Analysis of Income Taxes
- Income Tax Expense (Benefit)
- Effective Income Tax Rate (EITR)
- Components of Deferred Tax Assets and Liabilities
- Deferred Tax Assets and Liabilities, Classification
- Adjustments to Financial Statements: Removal of Deferred Taxes
- Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
- Adjusted Net Profit Margin
- Adjusted Total Asset Turnover
- Adjusted Financial Leverage
- Adjusted Return on Equity (ROE)
- Adjusted Return on Assets (ROA)
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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Income Tax Expense (Benefit)
FedEx Corp., income tax expense (benefit), continuing operations
US$ in millions
Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31).
| Item | Description | The company |
|---|---|---|
| Current provision | Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. | FedEx Corp. current provision increased from 2022 to 2023 and from 2023 to 2024. |
| Deferred provision (benefit) | Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. | FedEx Corp. deferred provision (benefit) increased from 2022 to 2023 but then decreased significantly from 2023 to 2024. |
| Provision for income taxes | Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | FedEx Corp. provision for income taxes increased from 2022 to 2023 and from 2023 to 2024. |
Effective Income Tax Rate (EITR)
FedEx Corp., effective income tax rate (EITR) reconciliation
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| Statutory federal income tax rate | |||||||
| Effective tax rate |
Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31).
| Item | Description | The company |
|---|---|---|
| Effective tax rate | Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. | FedEx Corp. effective tax rate increased from 2022 to 2023 but then slightly decreased from 2023 to 2024. |
Components of Deferred Tax Assets and Liabilities
FedEx Corp., components of deferred tax assets and liabilities
US$ in millions
Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31).
| Item | Description | The company |
|---|---|---|
| Deferred tax assets, gross | Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | FedEx Corp. deferred tax assets, gross decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level. |
| Deferred tax assets | Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. | FedEx Corp. deferred tax assets decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level. |
| Net deferred tax assets (liabilities) | Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. | FedEx Corp. net deferred tax assets (liabilities) decreased from 2022 to 2023 but then slightly increased from 2023 to 2024. |
Deferred Tax Assets and Liabilities, Classification
FedEx Corp., deferred tax assets and liabilities, classification
US$ in millions
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | ||
|---|---|---|---|---|---|---|---|
| Noncurrent deferred tax assets (included in Other assets) | |||||||
| Noncurrent deferred tax liabilities |
Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31).
| Item | Description | The company |
|---|---|---|
| Noncurrent deferred tax assets (included in Other assets) | Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. | FedEx Corp. noncurrent deferred tax assets (included in Other assets) decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level. |
| Noncurrent deferred tax liabilities | Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. | FedEx Corp. noncurrent deferred tax liabilities increased from 2022 to 2023 but then slightly decreased from 2023 to 2024. |
Adjustments to Financial Statements: Removal of Deferred Taxes
FedEx Corp., adjustments to financial statements
US$ in millions
Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31).
FedEx Corp., Financial Data: Reported vs. Adjusted
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
FedEx Corp., adjusted financial ratios
Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31).
| Financial ratio | Description | The company |
|---|---|---|
| Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | FedEx Corp. adjusted net profit margin ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024. |
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | FedEx Corp. adjusted total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
| Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
FedEx Corp. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024. |
| Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. | FedEx Corp. adjusted ROE improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | FedEx Corp. adjusted ROA improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
FedEx Corp., Financial Ratios: Reported vs. Adjusted
Adjusted Net Profit Margin
Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31).
2024 Calculations
1 Net profit margin = 100 × Net income ÷ Revenue
= 100 × ÷ =
2 Adjusted net profit margin = 100 × Adjusted net income ÷ Revenue
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by total revenue. | FedEx Corp. adjusted net profit margin ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024. |
Adjusted Total Asset Turnover
Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31).
2024 Calculations
1 Total asset turnover = Revenue ÷ Total assets
= ÷ =
2 Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= ÷ =
| Activity ratio | Description | The company |
|---|---|---|
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | FedEx Corp. adjusted total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Adjusted Financial Leverage
Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31).
2024 Calculations
1 Financial leverage = Total assets ÷ Common stockholders’ investment
= ÷ =
2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted common stockholders’ investment
= ÷ =
| Solvency ratio | Description | The company |
|---|---|---|
| Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
FedEx Corp. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024. |
Adjusted Return on Equity (ROE)
Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31).
2024 Calculations
1 ROE = 100 × Net income ÷ Common stockholders’ investment
= 100 × ÷ =
2 Adjusted ROE = 100 × Adjusted net income ÷ Adjusted common stockholders’ investment
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. | FedEx Corp. adjusted ROE improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
Adjusted Return on Assets (ROA)
Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31).
2024 Calculations
1 ROA = 100 × Net income ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | FedEx Corp. adjusted ROA improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |