(in millions, except per share amounts)

First

Quarter

Second

Quarter

Third

Quarter

Fourth

Quarter

2020⁽¹⁾

Revenue

$

17,048

$

17,324

$

17,487

$

17,358

Operating income

977

554

411

475

Net income (loss)⁽²⁾

745

560

315

(334

)

Basic earnings (loss) per common share⁽³⁾

2.86

2.15

1.21

(1.28

)

Diluted earnings (loss) per common share⁽³⁾

2.84

2.13

1.20

(1.28

)

2019⁽⁴⁾

Revenue

$

17,052

$

17,824

$

17,010

$

17,807

Operating income

1,071

1,168

911

1,316

Net income (loss)⁽⁵⁾

835

935

739

(1,969

)

Basic earnings (loss) per common share⁽³⁾

3.15

3.56

2.83

(7.56

)

Diluted earnings (loss) per common share⁽³⁾

3.10

3.51

2.80

(7.56

)

⁽¹⁾

^{The fourth quarter, third quarter, second quarter and first quarter of 2020 include $63 million, $72 million, $64 million and $71 million, respectively, of TNT Express integration expenses. The fourth quarter includes $369 million of goodwill and other asset impairment charges associated with the FedEx Office and FedEx Logistics operating segments and a net loss of $794 million related to the annual MTM retirement plans accounting adjustment. The second quarter of 2020 includes asset impairment charges of $66 million related to the permanent retirement of 10 Airbus A310-300 aircraft and 12 related engines at FedEx Express.}

⁽²⁾

^{The fourth quarter of 2020 includes a tax benefit of $71 million in connection with the 2020 U.S. tax loss that can be offset against income in prior years under the CARES Act and a tax expense of $51 million due to a change in deferred tax balances related to foreign tax operations. The second quarter of 2020 includes a tax benefit of $133 million from the reduction of a valuation allowance on certain foreign tax loss carryforwards.}   

⁽³⁾

^{The sum of the quarterly earnings per share may not equal annual amounts due to differences in the weighted-average number of shares outstanding during the respective periods.}

⁽⁴⁾

^{The fourth quarter, third quarter, second quarter and first quarter of 2019 include $84 million, $69 million, $114 million and $121 million, respectively, of TNT Express integration expenses (including any restructuring charges). The fourth quarter and third quarter of 2019 include business realignment costs of $316 million and $4 million, respectively. The fourth quarter includes a net loss of $3.9 billion related to the annual MTM retirement plans accounting adjustment. The second quarter of 2019 includes costs incurred in connection with the settlement of a legal matter involving FedEx Ground of $46 million.}

⁽⁵⁾

^{The third quarter of 2019 includes a tax benefit of $90 million from the reduction of a valuation allowance on certain tax loss carryforwards and a tax expense of $50 million related to a lower tax rate in the Netherlands applied to our deferred tax balances. The second quarter of 2019 includes a tax benefit of approximately $60 million from accelerated deductions claimed on our 2018 U.S. income tax return. In addition, we recognized a tax expense of $4 million in the second quarter of 2019 as a revision of the provisional benefit associated with the remeasurement of our net U.S. deferred tax liability upon completion of the accounting for the tax effects of the TCJA.}