---
title: "FedEx: Business Model & Revenue Engine"
description: "FedEx revenue by business segment and geography from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/fedex/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# FedEx: Business Model & Revenue Engine

## Direct Answer

FedEx reports revenue across 2 business segments in its fiscal 2025 Form 10-K. Federal Express is the largest, with $75.3 billion of revenue (86% of the total), followed by Fedex Freight at $8.9 billion (10%). 72% of revenue came from the United States.

## How Does FedEx Make Money?

Federal Express supplies 86% of revenue, so FedEx's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Federal Express grew fastest (+0.9%) and Fedex Freight slowest (-5.7%), so the revenue mix tilts toward Federal Express while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Federal Express | $75.3 billion | $74.7 billion | 85.6% | 0.9% |
| Fedex Freight | $8.9 billion | $9.4 billion | 10.1% | -5.7% |

![Bar chart of FedEx revenue by segment for fiscal 2025: Federal Express 85.6%, Fedex Freight 10.1%.](https://www.getswoopr.com/images/charts/fedex-business-model-segment-mix.webp)
*FedEx revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## Which FedEx Segments Earn the Most?

| Segment | FY2025 segment operating income | Segment margin |
| --- | --- | --- |
| Federal Express | $4.9 billion | 6.5% |
| Fedex Freight | $1.5 billion | 16.7% |

Segment operating income is the profit measure FedEx reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within FedEx more safely than against another company.

## Where Does FedEx's Revenue Come From?

Regions follow the definitions in the filing; most companies assign revenue by customer location.

| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| United States | $62.9 billion | $63.5 billion | 71.6% | -1.0% |
| Outside the United States | $25.0 billion | $24.2 billion | 28.4% | 3.5% |

## What the Segment Figures Do Not Show

The rows above add up to 96% of FedEx's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value FedEx reported in the segment note and revenue disclosures of its Form 10-K filed July 21, 2025 (accession 0001048911-25-000011), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are FedEx's business segments?

In its fiscal 2025 Form 10-K, FedEx reports revenue for Federal Express and Fedex Freight.

### Which part of FedEx brings in the most revenue?

Federal Express, with $75.3 billion of revenue in fiscal 2025, or 86% of the total.

### How much of FedEx's revenue comes from outside the United States?

28% in fiscal 2025, by the geographic breakdown FedEx reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.

## References

- [SEC EDGAR: FEDEX CORP Form 10-K filed July 20, 2026](https://www.sec.gov/Archives/edgar/data/1048911/000104891126000105/fdx-20260531.htm)
- [SEC EDGAR: FEDEX CORP annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1048911&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [FedEx company dossier](https://www.getswoopr.com/stocks/companies/fedex/)
- [FedEx financial metrics](https://www.getswoopr.com/stocks/companies/fedex/metrics/)
- [FedEx financial risk indicators](https://www.getswoopr.com/stocks/companies/fedex/risks/)
- [FedEx peer comparison](https://www.getswoopr.com/stocks/companies/fedex/competitors/)
- [FedEx business model and revenue mix](https://www.getswoopr.com/stocks/companies/fedex/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).