FEDEX CORP Goodwill & Intangibles Disclosure
| Federal Express Segment | FedEx Freight Segment | Corporate, Other, and Eliminations | Total | ||||||||||||||||||||
| Goodwill at May 31, 2023 | $ | 5,781 | $ | 771 | $ | 1,961 | $ | 8,513 | |||||||||||||||
| Accumulated impairment charges | — | (133) | (1,945) | (2,078) | |||||||||||||||||||
| Balance as of May 31, 2023 | 5,781 | 638 | 16 | 6,435 | |||||||||||||||||||
Other(1) | (12) | — | — | (12) | |||||||||||||||||||
| Balance as of May 31, 2024 | 5,769 | 638 | 16 | 6,423 | |||||||||||||||||||
Goodwill acquired(2) | 38 | — | — | 38 | |||||||||||||||||||
Other(1) | 142 | — | — | 142 | |||||||||||||||||||
| Balance as of May 31, 2025 | $ | 5,949 | $ | 638 | $ | 16 | $ | 6,603 | |||||||||||||||
| Accumulated goodwill impairment charges as of May 31, 2025 | $ | — | $ | (133) | $ | (1,945) | $ | (2,078) | |||||||||||||||
| 2025 | 2024 | ||||||||||||||||||||||||||||||||||
| Gross Carrying Amount | Accumulated Amortization | Net Book Value | Gross Carrying Amount | Accumulated Amortization | Net Book Value | ||||||||||||||||||||||||||||||
| Customer relationships | $ | 580 | $ | (454) | $ | 126 | $ | 570 | $ | (405) | $ | 165 | |||||||||||||||||||||||
| Technology | 132 | (53) | 79 | 62 | (46) | 16 | |||||||||||||||||||||||||||||
| Trademarks and other | 1 | (1) | — | 1 | (1) | — | |||||||||||||||||||||||||||||
| Total | $ | 713 | $ | (508) | $ | 205 | $ | 633 | $ | (452) | $ | 181 | |||||||||||||||||||||||
| 2026 | $ | 54 | |||
| 2027 | 53 | ||||
| 2028 | 50 | ||||
| 2029 | 11 | ||||
| 2030 | $ | 10 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Jul 21, 2025 | Showing above |
| 2024 | Jul 15, 2024 | |
| 2023 | Jul 17, 2023 | |
| 2022 | Jul 18, 2022 | |
| 2021 | Jul 19, 2021 | |
| 2020 | Jul 20, 2020 | |
| 2019 | Jul 16, 2019 | |
| 2018 | Jul 16, 2018 | |
| 2017 | Jul 17, 2017 | |
| 2016 | Jul 18, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.