid per common share | $ 1.38 | ||
1 - First quarter 2025 includes business optimization costs of $128 million ($98 million, net of tax, or $0.39 per diluted share) associated with our business optimization strategy announced in 2023. | |||
Unaudited. Differences may result due to rounding. |
&"Arial,Regular"&10Q1 FY24 Stat Book / &P
FedEx Corporation | |||
Capital Expenditures | |||
FY 2023 - FY 2025 | |||
Years ended May 31 | |||
In millions | |||
FY 2023 | FY 2024 | Q1 YTD FY 2025 | |
By Asset Type | |||
Aircraft and related equipment | $ 1,684 | $ 1,627 | $ 181 |
Package handling and ground support equipment | 1,851 | 974 | 197 |
Vehicles and trailers | 719 | 709 | 90 |
Information technology | 802 | 656 | 153 |
Facilities and other | 1,118 | 1,210 | 146 |
Total | $ 6,174 | $ 5,176 | $ 767 |
By Segment | |||
Federal Express segment | $ 5,480 | $ 4,591 | $ 703 |
FedEx Freight segment | 557 | 461 | 35 |
Other | 137 | 124 | 29 |
Total | $ 6,174 | $ 5,176 | $ 767 |
Unaudited. Differences may result due to rounding. |
&"Arial,Regular"&10Q1 FY24 Stat Book / &P
Federal Express Segment | |||
Annual Consolidated Statements of Income | |||
FY 2023 - FY 2025 | |||
Years ended May 31 | |||
In millions | |||
FY 2023 | FY 2024 | Q1 YTD FY 2025 | |
Revenue: | |||
Package: | |||
U.S. priority | $ 10,896 | $ 10,543 | $ 2,591 |
U.S. deferred | 5,126 | 4,926 | 1,151 |
U.S. ground | 32,352 | 32,981 | 8,056 |
Total U.S. domestic package revenue | 48,374 | 48,450 | 11,798 |
International priority | 10,938 | 9,454 | 2,206 |
International economy | 3,307 | 4,653 | 1,360 |
Total international export package revenue | 14,245 | 14,107 | 3,566 |
International domestic1 | 4,552 | 4,659 | 1,112 |
Total package revenue | 67,171 | 67,216 | 16,476 |
Freight: | |||
U.S. | 2,883 | 2,391 | 569 |
International priority | 3,059 | 2,205 | 526 |
International economy | 1,719 | 1,874 | 463 |
Total freight revenue | 7,661 | 6,470 | 1,558 |
Other | 1,052 | 977 | 271 |
Total revenue | 75,884 | 74,663 | 18,305 |
Operating expenses: | |||
Salaries and employee benefits | 24,523 | 24,606 | 6,201 |
Purchased transportation | 19,677 | 19,330 | 4,801 |
Rentals and landing fees | 4,035 | 3,863 | 986 |
Depreciation and amortization | 3,655 | 3,754 | 935 |
Fuel | 5,157 | 4,137 | 954 |
Maintenance and repairs | 2,910 | 2,848 | 719 |
Asset impairment charges | 70 | 157 | - |
Business optimization and realignment costs2 | 47 | 251 | 43 |
Intercompany allocations | (689) | (684) | (187) |
Other | 12,306 | 11,582 | 2,900 |
Total operating expenses | 71,691 | 69,844 | 17,352 |
Operating income | $ 4,193 | $ 4,819 | $ 953 |
Operating margin | 5.5% | 6.5% | 5.2% |
1 - International domestic revenue relates to our international intra-country operations. | |||
2 - FY25 includes business optimization costs of $43 million associated with our business optimization strategy announced in 2023. | |||
Unaudited. Differences may result due to rounding. |
&"Arial,Regular"&10Q1 FY24 Stat Book / &P
Federal Express Segment | ||||||||
Quarterly Consolidated Statements of Income | ||||||||
FY 2023 - FY 2024 | ||||||||
Year ended May 31 | ||||||||
In millions | ||||||||
FY 2023 | FY 2024 | |||||||
FIRST QUARTER | SECOND QUARTER | THIRD QUARTER | FOURTH QUARTER | FIRST QUARTER | SECOND QUARTER | THIRD QUARTER | FOURTH QUARTER | |
Revenue: | ||||||||
Package: | ||||||||
U.S. priority | $ 2,841 | $ 2,711 | $ 2,642 | $ 2,702 | $ 2,673 | $ 2,605 | $ 2,595 | $ 2,670 |
U.S. deferred | 1,287 | 1,253 | 1,346 | 1,240 | 1,187 | 1,207 | 1,316 | 1,216 |
U.S. ground | 7,870 | 8,103 | 8,367 | 8,012 | 8,133 | 8,309 | 8,363 | 8,176 |
Total U.S. domestic package revenue | 11,998 | 12,067 | 12,355 | 11,954 | 11,993 | 12,121 | 12,274 | 12,062 |
International priority | 2,897 | 2,822 | 2,566 | 2,653 | 2,327 | 2,390 | 2,317 | 2,420 |
International economy | 808 | 812 | 791 | 896 | 1,117 | 1,183 | 1,107 | 1,246 |
Total international export package revenue | 3,705 | 3,634 | 3,357 | 3,549 | 3,444 | 3,573 | 3,424 | 3,666 |
International domestic1 | 1,106 | 1,166 | 1,128 | 1,152 | 1,140 | 1,213 | 1,139 | 1,167 |
Total package revenue | 16,809 | 16,867 | 16,840 | 16,655 | 16,577 | 16,907 | 16,837 | 16,895 |
Freight: | ||||||||
U.S. | 790 | 777 | 715 | 601 | 577 | 577 | 641 | 596 |
International priority | 887 | 811 | 688 | 673 | 553 | 568 | 520 | 564 |
International economy | 429 | 440 | 414 | 436 | 472 | 470 | 438 | 494 |
Total freight revenue | 2,106 | 2,028 | 1,817 | 1,710 | 1,602 | 1,615 | 1,599 | 1,654 |
Other | 269 | 262 | 262 | 259 | 247 | 251 | 236 | 243 |
Total revenue | 19,184 | 19,157 | 18,919 | 18,624 | 18,426 | 18,773 | 18,672 | 18,792 |
Operating expenses: | ||||||||
Salaries and employee benefits | 6,159 | 6,129 | 6,247 | 5,988 | 6,171 | 6,208 | 6,141 | 6,086 |
Purchased transportation | 5,049 | 5,120 | 4,952 | 4,556 | 4,677 | 4,980 | 4,954 | 4,719 |
Rentals and landing fees | 984 | 1,019 | 1,031 | 1,001 | 975 | 963 | 968 | 957 |
Depreciation and amortization | 885 | 909 | 922 | 939 | 929 | 925 | 933 | 967 |
Fuel | 1,593 | 1,381 | 1,187 | 996 | 961 | 1,164 | 1,005 | 1,007 |
Maintenance and repairs | 788 | 764 | 681 | 677 | 722 | 732 | 697 | 697 |
Asset impairment charges | - | - | - | 70 | - | - | - | 157 |
Business optimization and realignment costs | 14 | 11 | 3 | 19 | 27 | 77 | 45 | 102 |
Intercompany allocations | (173) | (172) | (173) | (171) | (175) | (168) | (167) | (174) |
Other | 3,023 | 3,059 | 3,107 | 3,117 | 2,833 | 2,857 | 2,923 | 2,969 |
Total operating expenses | 18,322 | 18,220 | 17,957 | 17,192 | 17,120 | 17,738 | 17,499 | 17,487 |
Operating income | $ 862 | $ 937 | $ 962 | $ 1,432 | $ 1,306 | $ 1,035 | $ 1,173 | $ 1,305 |
Operating margin | 4.5% | 4.9% | 5.1% | 7.7% | 7.1% | 5.5% | 6.3% | 6.9% |
1 - International domestic revenue relates to our international intra-country operations. | ||||||||
Unaudited. Differences may result due to rounding. |
&"Arial,Regular"&10Q1 FY24 Stat Book / &P
Federal Express Segment | |||
Quarterly Consolidated Statements of Income | |||
FY 2025 | |||
Years ended May 31 | |||
In millions | |||
FY 2025 | |||
FIRST QUARTER | SECOND QUARTER | THIRD QUARTER | FOURTH QUARTER |
Revenue: | |||
Package: | |||
U.S. priority | $ 2,591 | ||
U.S. deferred | 1,151 | ||
U.S. ground | 8,056 | ||
Total U.S. domestic package revenue | 11,798 | ||
International priority | 2,206 | ||
International economy | 1,360 | ||
Total international export package revenue | 3,566 | ||
International domestic1 | 1,112 | ||
Total package revenue | 16,476 | ||
Freight: | |||
U.S. | 569 | ||
International priority | 526 | ||
International economy | 463 | ||
Total freight revenue | 1,558 | ||
Other | 271 | ||
Total revenue | 18,305 | ||
Operating expenses: | |||
Salaries and employee benefits | 6,201 | ||
Purchased transportation | 4,801 | ||
Rentals and landing fees | 986 | ||
Depreciation and amortization | 935 | ||
Fuel | 954 | ||
Maintenance and repairs | 719 | ||
Business optimization2 | 43 | ||
Intercompany allocations | (187) | ||
Other | 2,900 | ||
Total operating expenses | 17,352 | ||
Operating income | $ 953 | ||
Operating margin | 5.2% | ||
1 - International domestic revenue relates to our international intra-country operations. | |||
2 - First quarter 2025 includes business optimization costs of $43 million associated with our business optimization strategy announced in 2023. | |||
Unaudited. Differences may result due to rounding. |
&"Arial,Regular"&10Q1 FY24 Stat Book / &P
Federal Express Segment | |||
Annual Operating Statistics | |||
FY 2023 - FY 2025 | |||
Year ended May 31 | |||
In thousands, except yield amounts | |||
FY 2023 | FY 2024 | Q1 YTD FY 2025 | |
Package Statistics | |||
Average daily package volume (ADV)1: | |||
U.S. priority | 1,724 | 1,649 | 1,600 |
U.S. deferred | 1,064 | 1,015 | 968 |
U.S. ground commercial | 4,194 | 4,276 | 4,289 |
U.S. ground home delivery/economy | 6,756 | 6,678 | 6,438 |
Total U.S. domestic ADV | 13,738 | 13,618 | 13,295 |
International priority | 708 | 667 | 622 |
International economy | 311 | 394 | 491 |
Total international export ADV | 1,019 | 1,061 | 1,113 |
International domestic2 | 1,967 | 1,936 | 1,823 |
Total ADV | 16,724 | 16,615 | 16,231 |
Revenue per package (yield): | |||
U.S. priority | $ 24.78 | $ 24.98 | $ 25.30 |
U.S. deferred | 18.91 | 18.97 | 18.59 |
U.S. ground | 11.59 | 11.76 | 11.73 |
Total U.S. domestic composite | 13.81 | 13.90 | 13.87 |
International priority | 60.61 | 55.36 | 55.37 |
International economy | 41.73 | 46.14 | 43.33 |
International export composite | 54.85 | 51.94 | 50.06 |
International domestic2 | 9.07 | 9.40 | 9.53 |
Composite package yield | $ 15.75 | $ 15.80 | $ 15.86 |
Freight Statistics | |||
Average daily freight pounds: | |||
U.S. | 6,711 | 5,636 | 5,319 |
International priority | 5,435 | 4,444 | 4,465 |
International economy | 12,099 | 11,364 | 10,706 |
Total average daily freight pounds | 24,245 | 21,444 | 20,490 |
Revenue per pound (yield): | |||
U.S. | $ 1.68 | $ 1.66 | $ 1.67 |
International priority | 2.21 | 1.94 | 1.84 |
International economy | 0.56 | 0.64 | 0.68 |
Composite freight yield | $ 1.24 | $ 1.18 | $ 1.19 |
Package YOY growth rates | |||
Average daily volume growth: | |||
U.S. priority | (4.4%) | (4.8%) | |
U.S. deferred | (4.6%) | (0.2%) | |
U.S. ground commercial | 2.0% | - | |
U.S. ground home delivery/economy | (1.2%) | 0.4% | |
Total U.S. domestic | (0.9%) | (0.4%) | |
International priority | (5.8%) | (5.5%) | |
International economy | 26.7% | 34.5% | |
Total international export | 4.1% | 8.8% | |
International domestic2 | (1.6%) | (3.9%) | |
Total package volume growth | (0.7%) | (0.2%) | |
Revenue growth: | |||
U.S. priority | (3.2%) | (3.1%) | |
U.S. deferred | (3.9%) | (3.0%) | |
U.S. ground | 1.9% | (0.9%) | |
Total U.S. domestic | 0.2% | (1.6%) | |
International priority | (13.6%) | (5.2%) | |
International economy | 40.7% | 21.8% | |
Total international export | (1.0%) | 3.5% | |
International domestic2 | 2.4% | (2.5%) | |
Total package revenue growth | 0.1% | (0.6%) | |
Avg pounds per package | 14.1 | 14.6 | 14.3 |
Avg revenue per package lb. | $1.12 | $1.08 | $1.11 |
Operating days | 255 | 256 | 64 |
1 - Average daily package volume is calculated on a five-days-per-week basis. U.S. ground home delivery/economy has been revised from the seven-days-per-week calculation to align with the revised financial presentation related to our one FedEx consolidation. | |||
2 - International domestic statistics relate to our international intra-country operations. | |||
Unaudited. Differences may result due to rounding. |
&"Arial,Regular"&10Q1 FY24 Stat Book / &P
Federal Express Segment | ||||||||
Quarterly Operating Statistics | ||||||||
FY 2023 - FY 2024 | ||||||||
Year ended May 31 | ||||||||
In thousands, except yield amounts | ||||||||
FY 2023 | FY 2024 | |||||||
FIRST QUARTER | SECOND QUARTER | THIRD QUARTER | FOURTH QUARTER | FIRST QUARTER | SECOND QUARTER | THIRD QUARTER | FOURTH QUARTER | |
Package Statistics | ||||||||
Average daily package volume (ADV)1: | ||||||||
U.S. priority | 1,770 | 1,740 | 1,709 | 1,676 | 1,680 | 1,676 | 1,634 | 1,606 |
U.S. deferred | 1,070 | 1,043 | 1,141 | 1,002 | 970 | 1,009 | 1,104 | 978 |
U.S. ground commercial | 4,177 | 4,314 | 4,156 | 4,132 | 4,287 | 4,392 | 4,189 | 4,237 |
U.S. ground home delivery/economy | 6,495 | 6,934 | 7,377 | 6,253 | 6,411 | 6,991 | 7,090 | 6,243 |
Total U.S. domestic ADV | 13,512 | 14,031 | 14,383 | 13,063 | 13,348 | 14,068 | 14,017 | 13,064 |
International priority | 700 | 736 | 701 | 695 | 658 | 673 | 663 | 674 |
International economy | 293 | 320 | 312 | 318 | 365 | 406 | 393 | 412 |
Total international export ADV | 993 | 1,056 | 1,013 | 1,013 | 1,023 | 1,079 | 1,056 | 1,086 |
International domestic2 | 1,860 | 2,119 | 1,974 | 1,922 | 1,896 | 2,085 | 1,883 | 1,884 |
Total ADV | 16,365 | 17,206 | 17,370 | 15,998 | 16,267 | 17,232 | 16,956 | 16,034 |
Revenue per package (yield): | ||||||||
U.S. priority | $ 24.70 | $ 24.73 | $ 24.93 | $ 24.79 | $ 24.49 | $ 24.67 | $ 25.20 | $ 25.58 |
U.S. deferred | 18.49 | 19.07 | 19.02 | 19.06 | 18.81 | 19.00 | 18.93 | 19.14 |
U.S. ground | 11.35 | 11.43 | 11.70 | 11.87 | 11.70 | 11.59 | 11.77 | 12.00 |
Total U.S. domestic composite | 13.66 | 13.65 | 13.85 | 14.08 | 13.82 | 13.68 | 13.90 | 14.20 |
International priority | 63.66 | 60.90 | 59.05 | 58.75 | 54.37 | 56.37 | 55.48 | 55.23 |
International economy | 42.48 | 40.23 | 40.90 | 43.29 | 47.15 | 46.19 | 44.71 | 46.54 |
International export composite | 57.42 | 54.63 | 53.46 | 53.89 | 51.80 | 52.54 | 51.47 | 51.93 |
International domestic2 | 9.15 | 8.74 | 9.22 | 9.22 | 9.25 | 9.24 | 9.59 | 9.53 |
Composite package yield | $ 15.80 | $ 15.56 | $ 15.64 | $ 16.02 | $ 15.68 | $ 15.57 | $ 15.76 | $ 16.21 |
Freight Statistics | ||||||||
Average daily freight pounds: | ||||||||
U.S. | 7,280 | 7,471 | 6,662 | 5,451 | 5,305 | 5,663 | 6,067 | 5,525 |
International priority | 6,042 | 5,757 | 5,290 | 4,657 | 4,390 | 4,472 | 4,353 | 4,557 |
International economy | 11,614 | 13,234 | 11,979 | 11,598 | 11,001 | 11,857 | 11,072 | 11,531 |
Total average daily freight pounds | 24,936 | 26,462 | 23,931 | 21,706 | 20,696 | 21,992 | 21,492 | 21,613 |
Revenue per pound (yield): | ||||||||
U.S. | $ 1.67 | $ 1.65 | $ 1.73 | $ 1.70 | $ 1.67 | $ 1.62 | $ 1.68 | $ 1.66 |
International priority | 2.26 | 2.24 | 2.10 | 2.23 | 1.94 | 2.02 | 1.90 | 1.90 |
International economy | 0.57 | 0.53 | 0.56 | 0.58 | 0.66 | 0.63 | 0.63 | 0.66 |
Composite freight yield | $ 1.30 | $ 1.22 | $ 1.22 | $ 1.21 | $ 1.19 | $ 1.17 | $ 1.18 | $ 1.18 |
Package YOY growth rates | ||||||||
Average daily volume growth: | ||||||||
U.S. priority | (5.1%) | (3.7%) | (4.4%) | (4.2%) | ||||
U.S. deferred | (9.3%) | (3.3%) | (3.2%) | (2.4%) | ||||
U.S. ground commercial | 2.6% | 1.8% | 0.8% | 2.5% | ||||
U.S. ground home delivery/economy | (1.3%) | 0.8% | (3.9%) | (0.2%) | ||||
Total U.S. domestic | (1.2%) | 0.3% | (2.5%) | - | ||||
International priority | (6.0%) | (8.6%) | (5.4%) | (3.0%) | ||||
International economy | 24.6% | 26.9% | 25.9% | 29.6% | ||||
Total international export | 3.0% | 2.2% | 4.3% | 7.2% | ||||
International domestic2 | 1.9% | (1.6%) | (4.6%) | (2.0%) | ||||
Total package volume growth | (0.6%) | 0.2% | (2.4%) | 0.2% | ||||
Revenue growth: | ||||||||
U.S. priority | (5.9%) | (3.9%) | (1.8%) | (1.2%) | ||||
U.S. deferred | (7.8%) | (3.7%) | (2.2%) | (1.9%) | ||||
U.S. ground | 3.3% | 2.5% | - | 2.0% | ||||
Total U.S. domestic | - | 0.4% | (0.7%) | 0.9% | ||||
International priority | (19.7%) | (15.3%) | (9.7%) | (8.8%) | ||||
International economy | 38.2% | 45.7% | 39.9% | 39.1% | ||||
Total international export | (7.0%) | (1.7%) | 2.0% | 3.3% | ||||
International domestic2 | 3.1% | 4.0% | 1.0% | 1.3% | ||||
Total package revenue growth | (1.4%) | 0.2% | - | 1.4% | ||||
Avg pounds per package | 14.2 | 13.8 | 13.7 | 14.5 | 14.7 | 14.4 | 14.2 | 15.1 |
Avg revenue per package lb. | $1.11 | $1.13 | $1.14 | $1.10 | $1.07 | $1.08 | $1.11 | $1.07 |
Operating days | 65 | 63 | 62 | 65 | 65 | 63 | 63 | 65 |
1 - Average daily package volume is calculated on a five-days-per-week basis. U.S. ground home delivery/economy has been revised from the seven-days-per-week calculation to align with the revised financial presentation related to our one FedEx consolidation. | ||||||||
2 - International domestic statistics relate to our international intra-country operations. | ||||||||
Unaudited. Differences may result due to rounding. |
&"Arial,Regular"&10Q1 FY24 Stat Book / &P
Federal Express Segment | ||||
Quarterly Operating Statistics | ||||
FY 2025 | ||||
Year ended May 31 | ||||
In thousands, except yield amounts | ||||
FY 2025 | ||||
FIRST QUARTER | SECOND QUARTER | THIRD QUARTER | FOURTH QUARTER | |
Package Statistics | ||||
Average daily package volume (ADV)1: | ||||
U.S. priority | 1,600 | |||
U.S. deferred | 968 | |||
U.S. ground commercial | 4,289 | |||
U.S. ground home delivery/economy | 6,438 | |||
Total U.S. domestic ADV | 13,295 | |||
International priority | 622 | |||
International economy | 491 | |||
Total international export ADV | 1,113 | |||
International domestic2 | 1,823 | |||
Total ADV | 16,231 | |||
Revenue per package (yield): | ||||
U.S. priority | $ 25.30 | |||
U.S. deferred | 18.59 | |||
U.S. ground | 11.73 | |||
Total U.S. domestic composite | 13.87 | |||
International priority | 55.37 | |||
International economy | 43.33 | |||
International export composite | 50.06 | |||
International domestic2 | 9.53 | |||
Composite package yield | $ 15.86 | |||
Freight Statistics | ||||
Average daily freight pounds: | ||||
U.S. | 5,319 | |||
International priority | 4,465 | |||
International economy | 10,706 | |||
Total average daily freight pounds | 20,490 | |||
Revenue per pound (yield): | ||||
U.S. | $ 1.67 | |||
International priority | 1.84 | |||
International economy | 0.68 | |||
Composite freight yield | $ 1.19 | |||
Package YOY growth rates | ||||
Average daily volume growth: | ||||
U.S. priority | (4.8%) | |||
U.S. deferred | (0.2%) | |||
U.S. ground commercial | - | |||
U.S. ground home delivery/economy | 0.4% | |||
Total U.S. domestic | (0.4%) | |||
International priority | (5.5%) | |||
International economy | 34.5% | |||
Total international export | 8.8% | |||
International domestic2 | (3.9%) | |||
Total package volume growth | (0.2%) | |||
Revenue growth: | ||||
U.S. priority | (3.1%) | |||
U.S. deferred | (3.0%) | |||
U.S. ground | (0.9%) | |||
Total U.S. domestic | (1.6%) | |||
International priority | (5.2%) | |||
International economy | 21.8% | |||
Total international export | 3.5% | |||
International domestic2 | (2.5%) | |||
Total package revenue growth | (0.6%) | |||
Avg pounds per package | 14.3 | |||
Avg revenue per package lb. | $1.11 | |||
Operating days3 | 64 | 63 | 63 | 64 |
1 - Average daily package volume is calculated on a five-days-per-week basis. U.S. ground home delivery/economy has been revised from the seven-days-per-week calculation to align with the one FedEx consolidation. | ||||
2 - International domestic statistics relate to our international intra-country operations. | ||||
3 - Operating weekdays for Q1 - Q4 FY26 are forecasted at 64, 63, 63, and 64 days respectively. | ||||
Unaudited. Differences may result due to rounding. |
&"Arial,Regular"&10Q1 FY24 Stat Book / &P
Federal Express Segment | ||||||||
Fuel Statistics | ||||||||
FY 2023 - FY 2025 | ||||||||
FY 2023 | FY 2024 | |||||||
FIRST QUARTER | SECOND QUARTER | THIRD QUARTER | FOURTH QUARTER | FIRST QUARTER | SECOND QUARTER | THIRD QUARTER | FOURTH QUARTER | |
Jet Fuel Gallons (000s) | 361,676 | 349,863 | 318,118 | 317,536 | 312,053 | 325,233 | 313,239 | 316,491 |
Price Per Gallon | $ 3.900 | $ 3.469 | $ 3.258 | $ 2.692 | $ 2.638 | $ 3.150 | $ 2.783 | $ 2.776 |
Jet Fuel Expense ($000s) | $ 1,410,573 | $ 1,213,503 | $ 1,036,427 | $ 854,953 | $ 823,174 | $ 1,024,590 | $ 871,634 | $ 878,573 |
FY 2025 | ||||||||
FIRST QUARTER | SECOND QUARTER | THIRD QUARTER | FOURTH QUARTER | |||||
Jet Fuel Gallons (000s) | 319,180 | |||||||
Price Per Gallon | $ 2.592 | |||||||
Jet Fuel Expense ($000s) | $ 827,292 | |||||||
FY 2023 | FY 2024 | |||||||
FIRST QUARTER | SECOND QUARTER | THIRD QUARTER | FOURTH QUARTER | FIRST QUARTER | SECOND QUARTER | THIRD QUARTER | FOURTH QUARTER | |
Vehicle Fuel Gallons (000s) | 32,670 | 31,970 | 31,006 | 31,441 | 31,239 | 29,117 | 30,146 | 29,191 |
Price Per Gallon | $ 5.320 | $ 4.935 | $ 4.535 | $ 4.246 | $ 4.190 | $ 4.481 | $ 4.129 | $ 4.126 |
Vehicle Fuel Expense ($000s) | $ 173,820 | $ 157,766 | $ 140,617 | $ 133,501 | $ 130,889 | $ 130,468 | $ 124,485 | $ 120,440 |
FY 2025 | ||||||||
FIRST QUARTER | SECOND QUARTER | THIRD QUARTER | FOURTH QUARTER | |||||
Vehicle Fuel Gallons (000s) | 31,741 | |||||||
Price Per Gallon | $ 4.002 | |||||||
Vehicle Fuel Expense ($000s) | $ 127,016 | |||||||
Unaudited. Differences may result due to rounding. Jet fuel statistics were not revised as a result of the revised financial presentation related to our one FedEx consolidation. |
&"Arial,Regular"&10Q1 FY24 Stat Book / &P
Federal Express Segment | ||||||||||
Aircraft Fleet Statistics | ||||||||||
FY 2023 - FY 2030 | ||||||||||
Gross Max Structural Payload (Lbs/Aircraft) | As of May 31, | As of Aug. 31, | To Be Delivered/(Retired) in FY | |||||||
2023 | 2024 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | ||
Trunk (Jet) Aircraft: | ||||||||||
Boeing 757-200 | 63,000 | 115 | 92 | 92 | - | - | - | - | - | - |
Boeing 767F1 | 127,100 | 128 | 138 | 140 | 9 | 3 | - | - | - | - |
Boeing MD112 | 192,600 | 46 | 37 | 37 | (9) | (10) | (9) | (9) | - | - |
Boeing 777F3 | 233,300 | 53 | 57 | 57 | 2 | - | - | - | - | - |
Airbus A300-600 | 106,600 | 65 | 65 | 65 | - | - | - | - | - | - |
Subtotal - Trunk Aircraft | 407 | 389 | 391 | 2 | (7) | (9) | (9) | - | - | |
Feeder (Turboprop) Aircraft: | ||||||||||
Cessna 208B | 2,830 | 234 | 233 | 231 | - | - | - | - | - | - |
Cessna 4084 | 6,000 | 9 | 19 | 19 | 17 | 14 | - | - | - | - |
ATR-72 | 17,970 | 19 | 19 | 19 | - | - | - | - | - | - |
ATR-72 600F5 | 19,290 | 13 | 20 | 22 | 4 | 4 | - | - | - | - |
ATR-42 | 12,070 | 18 | 18 | 16 | - | - | - | - | - | - |
Subtotal - Feeder Aircraft | 293 | 309 | 307 | 21 | 18 | - | - | - | - | |
Aircraft Fleet Total | 700 | 698 | 698 | 23 | 11 | (9) | (9) | - | - | |
Scheduled Lease Expirations:6 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | ||||
Airbus A300-6007 | - | 2 | - | - | - | - | ||||
NOTE: Aircraft fleet delivery and retirement schedule is subject to change. | ||||||||||
1 - As of August 31, 2024 we are committed to purchase 12 B767F aircraft and have options to purchase an additional 43 B767F aircraft. | ||||||||||
2 - MD-11 aircraft fleet retirement schedule is subject to change. | ||||||||||
3 - As of August 31, 2024 we are committed to purchase two B777F aircraft and have options to purchase an additional 23 B777F aircraft. | ||||||||||
4 - As of August 31, 2024 we are committed to purchase 31 Cessna SkyCourier 408 aircraft and have options to purchase an additional 50 Cessna SkyCourier 408 aircraft. | ||||||||||
5 - As of August 31, 2024 we are committed to purchase 8 ATR-72 600F aircraft and have options to purchase an additional 20 ATR-72 600F aircraft. | ||||||||||
6 - Leased aircraft disposition determined by expiration. | ||||||||||
7 - Includes executed agreement to purchase one leased Airbus A300-600 aircraft in 2026. | ||||||||||
Unaudited. Differences may result due to rounding. Aircraft fleet statistics were not revised as a result of our one FedEx consolidation. |
&"Arial,Regular"&10Q1 FY24 Stat Book / &P
FedEx Ground Segment | ||||||||||||||||
Quarterly Operating Statistics | ||||||||||||||||
FY 2021 - FY 2024 | ||||||||||||||||
FY 2021 | FY 2022 | FY 2021 | FY 2022 | |||||||||||||
FIRST QUARTER | SECOND QUARTER | THIRD QUARTER | FOURTH QUARTER | FIRST QUARTER | SECOND QUARTER | THIRD QUARTER | FOURTH QUARTER | FIRST QUARTER | SECOND QUARTER | THIRD QUARTER | FOURTH QUARTER | FIRST QUARTER | SECOND QUARTER | THIRD QUARTER | FOURTH QUARTER | |
FedEx Ground | ||||||||||||||||
Average Daily Package Volume (000s):1 | ||||||||||||||||
Ground Commercial | 3,966 | 4,392 | 4,327 | 4,572 | 4,425 | 4,774 | 4,503 | 4,500 | U.S. Ground Home Delivery/Economy | |||||||
Home Delivery | 3,682 | 3,913 | 4,645 | 3,968 | 3,747 | 4,328 | 4,860 | 3,981 | 5,380 | 5,609 | 6,256 | 5,342 | 4,911 | 5,606 | 6,067 | 4,860 |
Economy | 1,698 | 1,696 | 1,611 | 1,374 | 1,164 | 1,278 | 1,207 | 879 | ||||||||
Total Average Daily Package Volume | 9,346 | 10,001 | 10,583 | 9,914 | 9,336 | 10,380 | 10,570 | 9,360 | ||||||||
Yield (Revenue Per Package) | $ 9.33 | $ 9.42 | $ 9.72 | $ 10.31 | $ 10.29 | $ 10.26 | $ 10.62 | $ 11.41 | ||||||||
Average Daily YOY Package Growth Rate: | ||||||||||||||||
Ground Commercial | - | - | - | 33.8% | 11.6% | 8.7% | 4.1% | (1.6%) | ||||||||
Home Delivery | - | - | - | 11.6% | 1.8% | 10.6% | 4.6% | 0.3% | ||||||||
Economy | - | - | - | (24.5%) | (31.4%) | (24.6%) | (25.1%) | (36.0%) | ||||||||
Total Average Daily YOY Package Growth Rate | 5.8% | 4.7% | 0.4% | 12.7% | (0.1%) | 3.8% | (0.1%) | (5.6%) | ||||||||
Yield YOY Growth Rate | 2.2% | 7.0% | 10.7% | 14.4% | 10.3% | 8.9% | 9.3% | 10.7% | ||||||||
Operating Days: | ||||||||||||||||
Ground Commercial2 | 66 | 63 | 62 | 65 | 66 | 63 | 64 | 65 | ||||||||
Home Delivery and Economy3 | 91 | 89 | 88 | 91 | 91 | 89 | 88 | 91 | ||||||||
FY 2023 | FY 2024 | FY 2023 | FY 2024 | |||||||||||||
FIRST QUARTER | SECOND QUARTER | THIRD QUARTER | FOURTH QUARTER | FIRST QUARTER | SECOND QUARTER | THIRD QUARTER | FOURTH QUARTER | FIRST QUARTER | SECOND QUARTER | THIRD QUARTER | FOURTH QUARTER | FIRST QUARTER | SECOND QUARTER | |||
FedEx Ground | ||||||||||||||||
Average Daily Package Volume (000s):1 | ||||||||||||||||
Ground Commercial | 4,368 | 4,523 | 4,226 | 4,329 | 4,479 | 4,609 | ERROR:#REF! | U.S. Ground Home Delivery/Economy | ||||||||
Home Delivery | 3,912 | 4,084 | 4,359 | 3,743 | 3,846 | 4,076 | ERROR:#REF! | 4,642 | 4,912 | 5,202 | 4,469 | 4,582 | 4,950 | |||
Economy | 730 | 828 | 843 | 726 | 736 | 874 | ERROR:#REF! | |||||||||
Total Average Daily Package Volume | 9,010 | 9,435 | 9,428 | 8,798 | 9,061 | 9,559 | ERROR:#REF! | |||||||||
Yield (Revenue Per Package) | $ 11.48 | $ 11.55 | $ 11.80 | $ 11.97 | $ 11.80 | $ 11.69 | ERROR:#REF! | |||||||||
Average Daily YOY Package Growth Rate: | ||||||||||||||||
Ground Commercial | (1.3%) | (5.3%) | (6.2%) | (3.8%) | 2.5% | 1.9% | ERROR:#REF! | |||||||||
Home Delivery | 4.4% | (5.6%) | (10.3%) | (6.0%) | (1.7%) | (0.2%) | ERROR:#REF! | U.S. Ground Home Delivery/Economy | ||||||||
Economy | (37.3%) | (35.2%) | (30.2%) | (17.4%) | 0.8% | 5.6% | ERROR:#REF! | (5.5%) | (12.4%) | (14.3%) | (8.0%) | (1.3%) | 0.8% | |||
Total Average Daily YOY Package Growth Rate | (3.5%) | (9.1%) | (10.8%) | (6.0%) | 0.6% | 1.3% | ERROR:#REF! | |||||||||
Yield YOY Growth Rate | 11.6% | 12.5% | 11.5% | 5.3% | 2.8% | 1.2% | ERROR:#REF! | |||||||||
Operating Days: | ||||||||||||||||
Ground Commercial2 | 65 | 63 | 64 | 65 | 65 | 63 | 63 | 65 | ||||||||
Home Delivery and Economy3 | 91 | 89 | 88 | 91 | 91 | 89 | 89 | 91 | ||||||||
1 - FedEx Ground Commercial average daily package volume is calculated on a 5-day-per-week basis, while Home Delivery and Economy average daily package volumes are calculated on a 7-day-per-week basis. | ||||||||||||||||
2 - Ground Commercial operating days for Q1 - Q4 FY25 are forecasted at 64, 63, 63, and 64 days respectively. | ||||||||||||||||
3 - Home Delivery and Economy operating days for Q1 - Q4 FY25 are forecasted at 91, 89, 88, and 91 days respectively. | ||||||||||||||||
Unaudited. Differences may result due to rounding. |
&"Arial,Regular"&10Q1 FY24 Stat Book / &P
FedEx Freight Segment | |||
Annual Consolidated Statements of Income | |||
FY 2023 - FY 2025 | |||
Years ended May 31 | |||
In millions | |||
FY 2023 | FY 2024 | Q1 YTD FY 2025 | |
Revenue | $ 10,084 | $ 9,429 | $ 2,329 |
Operating expenses: | |||
Salaries and employee benefits | 4,057 | 3,923 | 984 |
Purchased transportation | 1,078 | 877 | 203 |
Rentals | 269 | 280 | 71 |
Depreciation and amortization | 387 | 404 | 110 |
Fuel | 748 | 571 | 121 |
Maintenance and repairs | 320 | 330 | 82 |
Intercompany charges | 542 | 543 | 148 |
Other | 747 | 680 | 171 |
Total operating expenses | 8,148 | 7,608 | 1,890 |
Operating income | $1,936 | $1,821 | $439 |
Operating margin | 19.2% | 19.3% | 18.8% |
Unaudited. Differences may result due to rounding. |
&"Arial,Regular"&10Q1 FY24 Stat Book / &P
FedEx Freight Segment | ||||||||
Quarterly Consolidated Statements of Income | ||||||||
FY 2023 - FY 2025 | ||||||||
Years ended May 31 | ||||||||
In millions | ||||||||
FY 2023 | FY 2024 | |||||||
FIRST QUARTER | SECOND QUARTER | THIRD QUARTER | FOURTH QUARTER | FIRST QUARTER | SECOND QUARTER | THIRD QUARTER | FOURTH QUARTER | |
Revenue | $ 2,849 | $ 2,573 | $ 2,293 | $ 2,369 | $ 2,385 | $ 2,452 | $ 2,205 | $ 2,387 |
Operating expenses: | ||||||||
Salaries and employee benefits | 1,073 | 1,053 | 960 | 971 | 985 | 1,018 | 959 | 961 |
Purchased transportation | 318 | 281 | 253 | 226 | 219 | 231 | 218 | 209 |
Rentals | 65 | 67 | 68 | 69 | 69 | 70 | 70 | 71 |
Depreciation and amortization | 106 | 103 | 74 | 104 | 108 | 81 | 108 | 107 |
Fuel | 228 | 211 | 162 | 147 | 139 | 164 | 134 | 134 |
Maintenance and repairs | 81 | 88 | 77 | 74 | 75 | 94 | 78 | 83 |
Intercompany charges | 136 | 134 | 135 | 137 | 139 | 134 | 132 | 138 |
Other | 185 | 194 | 177 | 191 | 169 | 169 | 165 | 177 |
Total operating expenses | 2,192 | 2,131 | 1,906 | 1,919 | 1,903 | 1,961 | 1,864 | 1,880 |
Operating income | $ 657 | $ 442 | $ 387 | $ 450 | $ 482 | $ 491 | $ 341 | $ 507 |
Operating margin | 23.1% | 17.2% | 16.9% | 19.0% | 20.2% | 20.0% | 15.5% | 21.2% |
FY 2025 | ||||||||
FIRST QUARTER | SECOND QUARTER | THIRD QUARTER | FOURTH QUARTER | |||||
Revenue | $ 2,329 | |||||||
Operating expenses: | ||||||||
Salaries and employee benefits | 984 | |||||||
Purchased transportation | 203 | |||||||
Rentals | 71 | |||||||
Depreciation and amortization | 110 | |||||||
Fuel | 121 | |||||||
Maintenance and repairs | 82 | |||||||
Intercompany charges | 148 | |||||||
Other | 171 | |||||||
Total operating expenses | 1,890 | |||||||
Operating income | $439 | |||||||
Operating margin | 18.8% | |||||||
Unaudited. Differences may result due to rounding. |
&"Arial,Regular"&10Q1 FY24 Stat Book / &P
FedEx Freight Segment | |||
Annual Operating Statistics | |||
FY 2023 - FY 2025 | |||
FY 2023 | FY 2024 | Q1 YTD FY 2025 | |
Shipments per day | |||
Priority | 70,158 | 64,915 | 62,893 |
Economy | 29,562 | 29,072 | 29,115 |
Total shipments per day | 99,720 | 93,987 | 92,008 |
Weight per shipment (lbs) | |||
Priority | 1,027 | 977 | 956 |
Economy | 912 | 878 | 868 |
Composite weight per shipment | 993 | 946 | 928 |
Revenue/shipment | |||
Priority | $ 363.85 | $ 361.38 | $ 363.97 |
Economy | 417.50 | 411.25 | 408.60 |
Composite revenue/shipment | $ 379.76 | $ 376.81 | $ 378.09 |
Revenue/CWT | |||
Priority | $ 35.44 | $ 36.98 | $ 38.06 |
Economy | 45.78 | 46.86 | 47.09 |
Composite revenue/CWT | $ 38.26 | $ 39.82 | $ 40.73 |
Avg. daily shipment growth rate | |||
Priority | (7.5%) | (4.9%) | |
Economy | (1.7%) | 2.2% | |
Total shipments per day | (5.7%) | (2.8%) | |
Revenue/shipment growth rate | |||
Priority | (0.7%) | 3.1% | |
Economy | (1.5%) | 0.1% | |
Total composite revenue/shipment | (0.8%) | 2.3% | |
Operating weekdays | 253 | 254 | 64 |
Unaudited. Differences may result due to rounding. |
&"Arial,Regular"&10Q1 FY24 Stat Book / &P
FedEx Freight | ||||||||
Quarterly Operating Statistics | ||||||||
FY 2023 - FY 2024 | ||||||||
FY 2023 | FY 2024 | |||||||
FIRST QUARTER | SECOND QUARTER | THIRD QUARTER | FOURTH QUARTER | FIRST QUARTER | SECOND QUARTER | THIRD QUARTER | FOURTH QUARTER | |
Shipments per day | ||||||||
Priority | 76,174 | 73,372 | 65,402 | 65,540 | 66,144 | 68,486 | 61,483 | 63,556 |
Economy | 32,104 | 30,964 | 27,685 | 27,446 | 28,491 | 30,515 | 27,765 | 29,524 |
Total shipments per day | 108,278 | 104,336 | 93,087 | 92,986 | 94,635 | 99,001 | 89,248 | 93,080 |
Weight per shipment (lbs) | ||||||||
Priority | 1,054 | 1,029 | 1,014 | 1,004 | 989 | 975 | 974 | 970 |
Economy | 938 | 940 | 890 | 873 | 876 | 880 | 885 | 871 |
Composite weight per shipment | 1,020 | 1,002 | 977 | 966 | 955 | 946 | 946 | 939 |
Revenue/shipment | ||||||||
Priority | $ 369.60 | $ 361.57 | $ 366.17 | $ 357.44 | $ 353.01 | $ 365.55 | $ 363.21 | $ 364.11 |
Economy | 423.59 | 415.35 | 418.65 | 411.62 | 407.99 | 415.82 | 414.79 | 406.73 |
Composite revenue/shipment | $ 385.61 | $ 377.53 | $ 381.77 | $ 373.43 | $ 369.56 | $ 381.05 | $ 379.26 | $ 377.63 |
Revenue/CWT | ||||||||
Priority | $ 35.06 | $ 35.14 | $ 36.12 | $ 35.60 | $ 35.71 | $ 37.48 | $ 37.31 | $ 37.52 |
Economy | 45.16 | 44.21 | 47.06 | 47.13 | 46.59 | 47.26 | 46.89 | 46.70 |
Composite revenue/CWT | $ 37.82 | $ 37.66 | $ 39.08 | $ 38.68 | $ 38.71 | $ 40.29 | $ 40.10 | $ 40.22 |
Avg. daily shipment growth rate | ||||||||
Priority | (13.2%) | (6.7%) | (6.0%) | (3.0%) | ||||
Economy | (11.3%) | (1.5%) | 0.3% | 7.6% | ||||
Total shipments per day | (12.6%) | (5.1%) | (4.1%) | 0.1% | ||||
Revenue/shipment YOY growth rate | ||||||||
Priority | (4.5%) | 1.1% | (0.8%) | 1.9% | ||||
Economy | (3.7%) | 0.1% | (0.9%) | (1.2%) | ||||
Total composite revenue/shipment | (4.2%) | 0.9% | (0.7%) | 1.1% | ||||
Operating weekdays | 65 | 62 | 61 | 65 | 65 | 62 | 62 | 65 |
Unaudited. Differences may result due to rounding. |
&"Arial,Regular"&10Q1 FY24 Stat Book / &P
FedEx Freight | ||||
Quarterly Operating Statistics | ||||
FY 2025 | ||||
FY 2025 | ||||
FIRST QUARTER | SECOND QUARTER | THIRD QUARTER | FOURTH QUARTER | |
Shipments per day | ||||
Priority | 62,893 | |||
Economy | 29,115 | |||
Total shipments per day | 92,008 | |||
Weight per shipment (lbs) | ||||
Priority | 956 | |||
Economy | 868 | |||
Composite weight per shipment | 928 | |||
Revenue/shipment | ||||
Priority | $ 363.97 | |||
Economy | 408.60 | |||
Composite revenue/shipment | $ 378.09 | |||
Revenue/CWT | ||||
Priority | $ 38.06 | |||
Economy | 47.09 | |||
Composite revenue/CWT | $ 40.73 | |||
Avg. daily shipment growth rate | ||||
Priority | (4.9%) | |||
Economy | 2.2% | |||
Total shipments per day | (2.8%) | |||
Revenue/shipment YOY growth rate | ||||
Priority | 3.1% | |||
Economy | 0.1% | |||
Total composite revenue/shipment | 2.3% | |||
Operating weekdays1 | 64 | 62 | 62 | 64 |
1 - Operating weekdays for Q1 - Q4 FY26 are forecasted at 64, 62, 62, and 64 days respectively. | ||||
Unaudited. Differences may result due to rounding. |
&"Arial,Regular"&10Q1 FY24 Stat Book / &P