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Earnings Release Conference Call to Be Held at 5:00 P.M FedEx Corp. Reports Record Fourth Quarter and Full-Year Results Momentum Drives Expected Revenue and Earnings Growth for Fiscal 2022 MEMPHIS, Tenn., June 24, 2021 ... FedEx Corp. (NYSE: FDX) today reported the following consolidated results for the quarter ended May 31 (adjusted measures exclude the items listed below for the applicable fiscal year): Fiscal 2021 Fiscal 2020 As Reported Adjusted As Reported Adjusted (GAAP) (non-GAAP) (GAAP) (non-GAAP) Revenue $22.6 billion $22.6 billion $17.4 billion $17.4 billion Operating income $1.80 billion $1.97 billion $475 million $907 million Operating margin 8.0% 8.7% 2.7% 5.2% Net income (loss) $1.87 billion $1.36 billion ($334 million) $663 million Diluted EPS (loss) $6.88 $5.01 ($1.28) $2.53 For the full fiscal year, FedEx Corp. reported the following consolidated results (adjusted measures exclude the items listed below for the applicable fiscal year): Fiscal 2021 Fiscal 2020 As Reported Adjusted As Reported Adjusted (GAAP) (non-GAAP) (GAAP) (non-GAAP) Revenue $84.0 billion $84.0 billion $69.2 billion $69.2 billion Operating income $5.86 billion $6.18 billion $2.42 billion $3.12 billion Operating margin 7.0% 7.4% 3.5% 4.5% Net income $5.23 billion $4.89 billion $1.29 billion $2.49 billion Diluted EPS $19.45 $18.17 $4.90 $9.50 This year’s and last year’s quarterly and full-year consolidated results have been adjusted for: Fiscal 2021 Fiscal 2020 Fourth Full Fourth Full Impact per diluted share Quarter Year Quarter Year Mark-to-market (MTM) retirement plan accounting adjustments $ (3.44) $ (3.33) $ 2.22 $ 2.22 Loss on debt extinguishment 1.09 1.11 — — TNT Express integration expenses 0.18 0.60 0.18 0.80 Business realignment costs 0.30 0.33 — — Goodwill and other asset impairment charges — — 1.40 1.58 - more - 1 “I thank our team members around the world for their outstanding efforts during this extraordinary year,” said Frederick W. Smith, FedEx Corp. chairman and chief executive officer. “We continue to play an important role in global economic recovery and the delivery of COVID-19 vaccines and relief supplies throughout the U.S., Canada and more than 35 other countries. I am optimistic about the future of FedEx as we continue to innovate for our customers and meet strong demand for our global transportation network and capabilities.” Fourth Quarter Results Fourth quarter operating results increased primarily due to volume growth and disciplined revenue and portfolio management. These factors were partially offset by costs to support strong demand, increased variable compensation expense, and higher labor rates. Net results include a loss on debt extinguishment of $393 million ($297 million net of tax). FedEx Express fourth quarter operating income more than doubled year over year, driven by exceptional growth in international export and U.S. domestic package services. Operating margin increased 260 basis points (an adjusted 340 basis points; adjusted measures exclude the items listed below for the applicable fiscal year), as improved network optimization and asset utilization enabled profit growth from record fourth quarter volume. FedEx Ground reported record earnings for the quarter and revenue growth of 27%. The revenue increase was primarily driven by strong growth in business-to-business shipments and a 14% rise in revenue per package. Operating margin improved 310 basis points to 13.6% due to strong revenue growth and slower growth in purchased transportation expenses, aided by a higher mix of business-to-business shipments and benefits from dynamic route optimization technology. This improvement was partially offset by higher expenses driven by constrained labor availability. FedEx Freight reported record earnings and operating margin of 16.1% for the quarter, as average daily shipments grew 30% and revenue per shipment increased 6%. Operating results improved primarily due to the continued focus on revenue quality and profitable growth. Outlook FedEx is unable to forecast the fiscal 2022 mark-to-market (MTM) retirement plan accounting adjustments. As a result, FedEx is unable to provide a fiscal 2022 earnings per share or effective tax rate (ETR) outlook on a GAAP basis. - more - 2 For fiscal 2022, FedEx is forecasting: Earnings per diluted share of $18.90 to $19.90 before the MTM retirement plan accounting adjustments; Earnings per diluted share of $20.50 to $21.50 before the MTM retirement plan accounting adjustments and excluding estimated TNT Express integration expenses and costs associated with business realignment activities; ETR of approximately 24% prior to the MTM retirement plan accounting adjustments; and Capital spending of $7.2 billion, with continued investment in the key strategic priorities of e-commerce, operational excellence and efficiency. Strategic initiatives include accelerated capacity expansion, fleet and facility modernization, and increased automation. These forecasts assume continued recovery in U.S. industrial production and global trade, no additional COVID-19-related business restrictions, and current fuel price expectations. FedEx’s ETR and earnings per share forecasts are based on current law and related regulations and guidance. “The ongoing execution of our strategic initiatives has driven significant improvement in our fourth quarter results and highlights the continued strength of our business,” said Michael C. Lenz, FedEx Corp. executive vice president and chief financial officer. “For fiscal 2021, we delivered record financial results while also recognizing the valuable contributions by our team members. We expect continued strong momentum in fiscal 2022, and our investments are focused on the areas of greatest growth and highest returns, like e-commerce, to position us for sustained long-term growth in earnings, cash flows, and returns.” Corporate Overview FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenue of $84 billion, the company offers integrated business solutions through operating companies competing collectively, operating collaboratively and innovating digitally under the respected FedEx brand. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its 570,000 team members to remain focused on safety, the highest ethical and professional standards and the needs of their customers and communities. FedEx is committed to connecting people and possibilities around the world responsibly and resourcefully, with a goal to achieve carbon-neutral operations by 2040. To learn more, please visit about.fedex.com. Additional information and operating data are contained in the company’s annual report, Form 10-K, Form 10-Qs, Form 8-Ks and Statistical Books. These materials, as well as a webcast of the earnings release conference call to be held at 5:00 p.m. - more - 3 EDT on June 24, are available on the company’s website at investors.fedex.com. A replay of the conference call webcast will be posted on our website following the call. The Investor Relations page of our website, investors.fedex.com, contains a significant amount of information about FedEx, including our Securities and Exchange Commission (SEC) filings and financial and other information for investors. The information that we post on our Investor Relations website could be deemed to be material information. We encourage investors, the media and others interested in the company to visit this website from time to time, as information is updated and new information is posted. Certain statements in this press release may be considered forward-looking statements, such as statements relating to management’s views with respect to future events and financial performance and underlying assumptions. Forward- looking statements include those preceded by, followed by or that include the words “will,” “may,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “plans,” “estimates,” “targets,” “projects,” “intends” or similar expressions. Such forward- looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, the negative impacts of the COVID-19 pandemic; economic conditions in the global markets in which we operate; anti-trade measures and additional changes in international trade policies and relations; a significant data breach or other disruption to our technology infrastructure; our ability to meet our labor and purchased transportation needs while controlling related costs; our ability to successfully integrate the businesses and operations of FedEx Express and TNT Express in the expected time frame and at the expected cost and to achieve the expected benefits from the combined businesses; our ability to successfully implement our business strategy, effectively respond to changes in market dynamics and achieve the anticipated benefits and associated cost savings of such strategies and actions, including our ability to successfully implement our FedEx Express workforce reduction plan in Europe and to continue to transform and optimize the FedEx Express international business, particularly in Europe; the future rate of e-commerce growth and our ability to successfully expand our e-commerce services portfolio; damage to our reputation or loss of brand equity; the impact of the
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