FedEx Files Q1 2024 10-Q with Financial Updates

TL;DR

FedEx dropped its Q1 10-Q. Financials look steady, check the details for segment performance.

AI Summary

FedEx Corp. filed its 10-Q for the period ending August 31, 2024. The filing details financial performance and operational segments, including the Federal Express segment. Key financial data points such as retained earnings and additional paid-in capital as of May 31, 2024, are provided, alongside credit agreements as of August 31, 2024.

Why It Matters

This filing provides investors and analysts with the latest financial snapshot of FedEx, crucial for understanding the company's performance and outlook in the logistics sector.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information.

Key Numbers

• 2024-08-31 — Reporting Period End Date (Latest financial reporting period)
• 2024-05-31 — Fiscal Year End (End of the previous fiscal year)
• 2023-05-31 — Previous Fiscal Year End (End of the fiscal year prior to the current reporting period)

Key Players & Entities

• FEDEX CORP (company) — Filer
• 0000950170-24-108107 (other) — Accession Number
• 20240831 (date) — Period of Report
• 942 SOUTH SHADY GROVE ROAD (address) — Business Address
• MEMPHIS (location) — City
• TN (location) — State
• 38120 (postal_code) — ZIP Code
• FDX CORP (company) — Former Company Name
• 19971103 (date) — Date of Name Change
• Federal Express (company) — Operating Segment

FAQ

Key Financial Figures

• $0.10 — ch registered Common Stock, par value $0.10 per share FDX New York Stock Exchan

Filing Documents

• fdx-20240831.htm (10-Q) — 2010KB
• fdx-ex10_1.htm (EX-10.1) — 112KB
• fdx-ex10_2.htm (EX-10.2) — 61KB
• fdx-ex15_1.htm (EX-15.1) — 9KB
• fdx-ex22.htm (EX-22) — 23KB
• fdx-ex31_1.htm (EX-31.1) — 14KB
• fdx-ex31_2.htm (EX-31.2) — 14KB
• fdx-ex32_1.htm (EX-32.1) — 6KB
• fdx-ex32_2.htm (EX-32.2) — 7KB
• img167632985_0.jpg (GRAPHIC) — 77KB
• img167632985_1.jpg (GRAPHIC) — 74KB
• 0000950170-24-108107.txt ( ) — 8404KB
• fdx-20240831.xsd (EX-101.SCH) — 1142KB
• fdx-20240831_htm.xml (XML) — 1283KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements Condensed Consolidated Balance Sheets August 31, 2024 and May 31, 2024 3 Condensed Consolidated Statements of Income Three Months Ended August 31, 2024 and August 31, 2023 5 Condensed Consolidated Statements of Comprehensive Income Three Months Ended August 31, 2024 and August 31, 2023 6 Condensed Consolidated Statements of Cash Flows Three Months Ended August 31, 2024 and August 31, 2023 7 Condensed Consolidated Statements of Changes In Common Stockholders' Investment Three Months Ended August 31, 2024 and August 31, 2023 8 Notes to Condensed Consolidated Financial Statements 9 Report of Independent Registered Public Accounting Firm 19

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 20

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 38

Controls and Procedures

ITEM 4. Controls and Procedures 38

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

ITEM 1. Legal Proceedings 39

Risk Factors

ITEM 1A. Risk Factors 39

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 39

Other Information

ITEM 5. Other Information 40

Exhibits

ITEM 6. Exhibits 41 Signature 42 - 2 - FEDEX CORPORATION CONDENSED CONSOLIDA TED BALANCE SHEETS (IN MILLIONS) August 31, 2024 (Unaudited) May 31, 2024 ASSETS CURRENT ASSETS Cash and cash equivalents $ 5,943 $ 6,501 Receivables, less allowances of $ 702 and $ 775 10,312 10,087 Spare parts, supplies, and fuel, less allowances of $ 290 and $ 288 611 614 Prepaid expenses and other 1,228 1,005 Total current assets 18,094 18,207 PROPERTY AND EQUIPMENT, AT COST 85,158 84,391 Less accumulated depreciation and amortization 43,903 42,900 Net property and equipment 41,255 41,491 OTHER LONG-TERM ASSETS Operating lease right-of-use assets, net 17,094 17,115 Goodwill 6,512 6,423 Other assets 3,756 3,771 Total other long-term assets 27,362 27,309 $ 86,711 $ 87,007 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) August 31, 2024 (Unaudited) May 31, 2024 LIABILITIES AND COMMON STOCKHOLDERS' INVESTMENT CURRENT LIABILITIES Current portion of long-term debt $ 622 $ 68 Accrued salaries and employee benefits 2,336 2,673 Accounts payable 3,738 3,189 Operating lease liabilities 2,510 2,463 Accrued expenses 4,905 4,962 Total current liabilities 14,111 13,355 LONG-TERM DEBT, LESS CURRENT PORTION 19,664 20,135 OTHER LONG-TERM LIABILITIES Deferred income taxes 4,485 4,482 Pension, postretirement healthcare, and other benefit obligations 1,780 2,010 Self-insurance accruals 3,833 3,701 Operating lease liabilities 14,969 15,053 Other liabilities 693 689 Total other long-term liabilities 25,760 25,935 COMMITMENTS AND CONTINGENCIES COMMON STOCKHOLDERS' INVESTMENT Common stock, $ 0.10 par value; 800 million shares authorized; 318 million shares i