Obtain financial statements income statements and balance sheets for Fedex Corp (ticker: FDX) for the most recent four years, at least. You can obtain that information from the Securities and Exchange Commission (SEC) Edgar database of corporate filings. Use annual data from annual reports (10-K). (SEE FINANCIAL STATEMENTS BELOW)

Question 1: Analyze past performance of Fedex Corp, including: 1) Profitability 2) Efficiency 3) Short-term solvency 4) Long-term solvency Question 2: What main trends (identify 2 or 3) you observe in the companys financial performance? Would you identify these trends as favorable or unfavorable? Question 3: Do these trends raise any concerns for the future of the firm? If so, why?

Consolidated Balance Sheets - USD ($) $ in Millions May 31, 2021 May 31, 2020 CURRENT ASSETS Cash and cash equivalents $ 7,087 $ 4.881 Receivables, less allowances of $742 and 12,069 10.102 $390 Spare parts, supplies and fuel, less 587 572 allowances of $349 and 5335 Prepaid expenses and other 837 828 Total current assets 20,580 16.383 PROPERTY AND EQUIPMENT, AT COST Aircraft and related equipment 26,268 24,518 Package handling and ground support equipment 13,012 11,382 Information technology 7,486 6.884 Vehicles and trailers 9.282 9.101 Facilities and other 14.029 13,139 Gross property and equipment 70,077 65.024 Less accumulated depreciation and amortization 34,325 31,416 Net property and equipment 35,752 33,608 OTHER LONG-TERM ASSETS Operating lease right-of-use assets, net 15,383 13,917 Goodwill 6.992 6,372 Other assets 4,070 3.257 Total other long-term assets 26,445 23.546 ASSETS [1] 82.777 73,537 CURRENT LIABILITIES Current portion of long-term debt 146 51 Accrued salaries and employee benefits 2.903 1,569 Accounts payable 3,841 3,269 Operating lease liabilities 2.208 1.923 Accrued expenses 4,562 3,532 Total current liabilities 13,660 10,344 LONG-TERM DEBT, LESS CURRENT 20,733 21,952 PORTION OTHER LONG-TERM LIABILITIES Deferred income taxes 3,927 3,162 Pension, postretirement healthcare and 3,501 5,019 other benefit obligations Self-insurance accruals 2.430 2.104 Operating lease liabilities 13,375 12. 195 Other liabilities 983 466 Total other long-term liabilities 24,216 22.946 COMMITMENTS AND CONTINGENCIES COMMON STOCKHOLDERS' INVESTMENT Common stock, 50.10 par value: 800 million shares authorized; 318 million 32 32 shares issued as of May 31, 2021 and 2020 Additional paid-in capital 3,481 3.356 Retained earnings 29,817 25,216 Accumulated other comprehensive loss (732) (1,147) Treasury stock, at cost (8,430) (9,162) Total common stockholders' investment 24,168 18.295 LIABILITIES AND COMMON S 82.777 S 73.537 STOCKHOLDERS INVESTMENT [1] Segment assets include intercompany receivables. Consolidated Balance Sheets - USD ($) $ in Millions May 31, 2019 May 31, 2018 CURRENT ASSETS Cash and cash equivalents $ 2,319 $ 3.265 Receivables, less allowances of $300 and $401 9.116 8,481 Spare parts, supplies and fuel, less 553 525 allowances of $335 and 5268 Prepaid expenses and other 1,098 1,070 Total current assets 13,086 13.341 PROPERTY AND EQUIPMENT, AT COST Aircraft and related equipment 22,793 20.749 Package handling and ground support 10,409 9,727 equipment Information technology 6.268 5,794 Vehicles and trailers 8,339 7.708 Facilities and other 11,702 11,143 Gross property and equipment 59,511 55, 121 Less accumulated depreciation and 29,082 26,967 amortization Net property and equipment 30,429 28.154 OTHER LONG-TERM ASSETS Goodwill 6,884 6.973 Other assets 4,004 3.862 Total other long-term assets 10.888 10.835 ASSETS [1] 54,403 52.330 CURRENT LIABILITIES Current portion of long-term debt 964 1,342 Accrued salaries and employee benefits 1,741 2.177 Accounts payable 3.030 2.977 Accrued expenses 3.278 3,131 Total current liabilities 9.013 9.627 LONG-TERM DEBT, LESS CURRENT PORTION 16,617 15 243 OTHER LONG-TERM LIABILITIES Deferred income taxes 2.821 2.867 Pension, postretirement healthcare and 5,095 2.187 other benefit obligations Self-insurance accruals 1,899 1.784 Deferred lease obligations 531 551 Deferred gains, principally related to 99 121 aircraft transactions Other liabilities 571 534 Total other long-term liabilities 11.016 8.044 COMMITMENTS AND CONTINGENCIES COMMON STOCKHOLDERS' INVESTMENT Common stock, 50.10 par value; 800 million shares authorized: 318 million 32 32 shares issued as of May 31, 2019 and 2018 Additional paid-in capital 3.231 3,117 Retained earnings 24,648 24 823 Accumulated other comprehensive loss (865) (578) Treasury stock, at cost (9,289) (7,978) Total common stockholders' investment 17,757 19.416 LIABILITIES AND COMMON STOCKHOLDERS INVESTMENT $ 54,403 $ 52,330 [1] Segment assets include intercompany receivables. 12 Months Ended May 31, 2020 May 31, 2021 May 31, 2019 $ 83.959 $ 69,217 $ 69,693 [2] 30.173 21,674 4.155 3,793 2.882 3,328 116 25.031 17,466 3,712 3,615 3,156 2.893 24,776 16,654 3,360 3,353 3.889 2.834 320 435 Consolidated Statements of Income - USD ($) $ in Millions Income Statement [Abstract] REVENUE OPERATING EXPENSES: Salaries and employee benefits Purchased transportation Rentals and landing fees Depreciation and amortization Fuel Maintenance and repairs Business realignment costs Goodwill and other asset impairment charges Other Other OPERATING EXPENSES OPERATING INCOME Tur OTHER (EXPENSE) INCOME: Interest expense into Interest income Other retirement plans income (expense) Loss on debt extinguishment Other, net , OTHED OTHER (EXPENSE) INCOME INCOME BEFORE INCOME TAXES PROVISION FOR INCOME TAXES NET INCOME BASIC EARNINGS PER COMMON SHARE DILUTED EARNINGS PER COMMON SHARE 11.981 78,102 5.857 131 10,492 66,800 2,417 147 10.041 65,227 4,466 (5) (672) 55 (122) (588) 59 (3,251) (793) 52 1,983 (393) (32) 817 6,674 1,443 $ 5,231 (9) (748) 1.669 383 $ 1.286 (31) (3,811) 655 115 S 540 $ 19.79 $ $ 4.92 $ 2.06 $ 19.45 S 4.90 $2.03 12 Months Ended May 31, 2018 May 31, 2019 May 31, 2017 $ 69.693 $ 65,450 (2) $ 60,319 [2] 24.776 $ 16.654 23,795 S 15,101 21,989 $ 13,630 us-gaap ShippingAndHandling Member us-gaap:ShippingAndHandling Member us-gaap: ShippingAndHandling Member $ 3,360 3.353 3.889 2,834 320 $ 3,361 3,095 3,374 2,622 $ 3,240 2.995 2.773 2,374 380 Consolidated Statements of Income - USD ($) $ in Millions Income Statement [Abstract] REVENUES OPERATING EXPENSES: Salaries and employee benefits Purchased transportation Type of cost, good or service (extensible list] Rentals and landing fees Depreciation and amortization Fuel Maintenance and repairs Business realignment costs Goodwill and other asset impairment charges Other OPERATING EXPENSES OPERATING INCOME OTHER (EXPENSE) INCOME: Interest expense Interest income Other retirement plans (expense) income Other, net OTHER INCOME (EXPENSE) INCOME BEFORE INCOME TAXES PROVISION FOR INCOME TAXES (BENEFIT) NET INCOME BASIC EARNINGS PER COMMON SHARE DILUTED EARNINGS PER COMMON SHARE 10.041 65.227 4.466 131 9,450 61,178 4,272 14 8.752 55,753 4,566 (5) (588) 59 (3.251) (31) (3,811) 655 (558) 48 598 (7) 81 4,353 (512) ) 33 471 21 13 4,579 115 (219) 1,582 S 540 $ 2,997 S 4,572 S 17.08 $ 2.06 S 11.24 $ 2.03 S 16.79 S 11.07 [1] International revenue includes shipments that either originate in or are destined to locations outside the United States, which could include U.S. payors. Noncurrent assets include property and equipment, goodwill and other long-term assets. Our flight equipment is registered in the U.S. and is included as U.S. assets; however, many of our aircraft operate internationally. [2] Prior year amounts have been revised to conform to the current year presentation. [3] Includes TNT Express integration expenses and restructuring charges of $388 million. These expenses are included in "Corporate, other and eliminations" and the FedEx Express segment. Also includes business realignment costs of $320 million and costs incurred in connection with the settlement of a legal matter involving FedEx Ground of 546 million [4] Includes TNT Express integration expenses and restructuring charges of $477 million. These expenses are included in "Corporate, other and eliminations" and the FedEx Express segment. Also includes goodwill and other asset impairment charges of $380 million. [5] Includes TNT Express integration expenses and restructuring charges of S327 million. These expenses are included in "Corporate, other and eliminations" and the FedEx Express segment. Also includes $39 million of charges for legal reserves related to certain U.S. Customs and Border Protection ("CBP") matters involving FedEx Logistics and 522 million of charges connection with the settlement of and certain expected losses relating to independent contractor litigation matters at FedEx Ground. Consolidated Balance Sheets - USD ($) $ in Millions May 31, 2021 May 31, 2020 CURRENT ASSETS Cash and cash equivalents $ 7,087 $ 4.881 Receivables, less allowances of $742 and 12,069 10.102 $390 Spare parts, supplies and fuel, less 587 572 allowances of $349 and 5335 Prepaid expenses and other 837 828 Total current assets 20,580 16.383 PROPERTY AND EQUIPMENT, AT COST Aircraft and related equipment 26,268 24,518 Package handling and ground support equipment 13,012 11,382 Information technology 7,486 6.884 Vehicles and trailers 9.282 9.101 Facilities and other 14.029 13,139 Gross property and equipment 70,077 65.024 Less accumulated depreciation and amortization 34,325 31,416 Net property and equipment 35,752 33,608 OTHER LONG-TERM ASSETS Operating lease right-of-use assets, net 15,383 13,917 Goodwill 6.992 6,372 Other assets 4,070 3.257 Total other long-term assets 26,445 23.546 ASSETS [1] 82.777 73,537 CURRENT LIABILITIES Current portion of long-term debt 146 51 Accrued salaries and employee benefits 2.903 1,569 Accounts payable 3,841 3,269 Operating lease liabilities 2.208 1.923 Accrued expenses 4,562 3,532 Total current liabilities 13,660 10,344 LONG-TERM DEBT, LESS CURRENT 20,733 21,952 PORTION OTHER LONG-TERM LIABILITIES Deferred income taxes 3,927 3,162 Pension, postretirement healthcare and 3,501 5,019 other benefit obligations Self-insurance accruals 2.430 2.104 Operating lease liabilities 13,375 12. 195 Other liabilities 983 466 Total other long-term liabilities 24,216 22.946 COMMITMENTS AND CONTINGENCIES COMMON STOCKHOLDERS' INVESTMENT Common stock, 50.10 par value: 800 million shares authorized; 318 million 32 32 shares issued as of May 31, 2021 and 2020 Additional paid-in capital 3,481 3.356 Retained earnings 29,817 25,216 Accumulated other comprehensive loss (732) (1,147) Treasury stock, at cost (8,430) (9,162) Total common stockholders' investment 24,168 18.295 LIABILITIES AND COMMON S 82.777 S 73.537 STOCKHOLDERS INVESTMENT [1] Segment assets include intercompany receivables. Consolidated Balance Sheets - USD ($) $ in Millions May 31, 2019 May 31, 2018 CURRENT ASSETS Cash and cash equivalents $ 2,319 $ 3.265 Receivables, less allowances of $300 and $401 9.116 8,481 Spare parts, supplies and fuel, less 553 525 allowances of $335 and 5268 Prepaid expenses and other 1,098 1,070 Total current assets 13,086 13.341 PROPERTY AND EQUIPMENT, AT COST Aircraft and related equipment 22,793 20.749 Package handling and ground support 10,409 9,727 equipment Information technology 6.268 5,794 Vehicles and trailers 8,339 7.708 Facilities and other 11,702 11,143 Gross property and equipment 59,511 55, 121 Less accumulated depreciation and 29,082 26,967 amortization Net property and equipment 30,429 28.154 OTHER LONG-TERM ASSETS Goodwill 6,884 6.973 Other assets 4,004 3.862 Total other long-term assets 10.888 10.835 ASSETS [1] 54,403 52.330 CURRENT LIABILITIES Current portion of long-term debt 964 1,342 Accrued salaries and employee benefits 1,741 2.177 Accounts payable 3.030 2.977 Accrued expenses 3.278 3,131 Total current liabilities 9.013 9.627 LONG-TERM DEBT, LESS CURRENT PORTION 16,617 15 243 OTHER LONG-TERM LIABILITIES Deferred income taxes 2.821 2.867 Pension, postretirement healthcare and 5,095 2.187 other benefit obligations Self-insurance accruals 1,899 1.784 Deferred lease obligations 531 551 Deferred gains, principally related to 99 121 aircraft transactions Other liabilities 571 534 Total other long-term liabilities 11.016 8.044 COMMITMENTS AND CONTINGENCIES COMMON STOCKHOLDERS' INVESTMENT Common stock, 50.10 par value; 800 million shares authorized: 318 million 32 32 shares issued as of May 31, 2019 and 2018 Additional paid-in capital 3.231 3,117 Retained earnings 24,648 24 823 Accumulated other comprehensive loss (865) (578) Treasury stock, at cost (9,289) (7,978) Total common stockholders' investment 17,757 19.416 LIABILITIES AND COMMON STOCKHOLDERS INVESTMENT $ 54,403 $ 52,330 [1] Segment assets include intercompany receivables. 12 Months Ended May 31, 2020 May 31, 2021 May 31, 2019 $ 83.959 $ 69,217 $ 69,693 [2] 30.173 21,674 4.155 3,793 2.882 3,328 116 25.031 17,466 3,712 3,615 3,156 2.893 24,776 16,654 3,360 3,353 3.889 2.834 320 435 Consolidated Statements of Income - USD ($) $ in Millions Income Statement [Abstract] REVENUE OPERATING EXPENSES: Salaries and employee benefits Purchased transportation Rentals and landing fees Depreciation and amortization Fuel Maintenance and repairs Business realignment costs Goodwill and other asset impairment charges Other Other OPERATING EXPENSES OPERATING INCOME Tur OTHER (EXPENSE) INCOME: Interest expense into Interest income Other retirement plans income (expense) Loss on debt extinguishment Other, net , OTHED OTHER (EXPENSE) INCOME INCOME BEFORE INCOME TAXES PROVISION FOR INCOME TAXES NET INCOME BASIC EARNINGS PER COMMON SHARE DILUTED EARNINGS PER COMMON SHARE 11.981 78,102 5.857 131 10,492 66,800 2,417 147 10.041 65,227 4,466 (5) (672) 55 (122) (588) 59 (3,251) (793) 52 1,983 (393) (32) 817 6,674 1,443 $ 5,231 (9) (748) 1.669 383 $ 1.286 (31) (3,811) 655 115 S 540 $ 19.79 $ $ 4.92 $ 2.06 $ 19.45 S 4.90 $2.03 12 Months Ended May 31, 2018 May 31, 2019 May 31, 2017 $ 69.693 $ 65,450 (2) $ 60,319 [2] 24.776 $ 16.654 23,795 S 15,101 21,989 $ 13,630 us-gaap ShippingAndHandling Member us-gaap:ShippingAndHandling Member us-gaap: ShippingAndHandling Member $ 3,360 3.353 3.889 2,834 320 $ 3,361 3,095 3,374 2,622 $ 3,240 2.995 2.773 2,374 380 Consolidated Statements of Income - USD ($) $ in Millions Income Statement [Abstract] REVENUES OPERATING EXPENSES: Salaries and employee benefits Purchased transportation Type of cost, good or service (extensible list] Rentals and landing fees Depreciation and amortization Fuel Maintenance and repairs Business realignment costs Goodwill and other asset impairment charges Other OPERATING EXPENSES OPERATING INCOME OTHER (EXPENSE) INCOME: Interest expense Interest income Other retirement plans (expense) income Other, net OTHER INCOME (EXPENSE) INCOME BEFORE INCOME TAXES PROVISION FOR INCOME TAXES (BENEFIT) NET INCOME BASIC EARNINGS PER COMMON SHARE DILUTED EARNINGS PER COMMON SHARE 10.041 65.227 4.466 131 9,450 61,178 4,272 14 8.752 55,753 4,566 (5) (588) 59 (3.251) (31) (3,811) 655 (558) 48 598 (7) 81 4,353 (512) ) 33 471 21 13 4,579 115 (219) 1,582 S 540 $ 2,997 S 4,572 S 17.08 $ 2.06 S 11.24 $ 2.03 S 16.79 S 11.07 [1] International revenue includes shipments that either originate in or are destined to locations outside the United States, which could include U.S. payors. Noncurrent assets include property and equipment, goodwill and other long-term assets. Our flight equipment is registered in the U.S. and is included as U.S. assets; however, many of our aircraft operate internationally. [2] Prior year amounts have been revised to conform to the current year presentation. [3] Includes TNT Express integration expenses and restructuring charges of $388 million. These expenses are included in "Corporate, other and eliminations" and the FedEx Express segment. Also includes business realignment costs of $320 million and costs incurred in connection with the settlement of a legal matter involving FedEx Ground of 546 million [4] Includes TNT Express integration expenses and restructuring charges of $477 million. These expenses are included in "Corporate, other and eliminations" and the FedEx Express segment. Also includes goodwill and other asset impairment charges of $380 million. [5] Includes TNT Express integration expenses and restructuring charges of S327 million. These expenses are included in "Corporate, other and eliminations" and the FedEx Express segment. Also includes $39 million of charges for legal reserves related to certain U.S. Customs and Border Protection ("CBP") matters involving FedEx Logistics and 522 million of charges connection with the settlement of and certain expected losses relating to independent contractor litigation matters at FedEx Ground