FedEx Corporation reported revenue of $87.7 billion for fiscal year 2024, down 3% from prior year, primarily due to lower fuel surcharges across segments and reduced volumes at FedEx Express and FedEx Freight amid challenging macroeconomic conditions. Operating income increased 13% to $5.6 billion, driven by successful execution of DRIVE program initiatives and continued focus on revenue quality.The company's DRIVE transformation initiatives delivered significant benefits through network rationalization, including structural flight takedowns and route optimization at FedEx Express, as well as improved linehaul efficiencies and dock productivity at FedEx Ground. FedEx Ground operating income rose 29% to $4.0 billion on yield improvement and higher volumes, while FedEx Express operating income declined 27% to $776 million due to reduced revenue.Looking ahead, FedEx expects revenue to increase in fiscal 2025 with service mix shifting further toward deferred offerings. The company will continue executing DRIVE initiatives to reduce costs and increase network flexibility, while implementing Network 2.0 optimization in over 50 U.S. locations. Capital expenditures are projected at $5.2 billion for fiscal 2025, with increased focus on network optimization and facility modernization.

FedEx Corporation reported revenue of $87.7 billion for fiscal year 2024, down 3% from prior year, primarily due to lower fuel surcharges across segments and reduced volumes at FedEx Express and FedEx Freight amid challenging macroeconomic conditions. Operating income increased 13% to $5.6 billion, driven by successful execution of DRIVE program initiatives and continued focus on revenue quality.The company's DRIVE transformation initiatives delivered significant benefits through network rationalization, including structural flight takedowns and route optimization at FedEx Express, as well as improved linehaul efficiencies and dock productivity at FedEx Ground. FedEx Ground operating income rose 29% to $4.0 billion on yield improvement and higher volumes, while FedEx Express operating income declined 27% to $776 million due to reduced revenue.Looking ahead, FedEx expects revenue to increase in fiscal 2025 with service mix shifting further toward deferred offerings. The company will continue executing DRIVE initiatives to reduce costs and increase network flexibility, while implementing Network 2.0 optimization in over 50 U.S. locations. Capital expenditures are projected at $5.2 billion for fiscal 2025, with increased focus on network optimization and facility modernization.