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FEDEX CORP

For the period ended Feb 28, 2025. Filed Mar 20, 2025.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Feb 28, 2025 · Filed Mar 20, 2025

FDX$318.84+3.5%Stored close · as of Nov 9, 2026

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED February 28,2025

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO__________

Commission File Number:1-15829

FedEx Corporation

(Exact name of registrant as specified in its charter)

Delaware62-1721435
(State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification No.)
942 South Shady Grove Road, Memphis, Tennessee38120
(Address of principal executive offices)(ZIP Code)

Registrant’s telephone number, including area code: (901)818-7500

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.10 per shareFDXNew York Stock Exchange
0.450% Notes due 2025FDX 25ANew York Stock Exchange
1.625% Notes due 2027FDX 27New York Stock Exchange
0.450% Notes due 2029FDX 29ANew York Stock Exchange
1.300% Notes due 2031FDX 31New York Stock Exchange
0.950% Notes due 2033FDX 33New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☑Accelerated filer ☐Non-accelerated filer ☐Smaller reporting company ☐Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common StockOutstanding Shares at March 18, 2025
Common Stock, par value $0.10 per share239,598,919

INDEX

PAGE
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
Condensed Consolidated Balance SheetsFebruary 28, 2025 and May 31, 20243
Condensed Consolidated Statements of IncomeThree and Nine Months Ended February 28, 2025 and February 29, 20245
Condensed Consolidated Statements of Comprehensive IncomeThree and Nine Months Ended February 28, 2025 and February 29, 20246
Condensed Consolidated Statements of Cash FlowsNine Months Ended February 28, 2025 and February 29, 20247
Condensed Consolidated Statements of Changes In Common Stockholders’ InvestmentThree and Nine Months Ended February 28, 2025 and February 29, 20248
Notes to Condensed Consolidated Financial Statements9
Report of Independent Registered Public Accounting Firm20
ITEM 2. Management’s Discussion and Analysis of Results of Operations and Financial Condition21
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk41
ITEM 4. Controls and Procedures42
PART II. OTHER INFORMATION
ITEM 1. Legal Proceedings42
ITEM 1A. Risk Factors42
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds45
ITEM 5. Other Information45
ITEM 6. Exhibits46
Signature49

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