Investor Presentaiton

Transportation segment operating income performance +57% $936M $598M +11% -49% $440M $487M $352M Q2 FY23 Q2 FY24* Q2 FY23 Q2 FY24 Q2 FY23* $178M Q2 FY24* FedEx Freight FedEx Express FedEx Ground Increase driven by yield improvement, cost reductions, and higher volumes Cost per package decreased 2% versus prior year Increase driven by yield improvement and increased efficiency, partially offset by lower shipments Focused on improving profitability while navigating this challenging environment Decline due to lower revenue partially offset by reduced operating expenses Revenue impacted by volume declines, lower fuel and demand surcharges, and a mix shift toward lower-yielding services *Non-GAAP financial measure; see appendix for more information Reaffirming FY24 adjusted EPS* outlook Revenue Sept 2023 Dec 2023 Approximately flat Low-single-digit percentage decline Adjusted EPS* $17.00-18.50 $17.00-18.50 Commentary: • Reaffirming adjusted EPS* outlook despite weaker demand environment reflects transformation benefits Remain committed to $1.8B in Effective tax rate** DRIVE cost savings in FY24 25% 25% • Continue to expect year-over-year adjusted margin expansion in FY24 Capital spend $5.7B $5.7B *Non-GAAP financial measure; see appendix for more information **Non-GAAP financial measure; prior to mark-to-market retirement plans accounting adjustments, which are impracticable to calculate at this time 17 18

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