聯邦快遞提交8-K 披露會計年度改為日曆年及FedEx Freight分拆完成

EX-99.1
2
fedexrecastexhibit991.htm
EX-99.1

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,
20252024
ASSETS
CURRENT ASSETS
Cash and cash equivalents$6,531 $4,854 
Receivables, less allowances11,957 11,256 
Spare parts, supplies, and fuel, less allowances615 601 
Prepaid expenses and other1,361 1,111 
Current assets of discontinued operations1,111 238 
Total current assets21,575 18,060 
PROPERTY AND EQUIPMENT, AT COST82,906 79,572 
Less accumulated depreciation and amortization44,170 41,236 
Net property and equipment38,736 38,336 
OTHER LONG-TERM ASSETS
Operating lease right-of-use assets, net14,715 15,130 
Goodwill6,074 5,629 
Other assets4,374 3,694 
Non-current assets of discontinued operations4,837 4,741 
Total other long-term assets30,000 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,
20252024
LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT
CURRENT LIABILITIES
Accrued expenses$5,220 $4,642 
Accounts payable4,355 3,448 
Accrued salaries and employee benefits2,610 2,520 
Operating lease liabilities2,403 2,284 
Current portion of long-term debt886 595 
Current liabilities of discontinued operations711 664 
Total current liabilities16,185 14,153 
LONG-TERM DEBT, LESS CURRENT PORTION20,302 19,415 
OTHER LONG-TERM LIABILITIES
Operating lease liabilities12,671 13,262 
Self-insurance accruals4,163 3,768 
Deferred income taxes3,486 3,923 
Pension, postretirement healthcare, and other benefit obligations1,676 1,555 
Other liabilities804 650 
Non-current liabilities of discontinued operations1,743 1,719 
Total other long-term liabilities24,543 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 202432 32 
Additional paid-in capital4,418 4,176 
Retained earnings43,110 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’ investment29,281 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,
20252024
REVENUE:
Express U.S. Domestic segment$54,401 $51,508 
Express International segment25,337 24,835 
Corporate, other, and eliminations2,725 2,787 
TOTAL REVENUE82,463 79,130 
OPERATING EXPENSES:
Salaries and employee benefits28,356 27,227 
Purchased transportation21,833 20,676 
Rentals and landing fees4,456 4,341 
Depreciation and amortization3,867 3,883 
Fuel3,058 3,714 
Maintenance and repairs2,988 2,935 
Business optimization and realignment costs345 815 
Goodwill and other asset impairment charges21 157 
Separation and other costs14 — 
Other12,971 12,110 
TOTAL OPERATING EXPENSES77,909 75,858 
OPERATING INCOME:
Express U.S. Domestic segment4,421 3,365 
Express International segment572 544 
Corporate, other, and eliminations(439)(637)
TOTAL OPERATING INCOME4,554 3,272 
OTHER INCOME (EXPENSE):
Other retirement plans income722 738 
Interest, net(497)(384)
Other, net(132)(64)
TOTAL OTHER INCOME (EXPENSE)93 290 
INCOME BEFORE INCOME TAXES4,647 3,562 
PROVISION FOR INCOME TAXES1,165 916 
NET INCOME FROM CONTINUING OPERATIONS3,482 2,646 
NET INCOME FROM DISCONTINUED OPERATIONS1,066 1,568 
NET INCOME$4,548 $4,214 

Continuing operations$14.72 $10.86 
Discontinued operations4.49 6.41 
BASIC EARNINGS PER COMMON SHARE$19.21 $17.27 

Continuing operations$14.62 $10.74 
Discontinued operations4.47 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 QUARTERSECOND QUARTERTHIRD QUARTERFOURTH QUARTER
REVENUE:
Express U.S. Domestic segment$12,319 $12,925 $13,392 $15,765 
Express International segment5,999 6,147 6,363 6,828 
Corporate, other, and eliminations685 697 677 666 
TOTAL REVENUE19,003 19,769 20,432 23,259 
OPERATING EXPENSES:
Salaries and employee benefits6,615 6,815 7,078 7,848 
Purchased transportation4,944 5,145 5,419 6,325 
Rentals and landing fees1,087 1,077 1,129 1,163 
Depreciation and amortization951 989 972 955 
Fuel762 721 774 801 
Maintenance and repairs692 742 784 770 
Business optimization and realignment costs157 113 54 21 
Goodwill and other asset impairment charges— 21 — — 
Separation and other costs— 1 7 6 
Other3,044 3,248 3,243 3,436 
TOTAL OPERATING EXPENSES18,252 18,872 19,460 21,325 
OPERATING INCOME:
Express U.S. Domestic segment780 982 884 1,775 
Express International segment87 47 192 246 
Corporate, other, and eliminations(116)(132)(104)(87)
TOTAL OPERATING INCOME751 897 972 1,934 
OTHER INCOME (EXPENSE):
Other retirement plans income47 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 TAXES652 1,235 914 1,846 
PROVISION FOR INCOME TAXES122 315 269 459 
NET INCOME FROM CONTINUING OPERATIONS530 920 645 1,387 
NET INCOME FROM DISCONTINUED OPERATIONS301 458 275 32 
NET INCOME$831 $1,378 $920 $1,419 

Continuing operations$2.21 $3.87 $2.74 $5.90 
Discontinued operations1.26 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 operations1.25 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 QUARTERSECOND QUARTERTHIRD QUARTERFOURTH QUARTER
REVENUE:
Express U.S. Domestic segment$12,340 $12,659 $12,519 $13,990 
Express International segment5,928 6,113 6,186 6,608 
Corporate, other, and eliminations694 698 696 699 
TOTAL REVENUE18,962 19,470 19,401 21,297 
OPERATING EXPENSES:
Salaries and employee benefits6,495 6,747 6,784 7,201 
Purchased transportation4,772 4,940 5,142 5,822 
Rentals and landing fees1,066 1,070 1,098 1,107 
Depreciation and amortization974 990 965 954 
Fuel976 976 925 837 
Maintenance and repairs714 737 754 730 
Goodwill and other asset impairment charges— 157 — — 

Business optimization and realignment costs183 159 187 286 
Other2,950 3,060 3,008 3,092 
TOTAL OPERATING EXPENSES18,130 18,836 18,863 20,029 
OPERATING INCOME:
Express U.S. Domestic segment864 658 684 1,159 
Express International segment138 110 32 264 
Corporate, other, and eliminations(170)(134)(178)(155)
TOTAL OPERATING INCOME832 634 538 1,268 
OTHER INCOME (EXPENSE)
Other retirement plans income41 598 53 46 
Interest, net(94)(87)(90)(113)
Other, net9 (70)15 (18)
TOTAL OTHER INCOME (EXPENSE)(44)441 (22)(85)
INCOME BEFORE INCOME TAXES788 1,075 516 1,183 
PROVISION FOR INCOME TAXES202 294 133 287 
NET INCOME FROM CONTINUING OPERATIONS586 781 383 896 
NET INCOME FROM DISCONTINUED OPERATIONS423 467 406 272 
NET INCOME$1,009 $1,248 $789 $1,168 

Continuing operations$2.38 $3.18 $1.57 $3.73 
Discontinued operations1.72 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 operations1.70 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,
20252024
BY ASSET TYPE
Aircraft and related equipment$1,167 $561 
Package handling and ground support equipment888 845 
Vehicles and trailers149 269 
Information technology439 561 
Facilities and other922 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,
20252024
REVENUE:
U.S. Package:
U.S. ground$35,905 $33,386 
U.S. priority11,115 10,478 
U.S. deferred5,454 4,931 
Total package revenue52,474 48,795 
U.S. Freight1,196 2,041 
Other731 672 
TOTAL REVENUE(1)
54,401 51,508 
OPERATING EXPENSES:
Salaries and employee benefits18,024 17,247 
Purchased transportation15,271 14,026 
Rentals and landing fees2,679 2,661 
Depreciation and amortization2,601 2,609 
Fuel1,045 1,340 
Maintenance and repairs1,902 1,921 
Business optimization and realignment costs142 368 
Goodwill and other asset impairment charges20 153 
Separation and other costs13 — 
Intercompany allocation(254)(164)
Other8,537 7,982 
TOTAL OPERATING EXPENSES49,980 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 QUARTERSECOND QUARTERTHIRD QUARTERFOURTH QUARTER
REVENUE:
U.S. Package:
U.S. ground$8,065 $8,525 $8,748 $10,567 
U.S. priority2,600 2,718 2,826 2,971 
U.S. deferred1,2291,2631,3021,660
Total package revenue11,89412,50612,87615,198
U.S. Freight295290315296
Other130129201271
TOTAL REVENUE(1)
12,31912,92513,39215,765
OPERATING EXPENSES:
Salaries and employee benefits4,1744,2694,4715,110
Purchased transportation3,3743,5663,7784,553
Rentals and landing fees663642674700
Depreciation and amortization636668656641
Fuel258252263272
Maintenance and repairs433474498497
Business optimization and realignment costs6754156
Goodwill and other asset impairment charges— 20— — 
Separation and other costs— 166
Intercompany allocation(52)(59)(72)(71)
Other1,9862,0562,2192,276
TOTAL OPERATING EXPENSES11,53911,94312,50813,990
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 QUARTERSECOND QUARTERTHIRD QUARTERFOURTH QUARTER
REVENUE:
U.S. Package:
U.S. ground$7,796 $8,099 $8,020 $9,471 
U.S. priority2,598 2,625 2,586 2,669 
U.S. deferred1,198 1,184 1,149 1,400 
Total package revenue11,592 11,908 11,755 13,540 
U.S. Freight602 582 559 298 
Other146 169 205 152 
TOTAL REVENUE(1)
12,340 12,659 12,519 13,990 
OPERATING EXPENSES:
Salaries and employee benefits4,089 4,254 4,292 4,612 
Purchased transportation3,225 3,282 3,424 4,095 
Rentals and landing fees660 661 666 674 
Depreciation and amortization663 668 649 629 
Fuel376 365 326 273 
Maintenance and repairs469 488 488 476 
Goodwill and other asset impairment charges— 153 — — 
Separation and other costs— — — — 
Business optimization and realignment costs74 130 72 92 
Intercompany allocation(31)(34)(42)(57)
Other1,951 2,034 1,960 2,037 
TOTAL OPERATING EXPENSES11,476 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,
20252024
Package Statistics
Average daily package volume (ADV):(1)

U.S. priority1,649 1,604 
U.S. deferred1,121 1,019 
U.S. ground commercial4,270 4,258 
U.S. ground home delivery/economy7,332 6,801 
Total U.S. domestic ADV14,372 13,682 
Revenue per package (yield):
U.S. priority$26.44 $25.51 
U.S. deferred19.09 18.89 
U.S. ground12.14 11.80 
Total U.S. domestic composite14.32 13.93 
Freight Statistics
Average daily freight pounds:
U.S. freight2,169 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 QUARTERSECOND QUARTERTHIRD QUARTERFOURTH QUARTER
Package Statistics
Average daily package volume (ADV):(1)

U.S. priority1,561 1,644 1,681 1,707 
U.S. deferred1,018 1,066 1,074 1,324 
U.S. ground commercial4,144 4,215 4,370 4,348 
U.S. ground home delivery/economy6,528 6,818 6,969 8,999 
Total U.S. domestic ADV13,251 13,743 14,094 16,378 
Revenue per package (yield):
U.S. priority$26.43 $25.83 $26.27 $27.20 
U.S. deferred19.17 18.52 18.96 19.58 
U.S. ground12.00 12.07 12.05 12.37 
Total U.S. domestic composite14.25 14.22 14.28 14.50 
Freight Statistics
Average daily freight pounds:
U.S. freight2,274 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 QUARTERSECOND QUARTERTHIRD QUARTERFOURTH QUARTER
Package Statistics
Average daily package volume (ADV):(1)

U.S. priority1,584 1,610 1,603 1,619 
U.S. deferred963 980 965 1,170 
U.S. ground commercial4,149 4,258 4,344 4,283 
U.S. ground home delivery/economy6,066 6,304 6,425 8,411 
Total U.S. domestic ADV12,762 13,152 13,337 15,483 
Revenue per package (yield):
U.S. priority$25.62 $25.47 $25.20 $25.77 
U.S. deferred19.45 18.89 18.59 18.69 
U.S. ground11.92 11.98 11.64 11.66 
Total U.S. domestic composite14.19 14.15 13.77 13.66 
Freight Statistics
Average daily freight pounds:
U.S. freight5,622 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.
(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. 

-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,
20252024
REVENUE:
Package:
International priority$9,048 $9,098 
International economy5,767 5,493 
Total International export package revenue14,815 14,591 
International domestic(1)
4,615 4,622 
Total package revenue19,430 19,213 
Freight:
International priority2,382 2,273 
International economy2,120 1,939 
Total freight revenue4,502 4,212 
Other1,405 1,410 
TOTAL REVENUE(2)
25,337 24,835 
OPERATING EXPENSES:
Salaries and employee benefits8,631 8,108 
Purchased transportation6,359 6,498 
Rentals and landing fees1,385 1,279 
Depreciation and amortization1,165 1,162 
Fuel2,012 2,372 
Maintenance and repairs980 903 
Business optimization and realignment costs72 224 
Goodwill and other asset impairment charges— 4 

Intercompany allocations26 (10)
Other4,135 3,751 
TOTAL OPERATING EXPENSES24,765 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 QUARTERSECOND QUARTERTHIRD QUARTERFOURTH QUARTER
REVENUE:
Package:
International priority$2,105 $2,177 $2,325 $2,441 
International economy1,438 1,360 1,403 1,566 
Total International export package3,543 3,537 3,728 4,007 
International domestic(1)
1,051 1,137 1,166 1,261 
Total package revenue4,594 4,674 4,894 5,268 
Freight:
International priority565 599 588 630 
International economy493 518 538 571 
Total freight revenue1,058 1,117 1,126 1,201 
Other347 356 343 359 
TOTAL REVENUE(2)
5,999 6,147 6,363 6,828 
OPERATING EXPENSES:
Salaries and employee benefits2,017 2,114 2,190 2,310 
Purchased transportation1,520 1,527 1,588 1,724 
Rentals and landing fees326 338 356 365 
Depreciation and amortization291 294 292 288 
Fuel503 469 510 530 
Maintenance and repairs233 239 261 247 

Business optimization and realignment costs46 16 4 6 
Intercompany allocations— 1 10 15 
Other976 1,102 960 1,097 
TOTAL OPERATING EXPENSES5,912 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 QUARTERSECOND QUARTERTHIRD QUARTERFOURTH QUARTER
REVENUE:
Package:
International priority$2,309 $2,346 $2,188 $2,255 
International economy1,146 1,234 1,465 1,648 
Total International export package3,455 3,580 3,653 3,903 
International domestic(1)
1,150 1,146 1,125 1,201 
Total package revenue4,605 4,726 4,778 5,104 
Freight:
International priority537 548 559 629 
International economy469 477 485 508 
Total freight revenue1,006 1,025 1,044 1,137 
Other317 362 364 367 
TOTAL REVENUE(2)
5,928 6,113 6,186 6,608 
OPERATING EXPENSES:
Salaries and employee benefits1,936 2,010 2,023 2,139 
Purchased transportation1,509 1,620 1,681 1,688 
Rentals and landing fees305 307 334 333 
Depreciation and amortization283 295 288 296 
Fuel600 610 599 563 
Maintenance and repairs218 220 239 226 
Business optimization and realignment costs52 (30)45 157 
Goodwill and other asset impairment charges— 4 — — 

Intercompany allocations(1)(1)(3)(5)
Other888 968 948 947 
TOTAL OPERATING EXPENSES5,790 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,
20252024
Package Statistics
Average daily package volume (ADV)(1)

International priority564 628 
International economy558 490 
Total international export ADV1,122 1,118 
International domestic(2)
1,887 1,922 
Total ADV3,009 3,040 
Revenue per package (yield):
International priority$62.93 $56.63 
International economy40.54 43.76 
International export composite51.79 50.98 
International domestic(2)
9.59 9.40 
Composite package yield25.32 24.69 
Freight Statistics
Average daily freight pounds:
International priority4,755 4,613 
International economy11,580 11,396 
Total average daily freight pounds16,335 16,009 
Revenue per pound (yield):
International priority$1.97 $1.93 
International economy0.72 0.66 
Composite freight yield1.08 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 QUARTERSECOND QUARTERTHIRD QUARTERFOURTH QUARTER
Package Statistics
Average daily package volume (ADV):(1)

International priority541 556 569 590 
International economy559 524 532 617 
Total international export ADV1,100 1,080 1,101 1,207 
International domestic(2)
1,852 1,846 1,846 2,004 
Total ADV2,952 2,926 2,947 3,211 
Revenue per package (yield):
International priority$61.81 $61.18 $63.87 $64.68 
International economy40.82 40.57 41.23 39.68 
International export composite51.13 51.18 52.93 51.90 
International domestic(2)
9.01 9.62 9.87 9.83 
Composite package yield24.70 24.96 25.96 25.64 
Freight Statistics
Average daily freight pounds:
International priority4,521 4,668 4,782 5,047 
International economy11,601 11,159 11,514 12,046 
Total average daily freight pounds16,122 15,827 16,296 17,093 
Revenue per pound (yield):
International priority$1.98 $2.01 $1.92 $1.95 
International economy0.67 0.73 0.73 0.74 
Composite freight yield1.04 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 QUARTERSECOND QUARTERTHIRD QUARTERFOURTH QUARTER
Package Statistics
Average daily package volume (ADV):(1)

International priority635 680 596 599 
International economy387 414 541 619 
Total international export ADV1,022 1,094 1,137 1,218 
International domestic(2)
1,867 1,838 1,911 2,070 
Total ADV2,889 2,932 3,048 3,288 
Revenue per package (yield):
International priority$56.82 $53.89 $57.39 $58.80 
International economy46.32 46.58 42.27 41.57 
International export composite52.85 51.12 50.19 50.04 
International domestic(2)
9.62 9.74 9.20 9.06 
Composite package yield24.91 25.18 24.49 24.25 

Freight Statistics
Average daily freight pounds:
International priority4,487 4,503 4,550 4,912 
International economy11,447 11,208 11,265 11,665 
Total average daily freight pounds15,934 15,711 15,815 16,577 
Revenue per pound (yield):
International priority$1.87 $1.90 $1.92 $2.00 
International economy0.64 0.67 0.67 0.68 
Composite freight yield0.99 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.
(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. 
-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

DilutedEarningsPer Share
OperatingIncome
Taxes(1)
Net
Income(2)

Dollars in millions, except EPSIncomeMargin
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 millionsIncomeMargin
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 millionsIncomeMargin
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

DilutedEarningsPer Share
OperatingIncome
Taxes(1)
Net
Income(2)

Dollars in millions, except EPSIncomeMargin
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 millionsIncomeMargin
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 millionsIncomeMargin
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

DilutedEarningsPer Share
OperatingIncome
Taxes(1)
Net
Income(2)

Dollars in millions, except EPSIncomeMargin
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 millionsIncomeMargin
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 millionsIncomeMargin
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

DilutedEarningsPer Share
OperatingIncome
Taxes(1)
Net
Income(2)

Dollars in millions, except EPSIncomeMargin
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 millionsIncomeMargin
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 millionsIncomeMargin
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

DilutedEarningsPer Share
OperatingIncome
Taxes(1)
Net
Income(2)

Dollars in millions, except EPSIncomeMargin
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. Domest