FEDEX CORP, 10-Q filed on 3/19/2026
Quarterly Report
v3.26.1
Cover Page - shares
 9 Months Ended
Feb. 28, 2026
Mar. 17, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Feb. 28, 2026  
Document Transition Report false  
Entity File Number 1-15829  
Registrant Name FedEx Corporation  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 62-1721435  
Entity Address, Address Line One 942 South Shady Grove Road  
Entity Address, City or Town Memphis  
Entity Address, State or Province TN  
Entity Address, Postal Zip Code 38120  
City Area Code (901)  
Local Phone Number 818-7500  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   238,606,756
Amendment Flag false  
Entity Central Index Key 0001048911  
Current Fiscal Year End Date --05-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q3  
Common Stock, par value $0.10 per share    
Document Information [Line Items]    
Title of 12(b) Security Common Stock, par value $0.10 per share  
Trading Symbol FDX  
Security Exchange Name NYSE  
1.625% Notes due 2027    
Document Information [Line Items]    
Title of 12(b) Security 1.625% Notes due 2027  
Trading Symbol FDX 27  
Security Exchange Name NYSE  
0.450% Notes due 2029    
Document Information [Line Items]    
Title of 12(b) Security 0.450% Notes due 2029  
Trading Symbol FDX 29A  
Security Exchange Name NYSE  
0.450% Notes due 2029    
Document Information [Line Items]    
Title of 12(b) Security 0.450% Notes due 2029  
Trading Symbol FDX 29B  
Security Exchange Name NYSE  
1.300% Notes due 2031    
Document Information [Line Items]    
Title of 12(b) Security 1.300% Notes due 2031  
Trading Symbol FDX 31  
Security Exchange Name NYSE  
1.300% Notes due 2031    
Document Information [Line Items]    
Title of 12(b) Security 1.300% Notes due 2031  
Trading Symbol FDX 31B  
Security Exchange Name NYSE  
3.500% Notes due 2032    
Document Information [Line Items]    
Title of 12(b) Security 3.500% Notes due 2032  
Trading Symbol FDX 32  
Security Exchange Name NYSE  
0.950% Notes due 2033    
Document Information [Line Items]    
Title of 12(b) Security 0.950% Notes due 2033  
Trading Symbol FDX 33  
Security Exchange Name NYSE  
0.950% Notes due 2033    
Document Information [Line Items]    
Title of 12(b) Security 0.950% Notes due 2033  
Trading Symbol FDX 33A  
Security Exchange Name NYSE  
4.125% Notes due 2037    
Document Information [Line Items]    
Title of 12(b) Security 4.125% Notes due 2037  
Trading Symbol FDX 37  
Security Exchange Name NYSE  
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Feb. 28, 2026
May 31, 2025
CURRENT ASSETS    
Cash and cash equivalents $ 8,008 $ 5,502
Restricted cash 3,680 0
Receivables, less allowances of $932 and $773 11,807 11,368
Spare parts, supplies, and fuel, less allowances of $322 and $308 631 602
Prepaid expenses and other 1,351 914
Total current assets 25,477 18,386
PROPERTY AND EQUIPMENT, AT COST 90,106 87,622
Less accumulated depreciation and amortization 48,567 45,980
Net property and equipment 41,539 41,642
OTHER LONG-TERM ASSETS    
Operating lease right-of-use assets, net 16,391 16,453
Goodwill 6,758 6,603
Other assets 4,568 4,543
Total other long-term assets 27,717 27,599
ASSETS 94,733 87,627
CURRENT LIABILITIES    
Current portion of long-term debt 2,422 1,428
Accrued salaries and employee benefits 3,079 2,731
Accounts payable 4,154 3,692
Operating lease liabilities 2,624 2,565
Accrued expenses 5,008 4,995
Total current liabilities 17,287 15,411
LONG-TERM DEBT, LESS CURRENT PORTION 22,831 19,151
OTHER LONG-TERM LIABILITIES    
Deferred income taxes 3,841 4,205
Pension, postretirement healthcare, and other benefit obligations 1,682 1,698
Self-insurance accruals 4,320 4,033
Operating lease liabilities 14,145 14,272
Other liabilities 823 783
Total other long-term liabilities 24,811 24,991
COMMITMENTS AND CONTINGENCIES
COMMON STOCKHOLDERS’ INVESTMENT    
Common stock, $0.10 par value; 800 million shares authorized; 318 million shares issued as of February 28, 2026 and May 31, 2025 32 32
Additional paid-in capital 4,614 4,290
Retained earnings 42,864 41,402
Accumulated other comprehensive loss (1,220) (1,362)
Treasury Stock, Value (16,486) (16,288)
Total common stockholders’ investment 29,804 28,074
TOTAL LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT $ 94,733 $ 87,627
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Feb. 28, 2026
May 31, 2025
Statement of Financial Position [Abstract]    
Allowances for receivables $ 932 $ 773
Allowances for spare parts, supplies and fuel $ 322 $ 308
Common stock, par value (in dollars per share) $ 0.10 $ 0.10
Common stock, shares authorized (in shares) 800,000,000 800,000,000
Common stock, shares issued (in shares) 318,000,000 318,000,000
Treasury stock (in shares) 79,000,000 80,000,000
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 28, 2026
Feb. 28, 2025
Income Statement [Abstract]        
REVENUE $ 24,000 $ 22,160 $ 69,713 $ 65,706
OPERATING EXPENSES:        
Salaries and employee benefits 8,819 7,879 25,276 23,543
Purchased transportation 6,084 5,634 17,457 16,409
Rentals and landing fees 1,235 1,178 3,638 3,507
Depreciation and amortization 1,112 1,066 3,272 3,207
Fuel 856 889 2,618 2,911
Maintenance and repairs 771 783 2,503 2,443
Separation and other costs 202 5 460 5
Business optimization costs 65 179 162 633
Other 3,508 3,255 10,415 9,624
Total operating expenses 22,652 20,868 65,801 62,282
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 (6) (45) (12) (53)
Total other (expense) income (85) (111) (226) (206)
INCOME BEFORE INCOME TAXES 1,263 1,181 3,686 3,218
PROVISION FOR INCOME TAXES 207 272 850 774
NET INCOME $ 1,056 $ 909 $ 2,836 $ 2,444
EARNINGS PER COMMON SHARE:        
Basic (in dollars per share) $ 4.46 $ 3.79 $ 12.01 $ 10.09
Diluted (in dollars per share) 4.41 3.76 11.91 9.99
DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) $ 1.45 $ 1.38 $ 5.80 $ 5.52
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 28, 2026
Feb. 28, 2025
Statement of Comprehensive Income [Abstract]        
NET INCOME $ 1,056 $ 909 $ 2,836 $ 2,444
OTHER COMPREHENSIVE LOSS:        
Foreign currency translation adjustments, net of tax benefit of $8 and $6 in 2026 and $2 and $0 in 2025 196 17 148 (135)
Amortization of prior service credit, net of tax benefit of $0 and $2 in 2026 and $1 and $2 in 2025 (2) (1) (6) (5)
Other comprehensive income (loss) 194 16 142 (140)
COMPREHENSIVE INCOME $ 1,250 $ 925 $ 2,978 $ 2,304
v3.26.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 28, 2026
Feb. 28, 2025
Statement of Comprehensive Income [Abstract]        
Foreign currency translation adjustments, tax benefit $ 8 $ 2 $ 6 $ 0
Amortization of prior service credits and other, tax benefit $ 0 $ 1 $ 2 $ 2
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Operating Activities:    
Net Income $ 2,836 $ 2,444
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 3,272 3,207
Provision for uncollectible accounts 694 382
Other noncash items including leases and deferred income taxes 2,197 2,353
Stock-based compensation 136 116
Separation and other costs, net of payments 129 4
Business optimization costs, net of payments (129) 114
Changes in assets and liabilities:    
Receivables (1,090) (692)
Other assets (241) (68)
Accounts payable and other liabilities (2,144) (3,387)
Other, net 0 44
Cash provided by operating activities 5,660 4,517
Investing Activities:    
Capital expenditures (2,335) (2,582)
Purchase of investments (427) (197)
Proceeds from sale of investments 254 77
Proceeds from asset dispositions and other investing activities, net 73 42
Cash used in investing activities (2,435) (2,660)
Financing Activities:    
Proceeds from debt issuances 4,689 0
Principal payments on debt (714) (89)
Proceeds from stock issuances 774 472
Dividends paid (1,028) (1,008)
Purchases of common stock (796) (2,517)
Other (49) (30)
Cash provided by (used in) financing activities 2,876 (3,172)
Effect of exchange rate changes on cash 85 (51)
Net increase (decrease) in cash, cash equivalents, and restricted cash 6,186 (1,366)
Cash, cash equivalents, and restricted cash at beginning of period 5,502 6,501
Cash, cash equivalents, and restricted cash at end of period $ 11,688 $ 5,135
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN COMMON STOCKHOLDERS’ INVESTMENT - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 28, 2026
Feb. 28, 2025
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance     $ 28,074  
Net Income $ 1,056 $ 909 2,836 $ 2,444
Other comprehensive income (loss), net of tax benefit 194 16 142 (140)
Ending Balance 29,804 26,708 29,804 26,708
Common Stock        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance 32 32 32 32
Ending Balance 32 32 32 32
Additional Paid-in Capital        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance 4,366 4,165 4,290 3,988
Purchases of common stock 0 0 0 (21)
Issuance of treasury stock for acquisition 0 42 0 42
Employee incentive plans and other 248 38 324 236
Ending Balance 4,614 4,245 4,614 4,245
Retained Earnings        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance 42,154 39,175 41,402 38,649
Net Income 1,056 909 2,836 2,444
Cash dividends declared (346) (330) (1,374) (1,339)
Ending Balance 42,864 39,754 42,864 39,754
Accumulated Other Comprehensive Loss        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance (1,414) (1,515) (1,362) (1,359)
Other comprehensive income (loss), net of tax benefit 194 16 142 (140)
Ending Balance (1,220) (1,499) (1,220) (1,499)
Treasury Stock        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance (16,998) (15,397) (16,288) (13,728)
Purchases of common stock 0 (500) (782) (2,495)
Issuance of treasury stock for acquisition 0 48 0 48
Employee incentive plans and other 512 25 584 351
Ending Balance $ (16,486) $ (15,824) $ (16,486) $ (15,824)
v3.26.1
CONSOLIDATED STATEMENTS OF CHANGES IN COMMON STOCKHOLDERS' INVESTMENT (Parenthetical) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 28, 2026
Feb. 28, 2025
Statement of Stockholders' Equity [Abstract]        
Cash dividends declared (in dollars per share) $ 1.45 $ 1.38 $ 5.80 $ 5.52
Other comprehensive income (loss), net of tax benefit $ 8 $ 3 $ 7 $ 2
Purchase of common stock (in shares) 0.0 1.8 3.3 8.9
Employee incentive plans and other, shares issued (in shares) 3.6 0.2 4.1 2.6
v3.26.1
DESCRIPTION OF BUSINESS SEGMENTS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Feb. 28, 2026
Accounting Policies [Abstract]  
DESCRIPTION OF BUSINESS SEGMENTS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 1: DESCRIPTION OF BUSINESS SEGMENTS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
DESCRIPTION OF BUSINESS SEGMENTS. FedEx Corporation (“FedEx”) provides a broad portfolio of transportation, e-commerce, and business services, offering integrated business solutions utilizing our flexible, efficient, and intelligent global network. Our primary operating companies are Federal Express Corporation (“Federal Express”), the world’s largest express transportation company and a leading North American provider of small-package ground delivery services, and FedEx Freight, Inc. (“FedEx Freight”), a leading North American provider of less-than-truckload (“LTL”) freight transportation services.
Federal Express operates a unified, fully integrated air-ground express network under the respected FedEx brand. FedEx Freight provides LTL freight transportation services as a separate subsidiary. Federal Express and FedEx Freight represent our major service lines and constitute our reportable segments.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. These interim financial statements of FedEx have been prepared in accordance with accounting principles generally accepted in the United States and Securities and Exchange Commission (“SEC”) instructions for interim financial information, and should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended May 31, 2025 (“Annual Report”). Significant accounting policies and other disclosures normally provided have been omitted since such items are disclosed in our Annual Report.
In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (including normal recurring adjustments) necessary to present fairly our financial position as of February 28, 2026, and the results of our operations for the three- and nine-month periods ended February 28, 2026 and February 28, 2025, cash flows for the nine-month periods ended February 28, 2026 and February 28, 2025, and changes in common stockholders’ investment for the three- and nine-month periods ended February 28, 2026 and February 28, 2025. Operating results for the three- and nine-month periods ended February 28, 2026 are not necessarily indicative of the results that may be expected for the year ending May 31, 2026. Except as otherwise specified, references to years indicate our fiscal year ending May 31, 2026 or ended May 31 of the year referenced, and comparisons are to the corresponding period of the prior year.
The identification of costs as business optimization and separation and other costs is subject to our disclosure controls and procedures.
CONTRACT ASSETS AND LIABILITIES. Contract assets include billed and unbilled amounts resulting from in-transit shipments, as we have an unconditional right to payment only once all performance obligations have been completed (e.g., packages have been delivered). Contract assets are generally classified as current, and the full balance is converted each quarter based on the short-term nature of the transactions. Our contract liabilities consist of advance payments and billings in excess of revenue. The full balance of deferred revenue is converted each quarter based on the short-term nature of the transactions.
Gross contract assets related to in-transit shipments totaled $692 million and $673 million at February 28, 2026 and May 31, 2025, respectively. Contract assets net of deferred unearned revenue were $570 million and $526 million at February 28, 2026 and May 31, 2025, respectively. Contract assets are included within “Receivables” in the accompanying unaudited condensed consolidated balance sheets. Contract liabilities related to advance payments from customers were $22 million and $23 million at February 28, 2026 and May 31, 2025, respectively. Contract liabilities are included within “Accrued expenses” in the accompanying unaudited condensed consolidated balance sheets.
DISAGGREGATION OF REVENUE. See Note 7 for disclosure of disaggregated revenue for the periods ended February 28, 2026 and 2025. This presentation is consistent with how we organize our segments internally for making operating decisions and measuring performance.
EMPLOYEES UNDER COLLECTIVE BARGAINING ARRANGEMENTS. Our pilots, who are a small number of our total employees, are represented by the Air Line Pilots Association, International (“ALPA”) and are employed under a collective bargaining agreement that took effect on November 2, 2015. The agreement became amendable in November 2021. Bargaining for a successor agreement began in May 2021, and in November 2022 the National Mediation Board (“NMB”), which is the U.S. governmental agency that oversees labor agreements for entities covered by the Railway Labor Act of 1926, as amended, began actively mediating the negotiations. In July 2023, the pilots failed to ratify the tentative successor agreement that was approved by ALPA’s FedEx Master Executive Council the prior month. In April 2024, the NMB rejected ALPA’s request for a proffer of arbitration. Bargaining for a successor agreement continues. The conduct of mediated negotiations has no effect on our operations. Once a new agreement is ratified, we may amend our pension plan offered to the pilots, which would result in a remeasurement of our pension benefit obligation. A small number of our other employees are members of unions.
STOCK-BASED COMPENSATION. We have four types of equity-based compensation: stock options, restricted stock, performance stock units, and, for outside directors, restricted stock units. The key terms of our equity-based compensation plans and financial disclosures about these programs are set forth in our Annual Report. Our stock-based compensation expense was $38 million for the three-month period ended February 28, 2026 and $136 million for the nine-month period ended February 28, 2026. Our stock-based compensation expense was $31 million for the three-month period ended February 28, 2025 and $116 million for the nine-month period ended February 28, 2025. Due to its immateriality, additional disclosures related to stock-based compensation have been excluded from this quarterly report.
SEPARATION AND OTHER COSTS. Our separation and other costs relate to the FedEx Freight separation and fiscal year change. In December 2024, we announced that FedEx’s Board of Directors decided to pursue a full separation of FedEx Freight through the capital markets, creating a new publicly traded company. The transaction, which will be implemented through the spin-off of shares of the new company to FedEx stockholders, is expected to be tax-free for U.S. federal income tax purposes for FedEx stockholders and be completed by June 1, 2026. In January 2025, the Board of Directors approved a change in FedEx’s fiscal year end from May 31 to December 31. The planned fiscal year change is expected to be effective June 1, 2026.
FedEx Freight separation
We incurred costs related to the planned spin-off of FedEx Freight of $195 million ($147 million, net of tax, or $0.61 per diluted share) in the three-month period ended February 28, 2026 and $443 million ($351 million, net of tax, or $1.47 per diluted share) in the nine-month period ended February 28, 2026. These costs primarily consist of professional services and an employee incentive plan related to the planned spin-off. Separation costs of $194 million and $440 million for the three- and nine-month periods ended February 28, 2026, respectively, are included within the “Separation and other costs” caption, and separation costs of $1 million and $3 million for the three- and nine-month periods ended February 28, 2026, respectively, are included within the “Other, net” caption of the accompanying unaudited condensed consolidated statements of income. These costs are included in FedEx Freight; Corporate, other, and eliminations; and Federal Express. We incurred costs related to the planned spin-off of $23 million ($17 million, net of tax, or $0.07 per diluted share) in the three- and nine-month periods ended February 28, 2025. Professional fees of $5 million for the three- and nine-month periods ended February 28, 2025 are included within the “Separation and other costs” caption, and $18 million for the three- and nine-month periods ended February 28, 2025 related to a debt exchange offer and consent solicitation are included within the “Other, net” caption of the accompanying unaudited condensed consolidated statements of income. These costs are included in Corporate, other, and eliminations. Costs included in the “Separation and other costs” caption for the three- and nine-month periods ended February 28, 2025 were reclassified from the “Other” caption to conform to the current period presentation. This change had no impact on total operating income or net income. Additionally, “Separation and other costs, net of payments” of $4 million were reclassified from “Changes in assets and liabilities: Accounts payable and other liabilities” in the unaudited condensed consolidated statements of cash flows for the nine-month period ended February 28, 2025.
Fiscal year change
We incurred costs related to the fiscal year change of $8 million ($6 million, net of tax, or $0.02 per diluted share) in the three-month period ended February 28, 2026 and $20 million ($15 million, net of tax, or $0.06 per diluted share) in the nine-month period ended February 28, 2026. These costs were primarily related to professional services and are included in the “Separation and other costs” caption of the accompanying unaudited condensed consolidated statements of income. Costs associated with the fiscal year change are included in Federal Express and Corporate, other, and eliminations. We did not incur any costs related to the fiscal year change in the nine-month period ended February 28, 2025.
BUSINESS OPTIMIZATION COSTS. Our business optimization costs relate to transformation initiatives aimed to improve long-term profitability, drive efficiency within and between our transportation segments, lower our overhead and support costs, and transform our digital capabilities. Costs included in the “Business optimization costs” caption of the accompanying unaudited condensed consolidated statements of income relate to our Network 2.0 program, our international operational transformation programs, our DRIVE initiatives commenced in prior years, and the Europe workforce reduction plan announced in June 2024.
We incurred business optimization costs of $65 million ($49 million, net of tax, or $0.21 per diluted share) in the three-month period and $162 million ($126 million, net of tax, or $0.53 per diluted share) in the nine-month period ended February 28, 2026. These costs were primarily related to professional services and severance and are included in Corporate, other, and eliminations and Federal Express. We incurred business optimization costs of $179 million ($137 million, net of tax, or $0.56 per diluted share) in the three-month period ended February 28, 2025 and $633 million ($484 million, net of tax, or $1.98 per diluted share) in the nine-month period ended February 28, 2025. These costs were primarily related to severance and professional services and are included in Federal Express and Corporate, other, and eliminations.
Network 2.0
Network 2.0 is our multi-year effort to improve the efficiency with which FedEx picks up, transports, and delivers packages in the U.S. and Canada. Through Network 2.0, we continue to consolidate our sortation facilities and equipment, reduce pickup-and-delivery
routes, and optimize our enterprise linehaul network by moving beyond discrete collaboration to an end-to-end optimized network. We have implemented Network 2.0 optimization in approximately 390 locations in the U.S. and Canada as of February 28, 2026. Service providers will handle the pickup and delivery of Federal Express packages in some locations while employee couriers will handle others. We completed Canada’s implementation of Network 2.0 in the fourth quarter of 2025 and expect to complete the U.S. implementation by the end of calendar 2027.
International operational transformation programs
In January 2026, FedEx initiated operational transformation programs in certain international locations designed to modernize, streamline, and optimize international domestic operations. These transformation programs may reduce approximately 5,000 operational employees, as well as changing working locations and schedules for up to 800 operational employees and is expected to occur over approximately 18 months, subject to required consultation processes in accordance with local regulations.
We expect the combined pre‑tax costs of severance benefits, legal and professional fees, and facilities‑related exit costs to range from $225 million to $325 million, substantially all of which are cash expenditures. These charges are expected to be incurred through calendar year 2028 and will be recorded as business optimization expenses. In the third quarter of 2026, we incurred $16 million of costs related to this program. The timing and amount of our business optimization expenses and the related cost savings associated with this operational transformation program are dependent on local country consultation processes and regulations and negotiation social plans may change as we revise and implement our plans.
Europe workforce reduction plan
As of February 28, 2026, our Europe workforce reduction plan to reduce structural costs is substantially complete. The plan was announced in June 2024 and occurred over an 18-month period in accordance with local country processes and regulations. The plan resulted in a pre-tax cost of approximately $250 million for severance benefits and legal and professional fees and has impacted approximately 1,400 employees across back-office and commercial functions as of February 28, 2026. Beginning in calendar year 2026, we expect annualized savings from the plan to be approximately $150 million.
We incurred costs related to the plan of $2 million for the three-month period ended February 28, 2026 and $11 million for the nine-month period ended February 28, 2026. We incurred costs related to this plan of $44 million for the three-month period ended February 28, 2025 and $220 million for the nine-month period ended February 28, 2025. These costs are classified as business optimization expenses.
RESTRICTED CASH. Net proceeds of $3.7 billion from the private offering of senior unsecured notes issued on February 5, 2026 by FedEx Freight Holding Company, Inc. (“FedEx Freight Holding”), a wholly owned subsidiary of FedEx, are being held in a segregated account. In connection with the consummation of the planned spin-off, FedEx Freight Holding will distribute to FedEx the aggregate amount of the net proceeds as part of the consideration for FedEx’s contribution of assets to FedEx Freight Holding in connection with the spin-off. The net proceeds were recorded as “Restricted cash” in the accompanying unaudited condensed consolidated balance sheets and are classified as current as of February 28, 2026 based on the expected timing of the completion of the spin-off. The following table reconciles cash, cash equivalents, and restricted cash reported in our unaudited condensed consolidated balance sheets to the total amount presented in the unaudited condensed consolidated statements of cash flows (in millions):
Nine Months Ended
February 28, 2026February 28, 2025
Cash and cash equivalents$8,008 $5,135 
Restricted cash3,680 — 
Total cash, cash equivalents, and restricted cash$11,688 $5,135 
See Note 4 for more information about the FedEx Freight Holding senior unsecured notes and credit facilities.
DERIVATIVE FINANCIAL INSTRUMENTS. We enter into derivative financial instruments to reduce the effects of volatility in foreign currency exchange exposure on operating results and cash flows. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of cash receipts and cash payments principally related to our investments. We use debt denominated in foreign currency and fixed-to-fixed cross-currency swaps to hedge our exposure to changes in foreign exchange rates on certain of our foreign investments.
As of February 28, 2026 and May 31, 2025, we had €843 million and €506 million, respectively, of debt designated as a net investment hedge to reduce the volatility of the U.S. dollar value of a portion of our net investment in a euro-denominated consolidated subsidiary. For debt designated as net investment hedges, the gain or loss is reported in the “Accumulated other comprehensive loss” (“AOCL”) caption in the accompanying unaudited condensed consolidated balance sheets as part of the cumulative translation adjustment. For the three-month period ended February 28, 2026 and 2025, we recognized losses of $25 million
and $1 million, respectively, and for the nine-month period ended February 28, 2026 and 2025, we recognized losses of $23 million and gains of $6 million, respectively. These results exclude any adjustments for the impact of deferred income taxes.
As of February 28, 2026, we had four cross-currency swaps outstanding, and the fair value of the swaps classified as assets and liabilities was $11 million and $126 million, respectively. As of May 31, 2025, the fair value of the swaps classified as assets and liabilities was $13 million and $108 million, respectively. We record all derivatives on the balance sheet at fair value within either the “Prepaid expenses and other” or “Other liabilities” captions in the accompanying unaudited condensed consolidated balance sheets. For foreign currency derivatives designated as net investment hedges, the gain or loss on the derivative is reported in the “Accumulated other comprehensive loss” caption in the accompanying unaudited condensed consolidated balance sheets as part of the cumulative translation adjustment. For the three-month periods ended February 28, 2026 and 2025, we recognized a loss of $31 million and a gain of $3 million, respectively, and for the nine-month periods ended February 28, 2026 and 2025, we recognized a loss of $20 million and a gain of $13 million, respectively. These results exclude any adjustments for the impact of deferred income taxes.
The estimated fair values were determined using pricing models that rely on market-based inputs such as foreign currency exchange rates and yield curves and are classified as Level 2 within the fair value hierarchy. This classification is defined as a fair value determined using market-based inputs other than quoted prices that are observable for the derivative financial instruments, either directly or indirectly.
Our cross-currency swaps contain an element of risk that counterparties may be unable to meet the terms of the agreements. We seek to minimize such risk exposures for these instruments by limiting the counterparties to banks and financial institutions that meet established credit guidelines. Our counterparties to the swaps all have an investment grade rating. To keep our exposure minimal, we monitor our counterparties’ credit worthiness on a regular basis, reviewing amongst others Standard & Poor’s rating and credit default swap spreads.
As of February 28, 2026 and May 31, 2025 we had not posted any collateral related to our cross-currency swaps. No amounts have been reclassified out of AOCL during 2026 and 2025. As of February 28, 2026 and May 31, 2025, our net investment hedges remain effective.
SUPPLIER FINANCE PROGRAM. We offer voluntary Supply Chain Finance (“SCF”) programs through financial institutions to certain of our suppliers. We agree to commercial terms with our suppliers, including prices, quantities, and payment terms, and they issue invoices to us based on the agreed-upon contractual terms. If our suppliers choose to participate in the SCF programs, they determine which invoices, if any, to sell to the financial institutions to receive an early discounted payment, while we settle the net payment amount with the financial institutions on the payment due dates. We guarantee these payments with the financial institutions.
Amounts due to our suppliers that participate in the SCF programs are included in the “Accounts payable” caption in the accompanying unaudited condensed consolidated balance sheets. We have been informed by the participating financial institutions that as of February 28, 2026 and May 31, 2025, suppliers have been approved to sell to them $114 million and $71 million, respectively, of our outstanding payment obligations. A rollforward of obligations confirmed and paid during the periods ended February 28, 2026 and 2025 is presented below (in millions):
Nine Months Ended
February 28, 2026

February 28, 2025
Confirmed obligations outstanding at beginning of period$71 $94 
Invoices confirmed during the period563 457 
Confirmed invoices paid during the period(523)(460)
Currency translation adjustments3 (4)
Confirmed obligations outstanding at end of period$114 $87 
INVESTMENTS IN EQUITY AND DEBT SECURITIES. Investments in equity securities with a readily determinable fair value are carried at fair value and are classified as Level 1 investments in the fair value hierarchy. Level 1 investments are valued at the closing price or last trade reported on the major market on which the individual securities are traded. For equity securities without readily determinable fair values that qualify for the net asset value (“NAV”) practical expedient, we have elected to apply the NAV practical expedient to estimate fair value. Changes in fair value are recognized in “Other (expense) income” in the accompanying unaudited condensed consolidated statements of income.
We apply the measurement alternative to all other investments in equity securities without a readily determinable fair value. Under the measurement alternative these equity securities are accounted for at cost, with adjustments for observable changes in prices and impairments recognized in “Other (expense) income” on our accompanying unaudited condensed consolidated statements of income.
We perform an assessment each reporting period to evaluate whether these equity securities are impaired. Our assessment includes a review of recent operating results and trends and other publicly available data. If an investment is impaired, we write it down to its estimated fair value.
Equity securities totaled $551 million and $506 million at February 28, 2026 and May 31, 2025, respectively. Equity securities are recorded within the “Other assets” caption in the accompanying unaudited condensed consolidated balance sheets.
Debt securities, which are considered short-term investments, are classified as “available-for-sale” and are carried at fair value. Debt securities are Level 2 within the fair value hierarchy. Realized gains and losses on available-for-sale debt securities are included in net income, while unrealized gains and losses, net of tax, are included in AOCL in the accompanying unaudited condensed consolidated balance sheets.
Debt securities totaled $211 million and $70 million at February 28, 2026 and May 31, 2025, respectively. Debt securities are recorded within the “Prepaid expenses and other” caption in the accompanying unaudited condensed consolidated balance sheets. This increase primarily reflects strategic purchases of corporate debt and U.S. Treasury securities to enhance returns on cash balances.
On February 9, 2026, InPost S.A. (“InPost”) and a consortium including FedEx announced a conditional agreement on an intended recommended all-cash public offer for all issued and outstanding shares of InPost at an offer price of €15.60 (cum dividend) per share (the “Offer”). Post-completion, the consortium will be structured with FedEx holding 37%. InPost will continue to operate as a standalone company. The Offer and the transactions contemplated thereby (the “Transactions”) are subject to certain customary closing conditions, including, among others, the receipt of regulatory approvals. Based upon the proposed Offer price, FedEx’s investment is valued at approximately $2.6 billion. FedEx intends to fund its portion of the Offer by utilizing available cash balances, existing or new liquidity sources, or a combination thereof. The Transaction is expected to be completed in the second half of 2026.
TREASURY SHARES. In March 2024, our Board of Directors authorized a stock repurchase program for repurchases of up to $5.0 billion of FedEx common stock. During the nine-month period ended February 28, 2026, 3.3 million shares were repurchased through open market transactions under this program at an average price of $233.07 per share for a total of $776 million. We did not repurchase common stock during the three-month period ended February 28, 2026.
During the three-month period ended February 28, 2025, 1.8 million shares were repurchased through open market transactions at an average price of $276.26 per share for a total of $497 million. During the nine-month period ended February 28, 2025, 8.9 million shares were repurchased through accelerated share repurchase (“ASR”) agreements and open market transactions at an average price of $281.74 per share for a total of $2.5 billion.
The final number of shares delivered upon settlement of the ASR agreements was determined based on a discount to the volume-weighted average price of our stock during the term of the transaction. The repurchased shares were accounted for as a reduction to common stockholders’ investment in the accompanying unaudited condensed consolidated balance sheet and resulted in a reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted earnings per share.
As of February 28, 2026, $1.3 billion remained available to use for repurchases under our 2024 stock repurchase program. Shares may be repurchased from time to time in the open market or in privately negotiated transactions. The timing and volume of repurchases are at the discretion of management, based on the capital needs of the business, the market price of FedEx common stock, and general market conditions. No time limits were set for the completion of the program; however, we may decide to suspend or discontinue the program at any time.
DIVIDENDS DECLARED PER COMMON SHARE. On February 13, 2026, our Board of Directors declared a quarterly cash dividend of $1.45 per share of common stock. The dividend will be paid on April 1, 2026, to stockholders of record as of the close of business on March 9, 2026. Each quarterly dividend payment is subject to review and approval by our Board of Directors, and we evaluate our dividend payment amount on an annual basis. There are no material restrictions on our ability to declare dividends, nor are there any material restrictions on the ability of our subsidiaries to transfer funds to us in the form of cash dividends, loans, or advances.
RECENT ACCOUNTING GUIDANCE. New accounting rules and disclosure requirements can significantly affect our reported results and the comparability of our financial statements. We believe the following new accounting guidance is relevant to the readers of our financial statements.
New Accounting Standards and Accounting Standards Not Yet Adopted
In December 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the applicability of the interim reporting guidance, the types of interim reporting, and the form and content of interim financial statements in accordance with U.S. generally accepted accounting principles. Per the FASB, the amendment does not intend to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements but rather provide clarity and improve navigability of the existing interim reporting
requirements. The update will be effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. We are assessing the effect of this update on our consolidated financial statements and related disclosures.
In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which introduces five targeted improvements to better align hedge accounting with entities’ risk management activities. The update will be effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods. Early adoption is permitted. We are assessing the effect of this update on our consolidated financial statements and related disclosures.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which simplifies the application of the current expected credit loss model for current accounts receivable and current contract assets under Accounting Standards Codification 606. The update will be effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods. Early adoption is permitted. We are assessing the effect of this update on our consolidated financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, effective for our 2026 annual financial statements. The new requirements will primarily affect the annual financial statement disclosures, with enhanced detail regarding the amount of cash taxes paid and the reconciliation of our effective tax rate.
In November 2024, the FASB issued ASU 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which expands disclosures about specific expense categories at interim and annual reporting periods. The update will be effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. We are assessing the effect of this update on our consolidated financial statements and related disclosures.
v3.26.1
CREDIT LOSSES
 9 Months Ended
Feb. 28, 2026
Credit Loss [Abstract]  
CREDIT LOSSES
NOTE 2: CREDIT LOSSES
We are exposed to credit losses primarily through our trade receivables. We assess ability to pay for certain customers by conducting a credit review, which considers the customer’s established credit rating and our assessment of creditworthiness. We determine the allowance for credit losses on accounts receivable using a combination of specific reserves for accounts that are deemed to exhibit credit loss indicators and general reserves that are determined using loss rates based on historical write-offs by geography and recent forecast information, including underlying economic expectations. We update our estimate of credit loss reserves monthly.
Changes in the allowance for credit losses during the periods ended February 28, 2026 and 2025 were as follows:
Three Months EndedNine Months Ended
February 28, 2026February 28, 2025February 28, 2026February 28, 2025
Allowance, beginning of period$555 $385 $438 $436 
Current period provision for expected credit losses225 132 694 382 
Write-offs charged against allowance(466)(332)(1,305)(1,067)
Recoveries collected267 230 754 664 
Allowance, end of period$581 $415 $581 $415 
v3.26.1
ACCUMULATED OTHER COMPREHENSIVE LOSS
 9 Months Ended
Feb. 28, 2026
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE LOSS
NOTE 3: ACCUMULATED OTHER COMPREHENSIVE LOSS
The following table provides changes in AOCL, net of tax, reported in our unaudited condensed consolidated financial statements for the periods ended February 28, 2026 and 2025 (in millions; amounts in parentheses indicate debits to AOCL):

Three Months Ended

Nine Months Ended

February 28, 2026

February 28, 2025

February 28, 2026

February 28, 2025
Foreign currency translation loss:



Balance at beginning of period$(1,468)

$(1,574)

$(1,420)

$(1,422)
Translation adjustments196 

17 

148 

(135)
Balance at end of period(1,272)

(1,557)

(1,272)

(1,557)
Retirement plans adjustments:



Balance at beginning of period54 

59 

58 

63 
Reclassifications from AOCL(2)

(1)

(6)

(5)
Balance at end of period52 

58 

52 

58 
AOCL at end of period$(1,220)

$(1,499)

$(1,220)

$(1,499)
v3.26.1
FINANCING ARRANGEMENTS
 9 Months Ended
Feb. 28, 2026
Debt and Lease Obligation [Abstract]  
FINANCING ARRANGEMENTS
NOTE 4: FINANCING ARRANGEMENTS
Long-term debt, including current maturities and exclusive of finance leases, had carrying values of $24.1 billion at February 28, 2026 and $19.9 billion at May 31, 2025, with estimated fair values of $22.7 billion at February 28, 2026 and $17.2 billion at May 31, 2025. The annualized weighted-average interest rate on long-term debt was 3.76% at February 28, 2026. The estimated fair values were determined based on quoted market prices and the current rates offered for debt with similar terms and maturities. The fair value of our long-term debt is classified as Level 2 within the fair value hierarchy.
We have a shelf registration statement filed with the SEC that allows us to sell, in one or more future offerings, any combination of our unsecured debt securities and common stock and allows pass-through trusts formed by Federal Express to sell, in one or more future offerings, pass-through certificates.
FEDEX CORPORATION.
Long-Term Debt
During the first quarter of 2026, we issued €850 million of senior unsecured debt under our current shelf registration statement, comprised of €500 million of 3.50% fixed-rate notes due in July 2032 and €350 million of 4.13% fixed-rate notes due in July 2037. We used a portion of the net proceeds to repay the €500 million aggregate principal amount outstanding of our 0.45% notes due at maturity in August 2025. The remaining net proceeds may be used for general corporate purposes.
Credit Agreements
We have a $1.75 billion three-year credit agreement (the “Three-Year Credit Agreement”) and a $1.75 billion five-year credit agreement (the “Five-Year Credit Agreement” and together with the Three-Year Credit Agreement, the “Credit Agreements”). Each of the Credit Agreements has a $125 million letter of credit sublimit. The Credit Agreements are available to finance our operations and other cash flow needs. As of February 28, 2026, no amounts were outstanding under the Credit Agreements, no commercial paper was outstanding, and we had $250 million of the letter of credit sublimit unused under the Credit Agreements. Our commercial paper program is backed by unused commitments under the Credit Agreements, and borrowings under the program reduce the amount available under the Credit Agreements.
During the second quarter of 2026, we amended the Credit Agreements with a syndicate of banks and other financial institutions to update certain provisions in anticipation of the planned spin-off of FedEx Freight and incorporate certain other customary changes. Among other changes, the amendments (i) will release FedEx Freight from its guarantees under the Credit Agreements upon consummation of the planned spin-off of FedEx Freight and (ii) extend the expiration of the Three-Year Credit Agreement from March 2027 to March 2028 and the expiration of the Five-Year Credit Agreement from March 2029 to March 2030.
The Credit Agreements contain a financial covenant requiring us to maintain a ratio of debt (excluding debt incurred by affiliates of FedEx Freight to finance distributions to FedEx and other transactions related to the planned spin-off of FedEx Freight and certain other customary items) to consolidated earnings (excluding noncash retirement plans mark-to-market adjustments; noncash pension service costs; noncash asset impairment charges; and, subject to certain limitations, business optimization and restructuring expenses, pro forma cost savings and synergies associated with an acquisition, and transaction costs, fees, and expenses and synergies and cost savings related to the planned spin-off of FedEx Freight) before interest, taxes, depreciation, and amortization (“adjusted EBITDA”) of not more than 3.5 to 1.0, calculated as of the last day of each fiscal quarter on a rolling four-quarters basis.
The ratio of our debt to adjusted EBITDA was 1.9 at February 28, 2026. Additional information on the financial covenant can be found in our Annual Report.
The financial covenant discussed above is the only significant restrictive covenant in the Credit Agreements. The Credit Agreements contain other customary covenants that do not, individually or in the aggregate, materially restrict the conduct of our business. We are in compliance with the financial covenant and all other covenants in the Credit Agreements and do not expect the covenants to affect our operations, including our liquidity or expected funding needs. If we failed to comply with the financial covenant or any other covenants in the Credit Agreements, our access to financing could become limited.
FEDERAL EXPRESS.
Long-Term Debt
Federal Express has issued $970 million of Pass-Through Certificates, Series 2020-1AA (the “Certificates”) with a fixed interest rate of 1.88% due in February 2034 utilizing pass-through trusts. The Certificates are secured by 19 Boeing aircraft with a net book value of $1.5 billion at February 28, 2026. The payment obligations of Federal Express in respect of the Certificates are fully and unconditionally guaranteed by FedEx.
FEDEX FREIGHT HOLDING.
Unsecured Notes
On February 5, 2026, FedEx Freight Holding issued $3.7 billion of senior unsecured debt in an unregistered offering, comprised of $1.0 billion of 4.30% fixed-rate notes due in March 2029, $1.0 billion of 4.65% fixed-rate notes due in March 2031, $700 million of 4.95% fixed-rate notes due in March 2033, and $1.0 billion of 5.25% fixed-rate notes due in March 2036 (together, the “FedEx Freight Notes”). FedEx Freight Holding has agreed to file with the SEC an exchange registration statement with respect to an exchange offer for the FedEx Freight Notes and the related guarantees or a shelf registration statement for the resale of the FedEx Freight Notes and the related guarantees.
Credit Facilities
On January 15, 2026, FedEx Freight Holding entered into (i) a five-year revolving credit facility in an aggregate committed amount of $1.2 billion (the “FedEx Freight Revolving Credit Facility”) and (ii) a three-year delayed draw term loan facility in the aggregate principal amount of $600 million (the “FedEx Freight Term Loan Facility” and together with the FedEx Freight Revolving Credit Facility, the “FedEx Freight Credit Agreements”). The availability of borrowings under the commitments in respect of the FedEx Freight Revolving Credit Facility is conditioned on the consummation of the spin-off of FedEx Freight and the funding of the term loan facility is conditioned on the good faith anticipation of the spin-off of FedEx Freight occurring within five business days after such funding.
FedEx Freight Holding will distribute the net proceeds of the FedEx Freight Notes and the FedEx Freight Term Loan Facility to FedEx as consideration for FedEx’s contribution of assets to FedEx Freight Holding in connection with the spin-off.
FedEx Freight Holding’s obligations under the FedEx Freight Notes and the FedEx Freight Credit Agreements are jointly and severally guaranteed by FedEx and FedEx Freight until the consummation of the spin-off, at which point FedEx will be automatically released from such respective guarantees.
See Note 1 for additional information about the related restricted cash and use of proceeds.
v3.26.1
COMPUTATION OF EARNINGS PER SHARE
 9 Months Ended
Feb. 28, 2026
Earnings Per Share [Abstract]  
COMPUTATION OF EARNINGS PER SHARE
NOTE 5: COMPUTATION OF EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per common share for the periods ended February 28, 2026 and 2025 (in millions, except per share amounts):

Three Months EndedNine Months Ended

February 28, 2026February 28, 2025February 28, 2026February 28, 2025
Basic earnings per common share:
Net earnings allocable to common shares(1)
$1,054 $908 $2,831 $2,441 
Weighted-average common shares236 240 236 242 
Basic earnings per common share$4.46 $3.79 $12.01 $10.09 
Diluted earnings per common share:
Net earnings allocable to common shares(1)
$1,054 $908 $2,831 $2,441 
Weighted-average common shares236 240 236 242 
Dilutive effect of share-based awards3 2 2 2 
Weighted-average diluted shares239 242 238 244 
Diluted earnings per common share$4.41 $3.76 $11.91 $9.99 
Anti-dilutive options excluded from diluted earnings per common share1 4 5 4 
(1)Net earnings available to participating securities were $2 million and $1 million for the three-month periods ended February 28, 2026 and 2025, respectively, and $5 million and $3 million for the nine-month periods ended February 28, 2026 and 2025, respectively
v3.26.1
RETIREMENT PLANS
 9 Months Ended
Feb. 28, 2026
Retirement Benefits [Abstract]  
RETIREMENT PLANS
NOTE 6: RETIREMENT PLANS
We sponsor programs that provide retirement benefits to most of our employees. These programs include defined benefit pension plans, defined contribution plans, and postretirement healthcare plans. Key terms of our retirement plans are provided in our Annual Report.
Our retirement plans costs for the periods ended February 28, 2026 and 2025 were as follows (in millions):

Three Months EndedNine Months Ended

February 28, 2026February 28, 2025February 28, 2026February 28, 2025
Defined benefit pension plans$47 $69 $140 $209 
Defined contribution plans327 278 945 853 
Postretirement healthcare plans22 22 67 65 

$396 $369 $1,152 $1,127 
Net periodic benefit cost of the pension and postretirement healthcare plans for the periods ended February 28, 2026 and 2025 included the following components (in millions):
Three Months Ended

U.S. Pension Plans

International Pension Plans

Postretirement Healthcare Plans

2026

2025

20262025

20262025
Service cost
$112 

$125 

$10 

$9 

$6 

$6 
Other retirement plans expense (income):
Interest cost
378 

361 

12 

10 

17 

17 
Expected return on plan assets
(457)

(430)

(6)

(4)

— 

— 
Amortization of prior service credit and other
(2)

(2)

— 

— 

(1)

(1)
(81)

(71)

6 

6 

16 

16 
Net periodic benefit cost
$31 

$54 

$16 

$15 

$22 

$22 

Nine Months Ended

U.S. Pension Plans

International Pension Plans

Postretirement Healthcare Plans

2026

2025

2026

2025

2026

2025
Service cost$335 

$374 

$30 

$29 

$20 

$19 
Other retirement plans expense (income):





Interest cost1,135 

1,085 

36 

32 

50 

49 
Expected return on plan assets(1,371)

(1,290)

(19)

(16)

— 

— 
Amortization of prior service credit and other(6)

(6)

— 

1 

(3)

(3)

(242)

(211)

17 

17 

47 

46 
Net periodic benefit cost$93 

$163 

$47 

$46 

$67 

$65 
For 2026, no pension contributions are required for our tax-qualified U.S. domestic pension plan (“U.S. Pension Plan”) as it is fully funded under the Employee Retirement Income Security Act. We made voluntary contributions of $275 million to our U.S. Pension Plan during the nine-month period ended February 28, 2026.
v3.26.1
BUSINESS SEGMENTS AND DISAGGREGATED REVENUE
 9 Months Ended
Feb. 28, 2026
Segment Reporting [Abstract]  
BUSINESS SEGMENTS AND DISAGGREGATED REVENUE
NOTE 7: BUSINESS SEGMENTS AND DISAGGREGATED REVENUE
Federal Express and FedEx Freight represent our major service lines and constitute our reportable segments. Our reportable segments include the following businesses:
Federal Express Segment
Federal Express (express transportation, small-package ground delivery, and freight transportation)
FedEx Freight Segment
FedEx Freight (LTL freight transportation)
FedEx Custom Critical, Inc. (time-critical transportation)
References to our transportation segments include, collectively, the Federal Express segment and the FedEx Freight segment.
Our Chief Executive Officer is our chief operating decision maker (“CODM”). The CODM is responsible for the company’s operating strategy, growth, and profitability and reviews financial information for our two reportable segments. The CODM uses operating income as the primary measure of segment performance because it reflects the underlying business performance and provides the CODM with a basis for making resource allocation decisions. Operating income is defined as income before other income (expense), interest expense, and income tax expense. Our CODM also utilizes operating income in the annual budget and monthly forecasting
processes and considers forecast-to-actual variances on a monthly basis when making resource allocation decisions. Our CODM regularly reviews significant expense details, which include salaries and employee benefits, purchased transportation, rentals and landing fees, depreciation and amortization, fuel, maintenance and repairs, separation and other costs, business optimization costs, and other operating expenses. These expense categories are included within operating expenses in the accompanying unaudited condensed consolidated statements of income and are used by the CODM in assessing performance and allocating resources.
The Federal Express segment operates combined sales, marketing, administrative, and information-technology functions in shared service operations for U.S. customers of our major business units and certain back-office support to FedEx Freight and our other operating segments which allows us to obtain synergies from the combination of these functions. We allocate the net operating costs of these services to reflect the full cost of operating our businesses in the results of those segments. We review and evaluate the performance of FedEx Freight and our other operating segments based on operating income inclusive of these allocations.
Operating expenses for our FedEx Freight segment include allocations of these services from the Federal Express segment. These allocations also include charges and credits for administrative services provided between operating companies. The allocations of net operating costs are based on metrics such as relative revenue or estimated services provided. We believe these allocations approximate the net cost of providing these functions. Our allocation methodologies are refined periodically, as necessary, to reflect changes in our businesses.
Corporate, Other, and Eliminations
Corporate and other includes corporate headquarters costs for executive officers and certain legal and finance functions, certain other costs and credits not attributed to our core business, and certain costs associated with developing integrated business solutions through our FedEx Dataworks, Inc. (“FedEx Dataworks”) operating segment. FedEx Dataworks is focused on creating new digital revenue streams using proven FedEx intelligence to digitize supply chains and create new opportunities for our customers and team members.
Also included in Corporate and other is the FedEx Office and Print Services, Inc. (“FedEx Office”) operating segment, which provides an array of document and business services and retail access to our customers for our package transportation businesses, and the FedEx Logistics, Inc. (“FedEx Logistics”) operating segment, which provides integrated supply chain management solutions, specialty transportation, customs brokerage, and global ocean and air freight forwarding.
The results of Corporate, other, and eliminations are not allocated to the other business segments.
Certain FedEx operating companies provide transportation and related services for other FedEx companies outside their reportable segment in order to optimize our resources. Billings for such services are based on negotiated rates and are reflected as revenue of the billing segment. These rates are adjusted from time to time based on market conditions. Such intersegment revenue and expenses are eliminated in our consolidated results and are not separately identified in the following segment information because the amounts are not material.
The following table presents segment information for the periods ended February 28, 2026 and 2025 (in millions):
Three Months EndedNine Months Ended
February 28, 2026February 28, 2025February 28, 2026February 28, 2025
Federal Express segment:
Revenue$21,154 $19,181 $60,703 $56,327 
Operating expenses:
Salaries and employee benefits7,231 6,390 20,571 18,920 
Purchased transportation5,665 5,196 16,218 15,064 
Rentals and landing fees1,057 1,002 3,098 2,975 
Depreciation and amortization971 926 2,856 2,779 
Fuel751 777 2,290 2,566 
Maintenance and repairs670 672 2,180 2,106 
Separation and other costs37 — 60 — 
Business optimization costs67 92 95 341 
Intercompany charges(206)(199)(668)(591)
Other3,339 3,031 9,742 8,868 
Total operating expenses19,582 17,887 56,442 53,028 
Operating income$1,572 $1,294 $4,261 $3,299 
Three Months EndedNine Months Ended
February 28, 2026February 28, 2025February 28, 2026February 28, 2025
FedEx Freight segment:
Revenue$1,991 $2,089 $6,387 $6,595 
Operating expenses:
Salaries and employee benefits977 939 2,935 2,899 
Purchased transportation193 202 591 602 
Rentals and landing fees74 72 224 215 
Depreciation and amortization112 113 335 335 
Fuel104 112 327 344 
Maintenance and repairs73 85 243 255 
Separation and other costs126 — 287 — 
Intercompany allocations134 142 449 433 
Other190 163 538 500 
Total operating expenses1,983 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 income1,348 1,292 3,912 3,424 
Other (expense) income:
Interest, net(138)(116)(392)(302)
Other retirement plans, net59 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, 202574,154 12,899 574 87,627 
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, 20252,145 359 78 2,582 
The following table presents revenue by service type for the periods ended February 28, 2026 and 2025 (in millions):
Three Months EndedNine Months Ended
February 28, 2026February 28, 2025February 28, 2026February 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 segment1,991 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 EndedNine Months Ended
February 28, 2026February 28, 2025February 28, 2026February 28, 2025
Geographical information(1)
Revenue:
U.S.$17,445 $16,123 $50,140 $46,992 
International:
Federal Express segment6,265 5,750 18,681 17,749 
FedEx Freight segment55 58 177 185 
Other235 229 715 780 
Total international revenue6,555 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 
International12,786 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.
v3.26.1
COMMITMENTS
 9 Months Ended
Feb. 28, 2026
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS
NOTE 8: COMMITMENTS
As of February 28, 2026, our purchase commitments under various contracts for the remainder of 2026 and annually thereafter were as follows (in millions):

Aircraft and Aircraft Related

Other(1)

Total
2026 (remainder)$397 

$286 

$683 
20271,187 

928 

2,115 
20281,033 

724 

1,757 
2029445 

606 

1,051 
2030385 

179 

564 
Thereafter1,986 

174 

2,160 
Total$5,433 

$2,897 

$8,330 
(1)    Primarily information technology and advertising contracts.
The amounts reflected in the table above for purchase commitments represent noncancelable agreements to purchase goods or services. Open purchase orders that are cancelable are not considered unconditional purchase obligations for financial reporting purposes and are not included in the table above.
As of February 28, 2026, we had $387 million in deposits and progress payments on aircraft purchases and other planned aircraft-related transactions. These deposits are classified in the “Other assets” caption of the accompanying unaudited condensed consolidated balance sheets. Aircraft and aircraft-related contracts are subject to price escalations. The following table is a summary of the key aircraft we are committed to purchase as of February 28, 2026, with the year of expected delivery:

Cessna SkyCourier 408

ATR 72-600F

B767F

B777F

Total
2026 (remainder)4 

2 

2 

— 

8 
20279 

4 

— 

5 

18 
20282 

4 

— 

5 

11 
2029— 

4 

— 

— 

4 
2030— 

2 

— 

— 

2 
Thereafter— 

— 

— 

— 

— 
Total15 

16 

2 

10 

43 
A summary of future minimum lease payments under noncancelable operating and finance leases with an initial or remaining term in excess of one year as of February 28, 2026 is as follows (in millions):

Aircraft
and Related
Equipment

Facilities
and Other

Total
Operating
Leases

Finance Leases

Total Leases
2026 (remainder)$30 

$612 

$642 

$45 

$687 
2027120 

3,214 

3,334 

194 

3,528 
2028119 

2,754 

2,873 

296 

3,169 
2029112 

2,340 

2,452 

184 

2,636 
2030103 

1,973 

2,076 

167 

2,243 
Thereafter399 

8,466 

8,865 

664 

9,529 
Total lease payments883 

19,359 

20,242 

1,550 

21,792 
Less imputed interest(147)

(3,326)

(3,473)

(372)

(3,845)
Present value of lease liability$736 

$16,033 

$16,769 

$1,178 

$17,947 
While certain of our lease agreements contain covenants governing the use of the leased assets or require us to maintain certain levels of insurance, none of our lease agreements include material financial covenants or limitations.
As of February 28, 2026, FedEx has entered into additional leases which have not yet commenced and are therefore not part of the right-of-use asset and liability. These leases are generally for build-to-suit facilities and have undiscounted future payments of approximately $1.3 billion that will commence when FedEx gains beneficial access to the leased asset. Commencement dates are expected to be from calendar years 2026 to 2027.
v3.26.1
CONTINGENCIES
 9 Months Ended
Feb. 28, 2026
Loss Contingency [Abstract]  
CONTINGENCIES
NOTE 9: CONTINGENCIES
Litigation Matters. FedEx and its subsidiaries are subject to various legal proceedings and claims, including lawsuits alleging that Federal Express should be treated as the employer or joint employer of drivers employed by service providers engaged by Federal Express, lawsuits containing various class-action allegations of wage-and-hour violations in which plaintiffs claim, among other things, that they were forced to work “off the clock,” were not paid overtime, or were not provided work breaks or other benefits, and lawsuits alleging that FedEx and its subsidiaries are responsible for third-party losses related to vehicle accidents that could exceed our insurance coverage for such losses. In the opinion of management, the aggregate liability, if any, with respect to these actions will not have a material adverse effect on our financial position, results of operations, or cash flows.
On February 20, 2026, the U.S. Supreme Court issued a decision invalidating tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”). On February 23, 2026, FedEx filed a lawsuit in the U.S. Court of International Trade against the U.S. Customs and Border Protection (“CBP”), the CBP commissioner, and the United States of America seeking a full refund of all IEEPA tariffs that FedEx has paid to the United States. Additionally, five class action lawsuits seeking refunds of IEEPA tariffs from FedEx were filed in U.S. district courts in South Carolina, Florida, New York, Tennessee, and Delaware. The financial impact of these events is uncertain, as it is unclear to what extent duties will be refunded by CBP, what processes will govern such refunds, or if we can fully collect related accounts receivable. We are evaluating the impact of these developments on our business and financial statements. No adjustments have been recorded in the accompanying unaudited condensed consolidated financial statements as we cannot reasonably estimate the financial impact; however, it is reasonably possible that it could be material.
Environmental Matters. SEC regulations require us to disclose certain information about proceedings arising under federal, state, or local environmental provisions involving a governmental authority as a party if we reasonably believe that such proceedings may result in monetary sanctions above a stated threshold. Pursuant to the SEC regulations, FedEx uses a threshold of $1 million or more for purposes of determining whether disclosure of any such proceedings is required. Applying this threshold, there are no environmental matters required to be disclosed for this period.
v3.26.1
SUPPLEMENTAL CASH FLOW INFORMATION
 9 Months Ended
Feb. 28, 2026
Supplemental Cash Flow Information [Abstract]  
SUPPLEMENTAL CASH FLOW INFORMATION
NOTE 10: SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid (received) for interest expense and income taxes for the periods ended February 28, 2026 and 2025 was as follows (in millions):
Nine Months Ended

2026

2025
Cash payments for:

Interest (net of capitalized interest)$631 

$582 
Income taxes$1,559 

$1,223 
Income tax refunds received(50)

(26)
Cash tax payments, net$1,509 

$1,197 
Noncash investing and financing activities for the periods ended February 28, 2026 and 2025 were as follows (in millions):
Nine Months Ended

2026

2025
Assets obtained in exchange for finance lease obligations$600 

$167 
Shares of common stock issued from treasury stock for acquisition$— $90 
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Feb. 28, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
DESCRIPTION OF BUSINESS SEGMENTS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 9 Months Ended
Feb. 28, 2026
Accounting Policies [Abstract]  
Description of Business Segments
DESCRIPTION OF BUSINESS SEGMENTS. FedEx Corporation (“FedEx”) provides a broad portfolio of transportation, e-commerce, and business services, offering integrated business solutions utilizing our flexible, efficient, and intelligent global network. Our primary operating companies are Federal Express Corporation (“Federal Express”), the world’s largest express transportation company and a leading North American provider of small-package ground delivery services, and FedEx Freight, Inc. (“FedEx Freight”), a leading North American provider of less-than-truckload (“LTL”) freight transportation services.
Federal Express operates a unified, fully integrated air-ground express network under the respected FedEx brand. FedEx Freight provides LTL freight transportation services as a separate subsidiary. Federal Express and FedEx Freight represent our major service lines and constitute our reportable segments.
Summary of Significant Accounting Policies
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. These interim financial statements of FedEx have been prepared in accordance with accounting principles generally accepted in the United States and Securities and Exchange Commission (“SEC”) instructions for interim financial information, and should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended May 31, 2025 (“Annual Report”). Significant accounting policies and other disclosures normally provided have been omitted since such items are disclosed in our Annual Report.
In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (including normal recurring adjustments) necessary to present fairly our financial position as of February 28, 2026, and the results of our operations for the three- and nine-month periods ended February 28, 2026 and February 28, 2025, cash flows for the nine-month periods ended February 28, 2026 and February 28, 2025, and changes in common stockholders’ investment for the three- and nine-month periods ended February 28, 2026 and February 28, 2025. Operating results for the three- and nine-month periods ended February 28, 2026 are not necessarily indicative of the results that may be expected for the year ending May 31, 2026. Except as otherwise specified, references to years indicate our fiscal year ending May 31, 2026 or ended May 31 of the year referenced, and comparisons are to the corresponding period of the prior year.
The identification of costs as business optimization and separation and other costs is subject to our disclosure controls and procedures.
Contract Assets and Liabilities
CONTRACT ASSETS AND LIABILITIES. Contract assets include billed and unbilled amounts resulting from in-transit shipments, as we have an unconditional right to payment only once all performance obligations have been completed (e.g., packages have been delivered). Contract assets are generally classified as current, and the full balance is converted each quarter based on the short-term nature of the transactions. Our contract liabilities consist of advance payments and billings in excess of revenue. The full balance of deferred revenue is converted each quarter based on the short-term nature of the transactions.
Gross contract assets related to in-transit shipments totaled $692 million and $673 million at February 28, 2026 and May 31, 2025, respectively. Contract assets net of deferred unearned revenue were $570 million and $526 million at February 28, 2026 and May 31, 2025, respectively. Contract assets are included within “Receivables” in the accompanying unaudited condensed consolidated balance sheets. Contract liabilities related to advance payments from customers were $22 million and $23 million at February 28, 2026 and May 31, 2025, respectively. Contract liabilities are included within “Accrued expenses” in the accompanying unaudited condensed consolidated balance sheets.
DISAGGREGATION OF REVENUE. See Note 7 for disclosure of disaggregated revenue for the periods ended February 28, 2026 and 2025. This presentation is consistent with how we organize our segments internally for making operating decisions and measuring performance.
Employees Under Collective Bargaining Arrangements
EMPLOYEES UNDER COLLECTIVE BARGAINING ARRANGEMENTS. Our pilots, who are a small number of our total employees, are represented by the Air Line Pilots Association, International (“ALPA”) and are employed under a collective bargaining agreement that took effect on November 2, 2015. The agreement became amendable in November 2021. Bargaining for a successor agreement began in May 2021, and in November 2022 the National Mediation Board (“NMB”), which is the U.S. governmental agency that oversees labor agreements for entities covered by the Railway Labor Act of 1926, as amended, began actively mediating the negotiations. In July 2023, the pilots failed to ratify the tentative successor agreement that was approved by ALPA’s FedEx Master Executive Council the prior month. In April 2024, the NMB rejected ALPA’s request for a proffer of arbitration. Bargaining for a successor agreement continues. The conduct of mediated negotiations has no effect on our operations. Once a new agreement is ratified, we may amend our pension plan offered to the pilots, which would result in a remeasurement of our pension benefit obligation. A small number of our other employees are members of unions.
Stock-Based Compensation
STOCK-BASED COMPENSATION. We have four types of equity-based compensation: stock options, restricted stock, performance stock units, and, for outside directors, restricted stock units. The key terms of our equity-based compensation plans and financial disclosures about these programs are set forth in our Annual Report. Our stock-based compensation expense was $38 million for the three-month period ended February 28, 2026 and $136 million for the nine-month period ended February 28, 2026. Our stock-based compensation expense was $31 million for the three-month period ended February 28, 2025 and $116 million for the nine-month period ended February 28, 2025. Due to its immateriality, additional disclosures related to stock-based compensation have been excluded from this quarterly report.
Business Optimization Costs
BUSINESS OPTIMIZATION COSTS. Our business optimization costs relate to transformation initiatives aimed to improve long-term profitability, drive efficiency within and between our transportation segments, lower our overhead and support costs, and transform our digital capabilities. Costs included in the “Business optimization costs” caption of the accompanying unaudited condensed consolidated statements of income relate to our Network 2.0 program, our international operational transformation programs, our DRIVE initiatives commenced in prior years, and the Europe workforce reduction plan announced in June 2024.
We incurred business optimization costs of $65 million ($49 million, net of tax, or $0.21 per diluted share) in the three-month period and $162 million ($126 million, net of tax, or $0.53 per diluted share) in the nine-month period ended February 28, 2026. These costs were primarily related to professional services and severance and are included in Corporate, other, and eliminations and Federal Express. We incurred business optimization costs of $179 million ($137 million, net of tax, or $0.56 per diluted share) in the three-month period ended February 28, 2025 and $633 million ($484 million, net of tax, or $1.98 per diluted share) in the nine-month period ended February 28, 2025. These costs were primarily related to severance and professional services and are included in Federal Express and Corporate, other, and eliminations.
Network 2.0
Network 2.0 is our multi-year effort to improve the efficiency with which FedEx picks up, transports, and delivers packages in the U.S. and Canada. Through Network 2.0, we continue to consolidate our sortation facilities and equipment, reduce pickup-and-delivery
routes, and optimize our enterprise linehaul network by moving beyond discrete collaboration to an end-to-end optimized network. We have implemented Network 2.0 optimization in approximately 390 locations in the U.S. and Canada as of February 28, 2026. Service providers will handle the pickup and delivery of Federal Express packages in some locations while employee couriers will handle others. We completed Canada’s implementation of Network 2.0 in the fourth quarter of 2025 and expect to complete the U.S. implementation by the end of calendar 2027.
International operational transformation programs
In January 2026, FedEx initiated operational transformation programs in certain international locations designed to modernize, streamline, and optimize international domestic operations. These transformation programs may reduce approximately 5,000 operational employees, as well as changing working locations and schedules for up to 800 operational employees and is expected to occur over approximately 18 months, subject to required consultation processes in accordance with local regulations.
We expect the combined pre‑tax costs of severance benefits, legal and professional fees, and facilities‑related exit costs to range from $225 million to $325 million, substantially all of which are cash expenditures. These charges are expected to be incurred through calendar year 2028 and will be recorded as business optimization expenses. In the third quarter of 2026, we incurred $16 million of costs related to this program. The timing and amount of our business optimization expenses and the related cost savings associated with this operational transformation program are dependent on local country consultation processes and regulations and negotiation social plans may change as we revise and implement our plans.
Europe workforce reduction plan
As of February 28, 2026, our Europe workforce reduction plan to reduce structural costs is substantially complete. The plan was announced in June 2024 and occurred over an 18-month period in accordance with local country processes and regulations. The plan resulted in a pre-tax cost of approximately $250 million for severance benefits and legal and professional fees and has impacted approximately 1,400 employees across back-office and commercial functions as of February 28, 2026. Beginning in calendar year 2026, we expect annualized savings from the plan to be approximately $150 million.
We incurred costs related to the plan of $2 million for the three-month period ended February 28, 2026 and $11 million for the nine-month period ended February 28, 2026. We incurred costs related to this plan of $44 million for the three-month period ended February 28, 2025 and $220 million for the nine-month period ended February 28, 2025. These costs are classified as business optimization expenses.
Derivative Financial Instruments
DERIVATIVE FINANCIAL INSTRUMENTS. We enter into derivative financial instruments to reduce the effects of volatility in foreign currency exchange exposure on operating results and cash flows. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of cash receipts and cash payments principally related to our investments. We use debt denominated in foreign currency and fixed-to-fixed cross-currency swaps to hedge our exposure to changes in foreign exchange rates on certain of our foreign investments.
As of February 28, 2026 and May 31, 2025, we had €843 million and €506 million, respectively, of debt designated as a net investment hedge to reduce the volatility of the U.S. dollar value of a portion of our net investment in a euro-denominated consolidated subsidiary. For debt designated as net investment hedges, the gain or loss is reported in the “Accumulated other comprehensive loss” (“AOCL”) caption in the accompanying unaudited condensed consolidated balance sheets as part of the cumulative translation adjustment. For the three-month period ended February 28, 2026 and 2025, we recognized losses of $25 million
and $1 million, respectively, and for the nine-month period ended February 28, 2026 and 2025, we recognized losses of $23 million and gains of $6 million, respectively. These results exclude any adjustments for the impact of deferred income taxes.
As of February 28, 2026, we had four cross-currency swaps outstanding, and the fair value of the swaps classified as assets and liabilities was $11 million and $126 million, respectively. As of May 31, 2025, the fair value of the swaps classified as assets and liabilities was $13 million and $108 million, respectively. We record all derivatives on the balance sheet at fair value within either the “Prepaid expenses and other” or “Other liabilities” captions in the accompanying unaudited condensed consolidated balance sheets. For foreign currency derivatives designated as net investment hedges, the gain or loss on the derivative is reported in the “Accumulated other comprehensive loss” caption in the accompanying unaudited condensed consolidated balance sheets as part of the cumulative translation adjustment. For the three-month periods ended February 28, 2026 and 2025, we recognized a loss of $31 million and a gain of $3 million, respectively, and for the nine-month periods ended February 28, 2026 and 2025, we recognized a loss of $20 million and a gain of $13 million, respectively. These results exclude any adjustments for the impact of deferred income taxes.
The estimated fair values were determined using pricing models that rely on market-based inputs such as foreign currency exchange rates and yield curves and are classified as Level 2 within the fair value hierarchy. This classification is defined as a fair value determined using market-based inputs other than quoted prices that are observable for the derivative financial instruments, either directly or indirectly.
Our cross-currency swaps contain an element of risk that counterparties may be unable to meet the terms of the agreements. We seek to minimize such risk exposures for these instruments by limiting the counterparties to banks and financial institutions that meet established credit guidelines. Our counterparties to the swaps all have an investment grade rating. To keep our exposure minimal, we monitor our counterparties’ credit worthiness on a regular basis, reviewing amongst others Standard & Poor’s rating and credit default swap spreads.
As of February 28, 2026 and May 31, 2025 we had not posted any collateral related to our cross-currency swaps. No amounts have been reclassified out of AOCL during 2026 and 2025. As of February 28, 2026 and May 31, 2025, our net investment hedges remain effective.
Supplier Finance Program
SUPPLIER FINANCE PROGRAM. We offer voluntary Supply Chain Finance (“SCF”) programs through financial institutions to certain of our suppliers. We agree to commercial terms with our suppliers, including prices, quantities, and payment terms, and they issue invoices to us based on the agreed-upon contractual terms. If our suppliers choose to participate in the SCF programs, they determine which invoices, if any, to sell to the financial institutions to receive an early discounted payment, while we settle the net payment amount with the financial institutions on the payment due dates. We guarantee these payments with the financial institutions.
Amounts due to our suppliers that participate in the SCF programs are included in the “Accounts payable” caption in the accompanying unaudited condensed consolidated balance sheets. We have been informed by the participating financial institutions that as of February 28, 2026 and May 31, 2025, suppliers have been approved to sell to them $114 million and $71 million, respectively, of our outstanding payment obligations.
Investments in Equity and Debt Securities
INVESTMENTS IN EQUITY AND DEBT SECURITIES. Investments in equity securities with a readily determinable fair value are carried at fair value and are classified as Level 1 investments in the fair value hierarchy. Level 1 investments are valued at the closing price or last trade reported on the major market on which the individual securities are traded. For equity securities without readily determinable fair values that qualify for the net asset value (“NAV”) practical expedient, we have elected to apply the NAV practical expedient to estimate fair value. Changes in fair value are recognized in “Other (expense) income” in the accompanying unaudited condensed consolidated statements of income.
We apply the measurement alternative to all other investments in equity securities without a readily determinable fair value. Under the measurement alternative these equity securities are accounted for at cost, with adjustments for observable changes in prices and impairments recognized in “Other (expense) income” on our accompanying unaudited condensed consolidated statements of income.
We perform an assessment each reporting period to evaluate whether these equity securities are impaired. Our assessment includes a review of recent operating results and trends and other publicly available data. If an investment is impaired, we write it down to its estimated fair value.
Equity securities totaled $551 million and $506 million at February 28, 2026 and May 31, 2025, respectively. Equity securities are recorded within the “Other assets” caption in the accompanying unaudited condensed consolidated balance sheets.
Debt securities, which are considered short-term investments, are classified as “available-for-sale” and are carried at fair value. Debt securities are Level 2 within the fair value hierarchy. Realized gains and losses on available-for-sale debt securities are included in net income, while unrealized gains and losses, net of tax, are included in AOCL in the accompanying unaudited condensed consolidated balance sheets.
Debt securities totaled $211 million and $70 million at February 28, 2026 and May 31, 2025, respectively. Debt securities are recorded within the “Prepaid expenses and other” caption in the accompanying unaudited condensed consolidated balance sheets. This increase primarily reflects strategic purchases of corporate debt and U.S. Treasury securities to enhance returns on cash balances.
On February 9, 2026, InPost S.A. (“InPost”) and a consortium including FedEx announced a conditional agreement on an intended recommended all-cash public offer for all issued and outstanding shares of InPost at an offer price of €15.60 (cum dividend) per share (the “Offer”). Post-completion, the consortium will be structured with FedEx holding 37%. InPost will continue to operate as a standalone company. The Offer and the transactions contemplated thereby (the “Transactions”) are subject to certain customary closing conditions, including, among others, the receipt of regulatory approvals. Based upon the proposed Offer price, FedEx’s investment is valued at approximately $2.6 billion. FedEx intends to fund its portion of the Offer by utilizing available cash balances, existing or new liquidity sources, or a combination thereof. The Transaction is expected to be completed in the second half of 2026.
Treasury Shares
TREASURY SHARES. In March 2024, our Board of Directors authorized a stock repurchase program for repurchases of up to $5.0 billion of FedEx common stock. During the nine-month period ended February 28, 2026, 3.3 million shares were repurchased through open market transactions under this program at an average price of $233.07 per share for a total of $776 million. We did not repurchase common stock during the three-month period ended February 28, 2026.
During the three-month period ended February 28, 2025, 1.8 million shares were repurchased through open market transactions at an average price of $276.26 per share for a total of $497 million. During the nine-month period ended February 28, 2025, 8.9 million shares were repurchased through accelerated share repurchase (“ASR”) agreements and open market transactions at an average price of $281.74 per share for a total of $2.5 billion.
The final number of shares delivered upon settlement of the ASR agreements was determined based on a discount to the volume-weighted average price of our stock during the term of the transaction. The repurchased shares were accounted for as a reduction to common stockholders’ investment in the accompanying unaudited condensed consolidated balance sheet and resulted in a reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted earnings per share.
As of February 28, 2026, $1.3 billion remained available to use for repurchases under our 2024 stock repurchase program. Shares may be repurchased from time to time in the open market or in privately negotiated transactions. The timing and volume of repurchases are at the discretion of management, based on the capital needs of the business, the market price of FedEx common stock, and general market conditions. No time limits were set for the completion of the program; however, we may decide to suspend or discontinue the program at any time.
Dividend Declared per Common Share
DIVIDENDS DECLARED PER COMMON SHARE. On February 13, 2026, our Board of Directors declared a quarterly cash dividend of $1.45 per share of common stock. The dividend will be paid on April 1, 2026, to stockholders of record as of the close of business on March 9, 2026. Each quarterly dividend payment is subject to review and approval by our Board of Directors, and we evaluate our dividend payment amount on an annual basis. There are no material restrictions on our ability to declare dividends, nor are there any material restrictions on the ability of our subsidiaries to transfer funds to us in the form of cash dividends, loans, or advances.
Recent Accounting Guidance
RECENT ACCOUNTING GUIDANCE. New accounting rules and disclosure requirements can significantly affect our reported results and the comparability of our financial statements. We believe the following new accounting guidance is relevant to the readers of our financial statements.
New Accounting Standards and Accounting Standards Not Yet Adopted
In December 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the applicability of the interim reporting guidance, the types of interim reporting, and the form and content of interim financial statements in accordance with U.S. generally accepted accounting principles. Per the FASB, the amendment does not intend to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements but rather provide clarity and improve navigability of the existing interim reporting
requirements. The update will be effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. We are assessing the effect of this update on our consolidated financial statements and related disclosures.
In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which introduces five targeted improvements to better align hedge accounting with entities’ risk management activities. The update will be effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods. Early adoption is permitted. We are assessing the effect of this update on our consolidated financial statements and related disclosures.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which simplifies the application of the current expected credit loss model for current accounts receivable and current contract assets under Accounting Standards Codification 606. The update will be effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods. Early adoption is permitted. We are assessing the effect of this update on our consolidated financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, effective for our 2026 annual financial statements. The new requirements will primarily affect the annual financial statement disclosures, with enhanced detail regarding the amount of cash taxes paid and the reconciliation of our effective tax rate.
In November 2024, the FASB issued ASU 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which expands disclosures about specific expense categories at interim and annual reporting periods. The update will be effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. We are assessing the effect of this update on our consolidated financial statements and related disclosures.
v3.26.1
DESCRIPTION OF BUSINESS SEGMENTS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Feb. 28, 2026
Accounting Policies [Abstract]  
Schedule of Cash, Cash Equivalents and Restricted Cash The following table reconciles cash, cash equivalents, and restricted cash reported in our unaudited condensed consolidated balance sheets to the total amount presented in the unaudited condensed consolidated statements of cash flows (in millions):
Nine Months Ended
February 28, 2026February 28, 2025
Cash and cash equivalents$8,008 $5,135 
Restricted cash3,680 — 
Total cash, cash equivalents, and restricted cash$11,688 $5,135 
Schedule of Obligation Confirmed and Paid A rollforward of obligations confirmed and paid during the periods ended February 28, 2026 and 2025 is presented below (in millions):
Nine Months Ended
February 28, 2026

February 28, 2025
Confirmed obligations outstanding at beginning of period$71 $94 
Invoices confirmed during the period563 457 
Confirmed invoices paid during the period(523)(460)
Currency translation adjustments3 (4)
Confirmed obligations outstanding at end of period$114 $87 
v3.26.1
CREDIT LOSSES (Tables)
 9 Months Ended
Feb. 28, 2026
Credit Loss [Abstract]  
Schedule of Allowance for Credit Losses
Changes in the allowance for credit losses during the periods ended February 28, 2026 and 2025 were as follows:
Three Months EndedNine Months Ended
February 28, 2026February 28, 2025February 28, 2026February 28, 2025
Allowance, beginning of period$555 $385 $438 $436 
Current period provision for expected credit losses225 132 694 382 
Write-offs charged against allowance(466)(332)(1,305)(1,067)
Recoveries collected267 230 754 664 
Allowance, end of period$581 $415 $581 $415 
v3.26.1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
 9 Months Ended
Feb. 28, 2026
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive Loss
The following table provides changes in AOCL, net of tax, reported in our unaudited condensed consolidated financial statements for the periods ended February 28, 2026 and 2025 (in millions; amounts in parentheses indicate debits to AOCL):

Three Months Ended

Nine Months Ended

February 28, 2026

February 28, 2025

February 28, 2026

February 28, 2025
Foreign currency translation loss:



Balance at beginning of period$(1,468)

$(1,574)

$(1,420)

$(1,422)
Translation adjustments196 

17 

148 

(135)
Balance at end of period(1,272)

(1,557)

(1,272)

(1,557)
Retirement plans adjustments:



Balance at beginning of period54 

59 

58 

63 
Reclassifications from AOCL(2)

(1)

(6)

(5)
Balance at end of period52 

58 

52 

58 
AOCL at end of period$(1,220)

$(1,499)

$(1,220)

$(1,499)
v3.26.1
COMPUTATION OF EARNINGS PER SHARE (Tables)
 9 Months Ended
Feb. 28, 2026
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings Per Common Share
The following table sets forth the computation of basic and diluted earnings per common share for the periods ended February 28, 2026 and 2025 (in millions, except per share amounts):

Three Months EndedNine Months Ended

February 28, 2026February 28, 2025February 28, 2026February 28, 2025
Basic earnings per common share:
Net earnings allocable to common shares(1)
$1,054 $908 $2,831 $2,441 
Weighted-average common shares236 240 236 242 
Basic earnings per common share$4.46 $3.79 $12.01 $10.09 
Diluted earnings per common share:
Net earnings allocable to common shares(1)
$1,054 $908 $2,831 $2,441 
Weighted-average common shares236 240 236 242 
Dilutive effect of share-based awards3 2 2 2 
Weighted-average diluted shares239 242 238 244 
Diluted earnings per common share$4.41 $3.76 $11.91 $9.99 
Anti-dilutive options excluded from diluted earnings per common share1 4 5 4 
(1)Net earnings available to participating securities were $2 million and $1 million for the three-month periods ended February 28, 2026 and 2025, respectively, and $5 million and $3 million for the nine-month periods ended February 28, 2026 and 2025, respectively
v3.26.1
RETIREMENT PLANS (Tables)
 9 Months Ended
Feb. 28, 2026
Retirement Benefits [Abstract]  
Schedule of Retirement Plan Costs
Our retirement plans costs for the periods ended February 28, 2026 and 2025 were as follows (in millions):

Three Months EndedNine Months Ended

February 28, 2026February 28, 2025February 28, 2026February 28, 2025
Defined benefit pension plans$47 $69 $140 $209 
Defined contribution plans327 278 945 853 
Postretirement healthcare plans22 22 67 65 

$396 $369 $1,152 $1,127 
Schedule of Net Periodic Benefit Cost
Net periodic benefit cost of the pension and postretirement healthcare plans for the periods ended February 28, 2026 and 2025 included the following components (in millions):
Three Months Ended

U.S. Pension Plans

International Pension Plans

Postretirement Healthcare Plans

2026

2025

20262025

20262025
Service cost
$112 

$125 

$10 

$9 

$6 

$6 
Other retirement plans expense (income):
Interest cost
378 

361 

12 

10 

17 

17 
Expected return on plan assets
(457)

(430)

(6)

(4)

— 

— 
Amortization of prior service credit and other
(2)

(2)

— 

— 

(1)

(1)
(81)

(71)

6 

6 

16 

16 
Net periodic benefit cost
$31 

$54 

$16 

$15 

$22 

$22 

Nine Months Ended

U.S. Pension Plans

International Pension Plans

Postretirement Healthcare Plans

2026

2025

2026

2025

2026

2025
Service cost$335 

$374 

$30 

$29 

$20 

$19 
Other retirement plans expense (income):





Interest cost1,135 

1,085 

36 

32 

50 

49 
Expected return on plan assets(1,371)

(1,290)

(19)

(16)

— 

— 
Amortization of prior service credit and other(6)

(6)

— 

1 

(3)

(3)

(242)

(211)

17 

17 

47 

46 
Net periodic benefit cost$93 

$163 

$47 

$46 

$67 

$65 
v3.26.1
BUSINESS SEGMENTS AND DISAGGREGATED REVENUE (Tables)
 9 Months Ended
Feb. 28, 2026
Segment Reporting [Abstract]  
Schedule of Segment Information
The following table presents segment information for the periods ended February 28, 2026 and 2025 (in millions):
Three Months EndedNine Months Ended
February 28, 2026February 28, 2025February 28, 2026February 28, 2025
Federal Express segment:
Revenue$21,154 $19,181 $60,703 $56,327 
Operating expenses:
Salaries and employee benefits7,231 6,390 20,571 18,920 
Purchased transportation5,665 5,196 16,218 15,064 
Rentals and landing fees1,057 1,002 3,098 2,975 
Depreciation and amortization971 926 2,856 2,779 
Fuel751 777 2,290 2,566 
Maintenance and repairs670 672 2,180 2,106 
Separation and other costs37 — 60 — 
Business optimization costs67 92 95 341 
Intercompany charges(206)(199)(668)(591)
Other3,339 3,031 9,742 8,868 
Total operating expenses19,582 17,887 56,442 53,028 
Operating income$1,572 $1,294 $4,261 $3,299 
Three Months EndedNine Months Ended
February 28, 2026February 28, 2025February 28, 2026February 28, 2025
FedEx Freight segment:
Revenue$1,991 $2,089 $6,387 $6,595 
Operating expenses:
Salaries and employee benefits977 939 2,935 2,899 
Purchased transportation193 202 591 602 
Rentals and landing fees74 72 224 215 
Depreciation and amortization112 113 335 335 
Fuel104 112 327 344 
Maintenance and repairs73 85 243 255 
Separation and other costs126 — 287 — 
Intercompany allocations134 142 449 433 
Other190 163 538 500 
Total operating expenses1,983 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 income1,348 1,292 3,912 3,424 
Other (expense) income:
Interest, net(138)(116)(392)(302)
Other retirement plans, net59 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, 202574,154 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, 20252,145 359 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 EndedNine Months Ended
February 28, 2026February 28, 2025February 28, 2026February 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 segment1,991 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 EndedNine Months Ended
February 28, 2026February 28, 2025February 28, 2026February 28, 2025
Geographical information(1)
Revenue:
U.S.$17,445 $16,123 $50,140 $46,992 
International:
Federal Express segment6,265 5,750 18,681 17,749 
FedEx Freight segment55 58 177 185 
Other235 229 715 780 
Total international revenue6,555 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 
International12,786 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.
v3.26.1
COMMITMENTS (Tables)
 9 Months Ended
Feb. 28, 2026
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Purchase Commitments
As of February 28, 2026, our purchase commitments under various contracts for the remainder of 2026 and annually thereafter were as follows (in millions):

Aircraft and Aircraft Related

Other(1)

Total
2026 (remainder)$397 

$286 

$683 
20271,187 

928 

2,115 
20281,033 

724 

1,757 
2029445 

606 

1,051 
2030385 

179 

564 
Thereafter1,986 

174 

2,160 
Total$5,433 

$2,897 

$8,330 
(1)    Primarily information technology and advertising contracts.
Schedule of Aircraft Purchase Commitments The following table is a summary of the key aircraft we are committed to purchase as of February 28, 2026, with the year of expected delivery:

Cessna SkyCourier 408

ATR 72-600F

B767F

B777F

Total
2026 (remainder)4 

2 

2 

— 

8 
20279 

4 

— 

5 

18 
20282 

4 

— 

5 

11 
2029— 

4 

— 

— 

4 
2030— 

2 

— 

— 

2 
Thereafter— 

— 

— 

— 

— 
Total15 

16 

2 

10 

43 
Schedule of Future Minimum Lease Payments, Operating and Finance Leases
A summary of future minimum lease payments under noncancelable operating and finance leases with an initial or remaining term in excess of one year as of February 28, 2026 is as follows (in millions):

Aircraft
and Related
Equipment

Facilities
and Other

Total
Operating
Leases

Finance Leases

Total Leases
2026 (remainder)$30 

$612 

$642 

$45 

$687 
2027120 

3,214 

3,334 

194 

3,528 
2028119 

2,754 

2,873 

296 

3,169 
2029112 

2,340 

2,452 

184 

2,636 
2030103 

1,973 

2,076 

167 

2,243 
Thereafter399 

8,466 

8,865 

664 

9,529 
Total lease payments883 

19,359 

20,242 

1,550 

21,792 
Less imputed interest(147)

(3,326)

(3,473)

(372)

(3,845)
Present value of lease liability$736 

$16,033 

$16,769 

$1,178 

$17,947 
v3.26.1
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)
 9 Months Ended
Feb. 28, 2026
Supplemental Cash Flow Information [Abstract]  
Supplemental Cash Flow
Cash paid (received) for interest expense and income taxes for the periods ended February 28, 2026 and 2025 was as follows (in millions):
Nine Months Ended

2026

2025
Cash payments for:

Interest (net of capitalized interest)$631 

$582 
Income taxes$1,559 

$1,223 
Income tax refunds received(50)

(26)
Cash tax payments, net$1,509 

$1,197 
Noncash investing and financing activities for the periods ended February 28, 2026 and 2025 were as follows (in millions):
Nine Months Ended

2026

2025
Assets obtained in exchange for finance lease obligations$600 

$167 
Shares of common stock issued from treasury stock for acquisition$— $90 
v3.26.1
DESCRIPTION OF BUSINESS SEGMENTS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES- Additional Information (Details)
€ / shares in Units, $ / shares in Units, € in Millions, shares in Millions, $ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended 21 Months Ended
Feb. 09, 2026
USD ($)
Feb. 05, 2026
USD ($)
Jan. 31, 2026
Jan. 31, 2026
USD ($)
Jan. 31, 2026
numberOfMember
Jan. 31, 2026
employee
Feb. 28, 2026
USD ($)
swap
location
$ / shares
shares
Feb. 28, 2025
USD ($)
$ / shares
shares
Feb. 28, 2026
USD ($)
swap
type
location
$ / shares
shares
Feb. 28, 2025
USD ($)
$ / shares
shares
Feb. 28, 2026
USD ($)
swap
location
employee
Feb. 28, 2026
EUR (€)
swap
location
Feb. 09, 2026
€ / shares
Aug. 07, 2025
$ / shares
May 31, 2025
USD ($)
May 31, 2025
EUR (€)
May 31, 2024
USD ($)
Mar. 31, 2024
USD ($)
Organization Consolidation And Presentation Of Financial Statements [Line Items]                                    
Gross contract assets related to in-transit shipments             $ 692   $ 692   $ 692       $ 673      
Contract assets net of deferred unearned revenue             570   570   570       526      
Contract liabilities related to advance payments from customers             22   $ 22   $ 22       23      
Types of equity based compensation | type                 4                  
Stock-based compensation             38 $ 31 $ 136 $ 116                
FedEx Freight spin-off costs             195 23 443 23                
FedEx Freight spin-off costs, net of tax             $ 147 $ 17 $ 351 $ 17                
FedEx Freight spin-off costs (in dollar per share) | $ / shares             $ 0.61 $ 0.07 $ 1.47 $ 0.07                
Separation and other costs, net of payments                 $ 129 $ 4                
Fiscal year change             $ 8   20 0                
Fiscal year change, net of tax             $ 6   $ 15                  
Fiscal year change (in dollar per share) | $ / shares             $ 0.02   $ 0.06                  
Business optimization costs             $ 65 $ 179 $ 162 633                
Business optimization costs, net of tax             $ 49 $ 137 $ 126 $ 484                
Business optimization costs (in dollars per share) | $ / shares             $ 0.21 $ 0.56 $ 0.53 $ 1.98                
Consultation process expected occur period                     18 months              
Restructuring costs             $ 2 $ 44 $ 11 $ 220 $ 250              
Number of employees affected in workforce reduction plan | employee                     1,400              
Expected savings                     $ 150              
Proceeds from issuance of unsecured debt   $ 3,700                                
Denominated debt as a net investment hedge | €                       € 843       € 506    
Derivative, recognized loss (gain)             (25) $ (1) (23) $ 6                
Fair value of swaps classified as asset             11   11   11       13      
Fair value of swaps classified as liabilities             126   126   126       108      
Equity securities             551   551   551       506      
Debt securities             $ 211   $ 211   211       70      
Shares repurchased (in shares) | shares             0.0 1.8 3.3 8.9                
Payments for repurchase of common stock                 $ 796 $ 2,517                
Cash dividend payable (in dollars per share) | $ / shares                           $ 1.45        
Accelerated Share Repurchase Agreement                                    
Organization Consolidation And Presentation Of Financial Statements [Line Items]                                    
Stock repurchase program amount authorized to be repurchased                                   $ 5,000
Shares repurchased (in shares) | shares               1.8 3.3 8.9                
Treasury stock acquired, average cost (in dollars per share) | $ / shares               $ 276.26 $ 233.07 $ 281.74                
Payments for repurchase of common stock               $ 497 $ 776 $ 2,500                
Stock repurchase program amount authorized to be repurchased, remaining available amount             $ 1,300   1,300   1,300              
InPost                                    
Organization Consolidation And Presentation Of Financial Statements [Line Items]                                    
Offer price (in euros per share) | € / shares                         € 15.60          
FedEx holding (as a percent)                         37.00%          
Investment value $ 2,600                                  
Supply Chain Finance                                    
Organization Consolidation And Presentation Of Financial Statements [Line Items]                                    
Outstanding payment obligations             $ 114 87 $ 114 87 $ 114       $ 71   $ 94  
Currency Swap                                    
Organization Consolidation And Presentation Of Financial Statements [Line Items]                                    
Number of swaps outstanding | swap             4   4   4 4            
Recognized loss (gain)             $ (31) 3 $ (20) 13                
Network 2.0 Optimization                                    
Organization Consolidation And Presentation Of Financial Statements [Line Items]                                    
Number of business locations | location             390   390   390 390            
International Operational Transformation Programs                                    
Organization Consolidation And Presentation Of Financial Statements [Line Items]                                    
Business optimization costs             $ 16                      
Business optimization, expected occur period     18 months                              
Number of operational team members         5,000 800                        
International Operational Transformation Programs | Minimum                                    
Organization Consolidation And Presentation Of Financial Statements [Line Items]                                    
Exit costs       $ 225                            
International Operational Transformation Programs | Maximum                                    
Organization Consolidation And Presentation Of Financial Statements [Line Items]                                    
Exit costs       $ 325                            
Separation and other costs                                    
Organization Consolidation And Presentation Of Financial Statements [Line Items]                                    
FedEx Freight spin-off costs             194 5 $ 440 5                
Other, net                                    
Organization Consolidation And Presentation Of Financial Statements [Line Items]                                    
FedEx Freight spin-off costs             $ 1 $ 18 $ 3 $ 18                
v3.26.1
DESCRIPTION OF BUSINESS SEGMENTS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions
Feb. 28, 2026
May 31, 2025
Feb. 28, 2025
May 31, 2024
Accounting Policies [Abstract]        
Cash and cash equivalents $ 8,008 $ 5,502 $ 5,135  
Restricted cash 3,680   0  
Total cash, cash equivalents, and restricted cash $ 11,688 $ 5,502 $ 5,135 $ 6,501
v3.26.1
DESCRIPTION OF BUSINESS SEGMENTS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Obligation Confirmed and Paid (Details) - Supply Chain Finance - USD ($)
$ in Millions
 9 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Supplier Finance Program [Line Items]    
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration] Accounts payable Accounts payable
Supplier Finance Program, Obligation [Roll Forward]    
Confirmed obligations outstanding at the beginning of the year $ 71 $ 94
Invoices confirmed during the period 563 457
Confirmed invoices paid during the period (523) (460)
Currency translation adjustments 3 (4)
Confirmed obligations outstanding at the end of the year $ 114 $ 87
v3.26.1
CREDIT LOSSES (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 28, 2026
Feb. 28, 2025
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Allowance, beginning of period $ 555 $ 385 $ 438 $ 436
Current period provision for expected credit losses 225 132 694 382
Write-offs charged against allowance (466) (332) (1,305) (1,067)
Recoveries collected 267 230 754 664
Allowance, end of period $ 581 $ 415 $ 581 $ 415
v3.26.1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 28, 2026
Feb. 28, 2025
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance     $ 28,074  
Translation adjustments $ 196 $ 17 148 $ (135)
Ending Balance 29,804 26,708 29,804 26,708
Foreign currency translation loss:        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance (1,468) (1,574) (1,420) (1,422)
Translation adjustments 196 17 148 (135)
Ending Balance (1,272) (1,557) (1,272) (1,557)
Retirement plans adjustments:        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance 54 59 58 63
Reclassifications from AOCL (2) (1) (6) (5)
Ending Balance 52 58 52 58
Accumulated Other Comprehensive Loss        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance (1,414) (1,515) (1,362) (1,359)
Ending Balance $ (1,220) $ (1,499) $ (1,220) $ (1,499)
v3.26.1
FINANCING ARRANGEMENTS (Details)
€ in Millions
 1 Months Ended 9 Months Ended
Jan. 15, 2026
USD ($)
d
Aug. 31, 2025
EUR (€)
Feb. 28, 2026
USD ($)
aircraft
Feb. 05, 2026
USD ($)
May 31, 2025
USD ($)
Line Of Credit Facility [Line Items]          
Long term debt, including current maturities and exclusive of finance leases carrying value     $ 24,100,000,000   $ 19,900,000,000
Long term debt, including current maturities and exclusive of finance leases fair value     $ 22,700,000,000   $ 17,200,000,000
Long-term debt weighted-average interest rate     3.76%    
Commercial paper     $ 0    
Financial covenant compliance ratio     190.00%    
Number of Boeing aircraft | aircraft     19    
Net book value of Boeing aircraft     $ 1,500,000,000    
Three Year Credit Agreement          
Line Of Credit Facility [Line Items]          
Line of credit facility maximum borrowing capacity     $ 1,750,000,000    
Debt, term     3 years    
Letter of credit maximum sublimit amount     $ 125,000,000    
Credit Agreements, outstanding     0    
Five-Year Credit Agreement          
Line Of Credit Facility [Line Items]          
Line of credit facility maximum borrowing capacity     $ 1,750,000,000    
Debt, term     5 years    
Letter of credit maximum sublimit amount     $ 125,000,000    
Credit Agreements, outstanding     $ 0    
Financial covenant terms ratio     350.00%    
Credit Agreements          
Line Of Credit Facility [Line Items]          
Letter of credit outstanding sublimit unused amount     $ 250,000,000    
Senior Unsecured Debt | Unsecured Debt          
Line Of Credit Facility [Line Items]          
Debt instrument, face amount   € 850   $ 3,700,000,000  
3.50% Senior Unsecured Debt Due 2032 | Unsecured Debt          
Line Of Credit Facility [Line Items]          
Debt instrument, face amount | €   € 500      
Debt instrument, interest rate, stated percentage   3.50%      
4.125% Senior Unsecured Debt Due 2037 | Unsecured Debt          
Line Of Credit Facility [Line Items]          
Debt instrument, face amount | €   € 350      
Debt instrument, interest rate, stated percentage   4.13%      
0.450% Notes Due 2025          
Line Of Credit Facility [Line Items]          
Debt instrument, interest rate, stated percentage   0.45%      
Net proceeds to repay | €   € 500      
1.88% Pass-Through Certificates, Series 2020-1AA, Due 2034          
Line Of Credit Facility [Line Items]          
Debt instrument, face amount     $ 970,000,000    
Debt instrument, interest rate, stated percentage     1.88%    
4.3% Senior Unsecured Debt Due 2029 | Unsecured Debt          
Line Of Credit Facility [Line Items]          
Debt instrument, face amount       $ 1,000,000,000.0  
Debt instrument, interest rate, stated percentage       4.30%  
4.65% Senior Unsecured Debt Due 2031 | Unsecured Debt          
Line Of Credit Facility [Line Items]          
Debt instrument, face amount       $ 1,000,000,000.0  
Debt instrument, interest rate, stated percentage       4.65%  
4.95% Senior Unsecured Debt Due 2033 | Unsecured Debt          
Line Of Credit Facility [Line Items]          
Debt instrument, face amount       $ 700,000,000  
Debt instrument, interest rate, stated percentage       4.95%  
5.25% Senior Unsecured Debt Due 2036 | Unsecured Debt          
Line Of Credit Facility [Line Items]          
Debt instrument, face amount       $ 1,000,000,000.0  
Debt instrument, interest rate, stated percentage       5.25%  
FedEx Freight Revolving Credit Facility | Line of Credit | Revolving Credit Facility          
Line Of Credit Facility [Line Items]          
Line of credit facility maximum borrowing capacity $ 1,200,000,000        
Debt, term 5 years        
Financial covenant, number of days outstanding amount is due, after term loan end date | d 5        
FedEx Freight Term Loan Facility | Line of Credit | Term Loan Facility          
Line Of Credit Facility [Line Items]          
Line of credit facility maximum borrowing capacity $ 600,000,000        
Debt, term 3 years        
v3.26.1
COMPUTATION OF EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 28, 2026
Feb. 28, 2025
Basic earnings per common share:        
Net earnings allocable to common shares $ 1,054 $ 908 $ 2,831 $ 2,441
Weighted-average common shares (in shares) 236 240 236 242
Basic earnings per common share (in dollar per share) $ 4.46 $ 3.79 $ 12.01 $ 10.09
Diluted earnings per common share:        
Net earnings allocable to common shares $ 1,054 $ 908 $ 2,831 $ 2,441
Weighted-average common shares (in shares) 236 240 236 242
Dilutive effect of share-based awards (in shares) 3 2 2 2
Weighted-average diluted shares (in shares) 239 242 238 244
Diluted earnings per common share (USD per share) $ 4.41 $ 3.76 $ 11.91 $ 9.99
Anti-dilutive options excluded from diluted earnings per common share (in shares) 1 4 5 4
Participating securities $ 2 $ 1 $ 5 $ 3
v3.26.1
RETIREMENT PLANS - Schedule of Retirement Plan Costs (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 28, 2026
Feb. 28, 2025
Retirement Benefits [Abstract]        
Defined benefit pension plans $ 47 $ 69 $ 140 $ 209
Defined contribution plans 327 278 945 853
Postretirement healthcare plans 22 22 67 65
Retirement plans costs $ 396 $ 369 $ 1,152 $ 1,127
v3.26.1
RETIREMENT PLANS - Schedule of Net Periodic Benefit Cost (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 28, 2026
Feb. 28, 2025
Net Periodic Benefit Cost        
Net periodic benefit cost $ 47 $ 69 $ 140 $ 209
Pension Plans | U.S. Plans        
Net Periodic Benefit Cost        
Service cost 112 125 335 374
Interest cost 378 361 1,135 1,085
Expected return on plan assets (457) (430) (1,371) (1,290)
Amortization of prior service credit and other (2) (2) (6) (6)
Other retirement plans expense (income) (81) (71) (242) (211)
Net periodic benefit cost 31 54 93 163
Pension Plans | International Pension Plans        
Net Periodic Benefit Cost        
Service cost 10 9 30 29
Interest cost 12 10 36 32
Expected return on plan assets (6) (4) (19) (16)
Amortization of prior service credit and other 0 0 0 1
Other retirement plans expense (income) 6 6 17 17
Net periodic benefit cost 16 15 47 46
Postretirement Healthcare Plans        
Net Periodic Benefit Cost        
Service cost 6 6 20 19
Interest cost 17 17 50 49
Expected return on plan assets 0 0 0 0
Amortization of prior service credit and other (1) (1) (3) (3)
Other retirement plans expense (income) 16 16 47 46
Net periodic benefit cost $ 22 $ 22 $ 67 $ 65
v3.26.1
RETIREMENT PLANS - Additional Information (Details) - U.S. - USD ($)
 9 Months Ended
Feb. 28, 2026
May 31, 2026
Pension Plans | Forecast    
Defined Benefit Plan Disclosure [Line Items]    
Defined benefit plan required future employer contributions   $ 0
Voluntary Contribution    
Defined Benefit Plan Disclosure [Line Items]    
Defined benefit plan contributions by employer $ 275,000,000  
v3.26.1
BUSINESS SEGMENTS AND DISAGGREGATED REVENUE - Additional Information (Details)
 3 Months Ended
Feb. 28, 2026
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.26.1
BUSINESS SEGMENTS AND DISAGGREGATED REVENUE - Schedule of Segment Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 28, 2026
Feb. 28, 2025
May 31, 2025
Segment Reporting Information [Line Items]          
Revenue $ 24,000 $ 22,160 $ 69,713 $ 65,706  
Salaries and employee benefits 8,819 7,879 25,276 23,543  
Purchased transportation 6,084 5,634 17,457 16,409  
Rentals and landing fees 1,235 1,178 3,638 3,507  
Depreciation and amortization 1,112 1,066 3,272 3,207  
Fuel 856 889 2,618 2,911  
Maintenance and repairs 771 783 2,503 2,443  
Separation and other costs 202 5 460 5  
Business optimization costs 65 179 162 633  
Other 3,508 3,255 10,415 9,624  
Total operating expenses 22,652 20,868 65,801 62,282  
Other operating income (loss) 1,348 1,292 3,912 3,424  
Interest, net (138) (116) (392) (302)  
Other retirement plans, net 59 50 178 149  
Other, net (6) (45) (12) (53)  
Total other (expense) income (85) (111) (226) (206)  
INCOME BEFORE INCOME TAXES 1,263 1,181 3,686 3,218  
FedEx Freight spin-off costs 195 23 443 23  
Segment assets 94,733   94,733   $ 87,627
Capital expenditures     2,335 2,582  
Other, net          
Segment Reporting Information [Line Items]          
FedEx Freight spin-off costs 1 18 3 18  
Operating Segments | Total Federal Express and FedEx Freight revenue          
Segment Reporting Information [Line Items]          
Revenue 23,145 21,270 67,090 62,922  
Other operating income (loss) 1,580 1,555 4,719 4,311  
Operating Segments | Federal Express segment          
Segment Reporting Information [Line Items]          
Revenue 21,154 19,181 60,703 56,327  
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 0 60 0  
Business optimization costs 67 92 95 341  
Intercompany allocations (206) (199) (668) (591)  
Other 3,339 3,031 9,742 8,868  
Total operating expenses 19,582 17,887 56,442 53,028  
Other operating income (loss) 1,572 1,294 4,261 3,299  
Segment assets 74,570   74,570   74,154
Capital expenditures     1,990 2,145  
Operating Segments | FedEx Freight segment          
Segment Reporting Information [Line Items]          
Revenue 1,991 2,089 6,387 6,595  
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 0 287 0  
Intercompany allocations 134 142 449 433  
Other 190 163 538 500  
Total operating expenses 1,983 1,828 5,929 5,583  
Other operating income (loss) 8 261 458 1,012  
Segment assets 17,425   17,425   12,899
Capital expenditures     284 359  
Corporate, Other, and Eliminations          
Segment Reporting Information [Line Items]          
Revenue 855 890 2,623 2,784  
Other operating income (loss) (232) $ (263) (807) (887)  
Segment assets $ 2,738   2,738   $ 574
Capital expenditures     $ 61 $ 78  
v3.26.1
BUSINESS SEGMENTS AND DISAGGREGATED REVENUE - Schedule of Revenue by Service Type (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 28, 2026
Feb. 28, 2025
Entity Wide Information Revenue From External Customer [Line Items]        
Revenue $ 24,000 $ 22,160 $ 69,713 $ 65,706
Operating Segments | Total Federal Express segment        
Entity Wide Information Revenue From External Customer [Line Items]        
Revenue 21,154 19,181 60,703 56,327
Operating Segments | Total Federal Express segment | Total package revenue        
Entity Wide Information Revenue From External Customer [Line Items]        
Revenue 19,353 17,658 55,357 51,161
Operating Segments | Total Federal Express segment | Total U.S. domestic package revenue        
Entity Wide Information Revenue From External Customer [Line Items]        
Revenue 14,351 13,018 40,457 36,834
Operating Segments | Total Federal Express segment | U.S. priority        
Entity Wide Information Revenue From External Customer [Line Items]        
Revenue 2,901 2,646 8,511 7,800
Operating Segments | Total Federal Express segment | U.S. deferred        
Entity Wide Information Revenue From External Customer [Line Items]        
Revenue 1,590 1,386 4,259 3,736
Operating Segments | Total Federal Express segment | U.S. ground        
Entity Wide Information Revenue From External Customer [Line Items]        
Revenue 9,860 8,986 27,687 25,298
Operating Segments | Total Federal Express segment | Total international export package revenue        
Entity Wide Information Revenue From External Customer [Line Items]        
Revenue 3,849 3,562 11,355 10,947
Operating Segments | Total Federal Express segment | International priority        
Entity Wide Information Revenue From External Customer [Line Items]        
Revenue 2,361 2,097 7,002 6,534
Operating Segments | Total Federal Express segment | International economy        
Entity Wide Information Revenue From External Customer [Line Items]        
Revenue 1,488 1,465 4,353 4,413
Operating Segments | Total Federal Express segment | International domestic        
Entity Wide Information Revenue From External Customer [Line Items]        
Revenue 1,153 1,078 3,545 3,380
Operating Segments | Total Federal Express segment | Total freight revenue        
Entity Wide Information Revenue From External Customer [Line Items]        
Revenue 1,462 1,307 4,391 4,417
Operating Segments | Total Federal Express segment | U.S.        
Entity Wide Information Revenue From External Customer [Line Items]        
Revenue 297 286 904 1,238
Operating Segments | Total Federal Express segment | International priority        
Entity Wide Information Revenue From External Customer [Line Items]        
Revenue 627 551 1,839 1,717
Operating Segments | Total Federal Express segment | International economy        
Entity Wide Information Revenue From External Customer [Line Items]        
Revenue 538 470 1,648 1,462
Operating Segments | Total Federal Express segment | Other        
Entity Wide Information Revenue From External Customer [Line Items]        
Revenue 339 216 955 749
Operating Segments | FedEx Freight segment        
Entity Wide Information Revenue From External Customer [Line Items]        
Revenue 1,991 2,089 6,387 6,595
Other and eliminations        
Entity Wide Information Revenue From External Customer [Line Items]        
Revenue $ 855 $ 890 $ 2,623 $ 2,784
v3.26.1
BUSINESS SEGMENTS AND DISAGGREGATED REVENUE - Schedule of Geographical Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 28, 2026
Feb. 28, 2025
May 31, 2025
Revenues From External Customers And Long Lived Assets [Line Items]          
Revenue $ 24,000 $ 22,160 $ 69,713 $ 65,706  
Noncurrent assets: 69,256   69,256   $ 69,241
U.S.          
Revenues From External Customers And Long Lived Assets [Line Items]          
Revenue 17,445 16,123 50,140 46,992  
Noncurrent assets: 56,470   56,470   57,040
International          
Revenues From External Customers And Long Lived Assets [Line Items]          
Revenue 6,555 6,037 19,573 18,714  
Noncurrent assets: 12,786   12,786   $ 12,201
Total Federal Express segment | International          
Revenues From External Customers And Long Lived Assets [Line Items]          
Revenue 6,265 5,750 18,681 17,749  
FedEx Freight segment | International          
Revenues From External Customers And Long Lived Assets [Line Items]          
Revenue 55 58 177 185  
Other | International          
Revenues From External Customers And Long Lived Assets [Line Items]          
Revenue $ 235 $ 229 $ 715 $ 780  
v3.26.1
COMMITMENTS - Schedule of Purchase Commitments (Details)
$ in Millions
Feb. 28, 2026
USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]  
2026 $ 683
2027 2,115
2028 1,757
2029 1,051
2030 564
Thereafter 2,160
Total 8,330
Aircraft and Aircraft Related  
Unrecorded Unconditional Purchase Obligation [Line Items]  
2026 397
2027 1,187
2028 1,033
2029 445
2030 385
Thereafter 1,986
Total 5,433
Other  
Unrecorded Unconditional Purchase Obligation [Line Items]  
2026 286
2027 928
2028 724
2029 606
2030 179
Thereafter 174
Total $ 2,897
v3.26.1
COMMITMENTS - Additional Information (Details)
$ in Millions
Feb. 28, 2026
USD ($)
Other Aircraft Commitments Disclosure [Abstract]  
Deposit and progress payments $ 387
Lessee Disclosure [Abstract]  
Additional leases not yet commenced, undiscounted future payments $ 1,300
v3.26.1
COMMITMENTS - Schedule of Aircraft Purchase Commitments (Details)
 9 Months Ended
Feb. 28, 2026
AirCraft
Schedule of Aircraft Commitments [Line Items]  
2026 8
2027 18
2028 11
2029 4
2030 2
Thereafter 0
Total 43
Cessna SkyCourier 408  
Schedule of Aircraft Commitments [Line Items]  
2026 4
2027 9
2028 2
2029 0
2030 0
Thereafter 0
Total 15
ATR 72-600F  
Schedule of Aircraft Commitments [Line Items]  
2026 2
2027 4
2028 4
2029 4
2030 2
Thereafter 0
Total 16
B767F  
Schedule of Aircraft Commitments [Line Items]  
2026 2
2027 0
2028 0
2029 0
2030 0
Thereafter 0
Total 2
B777F  
Schedule of Aircraft Commitments [Line Items]  
2026 0
2027 5
2028 5
2029 0
2030 0
Thereafter 0
Total 10
v3.26.1
COMMITMENTS - Schedule of Future Minimum Lease Payments, Operating and Finance Leases (Details)
$ in Millions
Feb. 28, 2026
USD ($)
Schedule Of Future Minimum Lease Payments For Operating Leases And Finance Leases [Line Items]  
2026 (remainder) $ 687
2027 3,528
2028 3,169
2029 2,636
2030 2,243
Thereafter 9,529
Total lease payments 21,792
Less imputed interest (3,845)
Present value of lease liability 17,947
Operating Leases  
2026 (remainder) 642
2027 3,334
2028 2,873
2029 2,452
2030 2,076
Thereafter 8,865
Total lease payments 20,242
Less imputed interest (3,473)
Present value of lease liability 16,769
Finance Leases  
2026 (remainder) 45
2027 194
2028 296
2029 184
2030 167
Thereafter 664
Total lease payments 1,550
Less imputed interest (372)
Present value of lease liability 1,178
Aircraft
and Related
Equipment  
Operating Leases  
2026 (remainder) 30
2027 120
2028 119
2029 112
2030 103
Thereafter 399
Total lease payments 883
Less imputed interest (147)
Present value of lease liability 736
Facilities
and Other  
Operating Leases  
2026 (remainder) 612
2027 3,214
2028 2,754
2029 2,340
2030 1,973
Thereafter 8,466
Total lease payments 19,359
Less imputed interest (3,326)
Present value of lease liability $ 16,033
v3.26.1
CONTINGENCIES (Details)
$ in Millions
Feb. 28, 2026
USD ($)
class_action
Loss Contingency [Abstract]  
Number of class actions | class_action 5
Environmental matters threshold | $ $ 1
v3.26.1
SUPPLEMENTAL CASH FLOW INFORMATION - Supplemental Cash Flow (Details) - USD ($)
$ in Millions
 9 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Supplemental Cash Flow Information [Abstract]    
Interest (net of capitalized interest) $ 631 $ 582
Income taxes 1,559 1,223
Income tax refunds received (50) (26)
Cash tax payments, net $ 1,509 $ 1,197
v3.26.1
SUPPLEMENTAL CASH FLOW INFORMATION - Schedule of Noncash Investing and Financing Activities (Details) - USD ($)
$ in Millions
 9 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Supplemental Cash Flow Information [Abstract]    
Assets obtained in exchange for finance lease obligations $ 600 $ 167
Shares of common stock issued from treasury stock for acquisition $ 0 $ 90