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% |
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.