Investor Presentaiton

Illustrative operating income bridge based on FY24 adjusted EPS* outlook $1.8B $6.3B $0.5B ($0.8B) $5.4B ($0.6B) FY23 adjusted operating income* Revenue, net of cost increases International export yield pressure Variable comp DRIVE FY24E adjusted operating income* *Non-GAAP financial measure; see appendix for more information Capital allocation priorities Unwavering focus on efficient and responsible capital allocation 7.6% of revenue FY19-FY22 6.8% of revenue <6.5% of revenue FY23 FY25 target $2.0 $3.3* FY24E capital return ■Share repurchases ■ Dividend ($ in billions) $1.3 Lowering capital spend through FY25 CapEx of $1.3B in Q2 FY24; expect to achieve • FY25 target of less than 6.5% in FY24 • Planning for lower annual aircraft CapEx; expected to be ~$1B in FY26 ROIC metric added to executive compensation program Enhanced capital return to stockholders Completed $500M accelerated share repurchase transaction in Q2 FY24 Expect to repurchase an additional $1.0B in FY24 *Reflects FedEx's share repurchase and dividend expectations for the remainder of FY24. Each quarterly dividend payment is subject to review and approval by our Board of Directors 19 20

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