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Business Segments and Disaggregated Revenue (Tables)
 12 Months Ended
May 31, 2022
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
Schedule of Segment Information

The following table provides a reconciliation of reportable segment revenue, depreciation and amortization, operating income (loss), and segment assets to consolidated financial statement totals (in millions) for the years ended or as of May 31:

 

 

 

FedEx
Express
  Segment

 

 

FedEx
Ground
  Segment

 

 

FedEx
Freight
  Segment

 

 

FedEx
Services
  Segment

 

 

Corporate, other, and eliminations

 

 

Consolidated
Total

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

$

45,814

 

 

$

33,232

 

 

$

9,532

 

 

$

253

 

 

$

4,681

 

 

$

93,512

 

2021

 

 

42,078

 

 

 

30,496

 

 

 

7,833

 

 

 

32

 

 

 

3,520

 

 

 

83,959

 

2020

 

 

35,513

 

 

 

22,733

 

 

 

7,102

 

 

 

22

 

 

 

3,847

 

 

 

69,217

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

$

2,007

 

 

$

919

 

 

$

406

 

 

$

513

 

 

$

125

 

 

$

3,970

 

2021

 

 

1,946

 

 

 

843

 

 

 

417

 

 

 

462

 

 

 

125

 

 

 

3,793

 

2020

 

 

1,894

 

 

 

789

 

 

 

381

 

 

 

413

 

 

 

138

 

 

 

3,615

 

Operating income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022(1)

 

$

2,922

 

 

$

2,642

 

 

$

1,663

 

 

$

—

 

 

$

(982

)

 

$

6,245

 

2021(2)

 

 

2,810

 

 

 

3,193

 

 

 

1,005

 

 

 

—

 

 

 

(1,151

)

 

 

5,857

 

2020(3)

 

 

996

 

 

 

2,014

 

 

 

580

 

 

 

—

 

 

 

(1,173

)

 

 

2,417

 

Segment assets(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

$

47,604

 

 

$

32,645

 

 

$

8,904

 

 

$

8,389

 

 

$

(11,548

)

 

$

85,994

 

2021

 

 

46,356

 

 

 

29,134

 

 

 

7,371

 

 

 

8,639

 

 

 

(8,723

)

 

 

82,777

 

2020

 

 

41,252

 

 

 

24,700

 

 

 

6,434

 

 

 

7,285

 

 

 

(6,134

)

 

 

73,537

 

 

(1)
Includes business realignment costs of $278 million included in the FedEx Express segment, as well as a charge of $210 million related to the pre- and post-judgment interest in connection with a FedEx Ground legal matter included in “Corporate, other, and eliminations.” Also includes TNT Express integration expenses of $132 million included in “Corporate, other, and eliminations” and the FedEx Express segment.
(2)
Includes TNT Express integration expenses of $210 million included in “Corporate, other, and eliminations” and the FedEx Express segment. Also includes business realignment costs of $116 million included in the FedEx Express segment.
(3)
Includes noncash goodwill and other asset impairment charges of $435 million primarily related to goodwill impairment at FedEx Office and from the decision to permanently retire certain aircraft and related engines at FedEx Express. Also includes TNT Express integration expenses of $270 million included in “Corporate, other, and eliminations” and the FedEx Express segment.
(4)
Segment assets include intercompany receivables.
Schedule of Segment Capital Expenditures

The following table provides a reconciliation of reportable segment capital expenditures to consolidated totals for the years ended May 31 (in millions):

 

 

 

FedEx
Express
  Segment

 

 

 

FedEx
Ground
  Segment

 

 

FedEx
Freight
  Segment

 

 

FedEx
Services
  Segment

 

 

Other

 

 

Consolidated
Total

 

2022

 

$

3,637

 

 

 

$

2,139

 

 

$

319

 

 

$

565

 

 

$

103

 

 

$

6,763

 

2021

 

 

3,503

 

 

 

 

1,446

 

 

 

320

 

 

 

512

 

 

 

103

 

 

 

5,884

 

2020

 

 

3,560

 

 

 

 

1,083

 

 

 

539

 

 

 

527

 

 

 

159

 

 

 

5,868

 
Schedule of Revenue by Service Type and Geographical Information

The following table presents revenue by service type and geographic information for the years ended or as of May 31 (in millions):

 

 

 

2022

 

 

2021

 

 

2020

 

REVENUE BY SERVICE TYPE

 

 

 

 

 

 

 

 

 

FedEx Express segment:

 

 

 

 

 

 

 

 

 

Package:

 

 

 

 

 

 

 

 

 

U.S. overnight box

 

$

9,084

 

 

$

8,116

 

 

$

7,234

 

U.S. overnight envelope

 

 

1,971

 

 

 

1,791

 

 

 

1,776

 

U.S. deferred

 

 

5,330

 

 

 

4,984

 

 

 

4,038

 

Total U.S. domestic package revenue

 

 

16,385

 

 

 

14,891

 

 

 

13,048

 

International priority

 

 

12,130

 

 

 

10,317

 

 

 

7,354

 

International economy

 

 

2,838

 

 

 

2,632

 

 

 

3,082

 

Total international export package revenue

 

 

14,968

 

 

 

12,949

 

 

 

10,436

 

International domestic(1)

 

 

4,340

 

 

 

4,640

 

 

 

4,179

 

Total package revenue

 

 

35,693

 

 

 

32,480

 

 

 

27,663

 

Freight:

 

 

 

 

 

 

 

 

 

U.S.

 

 

3,041

 

 

 

3,325

 

 

 

2,998

 

International priority

 

 

3,840

 

 

 

3,030

 

 

 

1,915

 

International economy

 

 

1,653

 

 

 

1,582

 

 

 

1,930

 

International airfreight

 

 

177

 

 

 

245

 

 

 

270

 

Total freight revenue

 

 

8,711

 

 

 

8,182

 

 

 

7,113

 

Other(2)

 

 

1,410

 

 

 

1,416

 

 

 

737

 

Total FedEx Express segment

 

 

45,814

 

 

 

42,078

 

 

 

35,513

 

FedEx Ground segment

 

 

33,232

 

 

 

30,496

 

 

 

22,733

 

FedEx Freight segment

 

 

9,532

 

 

 

7,833

 

 

 

7,102

 

FedEx Services segment

 

 

253

 

 

 

32

 

 

 

22

 

Other and eliminations(3)

 

 

4,681

 

 

 

3,520

 

 

 

3,847

 

 

 

$

93,512

 

 

$

83,959

 

 

$

69,217

 

GEOGRAPHICAL INFORMATION(4)

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

 

U.S.

 

$

64,941

 

 

$

58,792

 

 

$

48,404

 

International:

 

 

 

 

 

 

 

 

 

FedEx Express segment

 

 

25,564

 

 

 

23,085

 

 

 

19,177

 

FedEx Ground segment

 

 

857

 

 

 

735

 

 

 

479

 

FedEx Freight segment

 

 

235

 

 

 

190

 

 

 

192

 

FedEx Services segment

 

 

1

 

 

 

1

 

 

 

1

 

Other

 

 

1,914

 

 

 

1,156

 

 

 

964

 

Total international revenue

 

 

28,571

 

 

 

25,167

 

 

 

20,813

 

 

 

$

93,512

 

 

$

83,959

 

 

$

69,217

 

Noncurrent assets:

 

 

 

 

 

 

 

 

 

U.S.

 

$

53,311

 

 

$

49,407

 

 

$

45,691

 

International

 

 

12,318

 

 

 

12,790

 

 

 

11,463

 

 

 

$

65,629

 

 

$

62,197

 

 

$

57,154

 

 

(1)
International domestic revenue relates to our intra-country operations.
(2)
Includes the operations of FedEx Custom Critical beginning March 1, 2020 and FedEx Cross Border beginning June 1, 2020.
(3)
Includes the FedEx Office, FedEx Logistics, and FedEx Dataworks operating segments. The financial results of FedEx Dataworks are included in the periods ended May 31, 2022 and 2021.
(4)
International revenue includes shipments that either originate in or are destined to locations outside the United States, which could include U.S. payors. 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.