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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-K\n\n(Mark One)\n\n☑    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the fiscal year ended May 31, 2026.\n\nOR\n\n☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from to .\n\nCommission file number 1-15829\n\nFedEx Corporation\n\n(Exact Name of Registrant as Specified in its Charter)\n\nDelaware\n\n62-1721435\n\n(State or Other Jurisdiction of\n\nIncorporation or Organization)\n\n(I.R.S. Employer\n\nIdentification No.)\n\n942 South Shady Grove Road, Memphis, Tennessee\n\n38120\n\n(Address of Principal Executive Offices)\n\n(ZIP Code)\n\nRegistrant’s telephone number, including area code: (901) 818-7500\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each class\n\nTrading Symbol\n\nName of each exchange on which registered\n\nCommon Stock, par value $0.10 per share\n\nFDX\n\nNew York Stock Exchange\n\n1.625% Notes due 2027FDX 27New York Stock Exchange\n\n0.450% Notes due 2029FDX 29ANew York Stock Exchange\n\n0.450% Notes due 2029FDX 29BNew York Stock Exchange\n\n1.300% Notes due 2031FDX 31BNew York Stock Exchange\n\n3.500% Notes due 2032FDX 32New York Stock Exchange\n\n0.950% Notes due 2033FDX 33New York Stock Exchange\n\n0.950% Notes due 2033FDX 33ANew York Stock Exchange\n\n4.125% Notes due 2037FDX 37New York Stock Exchange\n\nSecurities registered pursuant to Section 12(g) of the Act: None\n\nIndicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐\n\nIndicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes ☐ No ☑\n\nIndicate 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 ☐\n\nIndicate 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 ☐\n\nIndicate 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.\n\nLarge accelerated filer ☑\n\nAccelerated filer ☐\n\nNon-accelerated filer ☐\n\nSmaller reporting company ☐\n\nEmerging growth company ☐\n\nIf 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. ☐\n\nIndicate by check mark whether the Registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\nIndicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑\n\nThe aggregate market value of the common stock held by non-affiliates of the Registrant, computed by reference to the closing price as of the last business day of the Registrant’s most recently completed second fiscal quarter, November 30, 2025, was approximately $64.6 billion. The Registrant has no non-voting stock.\n\nAs of July 16, 2026, 236,581,188 shares of the Registrant’s common stock were outstanding.\n\nDOCUMENTS INCORPORATED BY REFERENCE\n\nPortions of the Registrant’s definitive proxy statement to be delivered to stockholders in connection with the 2026 annual meeting of stockholders to be held on September 28, 2026 are incorporated by reference in response to Part III of this Report.\n\n \n\nFORWARD-LOOKING STATEMENTS\n\nCertain statements in this Annual Report on Form 10-K (this “Annual Report”), including (but not limited to) those contained in “[Item 1. Business](#i12a19dcd46ed4b8e8247334873a4101c_13)”; “[Item 1A. Risk Factors](#i12a19dcd46ed4b8e8247334873a4101c_16)”; “[Item 1C. Cybersecurity](#i12a19dcd46ed4b8e8247334873a4101c_22)”; “[Item 2. Properties](#i12a19dcd46ed4b8e8247334873a4101c_25)”; “[Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](#i12a19dcd46ed4b8e8247334873a4101c_40)”; the “Trends Affecting Our Business,” “Business Optimization Costs,” “Income Taxes,” “Outlook,” “Reportable Segments,” “[Liquidity Outlook](#i12a19dcd46ed4b8e8247334873a4101c_94),” and “[Critical Accounting Estimates](#i12a19dcd46ed4b8e8247334873a4101c_97)” sections of “[Item 7. Management’s Discussion and Analysis of Results of Operations and Financial Condition](#i12a19dcd46ed4b8e8247334873a4101c_46)”; and the “Description of Business Segments and Summary of Significant Accounting Policies,” “Goodwill and Other Intangible Assets,” “Long-Term Debt and Other Financing Arrangements,” “Leases,” “Income Taxes,” “Retirement Plans,” “Business Segments and Disaggregated Revenue,” “Commitments,” and “Contingencies” notes to the consolidated financial statements in “[Item 8. Financial Statements and Supplementary Data](#i12a19dcd46ed4b8e8247334873a4101c_118)” are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to our financial condition, results of operations, cash flows, plans, objectives, future performance, and business. Forward-looking statements include those preceded by, followed by, or that include the words “will,” “may,” “could,” “would,” “should,” “believes,” “expects,” “forecasts,” “anticipates,” “plans,” “estimates,” “targets,” “projects,” “intends,” or similar expressions. These forward-looking statements involve risks and uncertainties. Actual results may differ materially from those contemplated (expressed or implied) by such forward-looking statements, because of, among other things, the risks and uncertainties identified in “[Item 1A. Risk Factors](#i12a19dcd46ed4b8e8247334873a4101c_16)” and the other risks and uncertainties you can find in our press releases and other Securities and Exchange Commission (“SEC”) filings.\n\nAs a result of these and other factors, no assurance can be given as to our future results and achievements. Accordingly, a forward-looking statement is neither a prediction nor a guarantee of future events or circumstances and those future events or circumstances may not occur. You should not place undue reliance on the forward-looking statements, which speak only as of the date of this report. Unless required to do so by law, we are under no obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events, or otherwise.\n\nTABLE OF CONTENTS\n\nPage\n\nPART I\n\n[Item 1. Business](#i12a19dcd46ed4b8e8247334873a4101c_13)\n\n[2](#i12a19dcd46ed4b8e8247334873a4101c_13)\n\n[Item 1](#i12a19dcd46ed4b8e8247334873a4101c_16)[A](#i12a19dcd46ed4b8e8247334873a4101c_16)[.](#i12a19dcd46ed4b8e8247334873a4101c_16)[Risk Factors](#i12a19dcd46ed4b8e8247334873a4101c_16)\n\n[18](#i12a19dcd46ed4b8e8247334873a4101c_16)\n\n[Item 1B. Unresolved Staff Comments](#i12a19dcd46ed4b8e8247334873a4101c_19)\n\n[32](#i12a19dcd46ed4b8e8247334873a4101c_19)\n\n[Item 1C](#i12a19dcd46ed4b8e8247334873a4101c_22)[.](#i12a19dcd46ed4b8e8247334873a4101c_22)[Cybersecurity](#i12a19dcd46ed4b8e8247334873a4101c_22)\n\n[32](#i12a19dcd46ed4b8e8247334873a4101c_22)\n\n[Item 2. Properties](#i12a19dcd46ed4b8e8247334873a4101c_25)\n\n[34](#i12a19dcd46ed4b8e8247334873a4101c_25)\n\n[Item 3. Legal Proceedings](#i12a19dcd46ed4b8e8247334873a4101c_28)\n\n[36](#i12a19dcd46ed4b8e8247334873a4101c_28)\n\n[Item 4. Mine Safety Disclosures](#i12a19dcd46ed4b8e8247334873a4101c_31)\n\n[36](#i12a19dcd46ed4b8e8247334873a4101c_31)\n\n[Information](#i12a19dcd46ed4b8e8247334873a4101c_34)[a](#i12a19dcd46ed4b8e8247334873a4101c_34)[bout](#i12a19dcd46ed4b8e8247334873a4101c_34)[o](#i12a19dcd46ed4b8e8247334873a4101c_34)[ur Executive Officers](#i12a19dcd46ed4b8e8247334873a4101c_34)\n\n[37](#i12a19dcd46ed4b8e8247334873a4101c_34)\n\nPART II\n\n[Item 5. Market](#i12a19dcd46ed4b8e8247334873a4101c_40)[f](#i12a19dcd46ed4b8e8247334873a4101c_40)[or Registrant’s Common Equity, Related Stockholder Matters, And Issuer Purchases Of Equity Securities](#i12a19dcd46ed4b8e8247334873a4101c_40)\n\n[39](#i12a19dcd46ed4b8e8247334873a4101c_40)\n\n[Item 6. [Reserved]](#i12a19dcd46ed4b8e8247334873a4101c_43)\n\n[40](#i12a19dcd46ed4b8e8247334873a4101c_43)\n\n[Item 7. Management’s Discussion and Analysis of Results of Operations and Financial Condition](#i12a19dcd46ed4b8e8247334873a4101c_46)\n\n[40](#i12a19dcd46ed4b8e8247334873a4101c_46)\n\n[Item 7A. Quantitative and Qualitative Disclosure](#i12a19dcd46ed4b8e8247334873a4101c_115)[s](#i12a19dcd46ed4b8e8247334873a4101c_115)[About Market Risk](#i12a19dcd46ed4b8e8247334873a4101c_115)\n\n[64](#i12a19dcd46ed4b8e8247334873a4101c_115)\n\n[Item 8. Financial Statements and Supplementary Data](#i12a19dcd46ed4b8e8247334873a4101c_118)\n\n[66](#i12a19dcd46ed4b8e8247334873a4101c_118)\n\n[Item 9. Changes](#i12a19dcd46ed4b8e8247334873a4101c_196)[i](#i12a19dcd46ed4b8e8247334873a4101c_196)[n](#i12a19dcd46ed4b8e8247334873a4101c_196)[a](#i12a19dcd46ed4b8e8247334873a4101c_196)[nd Disagreements](#i12a19dcd46ed4b8e8247334873a4101c_196)[w](#i12a19dcd46ed4b8e8247334873a4101c_196)[ith Accountants](#i12a19dcd46ed4b8e8247334873a4101c_196)[o](#i12a19dcd46ed4b8e8247334873a4101c_196)[n Accounting](#i12a19dcd46ed4b8e8247334873a4101c_196)[a](#i12a19dcd46ed4b8e8247334873a4101c_196)[nd Financial Disclosure](#i12a19dcd46ed4b8e8247334873a4101c_196)\n\n[114](#i12a19dcd46ed4b8e8247334873a4101c_196)\n\n[Item 9A. Controls and Procedures](#i12a19dcd46ed4b8e8247334873a4101c_199)\n\n[114](#i12a19dcd46ed4b8e8247334873a4101c_199)\n\n[Item 9B. Other Information](#i12a19dcd46ed4b8e8247334873a4101c_202)\n\n[114](#i12a19dcd46ed4b8e8247334873a4101c_202)\n\n[Item 9C. Disclosure Regarding Foreign Jurisdiction](#i12a19dcd46ed4b8e8247334873a4101c_205)[s](#i12a19dcd46ed4b8e8247334873a4101c_205)[t](#i12a19dcd46ed4b8e8247334873a4101c_205)[hat Prevent Inspections](#i12a19dcd46ed4b8e8247334873a4101c_205)\n\n[115](#i12a19dcd46ed4b8e8247334873a4101c_205)\n\nPART III\n\n[Item 10. Directors, Executive Officers,](#i12a19dcd46ed4b8e8247334873a4101c_211)[a](#i12a19dcd46ed4b8e8247334873a4101c_211)[nd Corporate Governance](#i12a19dcd46ed4b8e8247334873a4101c_211)\n\n[115](#i12a19dcd46ed4b8e8247334873a4101c_211)\n\n[Item 11. Executive Compensation](#i12a19dcd46ed4b8e8247334873a4101c_214)\n\n[115](#i12a19dcd46ed4b8e8247334873a4101c_214)\n\n[Item 12. Security Ownership](#i12a19dcd46ed4b8e8247334873a4101c_217)[o](#i12a19dcd46ed4b8e8247334873a4101c_217)[f Certain Beneficial Owners](#i12a19dcd46ed4b8e8247334873a4101c_217)[a](#i12a19dcd46ed4b8e8247334873a4101c_217)[nd Management](#i12a19dcd46ed4b8e8247334873a4101c_217)[a](#i12a19dcd46ed4b8e8247334873a4101c_217)[nd Related Stockholder Matters](#i12a19dcd46ed4b8e8247334873a4101c_217)\n\n[115](#i12a19dcd46ed4b8e8247334873a4101c_217)\n\n[Item 13. Certain Relationships](#i12a19dcd46ed4b8e8247334873a4101c_220)[a](#i12a19dcd46ed4b8e8247334873a4101c_220)[nd Related Transactions,](#i12a19dcd46ed4b8e8247334873a4101c_220)[a](#i12a19dcd46ed4b8e8247334873a4101c_220)[nd Director Independence](#i12a19dcd46ed4b8e8247334873a4101c_220)\n\n[115](#i12a19dcd46ed4b8e8247334873a4101c_220)\n\n[Item 14. Principal Accountant Fees](#i12a19dcd46ed4b8e8247334873a4101c_223)[a](#i12a19dcd46ed4b8e8247334873a4101c_223)[nd Services](#i12a19dcd46ed4b8e8247334873a4101c_223)\n\n[115](#i12a19dcd46ed4b8e8247334873a4101c_223)\n\nPART IV\n\n[Item 15. Exhibits](#i12a19dcd46ed4b8e8247334873a4101c_229)[a](#i12a19dcd46ed4b8e8247334873a4101c_229)[nd Financial Statements Schedules](#i12a19dcd46ed4b8e8247334873a4101c_229)\n\n[116](#i12a19dcd46ed4b8e8247334873a4101c_229)\n\n[Item 16. Form 10-K Summary](#i12a19dcd46ed4b8e8247334873a4101c_232)\n\n[125](#i12a19dcd46ed4b8e8247334873a4101c_232)\n\n-1-\n\nPART I"}