FedEx Corporation (FDX)
Net profit margin
| May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net income (ttm) | US$ in thousands | 4,092,000 | 3,918,000 | 3,888,000 | 4,047,000 | 4,331,000 | 4,395,000 | 4,287,000 | 4,175,000 | 3,972,000 | 2,992,000 | 3,333,000 | 3,589,000 | 3,826,000 | 5,136,000 | 4,916,000 | 5,098,000 | 5,231,000 | 3,029,000 | 2,452,000 | 1,786,000 |
| Revenue (ttm) | US$ in thousands | 87,926,000 | 87,815,000 | 87,393,000 | 87,591,000 | 87,693,000 | 87,514,000 | 87,945,000 | 88,594,000 | 90,155,000 | 92,619,000 | 94,091,000 | 94,751,000 | 93,512,000 | 91,683,000 | 89,552,000 | 86,641,000 | 83,959,000 | 78,752,000 | 74,729,000 | 71,490,000 |
| Net profit margin | 4.65% | 4.46% | 4.45% | 4.62% | 4.94% | 5.02% | 4.87% | 4.71% | 4.41% | 3.23% | 3.54% | 3.79% | 4.09% | 5.60% | 5.49% | 5.88% | 6.23% | 3.85% | 3.28% | 2.50% |
May 31, 2025 calculation
Net profit margin = Net income (ttm) ÷ Revenue (ttm)
= $4,092,000K ÷ $87,926,000K
= 4.65%
The net profit margin of FedEx Corporation demonstrates noticeable fluctuations over the analyzed period from August 2020 to May 2025. Initially, the margin in August 2020 was relatively low at 2.50%, reflecting the impact of the COVID-19 pandemic and associated economic disruptions. Throughout the subsequent quarters, the margin experienced a significant upward trend, reaching a peak of approximately 6.23% in May 2021, indicating improved profitability as the company rebounded from the pandemic-induced downturn.
From mid-2021 onward, the net profit margin displayed a pattern of relative stabilization with minor fluctuations. The margin declined slightly from the peak of 6.23% to around 5.88% in August 2021 and then persisted within a relatively narrow range between approximately 5.49% and 5.60% through late 2021 and early 2022, suggesting steady but modest profitability.
In the latter part of 2022, the margin dropped to a low of around 3.54% in November 2022, possibly due to increased operating costs or market pressures. It remained relatively low through February 2023 at about 3.23%. However, starting from May 2023, the margin showed signs of recovery, increasing to about 4.41%, and continuing upward to 4.87% by November 2023. The upward trend persisted into early 2024, with the margin reaching approximately 5.02% in February 2024.
Subsequent quarters indicate some stabilizing and slight declines, with the margin standing at about 4.94% in May 2024 and marginally decreasing to 4.62% in August 2024. By November 2024, the net profit margin was approximately 4.45%, and it remained relatively steady through February 2025 at about 4.46%, with a slight increase to 4.65% by May 2025.
Overall, FedEx’s net profit margin has exhibited significant variability, characterized by initial growth post-pandemic, periods of stabilization, declines during certain quarters, and subsequent recoveries. These trends reflect the company's responses to macroeconomic factors, operational costs, and strategic adjustments over the period analyzed. The current levels suggest a moderate level of profitability consistent with industry conditions, with a slight upward trajectory observed toward the latest data points.