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Business Segments and Disaggregated Revenue (Tables)
 12 Months Ended
May 31, 2023
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
Schedule of Segment Information

The following table provides a reconciliation of reportable segment revenue, depreciation and amortization, operating income (loss), and segment assets to consolidated financial statement totals (in millions) for the years ended or as of May 31:

 

 

FedEx
Express
  Segment

 

 

FedEx
Ground
  Segment

 

 

FedEx
Freight
  Segment

 

 

FedEx
Services
  Segment

 

 

Corporate, other, and eliminations

 

 

Consolidated
Total

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

$

42,743

 

 

$

33,507

 

 

$

9,632

 

 

$

301

 

 

$

3,972

 

 

$

90,155

 

2022

 

 

45,814

 

 

 

33,232

 

 

 

9,532

 

 

 

253

 

 

 

4,681

 

 

 

93,512

 

2021

 

 

42,078

 

 

 

30,496

 

 

 

7,833

 

 

 

32

 

 

 

3,520

 

 

 

83,959

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

$

2,105

 

 

$

1,020

 

 

$

387

 

 

$

529

 

 

$

135

 

 

$

4,176

 

2022

 

 

2,007

 

 

 

919

 

 

 

406

 

 

 

513

 

 

 

125

 

 

 

3,970

 

2021

 

 

1,946

 

 

 

843

 

 

 

417

 

 

 

462

 

 

 

125

 

 

 

3,793

 

Operating income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023(1)

 

$

1,064

 

 

$

3,140

 

 

$

1,925

 

 

$

—

 

 

$

(1,217

)

 

$

4,912

 

2022(2)

 

 

2,922

 

 

 

2,642

 

 

 

1,663

 

 

 

—

 

 

 

(982

)

 

 

6,245

 

2021(3)

 

 

2,810

 

 

 

3,193

 

 

 

1,005

 

 

 

—

 

 

 

(1,151

)

 

 

5,857

 

Segment assets(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

$

47,754

 

 

$

36,815

 

 

$

10,197

 

 

$

7,415

 

 

$

(15,038

)

 

$

87,143

 

2022

 

 

47,604

 

 

 

32,645

 

 

 

8,904

 

 

 

8,389

 

 

 

(11,548

)

 

 

85,994

 

2021

 

 

46,356

 

 

 

29,134

 

 

 

7,371

 

 

 

8,639

 

 

 

(8,723

)

 

 

82,777

 

 

(1)
Includes business optimization costs of $262 million included in “Corporate, other, and eliminations” and business optimization and realignment costs of $11 million and $36 million, respectively, included in the FedEx Express segment. Includes noncash other asset impairment charges of $70 million primarily related to the decision to permanently retire certain aircraft and related engines at FedEx Express and goodwill and other asset impairment charges of $47 million at FedEx Dataworks related to the ShopRunner acquisition. Also includes $35 million in connection with a FedEx Ground legal matter included in “Corporate, other, and eliminations.”
(2)
Includes business realignment costs of $278 million included in the FedEx Express segment, as well as a charge of $210 million related to the pre- and post-judgment interest in connection with a separate FedEx Ground legal matter included in “Corporate, other, and eliminations.” Also includes TNT Express integration expenses of $132 million included in “Corporate, other, and eliminations” and the FedEx Express segment.
(3)
Includes TNT Express integration expenses of $210 million included in “Corporate, other, and eliminations” and the FedEx Express segment. Also includes business realignment costs of $116 million included in the FedEx Express segment.
(4)
Segment assets include intercompany receivables.
Schedule of Segment Capital Expenditures

The following table provides a reconciliation of reportable segment capital expenditures to consolidated totals for the years ended May 31 (in millions):

 

 

 

FedEx
Express
  Segment

 

 

 

FedEx
Ground
  Segment

 

 

FedEx
Freight
  Segment

 

 

FedEx
Services
  Segment

 

 

Other

 

 

Consolidated
Total

 

2023

 

$

3,055

 

 

 

$

1,995

 

 

$

556

 

 

$

431

 

 

$

137

 

 

$

6,174

 

2022

 

 

3,637

 

 

 

 

2,139

 

 

 

319

 

 

 

565

 

 

 

103

 

 

 

6,763

 

2021

 

 

3,503

 

 

 

 

1,446

 

 

 

320

 

 

 

512

 

 

 

103

 

 

 

5,884

 
Schedule of Revenue by Service Type and Geographical Information

The following table presents revenue by service type and geographic information for the years ended or as of May 31 (in millions):

 

 

 

2023

 

 

2022

 

 

2021

 

REVENUE BY SERVICE TYPE

 

 

 

 

 

 

 

 

 

FedEx Express segment:

 

 

 

 

 

 

 

 

 

Package:

 

 

 

 

 

 

 

 

 

U.S. overnight box

 

$

8,916

 

 

$

9,084

 

 

$

8,116

 

U.S. overnight envelope

 

 

1,980

 

 

 

1,971

 

 

 

1,791

 

U.S. deferred

 

 

5,128

 

 

 

5,330

 

 

 

4,984

 

Total U.S. domestic package revenue

 

 

16,024

 

 

 

16,385

 

 

 

14,891

 

International priority

 

 

10,939

 

 

 

12,130

 

 

 

10,317

 

International economy

 

 

2,911

 

 

 

2,838

 

 

 

2,632

 

Total international export package revenue

 

 

13,850

 

 

 

14,968

 

 

 

12,949

 

International domestic(1)

 

 

4,043

 

 

 

4,340

 

 

 

4,640

 

Total package revenue

 

 

33,917

 

 

 

35,693

 

 

 

32,480

 

Freight:

 

 

 

 

 

 

 

 

 

U.S.

 

 

2,906

 

 

 

3,041

 

 

 

3,325

 

International priority

 

 

3,060

 

 

 

3,840

 

 

 

3,030

 

International economy

 

 

1,510

 

 

 

1,653

 

 

 

1,582

 

International airfreight

 

 

166

 

 

 

177

 

 

 

245

 

Total freight revenue

 

 

7,642

 

 

 

8,711

 

 

 

8,182

 

Other(2)

 

 

1,184

 

 

 

1,410

 

 

 

1,416

 

Total FedEx Express segment

 

 

42,743

 

 

 

45,814

 

 

 

42,078

 

FedEx Ground segment

 

 

33,507

 

 

 

33,232

 

 

 

30,496

 

FedEx Freight segment

 

 

9,632

 

 

 

9,532

 

 

 

7,833

 

FedEx Services segment

 

 

301

 

 

 

253

 

 

 

32

 

Other and eliminations(3)

 

 

3,972

 

 

 

4,681

 

 

 

3,520

 

 

 

$

90,155

 

 

$

93,512

 

 

$

83,959

 

GEOGRAPHICAL INFORMATION(4)

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

 

U.S.

 

$

64,890

 

 

$

64,941

 

 

$

58,792

 

International:

 

 

 

 

 

 

 

 

 

FedEx Express segment

 

 

23,090

 

 

 

25,564

 

 

 

23,085

 

FedEx Ground segment

 

 

860

 

 

 

857

 

 

 

735

 

FedEx Freight segment

 

 

264

 

 

 

235

 

 

 

190

 

FedEx Services segment

 

 

1

 

 

 

1

 

 

 

1

 

Other

 

 

1,050

 

 

 

1,914

 

 

 

1,156

 

Total international revenue

 

 

25,265

 

 

 

28,571

 

 

 

25,167

 

 

 

$

90,155

 

 

$

93,512

 

 

$

83,959

 

Noncurrent assets:

 

 

 

 

 

 

 

 

 

U.S.

 

$

56,449

 

 

$

53,311

 

 

$

49,407

 

International

 

 

12,084

 

 

 

12,318

 

 

 

12,790

 

 

 

$

68,533

 

 

$

65,629

 

 

$

62,197

 

 

(1)
International domestic revenue relates to our intra-country operations.
(2)
Includes the operations of FedEx Cross Border beginning June 1, 2020.
(3)
Includes the FedEx Office, FedEx Logistics, and FedEx Dataworks operating segments.
(4)
International revenue includes shipments that either originate in or are destined to locations outside the United States, which could include U.S. payors. 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.