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Business Segments and Disaggregated Revenue (Tables)
 12 Months Ended
May 31, 2024
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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

$

40,857

 

 

$

34,256

 

 

$

9,082

 

 

$

260

 

 

$

3,238

 

 

$

87,693

 

2023

 

 

42,743

 

 

 

33,507

 

 

 

9,632

 

 

 

301

 

 

 

3,972

 

 

 

90,155

 

2022

 

 

45,814

 

 

 

33,232

 

 

 

9,532

 

 

 

253

 

 

 

4,681

 

 

 

93,512

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

$

2,172

 

 

$

1,119

 

 

$

402

 

 

$

465

 

 

$

129

 

 

$

4,287

 

2023

 

 

2,105

 

 

 

1,020

 

 

 

387

 

 

 

529

 

 

 

135

 

 

 

4,176

 

2022

 

 

2,007

 

 

 

919

 

 

 

406

 

 

 

513

 

 

 

125

 

 

 

3,970

 

Operating income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024(1)

 

$

776

 

 

$

4,049

 

 

$

1,814

 

 

$

—

 

 

$

(1,080

)

 

$

5,559

 

2023(2)

 

 

1,064

 

 

 

3,140

 

 

 

1,925

 

 

 

—

 

 

 

(1,217

)

 

 

4,912

 

2022(3)

 

 

2,922

 

 

 

2,642

 

 

 

1,663

 

 

 

—

 

 

 

(982

)

 

 

6,245

 

Segment assets(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

$

48,699

 

 

$

17,884

 

 

$

11,389

 

 

$

7,078

 

 

$

1,957

 

 

$

87,007

 

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

 

 

(1)
Includes business optimization costs of $331 million included in “Corporate, other, and eliminations” and $143 million and $108 million included in the FedEx Express and FedEx Ground segments, respectively. Includes noncash asset impairment charges of $157 million related to the decision to permanently retire certain aircraft and related engines at FedEx Express. Also includes a $57 million benefit included in “Corporate, other, and eliminations” for an insurance reimbursement related to pre- and post-judgment interest in connection with a FedEx Ground legal matter.
(2)
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 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.”
(3)
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.
(4)
Segment assets include intercompany receivables. In the fourth quarter of 2024, FedEx Ground settled an intercompany balance of $19.5 billion with FedEx in preparation for the one FedEx consolidation.
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

 

2024

 

$

3,291

 

 

 

$

1,018

 

 

$

461

 

 

$

282

 

 

$

124

 

 

$

5,176

 

2023

 

 

3,055

 

 

 

 

1,995

 

 

 

556

 

 

 

431

 

 

 

137

 

 

 

6,174

 

2022

 

 

3,637

 

 

 

 

2,139

 

 

 

319

 

 

 

565

 

 

 

103

 

 

 

6,763

 
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):

 

 

 

2024

 

 

2023

 

 

2022

 

REVENUE BY SERVICE TYPE

 

 

 

 

 

 

 

 

 

FedEx Express segment:

 

 

 

 

 

 

 

 

 

Package:

 

 

 

 

 

 

 

 

 

U.S. overnight box

 

$

8,689

 

 

$

8,916

 

 

$

9,084

 

U.S. overnight envelope

 

 

1,854

 

 

 

1,980

 

 

 

1,971

 

U.S. deferred

 

 

4,928

 

 

 

5,128

 

 

 

5,330

 

Total U.S. domestic package revenue

 

 

15,471

 

 

 

16,024

 

 

 

16,385

 

International priority

 

 

9,455

 

 

 

10,939

 

 

 

12,130

 

International economy

 

 

4,273

 

 

 

2,911

 

 

 

2,838

 

Total international export package revenue

 

 

13,728

 

 

 

13,850

 

 

 

14,968

 

International domestic(1)

 

 

4,178

 

 

 

4,043

 

 

 

4,340

 

Total package revenue

 

 

33,377

 

 

 

33,917

 

 

 

35,693

 

Freight:

 

 

 

 

 

 

 

 

 

U.S.

 

 

2,418

 

 

 

2,906

 

 

 

3,041

 

International priority

 

 

2,205

 

 

 

3,060

 

 

 

3,840

 

International economy

 

 

1,677

 

 

 

1,510

 

 

 

1,653

 

International airfreight

 

 

126

 

 

 

166

 

 

 

177

 

Total freight revenue

 

 

6,426

 

 

 

7,642

 

 

 

8,711

 

Other

 

 

1,054

 

 

 

1,184

 

 

 

1,410

 

Total FedEx Express segment

 

 

40,857

 

 

 

42,743

 

 

 

45,814

 

FedEx Ground segment

 

 

34,256

 

 

 

33,507

 

 

 

33,232

 

FedEx Freight segment

 

 

9,082

 

 

 

9,632

 

 

 

9,532

 

FedEx Services segment

 

 

260

 

 

 

301

 

 

 

253

 

Other and eliminations(2)

 

 

3,238

 

 

 

3,972

 

 

 

4,681

 

 

 

$

87,693

 

 

$

90,155

 

 

$

93,512

 

GEOGRAPHICAL INFORMATION(3)

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

 

U.S.

 

$

63,531

 

 

$

64,890

 

 

$

64,941

 

International:

 

 

 

 

 

 

 

 

 

FedEx Express segment

 

 

22,291

 

 

 

23,090

 

 

 

25,564

 

FedEx Ground segment

 

 

844

 

 

 

860

 

 

 

857

 

FedEx Freight segment

 

 

266

 

 

 

264

 

 

 

235

 

FedEx Services segment

 

 

1

 

 

 

1

 

 

 

1

 

Other

 

 

760

 

 

 

1,050

 

 

 

1,914

 

Total international revenue

 

 

24,162

 

 

 

25,265

 

 

 

28,571

 

 

 

$

87,693

 

 

$

90,155

 

 

$

93,512

 

Noncurrent assets:

 

 

 

 

 

 

 

 

 

U.S.

 

$

56,822

 

 

$

56,449

 

 

$

53,311

 

International

 

 

11,978

 

 

 

12,084

 

 

 

12,318

 

 

 

$

68,800

 

 

$

68,533

 

 

$

65,629

 

 

(1)
International domestic revenue relates to our intra-country operations.
(2)
Includes the FedEx Office, FedEx Logistics, and FedEx Dataworks operating segments.
(3)
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.