RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

May 31, 2026

Allocations for shared services and general corporate costs provided to FedEx Freight are reflected in the accompanying Consolidated Statements of Income as follows (in millions):


	Years ended May 31,
	2026		2025		2024
Operating expenses:
Salaries and employee benefits	$	285	$	292	$	253
Rentals	7		8		8
Depreciation and amortization	63		55		51
Maintenance and repairs	29		29		28
Other	232		244		233
Total operating expenses	$	616	$	628	$	573

Net transfers to and from Parent are included within “Net Transfers to Parent” in the accompanying Consolidated Statements of Changes in Equity and Consolidated Statements of Cash Flows for the years ended May 31 as follows (in millions):


	2026		2025		2024
Cash pooling and general financing activities / other	$	16	$	(1,102)	$	(1,185)
Transfer of net assets from FedEx, net	357		—		—
Cash distribution to FedEx	(4,122)		—		—
Corporate and other allocations	54		36		12
Income taxes	146		(7)		52
Total net transfers to Parent per Consolidated Statements of Changes in Equity	(3,549)		(1,073)		(1,121)
Stock-based compensation – equity-classified awards	(4)		(4)		(4)
Transfer of net assets from FedEx, net	$	(357)	—		—
Total net transfers to Parent per Consolidated Statements of Cash Flows	$	(3,910)	$	(1,077)	$	(1,125)