Earnings Analysis for FDX

Revenue Analysis

Over the three-year period, FDX has shown a progressive increase in its operating revenue and gross profits.
From 2023-08-31 to 2024-02-29, the Total Revenue increased from $21.681 billion to $21.738 billion.
Operating Revenue displayed a similar trend, rising from $21.681 billion to $21.738 billion in the same interval.
Gross Profit in August 2023 was $4.713 billion, which increased slightly to $4.539 billion by February 2024.
These figures suggest a solid and steady revenue performance, with Gross Profit Margin slightly shrinking within the period.

Cost Management

Cost of Revenue has seen a marginal decrease from $16.968 billion in August 2023 to $17.199 billion by February 2024.
Operating Expenses were reported at $3.183 billion in August 2023 compared with $3.182 billion in February 2024, showing stability.
Total Expenses slightly decreased from $20.091 billion to $20.381 billion over the same periods.
The management of costs appears well-handled, keeping in line with variations in revenue.

Profitability Analysis

EBITDA was maintained healthily, slightly decreasing from $2.661 billion in August 2023 to $2.429 billion by February 2024.
Operating Income was reported at $1.590 billion in August 2023, which adjusted down to $1.357 billion by February 2024.
Pretax Income had decreased from $1.423 billion to $1.183 billion over the same timeline.
Net Income also followed this decline, moving from $1.078 billion to $879 million.
These indicators show a decrement in profitability, reflecting the increased burden in operational and other costs.

Cash Flow Indicators

Reconciled Depreciation remained consistently high around $1.071 billion to $1.072 billion across the periods signaling active investment in assets.
Interest Expenses negatively contributed about -$0.091 billion, indicating significant financing costs.
This suggests serious ongoing investments and financial leveraging by FDX.

Taxation

The tax rate slightly varied from 0.242 in August 2023 to 0.257 by February 2024.
Tax Provisions went up from $345 million to $304 million in this interval.
The Tax Effect of Unusual Items reflected smaller credits or costs, with values like -$25.41 million in August 2023 improving to -$29.298 million by February 2024.

Shareholder Metrics

Diluted EPS decreased from 4.23 in August 2023 to 3.51 by February 2024.
Basic EPS also saw a decline from 4.28 to 3.55 over the same period.
Diluted NI Available to Common Stockholders scaled down from $1.077 billion to $878 million.
These reductions could affect the investor’s perception negatively, given it portrays a declining profitability.

Conclusion

Overall, FDX has maintained stable revenue streams, but there’s a noted decline in profitability metrics and per-share earnings which could concern shareholders.
Continued monitoring of cost management, improved operational efficiencies, and perhaps strategizing for better tax advantages should be considered to enhance profitability in the upcoming fiscal periods.

Appendices

See attached data tables and specific calculations used throughout this analysis.