COMMITMENTS

4 Months Ended

Sep. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

As of September 30, 2026, our purchase commitments under various contracts for the remainder of 2026 and annually thereafter were as follows (in millions):


	Aircraft and Aircraft Related		Other(1)		Total
2026 (remainder)	$	309	$	524	$	833
2027	1,362		1,351		2,713
2028	429		1,299		1,728
2029	414		997		1,411
2030	343		879		1,222
Thereafter	1,830		304		2,134
Total	$	4,687	$	5,354	$	10,041

(1) Primarily information technology and advertising contracts.

The amounts reflected in the table above for purchase commitments represent noncancelable agreements to purchase goods or services. Open purchase orders that are cancelable are not considered unconditional purchase obligations for financial reporting purposes and are not included in the table above.

As of September 30, 2026, we had $565 million in deposits and progress payments on aircraft purchases and other planned aircraft-related transactions. These deposits are classified in the “Goodwill and other assets” caption of the accompanying unaudited condensed consolidated balance sheets. Aircraft and aircraft-related contracts are subject to price escalations.

A summary of future minimum lease payments under noncancelable operating and finance leases with an initial or remaining term in excess of one year as of September 30, 2026 is as follows (in millions):


	Aircraft and Related Equipment		Facilities and Other		Total Operating Leases		Finance Leases		Total Leases
2026 (remainder)	$	33	$	571	$	604	$	357	$	961
2027	123		2,994		3,117		533		3,650
2028	119		2,416		2,535		239		2,774
2029	103		2,067		2,170		194		2,364
2030	103		1,718		1,821		151		1,972
Thereafter	338		7,336		7,674		610		8,284
Total lease payments	819		17,102		17,921		2,084		20,005
Less imputed interest	(127)		(3,021)		(3,148)		(366)		(3,514)
Present value of lease liability	$	692	$	14,081	$	14,773	$	1,718	$	16,491

While certain of our lease agreements contain covenants governing the use of the leased assets or require us to maintain certain levels of insurance, none of our lease agreements include material financial covenants or limitations.

As of September 30, 2026, FedEx has entered into additional leases which have not yet commenced and are therefore not part of the right-of-use asset and liability. These leases are generally for build-to-suit facilities and have undiscounted future payments of approximately $1.3 billion that will commence when FedEx gains beneficial access to the leased asset. Commencement dates are expected to be from calendar years 2026 to 2028.