BUSINESS SEGMENTS AND DISAGGREGATED REVENUE (Tables)

9 Months Ended

Feb. 28, 2026

The following table presents segment information for the periods ended February 28, 2026 and 2025 (in millions):


	Three Months Ended				Nine Months Ended
	February 28, 2026		February 28, 2025		February 28, 2026		February 28, 2025
Federal Express segment:
Revenue	$	21,154	$	19,181	$	60,703	$	56,327
Operating expenses:
Salaries and employee benefits	7,231		6,390		20,571		18,920
Purchased transportation	5,665		5,196		16,218		15,064
Rentals and landing fees	1,057		1,002		3,098		2,975
Depreciation and amortization	971		926		2,856		2,779
Fuel	751		777		2,290		2,566
Maintenance and repairs	670		672		2,180		2,106
Separation and other costs	37		—		60		—
Business optimization costs	67		92		95		341
Intercompany charges	(206)		(199)		(668)		(591)
Other	3,339		3,031		9,742		8,868
Total operating expenses	19,582		17,887		56,442		53,028
Operating income	$	1,572	$	1,294	$	4,261	$	3,299


	Three Months Ended				Nine Months Ended
	February 28, 2026		February 28, 2025		February 28, 2026		February 28, 2025
FedEx Freight segment:
Revenue	$	1,991	$	2,089	$	6,387	$	6,595
Operating expenses:
Salaries and employee benefits	977		939		2,935		2,899
Purchased transportation	193		202		591		602
Rentals and landing fees	74		72		224		215
Depreciation and amortization	112		113		335		335
Fuel	104		112		327		344
Maintenance and repairs	73		85		243		255
Separation and other costs	126		—		287		—

Intercompany allocations	134		142		449		433
Other	190		163		538		500
Total operating expenses	1,983		1,828		5,929		5,583
Operating income	$	8	$	261	$	458	$	1,012

Reconciliation of segment revenue:
Total Federal Express and FedEx Freight revenue	$	23,145	$	21,270	$	67,090	$	62,922
Other revenue(1)	855		890		2,623		2,784
Total consolidated revenue	$	24,000	$	22,160	$	69,713	$	65,706

Reconciliation of segment operating income to income before income taxes:
Total Federal Express and FedEx Freight operating income	$	1,580	$	1,555	$	4,719	$	4,311
Other operating loss(1)	(232)		(263)		(807)		(887)
Operating income	1,348		1,292		3,912		3,424
Other (expense) income:
Interest, net	(138)		(116)		(392)		(302)
Other retirement plans, net	59		50		178		149
Other, net(2)	(6)		(45)		(12)		(53)
Total other (expense) income	(85)		(111)		(226)		(206)
Income before income taxes	$	1,263	$	1,181	$	3,686	$	3,218

(1)Revenue and operating loss from segments below the quantitative thresholds are attributable to operating segments contained within “Corporate, other, and eliminations.” These operating segments include FedEx Corporate, FedEx Office, FedEx Logistics, and FedEx Dataworks.

(2)Includes costs related to the planned spin-off of FedEx Freight of $1 million and $3 million for the three- and nine-month periods ended February 28, 2026, respectively, included in “Corporate, other, and eliminations.” Includes costs related to the planned spin-off of $18 million for the three- and nine-month periods ended February 28, 2025 included in “Corporate, other, and eliminations.”

The following table provides a reconciliation of segment assets to our unaudited condensed consolidated financial statement totals as of February 28, 2026 and May 31, 2025 (in millions):


	Federal Express Segment		FedEx Freight Segment		Corporate, other, and eliminations		Consolidated Total
Segment assets
February 28, 2026 (Unaudited)	$	74,570	$	17,425	$	2,738	$	94,733
May 31, 2025	74,154		12,899		574		87,627

Schedule of Segment Capital Expenditures

The following table provides a reconciliation of reportable segment capital expenditures to consolidated totals for the nine-month periods ended February 28, 2026 and 2025 (in millions):


	Federal Express Segment		FedEx Freight Segment		Corporate, other, and eliminations		Consolidated Total
Capital expenditures
February 28, 2026	$	1,990	$	284	$	61	$	2,335
February 28, 2025	2,145		359		78		2,582

Schedule of Revenue by Service Type and Geographical Information

The following table presents revenue by service type for the periods ended February 28, 2026 and 2025 (in millions):


	Three Months Ended				Nine Months Ended
	February 28, 2026		February 28, 2025		February 28, 2026		February 28, 2025
Revenue by service type
Federal Express segment:
Package:
U.S. priority	$	2,901	$	2,646	$	8,511	$	7,800
U.S. deferred	1,590		1,386		4,259		3,736
U.S. ground	9,860		8,986		27,687		25,298
Total U.S. domestic package revenue	14,351		13,018		40,457		36,834
International priority	2,361		2,097		7,002		6,534
International economy	1,488		1,465		4,353		4,413
Total international export package revenue	3,849		3,562		11,355		10,947
International domestic(1)	1,153		1,078		3,545		3,380
Total package revenue	19,353		17,658		55,357		51,161
Freight:
U.S.	297		286		904		1,238
International priority	627		551		1,839		1,717
International economy	538		470		1,648		1,462
Total freight revenue	1,462		1,307		4,391		4,417
Other	339		216		955		749
Total Federal Express segment	21,154		19,181		60,703		56,327
FedEx Freight segment	1,991		2,089		6,387		6,595
Other and eliminations(2)	855		890		2,623		2,784
	$	24,000	$	22,160	$	69,713	$	65,706

(1)International domestic revenue relates to our intra-country operations.

(2)Includes the FedEx Logistics, FedEx Office, and FedEx Dataworks operating segments.

The following table presents geographic revenue information for the periods ended February 28, 2026 and 2025 (in millions):


	Three Months Ended				Nine Months Ended
	February 28, 2026		February 28, 2025		February 28, 2026		February 28, 2025
Geographical information(1)
Revenue:
U.S.	$	17,445	$	16,123	$	50,140	$	46,992
International:
Federal Express segment	6,265		5,750		18,681		17,749
FedEx Freight segment	55		58		177		185
Other	235		229		715		780
Total international revenue	6,555		6,037		19,573		18,714
	$	24,000	$	22,160	$	69,713	$	65,706

(1)International revenue includes shipments that either originate in or are destined to locations outside the United States, which could include U.S. payors.

The following table presents geographic noncurrent asset information as of February 28, 2026 and May 31, 2025 (in millions):


Geographical information(1)	February 28, 2026 (unaudited)		May 31, 2025
Noncurrent assets:
U.S.	$	56,470	$	57,040
International	12,786		12,201
	$	69,256	$	69,241

(1)Noncurrent assets include property and equipment, operating lease right-of-use assets, goodwill, and other long-term assets. Our flight equipment is registered in the U.S. and is included as U.S. assets; however, many of our aircraft operate internationally.