Investor Presentaiton
Full-Year Fiscal 2021
Dollars in millions, except EPS
GAAP measure
MTM retirement plans
accounting adjustments³
Operating
Income Margin
Income
Net
Diluted
Earnings
Taxes1
Income²
Per Share11
$
5,857
7.0%
$ 1,443
$
5,231
$
19.45
(281)
(895)
(3.33)
Loss on debt extinguishment
96
297
1.11
TNT Express integration expenses
210
0.3%
48
162
0.60
Business realignment costs5
116
0.1%
26
90
0.33
Non-GAAP measure
$
6,183
7.4% $
1,332 $
4,885 $
18.17
Fiscal 2023 Adjusted Dividend Payout Ratio Forecast
Dollars in millions
Cash dividends expected to be paid in fiscal 2023
Fiscal 2022 net income (GAAP)
Dividend payout ratio (GAAP)
1,175
3,826
31%
Cash dividends expected to be paid in fiscal 2023
$
1,175
Fiscal 2022 adjusted net income (non-GAAP)
Adjusted dividend payout ratio (non-GAAP)
5,502
21%
Notes:
1 - Income taxes are based on the company's approximate statutory tax rates applicable to each
transaction.
2 - Effect of "total other (expense) income" on net income amount not shown.
3 - Reflects the year-end adjustment to the valuation of the company's defined benefit pension and
other postretirement plans. For fiscal 2022, the MTM retirement plans accounting adjustments
also include the second quarter TNT Express MTM retirement plans accounting adjustment
related to a noncash loss associated with the termination of a TNT Express European pension
plan and a curtailment charge related to the U.S. FedEx Freight pension plan. For fiscal 2021, the
MTM retirement plans accounting adjustments also include the second quarter TNT Express
MTM retirement plans accounting adjustment related to a noncash loss associated with
amending a TNT Express European pension plan to harmonize retirement benefits.
-
4 – Business realignment costs were recognized at FedEx Express.
5 - These charges were recognized at FedEx Corporation.
6 - These expenses were recognized at FedEx Corporation and FedEx Express.View entire presentation