$FDX
FEDEX CORP

2024 Q4 Form 10-Q Financial Statement

#000095017024138460 Filed on December 19, 2024

View on sec.gov

Income Statement

Concept 2024 Q4
Revenue $21.97B
YoY Change -0.89%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.063B
YoY Change 2.21%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit $1.052B
YoY Change -17.55%
Interest Expense -$102.0M
YoY Change 5.15%
% of Operating Profit -9.7%
Other Income/Expense, Net -$71.00M
YoY Change -4.05%
Pretax Income $981.0M
YoY Change -18.39%
Income Tax $240.0M
% Of Pretax Income 24.46%
Net Earnings $741.0M
YoY Change -17.67%
Net Earnings / Revenue 3.37%
Basic Earnings Per Share $3.06
Diluted Earnings Per Share $3.03
COMMON SHARES
Basic Shares Outstanding 242.0M
Diluted Shares Outstanding 244.0M

Balance Sheet

Concept 2024 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $5.029B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $17.72B
YoY Change -7.3%
LONG-TERM ASSETS
Property, Plant & Equipment $41.01B
YoY Change -1.27%
Goodwill $6.290B
YoY Change -2.75%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.643B
YoY Change -1.3%
Total Long-Term Assets $67.76B
YoY Change -1.7%
TOTAL ASSETS
Total Short-Term Assets $17.72B
Total Long-Term Assets $67.76B
Total Assets $85.48B
YoY Change -2.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.896B
YoY Change -2.65%
Accrued Expenses $4.658B
YoY Change -1.87%
Deferred Revenue $22.00M
YoY Change 4.76%
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.39B
YoY Change 1.01%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities $651.0M
YoY Change -6.2%
Total Long-Term Liabilities $651.0M
YoY Change -6.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.39B
Total Long-Term Liabilities $651.0M
Total Liabilities $15.04B
YoY Change 0.68%
SHAREHOLDERS EQUITY
Retained Earnings $39.18B
YoY Change 7.02%
Common Stock $4.197B
YoY Change 8.14%
Preferred Stock
YoY Change
Treasury Stock (at cost) $15.40B
YoY Change 23.91%
Treasury Stock Shares
Shareholders Equity $26.46B
YoY Change
Total Liabilities & Shareholders Equity $85.48B
YoY Change -2.92%

Cashflow Statement

Concept 2024 Q4
OPERATING ACTIVITIES
Net Income $741.0M
YoY Change -17.67%
Depreciation, Depletion And Amortization $1.063B
YoY Change 2.21%
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Loss Contingency Disclosures
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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">NOTE 9: </span><span style="text-transform:uppercase;color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Contingencies</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Service Provider Lawsuits</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. Federal Express, as successor to FedEx Ground, is defending against lawsuits in which it is alleged that Federal Express should be treated as an employer or joint employer of drivers employed by service providers engaged by Federal Express. These cases are in varying stages of litigation, and we are not currently able to estimate an amount or range of potential loss in all of these matters. However, we do not expect to incur, individually or in the aggregate, a material loss in these matters. Nevertheless, adverse determinations in these matters could, among other things, entitle service providers’ drivers to certain payments, including wages and penalties, from the service providers and Federal Express and result in employment and withholding tax and benefit liability for Federal Express. We continue to believe that Federal Express is not an employer or joint employer of the drivers of these independent businesses.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">FedEx Services Employment Lawsuit</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. In May 2021, FedEx Services was named as a defendant in a lawsuit filed in the U.S. District Court for the Southern District of Texas related to the termination of a former FedEx Services employee. The complaint alleged race discrimination and retaliation for complaints of discrimination under Section 1981 of the Civil Rights Act of 1866 and Title VII of the Civil Rights Act of 1964. After trial, in October 2022, the jury found in favor of FedEx Services on the race discrimination claims but awarded the plaintiff compensatory damages of approximately $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">1.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million for emotional distress and punitive damages of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">365</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million for the retaliation claims. The court entered final judgment in the amount of approximately $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">366</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million. FedEx Services appealed the verdict to the U.S. Court of Appeals for the Fifth Circuit. FedEx Services argued on appeal that FedEx Services is entitled to judgment as a matter of law on the retaliation claims, plaintiff’s claims were not timely filed, punitive damages are not available as a matter of law and, if allowed, must be reduced to no greater than a single-digit multiple of the award for compensatory damages based on the United States Supreme Court’s ruling in </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">State Farm v. Campbell</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, and the compensatory damages award must be reduced to conform with the evidence and the Fifth Circuit’s maximum recovery rule. FedEx Services argued in the alternative that a new trial should be granted.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:8pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In February 2024, a three-judge panel of the U.S. Court of Appeals for the Fifth Circuit reduced the jury’s emotional distress award of approximately $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">1.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million to approximately $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">250,000</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> and vacated the jury’s $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">365</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million award for punitive damages based on its finding that FedEx Services made good faith efforts to comply with the law. In March 2024, the full Fifth Circuit unanimously denied plaintiff’s petition for rehearing. In June 2024, plaintiff petitioned the U.S. Supreme Court for review of the Fifth Circuit’s reduction of the emotional distress award and determination that FedEx Services’s employment agreement provides a reasonable time for filing Section 1981 claims. The petition did not challenge the Fifth’s Circuit’s decision to vacate the punitive damages award. In October 2024, the U.S. Supreme Court denied the petition.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">FedEx Ground Negligence Lawsuit.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> In December 2022, FedEx Ground was named as a defendant in a lawsuit filed in Texas state court related to the alleged kidnapping and first-degree murder of a minor by a driver employed by a service provider engaged by FedEx Ground. The complaint alleges compensatory and punitive damages against FedEx Ground for negligence and gross negligence, hiring and retention, as well as negligent entrustment. The service provider and driver are also named as defendants in the lawsuit. An immaterial loss accrual has been recorded in FedEx’s consolidated financial statements. It is reasonably possible that an additional material loss could be incurred. At this stage of the litigation, we cannot estimate the amount or range of such additional loss, if any.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Other Matters</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. FedEx and its subsidiaries are subject to other legal proceedings that arise in the ordinary course of business, including certain lawsuits containing various class-action allegations of wage-and-hour violations in which plaintiffs claim, among other things, that they were forced to work “off the clock,” were not paid overtime, or were not provided work breaks or other benefits, as well as other lawsuits containing allegations that FedEx and its subsidiaries are responsible for third-party losses related to vehicle accidents that could exceed our insurance coverage for such losses. In the opinion of management, the aggregate liability, if any, with respect to these other actions will not have a material adverse effect on our financial position, results of operations, or cash flows.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Environmental Matters</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. SEC regulations require us to disclose certain information about proceedings arising under federal, state, or local environmental provisions if we reasonably believe that such proceedings may result in monetary sanctions above a stated threshold. Pursuant to the SEC regulations, FedEx uses a threshold of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">1</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million or more for purposes of determining whether disclosure of any such proceedings is required. Applying this threshold, there are no environmental matters required to be disclosed for this period.</span></p>
CY2022Q4 us-gaap Loss Contingency Damages Awarded Value
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CY2022Q4 fdx Loss Contingency Final Judgement Amount
LossContingencyFinalJudgementAmount
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CY2022Q4 us-gaap Loss Contingency Damages Awarded Value
LossContingencyDamagesAwardedValue
1000000
CY2024Q1 us-gaap Loss Contingency Damages Awarded Value
LossContingencyDamagesAwardedValue
250000
CY2024Q1 fdx Loss Contingency Punitive Damages Vacated Amount By Court
LossContingencyPunitiveDamagesVacatedAmountByCourt
365000000
CY2024Q4 fdx Environmental Matters Threshold Contingencies
EnvironmentalMattersThresholdContingencies
1000000
us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Income Taxes Paid
IncomeTaxesPaid
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us-gaap Income Taxes Paid
IncomeTaxesPaid
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us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
903000000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
761000000
CY2024Q4 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
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CY2024Q4 ecd Non Rule10b51 Arr Adopted Flag
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CY2024Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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