FedEx Corp. Files 10-Q for Period Ending February 29, 2024
Ticker: FDX · Form: 10-Q · Filed: 2024-03-21T00:00:00.000Z
Sentiment: neutral
Topics: FedEx, FDX, 10-Q, Quarterly Report, Credit Agreement
TL;DR
<b>FedEx Corp. has filed its Q3 2024 10-Q report, detailing financial performance and subsequent events including a new credit agreement.</b>
AI Summary
FEDEX CORP (FDX) filed a Quarterly Report (10-Q) with the SEC on March 21, 2024. FedEx Corp. filed its quarterly report (10-Q) on March 21, 2024, for the period ending February 29, 2024. The filing covers fiscal third quarter (Q3) results for 2024. Key financial statement items like Accumulated Other Comprehensive Income, Operating Segments, and Retained Earnings are detailed. Subsequent events, including a New Five-Year Credit Agreement dated March 15, 2024, are noted. The report includes data on various revenue segments within FedEx Express, such as International Airfreight, Package Revenue (International Economy, International Domestic, International Priority, United States Deferred, United States Revenue), and Other.
Why It Matters
For investors and stakeholders tracking FEDEX CORP, this filing contains several important signals. This filing provides investors with the latest financial snapshot of FedEx's performance, crucial for understanding its operational health and strategic direction. The inclusion of a new credit agreement indicates potential changes in the company's capital structure or financing strategy, which could impact its financial flexibility and future investments.
Risk Assessment
Risk Level: medium — FEDEX CORP shows moderate risk based on this filing. The filing is a standard quarterly report, but the absence of specific financial performance metrics (revenue, net income, EPS) in the provided text limits a deeper risk assessment beyond general operational and financial reporting.
Analyst Insight
Monitor future filings for detailed financial results and the impact of the new credit agreement on FedEx's balance sheet and cash flow.
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Fedex Express - International Airfreight | ||
| Fedex Express - Package Revenue (International Economy) | ||
| Fedex Express - Package Revenue (International Domestic) | ||
| Fedex Express - Package Revenue (International Priority) |
Key Numbers
- 2024-02-29 — Period End Date (CONFORMED PERIOD OF REPORT)
- 2024-03-21 — Filing Date (FILED AS OF DATE)
- 2024-03-15 — Credit Agreement Date (Subsequent Event)
Key Players & Entities
- FEDEX CORP (company) — FILER
- FDX (company) — FORMER COMPANY
- 2024-02-29 (date) — CONFORMED PERIOD OF REPORT
- 2024-03-21 (date) — FILED AS OF DATE
- 2024-03-15 (date) — New Five-Year Credit Agreement
- FedEx Express (company) — Operating Segments
FAQ
When did FEDEX CORP file this 10-Q?
FEDEX CORP filed this Quarterly Report (10-Q) with the SEC on March 21, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by FEDEX CORP (FDX).
Where can I read the original 10-Q filing from FEDEX CORP?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by FEDEX CORP.
What are the key takeaways from FEDEX CORP's 10-Q?
FEDEX CORP filed this 10-Q on March 21, 2024. Key takeaways: FedEx Corp. filed its quarterly report (10-Q) on March 21, 2024, for the period ending February 29, 2024.. The filing covers fiscal third quarter (Q3) results for 2024.. Key financial statement items like Accumulated Other Comprehensive Income, Operating Segments, and Retained Earnings are detailed..
Is FEDEX CORP a risky investment based on this filing?
Based on this 10-Q, FEDEX CORP presents a moderate-risk profile. The filing is a standard quarterly report, but the absence of specific financial performance metrics (revenue, net income, EPS) in the provided text limits a deeper risk assessment beyond general operational and financial reporting.
What should investors do after reading FEDEX CORP's 10-Q?
Monitor future filings for detailed financial results and the impact of the new credit agreement on FedEx's balance sheet and cash flow. The overall sentiment from this filing is neutral.
Risk Factors
- Subsequent Event - Credit Agreement [medium — financial]: FedEx entered into a New Five-Year Credit Agreement on March 15, 2024, which may affect its financial leverage and liquidity.
Key Dates
- 2024-02-29: End of Reporting Period — Third fiscal quarter ended.
Filing Stats: 4,493 words · 18 min read · ~15 pages · Grade level 13.3 · Accepted 2024-03-21 16:15:39
Key Financial Figures
- $0.10 — ch registered Common Stock, par value $0.10 per share FDX New York Stock Exchan
Filing Documents
- fdx-20240229.htm (10-Q) — 3179KB
- fdx-ex15_1.htm (EX-15.1) — 9KB
- fdx-ex22.htm (EX-22) — 24KB
- fdx-ex31_1.htm (EX-31.1) — 13KB
- fdx-ex31_2.htm (EX-31.2) — 13KB
- fdx-ex32_1.htm (EX-32.1) — 6KB
- fdx-ex32_2.htm (EX-32.2) — 7KB
- img167627196_0.jpg (GRAPHIC) — 95KB
- img167627196_1.jpg (GRAPHIC) — 83KB
- 0000950170-24-034709.txt ( ) — 10664KB
- fdx-20240229.xsd (EX-101.SCH) — 1089KB
- fdx-20240229_htm.xml (XML) — 2012KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
ITEM 1. Financial Statements Condensed Consolidated Balance Sheets February 29, 2024 and May 31, 2023 3 Condensed Consolidated Statements of Income Three and Nine Months Ended February 29, 2024 and February 28, 2023 5 Condensed Consolidated Statements of Comprehensive Income Three and Nine Months Ended February 29, 2024 and February 28, 2023 6 Condensed Consolidated Statements of Cash Flows Nine Months Ended February 29, 2024 and February 28, 2023 7 Condensed Consolidated Statements of Changes In Common Stockholders' Investment Three and Nine Months Ended February 29, 2024 and February 28, 2023 8 Notes to Condensed Consolidated Financial Statements 9 Report of Independent Registered Public Accounting Firm 21
Management's Discussion and Analysis of Results of Operations and Financial Condition
ITEM 2. Management's Discussion and Analysis of Results of Operations and Financial Condition 22
Quantitative and Qualitative Disclosures About Market Risk
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 44
Controls and Procedures
ITEM 4. Controls and Procedures 44
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings
ITEM 1. Legal Proceedings 45
Risk Factors
ITEM 1A. Risk Factors 45
Unregistered Sales of Equity Securities and Use of Proceeds
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 45
Other Information
ITEM 5. Other Information 45
Exhibits
ITEM 6. Exhibits 48 Signature 49 - 2 - FEDEX CORPORATION CONDENSED CONSOLIDA TED BALANCE SHEETS (IN MILLIONS) February 29, 2024 (Unaudited) May 31, 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 5,644 $ 6,856 Receivables, less allowances of $ 775 and $ 800 9,904 10,188 Spare parts, supplies, and fuel, less allowances of $ 291 and $ 276 640 604 Prepaid expenses and other 1,236 962 Total current assets 17,424 18,610 PROPERTY AND EQUIPMENT, AT COST 84,145 80,624 Less accumulated depreciation and amortization 42,616 39,926 Net property and equipment 41,529 40,698 OTHER LONG-TERM ASSETS Operating lease right-of-use assets, net 16,935 17,347 Goodwill 6,425 6,435 Other assets 3,801 4,053 Total other long-term assets 27,161 27,835 $ 86,114 $ 87,143 The accompanying notes are an integral part of these condensed consolidated financial statements. - 3 - FEDEX CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (IN MILLIONS, EXCEPT SHARE DATA) February 29, 2024 (Unaudited) May 31, 2023 LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT CURRENT LIABILITIES Current portion of long-term debt $ 67 $ 126 Accrued salaries and employee benefits 2,541 2,475 Accounts payable 3,780 3,848 Operating lease liabilities 2,447 2,390 Accrued expenses 4,473 4,747 Total current liabilities 13,308 13,586 LONG-TERM DEBT, LESS CURRENT PORTION 20,122 20,453 OTHER LONG-TERM LIABILITIES Deferred income taxes 4,378 4,489 Pension, postretirement healthcare, and other benefit obligations 2,527 3,130 Self-insurance accruals 3,836 3,339 Operating lease liabilities 14,878 15,363 Other liabilities 690 695 Total other long-term liabilities 26,309 27,016 COMMITMENTS AND CONTINGENCIES COMMON STOCKHOLDERS' INVESTMENT Common stock, $ 0.10 par value; 800 million shares authorized; 318 million shares