Form 8-K

8-K — FEDEX CORP

Accession: 0001048911-26-000108

Filed: 2026-07-21

Period: 2026-07-21

CIK: 0001048911

SIC: 4513 (AIR COURIER SERVICES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — fdx-20260721.htm (Primary)

EX-99.1 (fedexrecastexhibit991.htm)

GRAPHIC (screenshot2026-07x06120620.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: fdx-20260721.htm · Sequence: 1

fdx-20260721

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 21, 2026

FedEx Corporation

(Exact name of registrant as specified in its charter)

Commission File Number 1-15829

Delaware

62-1721435

(State or other jurisdiction of (IRS Employer

incorporation) Identification No.)

942 South Shady Grove Road, Memphis, Tennessee

38120

(Address of principal executive offices) (ZIP Code)

Registrant’s telephone number, including area code: (901) 818-7500

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol

Name of each exchange

on which registered

Common Stock, par value $0.10 per share

FDX

New York Stock Exchange

1.625% Notes due 2027 FDX 27 New York Stock Exchange

0.450% Notes due 2029 FDX 29A New York Stock Exchange

0.450% Notes due 2029 FDX 29B New York Stock Exchange

1.300% Notes due 2031 FDX 31B New York Stock Exchange

3.500% Notes due 2032 FDX 32 New York Stock Exchange

0.950% Notes due 2033 FDX 33 New York Stock Exchange

0.950% Notes due 2033 FDX 33A New York Stock Exchange

4.125% Notes due 2037 FDX 37 New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

SECTION 2. FINANCIAL INFORMATION.

Item 2.02. Results of Operations and Financial Condition.

On June 1, 2026, FedEx completed its spin-off of FedEx’s less-than-truckload freight transportation services businesses conducted through FedEx Freight (“FedEx Freight”) into a new, publicly traded company (the “Spin-Off”). The FedEx Freight business also included FedEx Custom Critical, Inc., LTL Select, and other operations historically included within the FedEx Freight reporting segment. As a result of the Spin-Off, FedEx will no longer consolidate the FedEx Freight business and FedEx Freight is no longer a reportable segment.

Following the Spin-Off and beginning the first quarter of the Transition Period, FedEx realigned its internal reporting and management structure, resulting in the identification of two new reportable segments: Express U.S. Domestic and Express International. Prior to this change, these two segments comprised the Federal Express reportable segment. These changes reflect the realignment of FedEx’s organizational structure and reporting regularly provided to our chief operating decision maker to assess performance and allocate resources.

To assist investors in comparing FedEx’s historical financial results and for informational purposes only, supplemental historical financial information and certain non-GAAP supplemental information reflecting the change in fiscal year end, the presentation of the FedEx Freight business as discontinued operations, and the presentation of FedEx’s new reportable segments is being provided in Exhibit 99.1 hereto. The information furnished pursuant to this Item 2.02, including Exhibit 99.1, should be read in conjunction with FedEx's Annual Reports on Form 10-K for the years ended May 31, 2026, May 31, 2025, and May 31, 2024 and FedEx’s quarterly reports on Form 10-Q for the quarterly periods ended February 28, 2026, November 30, 2025, August 31, 2025, February 28, 2025, November 30, 2024, August 31, 2024, February 28, 2024, November 30, 2023, and August 31, 2023. The unaudited supplemental historical financial information contained in Exhibit 99.1 does not represent a restatement or reissuance of previously issued financial statements and is not indicative of future or annual results.

SECTION 9. FINANCIAL STATEMENTS AND EXHIBITS.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

Number

Description

99.1

Supplemental Historical Financial Information

104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FedEx Corporation

Date: July 21, 2026 By: /s/ Claude F. Russ

Claude F. Russ

Enterprise Vice President, Finance and

Interim Chief Financial Officer and

Interim Chief Accounting Officer

EX-99.1

Filename: fedexrecastexhibit991.htm · Sequence: 2

Document

Exhibit 99.1

SUPPLEMENTAL HISTORICAL FINANCIAL INFORMATION

Effective June 1, 2026, FedEx Corporation (“FedEx”) changed its fiscal year end from May 31 to December 31. As a result, FedEx will report operating results covering the seven-month transition period from June 1, 2026 through December 31, 2026 (the “Transition Period”) in a Transition Report on Form 10-K. Following the Transition Period, FedEx will report its operating results on a calendar-year basis, beginning with the fiscal year ending December 31, 2027. Prior to the change in fiscal year end, FedEx reported financial results on a fiscal-year basis for the twelve months ending May 31. Below is an illustration of the reporting periods before and after the change in fiscal year end:

On June 1, 2026, FedEx completed its spin-off of FedEx’s less-than-truckload freight transportation services businesses conducted through FedEx Freight (“FedEx Freight”) into a new, publicly traded company (the “Spin-Off”). The FedEx Freight business also included FedEx Custom Critical, Inc., LTL Select, and other operations historically included within the FedEx Freight reporting segment. As a result of the Spin-Off, FedEx no longer consolidates the FedEx Freight business and FedEx Freight is no longer a reportable segment.

In accordance with the requirements of U.S. Generally Accepted Accounting Principles (“GAAP”), following the Spin-Off, FedEx Freight is presented as discontinued operations and excluded from both continuing operations and segment results for all reporting periods, including comparable historical periods. Discontinued operations do not include historical intercompany transactions between FedEx and FedEx Freight, which were previously eliminated in consolidation. It also does not include allocations of shared service costs, such as data and technology, commercial back-office, and other general expenses, that were previously allocated to FedEx Freight through intercompany charges. Upon the Spin-Off, a portion of these costs transferred to FedEx Freight, while the remaining costs were retained by FedEx as stranded costs. Reductions to such costs are expected to be achieved through transition services agreements and cost management.

Beginning the first quarter of the Transition Period, FedEx realigned its internal reporting and management structure, resulting in the identification of two new reportable segments: Express U.S. Domestic and Express International. Prior to this change, these two segments comprised the Federal Express reportable segment. FedEx Dataworks, Inc., FedEx Office and Print Services, Inc., and FedEx Supply Chain, Inc.1 continued to be included in Corporate, other, and eliminations for segment reporting purposes for the periods presented. Certain data and technology expenses previously recorded under FedEx Dataworks have been reclassified into the U.S. Domestic segment. In addition, FedEx Logistics, Inc. (“FedEx Logistics”) was moved from Corporate, other, and eliminations to Express International. These changes reflect the realignment of FedEx’s organizational structure and reporting regularly provided to our chief operating decision maker to assess performance and allocate resources. These changes had no impact on the consolidated results of operations or financial position of FedEx.

For informational purposes only, the supplemental historical financial information presented herein has been recast to reflect the above changes to FedEx’s quarterly and annual operating results, quarterly and annual segment results, and other relevant information and statistics, for the calendar years ended December 31, 2025 and 2024 and each of the calendar quarters ended March 31, June 30, September 30, and December 31, 2025 and 2024. This unaudited financial information is based on the historical consolidated financial statements after giving effect to the change in fiscal year end, the presentation of the FedEx Freight business as discontinued operations, and the presentation of FedEx’s new reportable segments. This supplemental information should be read in conjunction with FedEx's Annual Reports on Form 10-K for the years ended May 31, 2026, May 31, 2025, and May 31, 2024 and FedEx’s quarterly reports on Form 10-Q for the quarterly periods ended February 28, 2026, November 30, 2025, August 31, 2025, February 28, 2025, November 30, 2024, August 31, 2024, February 28, 2024, November 30, 2023, and August 31, 2023. The unaudited supplemental historical financial information contained herein does not represent a restatement or reissuance of previously issued financial statements and is not indicative of future or annual results.

1 On July 1, 2026, FedEx announced that it would sell its FedEx Supply Chain business to CMA CGM Group for $1.4 billion as part of a strategic portfolio streamlining effort. The transaction is expected to close in the second half of calendar year 2026. Upon completion of the sale, FedEx will no longer consolidate FedEx Supply Chain and FedEx Supply Chain will no longer be included in Corporate, other, and eliminations.

-1-

Exhibit 99.1

FORWARD-LOOKING STATEMENTS

Certain statements in this Exhibit 99.1 may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act, such as statements regarding assumptions on allocations of shared costs and mitigation of stranded costs and the assumptions underlying such statements. Forward-looking statements include those preceded by, followed by or that include the words “will,” “may,” “could,” “would,” “should,” “believes,” “expects,” “forecasts,” “anticipates,” “plans,” “estimates,” “targets,” “projects,” “intends,” “determined to,” or similar expressions. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions in the global markets in which FedEx operates; uncertainty and additional volatility in the global trade environment; FedEx’s ability to successfully implement business strategies and global transformation program and network optimization initiatives, including Network 2.0 and Tricolor, effectively respond to changes in market dynamics, and achieve the anticipated benefits of such strategies and actions; our ability to achieve our cost reduction initiatives and financial performance goals, including our 2029 financial performance targets; the ability to achieve the anticipated benefits of the Spin-Off; the possibility of disruption, including changes to existing business relationships, disputes, litigation, or unanticipated costs in connection with the Spin-Off; the timing and amount of any costs or benefits or any specific outcome, transaction, or change (of which there can be no assurance), or the terms, timing, and structure thereof, related to FedEx’s global transformation programs and other ongoing reviews and initiatives; a significant data breach or other disruption to FedEx’s technology infrastructure; damage to the FedEx reputation or loss of brand equity; FedEx’s ability to meet labor and purchased transportation needs while controlling related costs; failure of third-party service providers to perform as expected, or disruptions in FedEx’s relationships with those providers or their provision of services to FedEx; the effect of any international conflicts or terrorist activities, including as a result of the current conflicts between Russia and Ukraine and in the Middle East; evolving or new U.S. domestic or international laws and government regulations, policies, and actions, including regulatory and/or legal compliance requirements that can affect the ability to efficiently or fully utilize FedEx aircraft; changes in fuel prices or currency exchange rates, including significant increases in fuel prices as a result of the ongoing conflicts between Russia and Ukraine and in the Middle East and other geopolitical and regulatory developments; the effect of intense competition; the ability to match capacity to shifting volume levels; an increase in self-insurance accruals and expenses; loss or delay in the collection of accounts receivable, including those related to tariffs in light of recent judicial rulings; the effect of technology developments, including autonomous technology and artificial intelligence; failure to receive or collect expected insurance coverage; the ability to effectively operate, integrate, leverage, and grow acquired businesses and complete and realize the anticipated benefits of acquisitions and other strategic transactions including FedEx's investment in InPost, as a consortium member, and related commercial agreements; noncash impairment charges related to goodwill and certain deferred tax assets; the future rate of e-commerce growth; future guidance, regulations, interpretations, challenges, or judicial decisions related to tariffs and tax positions; labor-related disruptions; legal challenges or changes related to service providers contracted to conduct certain linehaul and pickup-and-delivery operations and the drivers providing services on their behalf and the coverage of U.S. employees at Federal Express Corporation under the Railway Labor Act of 1926, as amended; the ability to quickly and effectively restore operations following adverse weather or a localized disaster or disturbance in a key geography; the effects of a widespread outbreak of an illness or any other communicable disease or public health crises; any liability resulting from and the costs of defending against litigation, including refunds of tariffs; the ability to achieve or demonstrate progress on FedEx’s goal of carbon-neutral operations by 2040; successful completion of stock repurchases; and other factors which can be found in FedEx Corp.’s and its subsidiaries’ press releases and FedEx Corp.’s filings with the SEC, including the Annual Report on Form 10-K for the fiscal year ending May 31, 2026, and subsequent Quarterly Reports on Form 10-Q. Any forward-looking statement speaks only as of the date on which it is made. FedEx does not undertake or assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

-2-

FEDEX CORPORATION

CONSOLIDATED BALANCE SHEETS

RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31

RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS

RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE

(IN MILLIONS)

(unaudited)

December 31,

2025 2024

ASSETS

CURRENT ASSETS

Cash and cash equivalents $ 6,531 $ 4,854

Receivables, less allowances 11,957 11,256

Spare parts, supplies, and fuel, less allowances 615 601

Prepaid expenses and other 1,361 1,111

Current assets of discontinued operations 1,111 238

Total current assets 21,575 18,060

PROPERTY AND EQUIPMENT, AT COST 82,906 79,572

Less accumulated depreciation and amortization 44,170 41,236

Net property and equipment 38,736 38,336

OTHER LONG-TERM ASSETS

Operating lease right-of-use assets, net 14,715 15,130

Goodwill 6,074 5,629

Other assets 4,374 3,694

Non-current assets of discontinued operations 4,837 4,741

Total other long-term assets 30,000 29,194

TOTAL ASSETS $ 90,311 $ 85,590

-3-

FEDEX CORPORATION

CONSOLIDATED BALANCE SHEETS

RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31

RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS

RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE

(IN MILLIONS)

(unaudited)

December 31,

2025 2024

LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT

CURRENT LIABILITIES

Accrued expenses $ 5,220 $ 4,642

Accounts payable 4,355 3,448

Accrued salaries and employee benefits 2,610 2,520

Operating lease liabilities 2,403 2,284

Current portion of long-term debt 886 595

Current liabilities of discontinued operations 711 664

Total current liabilities 16,185 14,153

LONG-TERM DEBT, LESS CURRENT PORTION 20,302 19,415

OTHER LONG-TERM LIABILITIES

Operating lease liabilities 12,671 13,262

Self-insurance accruals 4,163 3,768

Deferred income taxes 3,486 3,923

Pension, postretirement healthcare, and other benefit obligations 1,676 1,555

Other liabilities 804 650

Non-current liabilities of discontinued operations 1,743 1,719

Total other long-term liabilities 24,543 24,877

COMMITMENTS AND CONTINGENCIES

COMMON STOCKHOLDERS’ INVESTMENT

Common stock, $0.10 par value; 800 million shares authorized; 318 million shares issued as of December 31, 2025 and 2024 32 32

Additional paid-in capital 4,418 4,176

Retained earnings 43,110 39,892

Accumulated other comprehensive loss (1,342) (1,522)

Treasury stock, at cost; 82 million shares as of December 31, 2025 and 78 million shares as of December 31, 2024 (16,937) (15,433)

Total common stockholders’ investment 29,281 27,145

TOTAL LIABILITIES AND COMMON STOCKHOLDERS’ INVESTMENT $ 90,311 $ 85,590

-4-

FEDEX CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31

RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS

RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE

(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)

(unaudited)

Years ended December 31,

2025 2024

REVENUE:

Express U.S. Domestic segment $ 54,401 $ 51,508

Express International segment 25,337 24,835

Corporate, other, and eliminations 2,725 2,787

TOTAL REVENUE 82,463 79,130

OPERATING EXPENSES:

Salaries and employee benefits 28,356 27,227

Purchased transportation 21,833 20,676

Rentals and landing fees 4,456 4,341

Depreciation and amortization 3,867 3,883

Fuel 3,058 3,714

Maintenance and repairs 2,988 2,935

Business optimization and realignment costs 345 815

Goodwill and other asset impairment charges 21 157

Separation and other costs 14 —

Other 12,971 12,110

TOTAL OPERATING EXPENSES 77,909 75,858

OPERATING INCOME:

Express U.S. Domestic segment 4,421 3,365

Express International segment 572 544

Corporate, other, and eliminations (439) (637)

TOTAL OPERATING INCOME 4,554 3,272

OTHER INCOME (EXPENSE):

Other retirement plans income 722 738

Interest, net (497) (384)

Other, net (132) (64)

TOTAL OTHER INCOME (EXPENSE) 93 290

INCOME BEFORE INCOME TAXES 4,647 3,562

PROVISION FOR INCOME TAXES 1,165 916

NET INCOME FROM CONTINUING OPERATIONS 3,482 2,646

NET INCOME FROM DISCONTINUED OPERATIONS 1,066 1,568

NET INCOME $ 4,548 $ 4,214

Continuing operations $ 14.72 $ 10.86

Discontinued operations 4.49 6.41

BASIC EARNINGS PER COMMON SHARE $ 19.21 $ 17.27

Continuing operations $ 14.62 $ 10.74

Discontinued operations 4.47 6.34

DILUTED EARNINGS PER COMMON SHARE $ 19.09 $ 17.08

DIVIDENDS DECLARED PER COMMON SHARE $ 5.70 $ 5.35

-5-

FEDEX CORPORATION

QUARTERLY STATEMENTS OF INCOME

RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31

RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS

RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE

(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)

(unaudited)

2025

FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER

REVENUE:

Express U.S. Domestic segment $ 12,319 $ 12,925 $ 13,392 $ 15,765

Express International segment 5,999 6,147 6,363 6,828

Corporate, other, and eliminations 685 697 677 666

TOTAL REVENUE 19,003 19,769 20,432 23,259

OPERATING EXPENSES:

Salaries and employee benefits 6,615 6,815 7,078 7,848

Purchased transportation 4,944 5,145 5,419 6,325

Rentals and landing fees 1,087 1,077 1,129 1,163

Depreciation and amortization 951 989 972 955

Fuel 762 721 774 801

Maintenance and repairs 692 742 784 770

Business optimization and realignment costs 157 113 54 21

Goodwill and other asset impairment charges — 21 — —

Separation and other costs — 1 7 6

Other 3,044 3,248 3,243 3,436

TOTAL OPERATING EXPENSES 18,252 18,872 19,460 21,325

OPERATING INCOME:

Express U.S. Domestic segment 780 982 884 1,775

Express International segment 87 47 192 246

Corporate, other, and eliminations (116) (132) (104) (87)

TOTAL OPERATING INCOME 751 897 972 1,934

OTHER INCOME (EXPENSE):

Other retirement plans income 47 568 52 55

Interest, net (109) (130) (125) (133)

Other, net (37) (100) 15 (10)

TOTAL OTHER INCOME (EXPENSE) (99) 338 (58) (88)

INCOME BEFORE INCOME TAXES 652 1,235 914 1,846

PROVISION FOR INCOME TAXES 122 315 269 459

NET INCOME FROM CONTINUING OPERATIONS 530 920 645 1,387

NET INCOME FROM DISCONTINUED OPERATIONS 301 458 275 32

NET INCOME $ 831 $ 1,378 $ 920 $ 1,419

Continuing operations $ 2.21 $ 3.87 $ 2.74 $ 5.90

Discontinued operations 1.26 1.93 1.16 0.14

BASIC EARNINGS PER COMMON SHARE $ 3.47 $ 5.80 $ 3.90 $ 6.04

Continuing operations $ 2.19 $ 3.85 $ 2.73 $ 5.85

Discontinued operations 1.25 1.92 1.16 0.14

DILUTED EARNINGS PER COMMON SHARE $ 3.44 $ 5.77 $ 3.89 $ 5.99

DIVIDENDS DECLARED PER COMMON SHARE $ 1.37 $ 1.44 $ 1.45 $ 1.44

-6-

FEDEX CORPORATION

QUARTERLY STATEMENTS OF INCOME

RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31

RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS

RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE

(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)

(unaudited)

2024

FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER

REVENUE:

Express U.S. Domestic segment $ 12,340 $ 12,659 $ 12,519 $ 13,990

Express International segment 5,928 6,113 6,186 6,608

Corporate, other, and eliminations 694 698 696 699

TOTAL REVENUE 18,962 19,470 19,401 21,297

OPERATING EXPENSES:

Salaries and employee benefits 6,495 6,747 6,784 7,201

Purchased transportation 4,772 4,940 5,142 5,822

Rentals and landing fees 1,066 1,070 1,098 1,107

Depreciation and amortization 974 990 965 954

Fuel 976 976 925 837

Maintenance and repairs 714 737 754 730

Goodwill and other asset impairment charges — 157 — —

Business optimization and realignment costs 183 159 187 286

Other 2,950 3,060 3,008 3,092

TOTAL OPERATING EXPENSES 18,130 18,836 18,863 20,029

OPERATING INCOME:

Express U.S. Domestic segment 864 658 684 1,159

Express International segment 138 110 32 264

Corporate, other, and eliminations (170) (134) (178) (155)

TOTAL OPERATING INCOME 832 634 538 1,268

OTHER INCOME (EXPENSE)

Other retirement plans income 41 598 53 46

Interest, net (94) (87) (90) (113)

Other, net 9 (70) 15 (18)

TOTAL OTHER INCOME (EXPENSE) (44) 441 (22) (85)

INCOME BEFORE INCOME TAXES 788 1,075 516 1,183

PROVISION FOR INCOME TAXES 202 294 133 287

NET INCOME FROM CONTINUING OPERATIONS 586 781 383 896

NET INCOME FROM DISCONTINUED OPERATIONS 423 467 406 272

NET INCOME $ 1,009 $ 1,248 $ 789 $ 1,168

Continuing operations $ 2.38 $ 3.18 $ 1.57 $ 3.73

Discontinued operations 1.72 1.90 1.66 1.13

BASIC EARNINGS PER COMMON SHARE $ 4.10 $ 5.08 $ 3.23 $ 4.86

Continuing operations $ 2.35 $ 3.15 $ 1.55 $ 3.69

Discontinued operations 1.70 1.88 1.64 1.12

DILUTED EARNINGS PER COMMON SHARE $ 4.05 $ 5.03 $ 3.19 $ 4.81

DIVIDENDS DECLARED PER COMMON SHARE $ 1.25 $ 1.37 $ 1.36 $ 1.37

-7-

FEDEX CORPORATION

CAPITAL EXPENDITURES

RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31

RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS

RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE

(IN MILLIONS)

(unaudited)

Years ended December 31,

2025 2024

BY ASSET TYPE

Aircraft and related equipment $ 1,167 $ 561

Package handling and ground support equipment 888 845

Vehicles and trailers 149 269

Information technology 439 561

Facilities and other 922 1,121

TOTAL $ 3,565 $ 3,357

-8-

EXPRESS U.S. DOMESTIC SEGMENT

STATEMENTS OF INCOME

RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31

RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS

RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE

(IN MILLIONS)

(unaudited)

Years ended December 31,

2025 2024

REVENUE:

U.S. Package:

U.S. ground $ 35,905 $ 33,386

U.S. priority 11,115 10,478

U.S. deferred 5,454 4,931

Total package revenue 52,474 48,795

U.S. Freight 1,196 2,041

Other 731 672

TOTAL REVENUE(1)

54,401 51,508

OPERATING EXPENSES:

Salaries and employee benefits 18,024 17,247

Purchased transportation 15,271 14,026

Rentals and landing fees 2,679 2,661

Depreciation and amortization 2,601 2,609

Fuel 1,045 1,340

Maintenance and repairs 1,902 1,921

Business optimization and realignment costs 142 368

Goodwill and other asset impairment charges 20 153

Separation and other costs 13 —

Intercompany allocation (254) (164)

Other 8,537 7,982

TOTAL OPERATING EXPENSES 49,980 48,143

OPERATING INCOME $ 4,421 $ 3,365

OPERATING MARGIN(1)

8.1 % 6.5 %

(1) Amounts reflected are from continuing operations.

-9-

EXPRESS U.S. DOMESTIC SEGMENT

QUARTERLY STATEMENTS OF INCOME

RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31

RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS

RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE

(IN MILLIONS)

(unaudited)

2025

FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER

REVENUE:

U.S. Package:

U.S. ground $ 8,065 $ 8,525 $ 8,748 $ 10,567

U.S. priority 2,600 2,718 2,826 2,971

U.S. deferred 1,229 1,263 1,302 1,660

Total package revenue 11,894 12,506 12,876 15,198

U.S. Freight 295 290 315 296

Other 130 129 201 271

TOTAL REVENUE(1)

12,319 12,925 13,392 15,765

OPERATING EXPENSES:

Salaries and employee benefits 4,174 4,269 4,471 5,110

Purchased transportation 3,374 3,566 3,778 4,553

Rentals and landing fees 663 642 674 700

Depreciation and amortization 636 668 656 641

Fuel 258 252 263 272

Maintenance and repairs 433 474 498 497

Business optimization and realignment costs 67 54 15 6

Goodwill and other asset impairment charges — 20 — —

Separation and other costs — 1 6 6

Intercompany allocation (52) (59) (72) (71)

Other 1,986 2,056 2,219 2,276

TOTAL OPERATING EXPENSES 11,539 11,943 12,508 13,990

OPERATING INCOME $ 780 $ 982 $ 884 $ 1,775

OPERATING MARGIN(1)

6.3 % 7.6 % 6.6 % 11.3 %

(1) Amounts reflected are from continuing operations.

-10-

EXPRESS U.S. DOMESTIC SEGMENT

QUARTERLY STATEMENTS OF INCOME

RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31

RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS

RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE

(IN MILLIONS)

(unaudited)

2024

FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER

REVENUE:

U.S. Package:

U.S. ground $ 7,796 $ 8,099 $ 8,020 $ 9,471

U.S. priority 2,598 2,625 2,586 2,669

U.S. deferred 1,198 1,184 1,149 1,400

Total package revenue 11,592 11,908 11,755 13,540

U.S. Freight 602 582 559 298

Other 146 169 205 152

TOTAL REVENUE(1)

12,340 12,659 12,519 13,990

OPERATING EXPENSES:

Salaries and employee benefits 4,089 4,254 4,292 4,612

Purchased transportation 3,225 3,282 3,424 4,095

Rentals and landing fees 660 661 666 674

Depreciation and amortization 663 668 649 629

Fuel 376 365 326 273

Maintenance and repairs 469 488 488 476

Goodwill and other asset impairment charges — 153 — —

Separation and other costs — — — —

Business optimization and realignment costs 74 130 72 92

Intercompany allocation (31) (34) (42) (57)

Other 1,951 2,034 1,960 2,037

TOTAL OPERATING EXPENSES 11,476 12,001 11,835 12,831

OPERATING INCOME $ 864 $ 658 $ 684 $ 1,159

OPERATING MARGIN(1)

7.0 % 5.2 % 5.5 % 8.3 %

(1) Amounts reflected are from continuing operations.

-11-

EXPRESS U.S. DOMESTIC SEGMENT

ANNUAL OPERATING STATISTICS

RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31

RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS

RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE

(IN THOUSANDS, EXCEPT YIELD AMOUNTS)

(unaudited)

Years ended December 31,

2025 2024

Package Statistics

Average daily package volume (ADV):(1)

U.S. priority 1,649 1,604

U.S. deferred 1,121 1,019

U.S. ground commercial 4,270 4,258

U.S. ground home delivery/economy 7,332 6,801

Total U.S. domestic ADV 14,372 13,682

Revenue per package (yield):

U.S. priority $ 26.44 $ 25.51

U.S. deferred 19.09 18.89

U.S. ground 12.14 11.80

Total U.S. domestic composite 14.32 13.93

Freight Statistics

Average daily freight pounds:

U.S. freight 2,169 4,519

Revenue per pound (yield):

U.S. freight $ 2.16 $ 1.76

Operating Days(2)

255 256

(1) ADV is calculated on a 5-day-per-week basis.

(2) Operating days for calendar year 2026 and 2027 are expected to be 255 and 254, respectively.

-12-

EXPRESS U.S. DOMESTIC SEGMENT

QUARTERLY OPERATING STATISTICS

RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31

RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS

RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE

(IN THOUSANDS, EXCEPT YIELD AMOUNTS)

(unaudited)

2025

FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER

Package Statistics

Average daily package volume (ADV):(1)

U.S. priority 1,561 1,644 1,681 1,707

U.S. deferred 1,018 1,066 1,074 1,324

U.S. ground commercial 4,144 4,215 4,370 4,348

U.S. ground home delivery/economy 6,528 6,818 6,969 8,999

Total U.S. domestic ADV 13,251 13,743 14,094 16,378

Revenue per package (yield):

U.S. priority $ 26.43 $ 25.83 $ 26.27 $ 27.20

U.S. deferred 19.17 18.52 18.96 19.58

U.S. ground 12.00 12.07 12.05 12.37

Total U.S. domestic composite 14.25 14.22 14.28 14.50

Freight Statistics

Average daily freight pounds:

U.S. freight 2,274 2,149 2,202 2,051

Revenue per pound (yield):

U.S. freight $ 2.06 $ 2.11 $ 2.23 $ 2.26

Operating Days(2)

63 64 64 64

(1) ADV is calculated on a 5-day-per-week basis.

(2) Operating days for the quarters ending March 31, June 30, September 30 and December 31 for calendar year 2027 are expected to be 63, 64, 64 and 63, respectively. Operating days for the quarters ending March 31, June 30, September 30 and December 31 for calendar year 2026 are expected to be 63, 64, 64 and 64, respectively.

-13-

EXPRESS U.S. DOMESTIC SEGMENT

QUARTERLY OPERATING STATISTICS

RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31

RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS

RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE

(IN THOUSANDS, EXCEPT YIELD AMOUNTS)

(unaudited)

2024

FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER

Package Statistics

Average daily package volume (ADV):(1)

U.S. priority 1,584 1,610 1,603 1,619

U.S. deferred 963 980 965 1,170

U.S. ground commercial 4,149 4,258 4,344 4,283

U.S. ground home delivery/economy 6,066 6,304 6,425 8,411

Total U.S. domestic ADV 12,762 13,152 13,337 15,483

Revenue per package (yield):

U.S. priority $ 25.62 $ 25.47 $ 25.20 $ 25.77

U.S. deferred 19.45 18.89 18.59 18.69

U.S. ground 11.92 11.98 11.64 11.66

Total U.S. domestic composite 14.19 14.15 13.77 13.66

Freight Statistics

Average daily freight pounds:

U.S. freight 5,622 5,521 4,711 2,221

Revenue per pound (yield):

U.S. freight $ 1.67 $ 1.65 $ 1.85 $ 2.09

Operating Days(2)

64 64 64 64

(1) ADV is calculated on a 5-day-per-week basis.

-14-

EXPRESS INTERNATIONAL SEGMENT

STATEMENTS OF INCOME

RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31

RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS

RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE

(IN MILLIONS)

(unaudited)

Years ended December 31,

2025 2024

REVENUE:

Package:

International priority $ 9,048 $ 9,098

International economy 5,767 5,493

Total International export package revenue 14,815 14,591

International domestic(1)

4,615 4,622

Total package revenue 19,430 19,213

Freight:

International priority 2,382 2,273

International economy 2,120 1,939

Total freight revenue 4,502 4,212

Other 1,405 1,410

TOTAL REVENUE(2)

25,337 24,835

OPERATING EXPENSES:

Salaries and employee benefits 8,631 8,108

Purchased transportation 6,359 6,498

Rentals and landing fees 1,385 1,279

Depreciation and amortization 1,165 1,162

Fuel 2,012 2,372

Maintenance and repairs 980 903

Business optimization and realignment costs 72 224

Goodwill and other asset impairment charges — 4

Intercompany allocations 26 (10)

Other 4,135 3,751

TOTAL OPERATING EXPENSES 24,765 24,291

OPERATING INCOME $ 572 $ 544

OPERATING MARGIN(2)

2.3 % 2.2 %

(1) International domestic revenue and statistics relate to FedEx’s international intra-country operations.

(2) Amounts reflected are from continuing operations.

-15-

EXPRESS INTERNATIONAL SEGMENT

QUARTERLY STATEMENTS OF INCOME

RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31

RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS

RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE

(IN MILLIONS)

(unaudited)

2025

FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER

REVENUE:

Package:

International priority $ 2,105 $ 2,177 $ 2,325 $ 2,441

International economy 1,438 1,360 1,403 1,566

Total International export package 3,543 3,537 3,728 4,007

International domestic(1)

1,051 1,137 1,166 1,261

Total package revenue 4,594 4,674 4,894 5,268

Freight:

International priority 565 599 588 630

International economy 493 518 538 571

Total freight revenue 1,058 1,117 1,126 1,201

Other 347 356 343 359

TOTAL REVENUE(2)

5,999 6,147 6,363 6,828

OPERATING EXPENSES:

Salaries and employee benefits 2,017 2,114 2,190 2,310

Purchased transportation 1,520 1,527 1,588 1,724

Rentals and landing fees 326 338 356 365

Depreciation and amortization 291 294 292 288

Fuel 503 469 510 530

Maintenance and repairs 233 239 261 247

Business optimization and realignment costs 46 16 4 6

Intercompany allocations — 1 10 15

Other 976 1,102 960 1,097

TOTAL OPERATING EXPENSES 5,912 6,100 6,171 6,582

OPERATING INCOME $ 87 $ 47 $ 192 $ 246

OPERATING MARGIN(2)

1.5 % 0.8 % 3.0 % 3.6 %

(1) International domestic revenue and statistics relate to FedEx’s international intra-country operations.

(2) Amounts reflected are from continuing operations.

-16-

EXPRESS INTERNATIONAL SEGMENT

QUARTERLY STATEMENTS OF INCOME

RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31

RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS

RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE

(IN MILLIONS)

(unaudited)

2024

FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER

REVENUE:

Package:

International priority $ 2,309 $ 2,346 $ 2,188 $ 2,255

International economy 1,146 1,234 1,465 1,648

Total International export package 3,455 3,580 3,653 3,903

International domestic(1)

1,150 1,146 1,125 1,201

Total package revenue 4,605 4,726 4,778 5,104

Freight:

International priority 537 548 559 629

International economy 469 477 485 508

Total freight revenue 1,006 1,025 1,044 1,137

Other 317 362 364 367

TOTAL REVENUE(2)

5,928 6,113 6,186 6,608

OPERATING EXPENSES:

Salaries and employee benefits 1,936 2,010 2,023 2,139

Purchased transportation 1,509 1,620 1,681 1,688

Rentals and landing fees 305 307 334 333

Depreciation and amortization 283 295 288 296

Fuel 600 610 599 563

Maintenance and repairs 218 220 239 226

Business optimization and realignment costs 52 (30) 45 157

Goodwill and other asset impairment charges — 4 — —

Intercompany allocations (1) (1) (3) (5)

Other 888 968 948 947

TOTAL OPERATING EXPENSES 5,790 6,003 6,154 6,344

OPERATING INCOME $ 138 $ 110 $ 32 $ 264

OPERATING MARGIN(2)

2.3 % 1.8 % 0.5 % 4.0 %

(1) International domestic revenue and statistics relate to FedEx’s international intra-country operations.

(2) Amounts reflected are from continuing operations.

-17-

EXPRESS INTERNATIONAL SEGMENT

ANNUAL OPERATING STATISTICS

RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31

RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS

RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE

(IN THOUSANDS, EXCEPT YIELD AMOUNTS)

(unaudited)

Years ended December 31,

2025 2024

Package Statistics

Average daily package volume (ADV)(1)

International priority 564 628

International economy 558 490

Total international export ADV 1,122 1,118

International domestic(2)

1,887 1,922

Total ADV 3,009 3,040

Revenue per package (yield):

International priority $ 62.93 $ 56.63

International economy 40.54 43.76

International export composite 51.79 50.98

International domestic(2)

9.59 9.40

Composite package yield 25.32 24.69

Freight Statistics

Average daily freight pounds:

International priority 4,755 4,613

International economy 11,580 11,396

Total average daily freight pounds 16,335 16,009

Revenue per pound (yield):

International priority $ 1.97 $ 1.93

International economy 0.72 0.66

Composite freight yield 1.08 1.03

Operating Days(3)

255 256

(1) ADV is calculated on a 5-day-per-week basis.

(2) International domestic revenue and statistics relate to FedEx’s international intra-country operations.

(3) Operating days for calendar year 2026 and 2027 are expected to be 255 and 254, respectively.

-18-

EXPRESS INTERNATIONAL SEGMENT

QUARTERLY OPERATING STATISTICS

RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31

RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS

RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE

(IN THOUSANDS, EXCEPT YIELD AMOUNTS)

(unaudited)

2025

FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER

Package Statistics

Average daily package volume (ADV):(1)

International priority 541 556 569 590

International economy 559 524 532 617

Total international export ADV 1,100 1,080 1,101 1,207

International domestic(2)

1,852 1,846 1,846 2,004

Total ADV 2,952 2,926 2,947 3,211

Revenue per package (yield):

International priority $ 61.81 $ 61.18 $ 63.87 $ 64.68

International economy 40.82 40.57 41.23 39.68

International export composite 51.13 51.18 52.93 51.90

International domestic(2)

9.01 9.62 9.87 9.83

Composite package yield 24.70 24.96 25.96 25.64

Freight Statistics

Average daily freight pounds:

International priority 4,521 4,668 4,782 5,047

International economy 11,601 11,159 11,514 12,046

Total average daily freight pounds 16,122 15,827 16,296 17,093

Revenue per pound (yield):

International priority $ 1.98 $ 2.01 $ 1.92 $ 1.95

International economy 0.67 0.73 0.73 0.74

Composite freight yield 1.04 1.10 1.08 1.10

Operating Days(3)

63 64 64 64

(1) ADV is calculated on a 5-day-per-week basis.

(2) International domestic revenue and statistics relate to FedEx’s international intra-country operations.

(3) Operating days for the quarters ending March 31, June 30, September 30 and December 31 for calendar year 2027 are expected to be 63, 64, 64 and 63, respectively. Operating days for the quarters ending March 31, June 30, September 30 and December 31 for calendar year 2026 are expected to be 63, 64, 64 and 64, respectively.

-19-

EXPRESS INTERNATIONAL SEGMENT

QUARTERLY OPERATING STATISTICS

RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31

RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS

RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE

(IN THOUSANDS, EXCEPT YIELD AMOUNTS)

(unaudited)

2024

FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER

Package Statistics

Average daily package volume (ADV):(1)

International priority 635 680 596 599

International economy 387 414 541 619

Total international export ADV 1,022 1,094 1,137 1,218

International domestic(2)

1,867 1,838 1,911 2,070

Total ADV 2,889 2,932 3,048 3,288

Revenue per package (yield):

International priority $ 56.82 $ 53.89 $ 57.39 $ 58.80

International economy 46.32 46.58 42.27 41.57

International export composite 52.85 51.12 50.19 50.04

International domestic(2)

9.62 9.74 9.20 9.06

Composite package yield 24.91 25.18 24.49 24.25

Freight Statistics

Average daily freight pounds:

International priority 4,487 4,503 4,550 4,912

International economy 11,447 11,208 11,265 11,665

Total average daily freight pounds 15,934 15,711 15,815 16,577

Revenue per pound (yield):

International priority $ 1.87 $ 1.90 $ 1.92 $ 2.00

International economy 0.64 0.67 0.67 0.68

Composite freight yield 0.99 1.02 1.03 1.07

Operating Days(3)

64 64 64 64

(1) ADV is calculated on a 5-day-per-week basis.

(2) International domestic revenue and statistics relate to FedEx’s international intra-country operations.

-20-

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES

The supplemental historical financial information within this Exhibit 99.1 is presented in accordance with accounting principles generally accepted in the United States (“GAAP” or “reported”). To supplement the reporting of the information determined in accordance with GAAP with certain non-GAAP (or “adjusted”) financial measures, included in tables below are the adjusted operating income and margin, net income, and diluted earnings per share for the calendar years ended December 31, 2025 and 2024 and each of the calendar quarters ended March 31, June 30, September 30, and December 31, 2025 and 2024. These financial measures are provided on a continuing operations basis to assist investors with assessing trends in FedEx’s underlying businesses and exclude the impact of discontinued operations, as well as the impact of the following items (as applicable), which are unrelated to FedEx’s core operating performance:

•Mark-To-Market (“MTM”) adjustments for retirement plan accounting incurred: FedEx’s defined benefit pension plans are measured using actuarial techniques that reflect management’s assumptions for expected returns on assets (“EROA”), discount rate, and demographic experience such as salary increases, expected retirement, mortality, and employee turnover. Differences between these assumptions and actual experience are recognized through MTM accounting.

•Business optimization and realignment costs incurred: Business optimization costs relate to the following transformation initiatives aimed to improve long-term profitability, drive efficiency within and between the transportation segments, lower overhead and support costs, and transform FedEx’s digital capabilities: our Network 2.0 program, our international operational transformation programs, the Europe workforce reduction plan, and DRIVE initiatives commenced in prior years. These costs were primarily related to severance, incentive payments to contracted service providers, and professional services.

•Costs related to the spin-off of FedEx Freight incurred: In December 2024, FedEx announced that its Board of Directors decided to pursue a full separation of FedEx Freight through the capital markets, creating a new publicly traded company. The transaction was implemented through the spin-off of shares of the new company to FedEx stockholders on June 1, 2026, and is intended to be tax-free for U.S. federal income tax purposes for FedEx stockholders. These costs were primarily related to professional fees.

•Costs related to the change in the company's fiscal year end: In January 2025, FedEx announced that its Board of Directors approved a change in the company's fiscal year end from May 31 to December 31, which became effective June 1, 2026. The company incurred costs related to the fiscal year change in the fourth quarter and full-year fiscal 2026. These costs were primarily related to professional fees.

•Charges and adjustments related to a legacy FedEx Ground legal matter: FedEx incurred charges in connection with a legacy FedEx Ground legal matter in 2024, which was both extraordinary in nature and did not represent recurring expenses in the ordinary course of business. In addition, certain adjustments were made in subsequent periods to partially reverse this loss accrual, thus resulting in a gain in certain periods.

•Charges and adjustments related to an international regulatory matter: FedEx incurred charges in connection with an international regulatory matter in 2025, which was both extraordinary in nature and did not represent recurring expenses in the ordinary course of business. In addition, certain adjustments were made in subsequent periods to partially reverse this loss accrual, thus resulting in a gain in certain periods.

•Remeasurement of state deferred income taxes under one FedEx structure: FedEx incurred income tax expense related to the remeasurement of U.S. state deferred income tax balances in connection with the one FedEx consolidation. The transitional impact of this income tax expense was both extraordinary in nature and did not represent recurring expenses in the ordinary course of business.

•Aircraft impairment charges incurred: In May of 2024 and 2025, FedEx made a decision to permanently retire certain aircraft, as well as certain related engines, which resulted in noncash impairment charges during these periods. These retirements are aligned with the company's fleet reduction and modernization strategy as the company continues to improve its global network efficiency and better align air network capacity with anticipated demand.

The income tax effect of these costs is calculated based upon the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment. The impact of these non-GAAP items on the company's effective tax rate represents the difference in the effective tax rate calculated with and without the non-GAAP adjustment.

These adjusted financial measures facilitate analysis and comparisons of FedEx’s ongoing business operations because they exclude items that may not be indicative of, or are unrelated to, the company's and business segments' core operating performance, and may assist investors with comparisons to prior periods and assessing trends in FedEx’s underlying businesses. These adjustments are

-21-

consistent with how management views the businesses. Management uses these non-GAAP financial measures in making financial, operating, and planning decisions and evaluating the company's and each business segments' ongoing performance.

These non-GAAP financial measures are intended to supplement and should be read together with, and are not an alternative or substitute for, and should not be considered superior to, the reported financial results. Accordingly, users of the financial statements should not place undue reliance on these non-GAAP financial measures. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. As required by SEC rules, the tables below present a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures for each period presented.

-22-

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31

RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS

RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE

(IN MILLIONS, EXCEPT OPERATING MARGIN AMOUNTS)

(unaudited)

FULL YEAR CALENDAR 2025

FedEx Corporation

Diluted

Earnings

Per Share

Operating

Income

Taxes(1)

Net

Income(2)

Dollars in millions, except EPS Income Margin

GAAP measure $ 4,554 5.5 % $ 1,165 $ 3,482 $ 14.62

Business optimization and realignment costs(3)

345 0.5 % 79 266 1.11

Fiscal year change costs(4)

14 — 3 11 0.05

Aircraft impairment charges(4)

21 — 5 16 0.07

International regulatory matter(5)

88 0.1 % 4 84 0.35

Legacy FedEx Ground legal matter(6)

(12) — (3) (9) (0.04)

MTM retirement plans accounting adjustment(7)

— — (101) (317) (1.33)

Non-GAAP measure $ 5,010 6.1 % $ 1,152 $ 3,533 $ 14.83

Express U.S. Domestic Segment

Operating

Dollars in millions Income Margin

GAAP measure $ 4,421 8.1 %

Business optimization and realignment costs(3)

142 0.3 %

Fiscal year change costs(4)

13 —

Aircraft impairment charges(4)

20 —

Legacy FedEx Ground legal matter(6)

(12) —

Non-GAAP measure $ 4,584 8.4 %

Express International Segment

Operating

Dollars in millions Income Margin

GAAP measure $ 572 2.3 %

Business optimization and realignment costs(3)

72 0.3 %

International regulatory matter(5)

88 0.3 %

Non-GAAP measure $ 732 2.9 %

(1) Income taxes are based on the company’s approximate statutory tax rates applicable to each transaction.

(2) Effect of “Other income (expense)” on net income amount not shown.

(3) These expenses were recognized at Express U.S. Domestic, Express International, and Corporate, other, and eliminations.

(4) These expenses were recognized at Express U.S. Domestic and Corporate, other, and eliminations.

(5) These expenses were recognized at Express International.

(6) These expenses were recognized at Express U.S. Domestic.

(7) These expenses were recognized at Corporate, other, and eliminations.

-23-

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31

RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS

RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE

(IN MILLIONS, EXCEPT OPERATING MARGIN AMOUNTS)

(unaudited)

FOURTH QUARTER CALENDAR 2025

FedEx Corporation

Diluted

Earnings

Per Share

Operating

Income

Taxes(1)

Net

Income(2)

Dollars in millions, except EPS Income Margin

GAAP measure $ 1,934 8.3 % $ 459 $ 1,387 $ 5.85

Business optimization and realignment costs(3)

21 0.1 % 3 18 0.08

Fiscal year change costs(4)

6 — 1 5 0.02

International regulatory matter(5)

(12) (0.1) % 4 (16) (0.07)

Non-GAAP measure $ 1,949 8.3 % $ 467 $ 1,394 $ 5.88

Express U.S. Domestic Segment

Operating

Dollars in millions Income Margin

GAAP measure $ 1,775 11.3 %

Business optimization and realignment costs(3)

6 —

Fiscal year change costs(4)

6 —

Non-GAAP measure $ 1,787 11.3 %

Express International Segment

Operating

Dollars in millions Income Margin

GAAP measure $ 246 3.6 %

Business optimization and realignment costs(3)

6 0.1 %

International regulatory matter(5)

(12) (0.2) %

Non-GAAP measure $ 240 3.5 %

(1) Income taxes are based on the company’s approximate statutory tax rates applicable to each transaction.

(2) Effect of “Other income (expense)” on net income amount not shown.

(3) These expenses were recognized at Express U.S. Domestic, Express International, and Corporate, other, and eliminations.

(4) These expenses were recognized at Express U.S. Domestic and Corporate, other, and eliminations.

(5) These expenses were recognized at Express International.

-24-

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31

RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS

RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE

(IN MILLIONS, EXCEPT OPERATING MARGIN AMOUNTS)

(unaudited)

THIRD QUARTER CALENDAR 2025

FedEx Corporation

Diluted

Earnings

Per Share

Operating

Income

Taxes(1)

Net

Income(2)

Dollars in millions, except EPS Income Margin

GAAP measure $ 972 4.8 % $ 269 $ 645 $ 2.73

Business optimization and realignment costs(3)

54 0.3 % 12 43 0.18

Fiscal year change costs(4)

7 — 1 5 0.02

Non-GAAP measure $ 1,033 5.1 % $ 282 $ 693 $ 2.93

Express U.S. Domestic Segment

Operating

Dollars in millions Income Margin

GAAP measure $ 884 6.6 %

Business optimization and realignment costs(3)

15 0.1 %

Fiscal year change costs(4)

6 —

Non-GAAP measure $ 905 6.7 %

Express International Segment

Operating

Dollars in millions Income Margin

GAAP measure $ 192 3.0 %

Business optimization and realignment costs(3)

4 0.1 %

Non-GAAP measure $ 196 3.1 %

(1) Income taxes are based on the company’s approximate statutory tax rates applicable to each transaction.

(2) Effect of “Other income (expense)” on net income amount not shown.

(3) These expenses were recognized at Express U.S. Domestic, Express International, and Corporate, other, and eliminations.

(4) These expenses were recognized at Express U.S. Domestic and Corporate, other, and eliminations.

-25-

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31

RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS

RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE

(IN MILLIONS, EXCEPT OPERATING MARGIN AMOUNTS)

(unaudited)

SECOND QUARTER CALENDAR 2025

FedEx Corporation

Diluted

Earnings

Per Share

Operating

Income

Taxes(1)

Net

Income(2)

Dollars in millions, except EPS Income Margin

GAAP measure $ 897 4.5 % $ 315 $ 920 $ 3.85

Business optimization and realignment costs(3)

113 0.6 % 26 87 0.36

Fiscal year change costs(4)

1 — — 1 —

Aircraft impairment charges(4)

21 0.1 % 5 16 0.07

International regulatory matter(5)

50 0.3 % (12) 62 0.26

MTM retirement plans accounting adjustment(6)

— — (101) (317) (1.34)

Non-GAAP measure $ 1,082 5.5 % $ 233 $ 769 $ 3.20

Express U.S. Domestic Segment

Operating

Dollars in millions Income Margin

GAAP measure $ 982 7.6 %

Business optimization and realignment costs(3)

54 0.4 %

Fiscal year change costs(4)

1 —

Aircraft impairment charges(4)

20 0.2 %

Non-GAAP measure $ 1,057 8.2 %

Express International Segment

Operating

Dollars in millions Income Margin

GAAP measure $ 47 0.8 %

Business optimization and realignment costs(3)

16 0.3 %

International regulatory matter(5)

50 0.8 %

Non-GAAP measure $ 113 1.9 %

(1) Income taxes are based on the company’s approximate statutory tax rates applicable to each transaction.

(2) Effect of “Other income (expense)” on net income amount not shown.

(3) These expenses were recognized at Express U.S. Domestic, Express International, and Corporate, other, and eliminations.

(4) These expenses were recognized at Express U.S. Domestic and Corporate, other, and eliminations.

(5) These expenses were recognized at Express International.

(6) These expenses were recognized at Corporate, other, and eliminations.

-26-

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31

RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS

RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE

(IN MILLIONS, EXCEPT OPERATING MARGIN AMOUNTS)

(unaudited)

FIRST QUARTER CALENDAR 2025

FedEx Corporation

Diluted

Earnings

Per Share

Operating

Income

Taxes(1)

Net

Income(2)

Dollars in millions, except EPS Income Margin

GAAP measure $ 751 4.0 % $ 122 $ 530 $ 2.19

Business optimization and realignment costs(3)

157 0.8 % 37 120 0.50

Legacy FedEx Ground legal matter(4)

(12) (0.1) % (3) (9) (0.04)

International regulatory matter(5)

50 0.3 % 12 38 0.16

Non-GAAP measure $ 946 5.0 % $ 168 $ 679 $ 2.81

Express U.S. Domestic Segment

Operating

Dollars in millions Income Margin

GAAP measure $ 780 6.3 %

Business optimization and realignment costs(3)

67 0.5 %

Legacy FedEx Ground legal matter(4)

(12) (0.1) %

Non-GAAP measure $ 835 6.7 %

Express International Segment

Operating

Dollars in millions Income Margin

GAAP measure $ 87 1.5 %

Business optimization and realignment costs(3)

46 0.8 %

International regulatory matter(5)

50 0.8 %

Non-GAAP measure $ 183 3.1 %

(1) Income taxes are based on the company’s approximate statutory tax rates applicable to each transaction.

(2) Effect of “Other income (expense)” on net income amount not shown.

(3) These expenses were recognized at Express U.S. Domestic, Express International, and Corporate, other, and eliminations.

(4) These expenses were recognized at Express U.S. Domestic.

(5) These expenses were recognized at Express International.

-27-

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31

RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS

RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE

(IN MILLIONS, EXCEPT OPERATING MARGIN AMOUNTS)

(unaudited)

FULL YEAR CALENDAR 2024

FedEx Corporation

Diluted

Earnings

Per Share

Operating

Income

Taxes(1)

Net

Income(2)

Dollars in millions, except EPS Income Margin

GAAP measure $ 3,272 4.1 % $ 916 $ 2,646 $ 10.74

Business optimization and realignment costs(3)

815 1.1 % 193 622 2.52

Aircraft impairment charges(4)

157 0.2 % 37 120 0.49

Legacy FedEx Ground legal matter(5)

(57) (0.1) % (13) (44) (0.18)

MTM retirement plans accounting adjustment(5)

— — (125) (397) (1.61)

Non-cash state tax impact(5)

— — (54) 54 0.22

Non-GAAP measure $ 4,187 5.3 % $ 954 $ 3,001 $ 12.18

Express U.S. Domestic Segment

Operating

Dollars in millions Income Margin

GAAP measure $ 3,365 6.5 %

Business optimization and realignment costs(3)

368 0.7 %

Aircraft impairment charges(4)

153 0.3 %

Non-GAAP measure $ 3,886 7.5 %

Express International Segment

Operating

Dollars in millions Income Margin

GAAP measure $ 544 2.2 %

Business optimization and realignment costs(3)

224 0.9 %

Aircraft impairment charges(4)

4 —

Non-GAAP measure $ 772 3.1 %

(1) Income taxes are based on the company’s approximate statutory tax rates applicable to each transaction.

(2) Effect of “Other income (expense)” on net income amount not shown.

(3) These expenses were recognized at Express U.S. Domestic, Express International, and Corporate, other, and eliminations.

(4) These expenses were recognized at Express U.S. Domestic and Express International.

(5) These expenses were recognized at Corporate, other, and eliminations.

-28-

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31

RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS

RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE

(IN MILLIONS, EXCEPT OPERATING MARGIN AMOUNTS)

(unaudited)

FOURTH QUARTER CALENDAR 2024

FedEx Corporation

Diluted

Earnings

Per Share

Operating

Income

Taxes(1)

Net

Income(2)

Dollars in millions, except EPS Income Margin

GAAP measure $ 1,268 6.0 % $ 287 $ 896 $ 3.69

Business optimization and realignment costs(3)

286 1.3 % 68 218 0.90

Non-GAAP measure $ 1,554 7.3 % $ 355 $ 1,114 $ 4.59

Express U.S. Domestic Segment

Operating

Dollars in millions Income Margin

GAAP measure $ 1,159 8.3 %

Business optimization and realignment costs(3)

92 0.7 %

Non-GAAP measure $ 1,251 9.0 %

Express International Segment

Operating

Dollars in millions Income Margin

GAAP measure $ 264 4.0 %

Business optimization and realignment costs(3)

157 2.4 %

Non-GAAP measure $ 421 6.4 %

(1) Income taxes are based on the company’s approximate statutory tax rates applicable to each transaction.

(2) Effect of “Other income (expense)” on net income amount not shown.

(3) These expenses were recognized at Express U.S. Domestic, Express International, and Corporate, other, and eliminations.

-29-

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31

RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS

RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE

(IN MILLIONS, EXCEPT OPERATING MARGIN AMOUNTS)

(unaudited)

THIRD QUARTER CALENDAR 2024

FedEx Corporation

Diluted

Earnings

Per Share

Operating

Income

Taxes(1)

Net

Income(2)

Dollars in millions, except EPS Income Margin

GAAP measure $ 538 2.8 % $ 133 $ 383 $ 1.55

Business optimization and realignment costs(3)

187 0.9 % 44 143 0.58

Non-GAAP measure $ 725 3.7 % $ 177 $ 526 $ 2.13

Express U.S. Domestic Segment

Operating

Dollars in millions Income Margin

GAAP measure $ 684 5.5 %

Business optimization and realignment costs(3)

72 0.6 %

Non-GAAP measure $ 756 6.1 %

Express International Segment

Operating

Dollars in millions Income Margin

GAAP measure $ 32 0.5 %

Business optimization and realignment costs(3)

45 0.7 %

Non-GAAP measure $ 77 1.2 %

(1) Income taxes are based on the company’s approximate statutory tax rates applicable to each transaction.

(2) Effect of “Other income (expense)” on net income amount not shown.

(3) These expenses were recognized at Express U.S. Domestic, Express International, and Corporate, other, and eliminations.

-30-

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31

RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS

RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE

(IN MILLIONS, EXCEPT OPERATING MARGIN AMOUNTS)

(unaudited)

SECOND QUARTER CALENDAR 2024

FedEx Corporation

Diluted

Earnings

Per Share

Operating

Income

Taxes(1)

Net

Income(2)

Dollars in millions, except EPS Income Margin

GAAP measure $ 634 3.3 % $ 294 $ 781 $ 3.15

Business optimization and realignment costs(3)

159 0.8 % 38 121 0.49

Aircraft impairment charges(4)

157 0.8 % 37 120 0.48

Legacy FedEx Ground legal matter(5)

(57) (0.3) % (13) (44) (0.18)

MTM retirement plans accounting adjustment(5)

— — (125) (397) (1.60)

Remeasurement of state deferred income taxes under one FedEx structure(5)

— — (54) 54 0.22

Non-GAAP measure $ 893 4.6 % $ 177 $ 635 $ 2.56

Express U.S. Domestic Segment

Operating

Dollars in millions Income Margin

GAAP measure $ 658 5.2 %

Business optimization and realignment costs(3)

130 1.0 %

Aircraft impairment charges(4)

153 1.2 %

Non-GAAP measure $ 941 7.4 %

Express International Segment

Operating

Dollars in millions Income Margin

GAAP measure $ 110 1.8 %

Business optimization and realignment costs(3)

(30) (0.5) %

Aircraft impairment charges(4)

4 0.1 %

Non-GAAP measure $ 84 1.4 %

(1) Income taxes are based on the company’s approximate statutory tax rates applicable to each transaction.

(2) Effect of “Other income (expense)” on net income amount not shown.

(3) These expenses were recognized at Express U.S. Domestic, Express International, and Corporate, other, and eliminations.

(4) These expenses were recognized at Express U.S. Domestic and Express International.

(5) These expenses were recognized at Corporate, other, and eliminations.

-31-

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

RECASTED TO REFLECT CHANGE IN FISCAL YEAR END TO DECEMBER 31

RECASTED TO PRESENT FEDEX FREIGHT AS DISCONTINUED OPERATIONS

RECASTED TO PRESENT NEW SEGMENT REPORTING STRUCTURE

(IN MILLIONS, EXCEPT OPERATING MARGIN AMOUNTS)

(unaudited)

FIRST QUARTER CALENDAR 2024

FedEx Corporation

Diluted

Earnings

Per Share

Operating

Income

Taxes(1)

Net

Income(2)

Dollars in millions, except EPS Income Margin

GAAP measure $ 832 4.4 % $ 202 $ 586 $ 2.35

Business optimization and realignment costs(3)

183 1.0 % 43 140 0.56

Non-GAAP measure $ 1,015 5.4 % $ 245 $ 726 $ 2.91

Express U.S. Domestic Segment

Operating

Dollars in millions Income Margin

GAAP measure $ 864 7.0 %

Business optimization and realignment costs(3)

74 0.6 %

Non-GAAP measure $ 938 7.6 %

Express International Segment

Operating

Dollars in millions Income Margin

GAAP measure $ 138 2.3 %

Business optimization and realignment costs(3)

52 0.9 %

Non-GAAP measure $ 190 3.2 %

(1) Income taxes are based on the company’s approximate statutory tax rates applicable to each transaction.

(2) Effect of “Other income (expense)” on net income amount not shown.

(3) These expenses were recognized at Express U.S. Domestic, Express International, and Corporate, other, and eliminations.

-32-

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Jul. 21, 2026

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Security Exchange Name

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