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Morningstar•March 17, 2023
Morningstar•March 17, 2023FedEx Corporation: FedEx’s Package Volumes Are Falling, but Cost Rationalization Is Bolstering Ground Margins
Summary
FedEx pioneered overnight delivery in 1973 and remains the world's largest express package provider. In its fiscal 2022 (ended May 2022), FedEx derived 51% of revenue from its express division, 37% from ground, and 10% from freight, its asset-based less-than-truckload shipping segment. The remainder comes from other services, including FedEx Office, which provides document production/shipping, and FedEx Logistics, which provides global forwarding. FedEx acquired Dutch parcel delivery firm TNT Express in 2016. TNT was previously the fourth-largest global parcel delivery provider.
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Analyst Profile
Matthew Young
Equity AnalystMatthew Young, CFA, is an equity analyst for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He covers transportation and logistics firms.Before joining Morningstar in 2010, Young spent five years as an equity research associate at William Blair, where he covered logistics and commercial-services firms.Young holds a bachelor's degree from Wheaton College and a master's degree in business administration, with concentrations in finance and accounting, from the University of Chicago Booth School of Business. He also holds the Chartered Financial Analyst® designation.