FedEx (FDX) 8-K FedEx Corp. Reports Strong Third Quarter Earnings Growth

Exhibit 99.1

FOR IMMEDIATE RELEASE

FedEx Corp. Reports Strong Third Quarter Earnings Growth

MEMPHIS, Tenn., March 18, 2015 … FedEx Corp. (NYSE: FDX) today reported earnings of $2.01 per diluted share for the third quarter ended February 28, compared to $1.23 per share last year.

“We had a very successful peak season as volumes grew across all transportation segments, and our profit improvement programs are moving ahead as scheduled,” said Frederick W. Smith, FedEx Corp. chairman, president and chief executive officer. “We believe our strategy is sound, our culture is unique, and our customers value our broad portfolio of business solutions.”

Third Quarter Results

FedEx Corp. reported the following consolidated results for the third quarter:

• Revenue of $11.7 billion, up 4% from $11.3 billion the previous year

• Operating income of $962 million, up 50% from $641 million last year

• Operating margin of 8.2%, up from 5.7% the previous year

• Net income of $580 million, up 53% from last year’s $378 million

Operating results improved due to volume and base yield growth in all three transportation segments, a significant net benefit from fuel, benefits from profit improvement program initiatives, a lower year-over-year weather impact and reduced pension expense. These improvements were partially offset by higher variable incentive compensation accruals.

Share repurchases had a $0.11 year-over-year positive impact on third quarter earnings per diluted share.

Outlook

FedEx projects earnings to be $8.80 to $8.95 per diluted share for fiscal 2015. This outlook assumes continued moderate global economic growth. The capital spending forecast for fiscal 2015 remains $4.2 billion.

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“We expect continued revenue and earnings growth this year, driven by ongoing improvements in all of our transportation segments,” said Alan B. Graf, Jr., FedEx Corp. executive vice president and chief financial officer. “Variable incentive compensation accruals will continue to increase as our financial performance improves, and we expect to deliver record fourth quarter and fiscal year earnings.”

FedEx Express Segment

For the third quarter, the FedEx Express segment reported:

• Revenue of $6.66 billion, compared to last year’s $6.67 billion

• Operating income of $384 million, up 129% from $168 million a year ago

• Operating margin of 5.8%, up from 2.5% the previous year

Revenue was essentially flat, as lower fuel surcharges and unfavorable currency exchange rates more than offset volume and base yield growth. U.S. domestic package volume grew by 4%, including 5% growth in overnight box. U.S. domestic revenue per package decreased 2% due to lower fuel surcharges, partially offset by higher base rates. FedEx International Economy volume grew 4%, while FedEx International Priority volume was flat. International export revenue per package decreased 4%, as lower fuel surcharges and unfavorable currency exchange rates were partially offset by favorable service mix and higher rates.

Operating results were higher as increased base revenue, a significant net benefit from fuel and a lower year-over-year weather impact all contributed to the quarter. In addition, the company continued to benefit from profit improvement program initiatives. Partially offsetting these favorable factors were increased variable incentive compensation accruals and aircraft maintenance expenses.

FedEx Ground Segment

For the third quarter, the FedEx Ground segment reported:

• Revenue of $3.39 billion, up 12% from last year’s $3.03 billion

• Operating income of $558 million, up 14% from $490 million a year ago

• Operating margin of 16.4%, up from 16.2% the previous year

FedEx Ground average daily volume grew 7% in the third quarter due to growth in both business to business and home delivery services. Revenue per package increased 3% due to base rate increases and higher dimensional weight charges. FedEx SmartPost average daily volume

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decreased 7% due to the reduction in volume from a major customer. SmartPost revenue per package increased 8% due to rate increases and improved customer mix, partially offset by higher postage costs.

Operating results increased due to higher revenue per package, volume growth, a net benefit from fuel and a lower year-over-year weather impact, partially offset by network expansion costs.

FedEx Corp. completed the acquisition of third-party logistics provider GENCO Distribution System, Inc. on January 30, 2015. The financial results of GENCO are included within the FedEx Ground segment from the date of acquisition. GENCO had an immaterial impact on the quarter’s results.

FedEx Freight Segment

For the third quarter, the FedEx Freight segment reported:

• Revenue of $1.43 billion, up 6% from last year’s $1.35 billion

• Operating income of $68 million, up 94% from $35 million a year ago

• Operating margin of 4.8%, up from 2.6% the previous year

Less-than-truckload (LTL) average daily shipments increased 3%, while LTL revenue per shipment grew 3% due to higher rates.

Operating results improved due to the positive impacts of higher LTL revenue per shipment and higher average daily LTL shipments.

Corporate Overview

FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $47 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brand. Consistently ranked among the world’s most admired and trusted employers, FedEx inspires its more than 325,000 team members to remain “absolutely, positively” focused on safety, the highest ethical and professional standards and the needs of their customers and communities. For more information, visitnews.fedex.com.

Additional information and operating data are contained in the company’s annual report, Form 10-K, Form 10-Qs and third quarter fiscal 2015 Statistical Book. These materials, as well as a webcast of the earnings release conference call to be held at 8:30 a.m. EDT on March 18 are available on the company’s website atinvestors.fedex.com. A replay of the conference call webcast will be posted on our website following the call.

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Certain statements in this press release may be considered forward-looking statements, such as statements relating to management’s views with respect to future events and financial performance. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions in the global markets in which we operate, our ability to execute on our profit improvement programs, legal challenges or changes related to FedEx Ground’s owner-operators, new U.S. domestic or international government regulation, the impact from any terrorist activities or international conflicts, our ability to effectively operate, integrate and leverage acquired businesses, changes in fuel prices and currency exchange rates, our ability to match capacity to shifting volume levels and other factors which can be found in FedEx Corp.’s and its subsidiaries’ press releases and filings with the SEC.

Media Contact: Jess Bunn 901-818-7463

Investor Contact: Mickey Foster 901-818-7468

Home Page: fedex.com

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4

FEDEX CORP. FINANCIAL HIGHLIGHTS

Third Quarter Fiscal 2015

(In millions, except earnings per share)

(Unaudited)

	Three Months Ended February 28									Nine Months Ended February 28
	2015			2014			%			2015			2014			%
Revenue:
FedEx Express segment	$	6,656		$	6,674			—		$	20,542		$	20,123			2	%
FedEx Ground segment		3,393			3,031			12	%		9,416			8,610			9	%
FedEx Freight segment		1,428			1,347			6	%		4,622			4,205			10	%
FedEx Services segment		370			368			1	%		1,138			1,134			—
Eliminations and other		(131	)		(119	)		NM			(379	)		(344	)		NM
Total Revenue		11,716			11,301			4	%		35,339			33,728			5	%
Operating Expenses:
Salaries and employee benefits		4,411			4,167			6	%		12,904			12,392			4	%
Purchased transportation		2,165			2,063			5	%		6,404			5,982			7	%
Rentals and landing fees		686			662			4	%		2,009			1,950			3	%
Depreciation and amortization		652			652			—			1,954			1,938			1	%
Fuel		810			1,163			(30	%)		2,982			3,403			(12	%)
Maintenance and repairs		505			438			15	%		1,604			1,397			15	%
Other		1,525			1,515			1	%		4,520			4,403			3	%
Total Operating Expenses		10,754			10,660			1	%		32,377			31,465			3	%
Operating Income:
FedEx Express segment		384			168			129	%		1,237			798			55	%
FedEx Ground segment		558			490			14	%		1,568			1,412			11	%
FedEx Freight segment		68			35			94	%		348			217			60	%
Corporate, eliminations and other		(48	)		(52	)		NM			(191	)		(164	)		NM
Total Operating Income		962			641			50	%		2,962			2,263			31	%
Other Expense:
Interest, net		(58	)		(38	)		NM			(153	)	��	(95	)		NM
Other, net		5			(9	)		NM			8			(16	)		NM
Total Other Expense		(53	)		(47	)		NM			(145	)		(111	)		NM
Pretax Income		909			594			53	%		2,817			2,152			31	%
Provision for Income Taxes		329			216			52	%		1,015			785			29	%
Net Income	$	580		$	378			53	%	$	1,802		$	1,367			32	%
Diluted Earnings Per Share	$	2.01		$	1.23			63	%	$	6.25		$	4.34			44	%
Weighted Average Common and Common Equivalent Shares		287			307			(7	%)		288			315			(9	%)
Capital Expenditures	$	1,080		$	864			25	%	$	2,969		$	2,554			16	%

5

FEDEX CORP. CONDENSED CONSOLIDATED BALANCE SHEETS

Third Quarter Fiscal 2015

(In millions)

	Feb. 28, 2015 (Unaudited)			May 31, 2014
ASSETS
Current Assets
Cash and cash equivalents	$	3,478		$	2,908
Receivables, less allowances		5,584			5,460
Spare parts, supplies and fuel, less allowances		488			463
Deferred income taxes		510			522
Prepaid expenses and other		422			330
Total current assets		10,482			9,683
Property and Equipment, at Cost		42,652			40,691
Less accumulated depreciation and amortization		22,227			21,141
Net property and equipment		20,425			19,550
Other Long-Term Assets
Goodwill		3,805			2,790
Other assets		1,396			1,047
Total other long-term assets		5,201			3,837
	$	36,108		$	33,070
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
Current Liabilities
Current portion of long-term debt	$	—		$	1
Accrued salaries and employee benefits		1,231			1,277
Accounts payable		2,050			1,971
Accrued expenses		1,962			2,063
Total current liabilities		5,243			5,312
Long-Term Debt, Less Current Portion		7,228			4,736
Other Long-Term Liabilities
Deferred income taxes		2,497			2,114
Pension, postretirement healthcare and other benefit obligations		2,962			3,484
Self-insurance accruals		1,092			1,038
Deferred lease obligations		694			758
Deferred gains, principally related to aircraft transactions		187			206
Other liabilities		193			145
Total other long-term liabilities		7,625			7,745
Commitments and Contingencies
Common Stockholders’ Investment
Common stock, $0.10 par value, 800 million shares authorized		32			32
Additional paid-in capital		2,739			2,643
Retained earnings		21,880			20,429
Accumulated other comprehensive loss		(3,909	)		(3,694	)
Treasury stock, at cost		(4,730	)		(4,133	)
Total common stockholders’ investment		16,012			15,277
	$	36,108		$	33,070

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FEDEX CORP. CONDENSED CONSOLIDATED

STATEMENTS OF CASH FLOWS

Third Quarter Fiscal 2015

(In millions)

(Unaudited)

	Nine Months Ended February 28
	2015			2014
Operating Activities:
Net income	$	1,802		$	1,367
Noncash charges:
Depreciation and amortization		1,954			1,938
Other, net		580			581
Changes in operating assets and liabilities, net		(863	)		(1,308	)
Net cash provided by operating activities		3,473			2,578
Investing Activities:
Capital expenditures		(2,969	)		(2,554	)
Business acquisitions, net of cash acquired		(1,429	)		—
Proceeds from asset dispositions and other		16			23
Net cash used in investing activities		(4,382	)		(2,531	)
Financing Activities:
Principal payments on debt		(1	)		(254	)
Proceeds from debt issuances		2,491			1,997
Dividends paid		(171	)		(142	)
Purchase of treasury stock		(1,016	)		(3,984	)
Other, net		280			471
Net cash provided by (used in) financing activities		1,583			(1,912	)
Effect of exchange rate changes on cash		104			(10	)
Net increase (decrease) in cash and cash equivalents		570			(1,875	)
Cash and cash equivalents at beginning of period		2,908			4,917
Cash and cash equivalents at end of period	$	3,478		$	3,042

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FEDEX EXPRESS SEGMENT FINANCIAL HIGHLIGHTS

Third Quarter Fiscal 2015

(Dollars in millions)

(Unaudited)

	Three Months Ended February 28									Nine Months Ended February 28
	2015			2014			%			2015			2014			%
Revenues:
Package Revenue:
U.S. Overnight Box	$	1,653		$	1,643			1	%	$	5,040		$	4,852			4	%
U.S. Overnight Envelope		392			393			—			1,207			1,210			—
Total U.S. Overnight		2,045			2,036			—			6,247			6,062			3	%
U.S. Deferred		895			869			3	%		2,524			2,369			7	%
Total U.S. Package Revenue		2,940			2,905			1	%		8,771			8,431			4	%
International Priority		1,463			1,542			(5	%)		4,742			4,760			—
International Economy		560			540			4	%		1,729			1,639			5	%
Total International Export Package		2,023			2,082			(3	%)		6,471			6,399			1	%
International Domestic1		328			347			(5	%)		1,082			1,077			—
Total Package Revenue		5,291			5,334			(1	%)		16,324			15,907			3	%
Freight Revenue:
U.S.		580			577			1	%		1,745			1,786			(2	%)
International Priority		375			379			(1	%)		1,182			1,184			—
International Airfreight		45			48			(6	%)		133			157			(15	%)
Total Freight Revenue		1,000			1,004			—			3,060			3,127			(2	%)
Other Revenue2		365			336			9	%		1,158			1,089			6	%
Total Express Revenue	$	6,656		$	6,674			—		$	20,542		$	20,123			2	%
Operating Expenses:
Salaries and employee benefits		2,580			2,509			3	%		7,596			7,418			2	%
Purchased transportation		614			608			1	%		1,942			1,876			4	%
Rentals and landing fees		436			432			1	%		1,284			1,273			1	%
Depreciation and amortization		364			374			(3	%)		1,106			1,116			(1	%)
Fuel		697			1,010			(31	%)		2,573			2,952			(13	%)
Maintenance and repairs		324			273			19	%		1,060			888			19	%
Intercompany charges3		461			474			(3	%)		1,363			1,413			(4	%)
Other		796			826			(4	%)		2,381			2,389			—
Total Operating Expenses3		6,272			6,506			(4	%)		19,305			19,325			—
Operating Income3	$	384		$	168			129	%	$	1,237		$	798			55	%
Operating Margin3		5.8	%		2.5	%		3.3	pts		6.0	%		4.0	%		2.0	pts

1 - International Domestic revenues represent international intra-country express operations.

2 - Includes FedEx Trade Networks, FedEx SupplyChain Systems and Bongo International.

3 - Prior year amounts have been revised to conform to the current year segment presentation regarding the allocation of corporate headquarters costs.

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FEDEX EXPRESS SEGMENT OPERATING HIGHLIGHTS

Third Quarter Fiscal 2015

(Unaudited)

	Three Months Ended February 28							Nine Months Ended February 28
	2015		2014		%			2015		2014		%
PACKAGE STATISTICS1
Average Daily Package Volume (000s):
U.S. Overnight Box		1,258		1,202		5	%		1,243		1,153		8	%
U.S. Overnight Envelope		516		515		—			521		538		(3	%)
Total U.S. Overnight Package		1,774		1,717		3	%		1,764		1,691		4	%
U.S. Deferred		1,024		984		4	%		928		871		7	%
Total U.S. Domestic Package		2,798		2,701		4	%		2,692		2,562		5	%
International Priority		398		399		—			410		409		—
International Economy		175		168		4	%		175		168		4	%
Total International Export Package		573		567		1	%		585		577		1	%
International Domestic2		831		780		7	%		854		822		4	%
Total Average Daily Packages		4,202		4,048		4	%		4,131		3,961		4	%
Yield (Revenue Per Package):
U.S. Overnight Box	$	20.85	$	21.70		(4	%)	$	21.34	$	22.15		(4	%)
U.S. Overnight Envelope		12.07		12.09		—			12.18		11.84		3	%
U.S. Overnight Composite		18.30		18.82		(3	%)		18.64		18.87		(1	%)
U.S. Deferred		13.88		14.01		(1	%)		14.32		14.31		—
U.S. Domestic Composite		16.68		17.07		(2	%)		17.15		17.32		(1	%)
International Priority		58.40		61.38		(5	%)		60.79		61.30		(1	%)
International Economy		50.60		51.01		(1	%)		52.03		51.24		2	%
Total International Export Composite		56.01		58.30		(4	%)		58.17		58.37		—
International Domestic2		6.28		7.05		(11	%)		6.67		6.90		(3	%)
Composite Package Yield	$	19.99	$	20.91		(4	%)	$	20.80	$	21.14		(2	%)
FREIGHT STATISTICS
Average Daily Freight Pounds (000s):
U.S.		8,145		8,263		(1	%)		7,831		7,850		—
International Priority		2,823		2,823		—			2,866		2,917		(2	%)
International Airfreight		718		757		(5	%)		673		839		(20	%)
Total Avg Daily Freight Pounds		11,686		11,843		(1	%)		11,370		11,606		(2	%)
Revenue Per Freight Pound:
U.S.	$	1.13	$	1.11		2	%	$	1.17	$	1.20		(3	%)
International Priority		2.11		2.13		(1	%)		2.17		2.14		1	%
International Airfreight		1.00		1.00		—			1.04		0.98		6	%
Composite Freight Yield	$	1.36	$	1.35		1	%	$	1.42	$	1.42		—
Operating Weekdays		63		63		—			190		190		—

1 - Package and freight statistics include only the operations of FedEx Express.

2 - International Domestic revenues represent international intra-country express operations.

9

FEDEX GROUND SEGMENT FINANCIAL AND OPERATING HIGHLIGHTS

Third Quarter Fiscal 2015

(Dollars in millions)

(Unaudited)

	Three Months Ended February 28									Nine Months Ended February 28
	2015			2014			%			2015			2014			%
FINANCIAL HIGHLIGHTS
Revenues:
FedEx Ground	$	3,021		$	2,751			10	%	$	8,569		$	7,858			9	%
FedEx SmartPost		285			280			2	%		760			752			1	%
GENCO1		87			—			NM			87			—			NM
Total Revenues		3,393			3,031			12	%		9,416			8,610			9	%
Operating Expenses:
Salaries and employee benefits		565			460			23	%		1,498			1,319			14	%
Purchased transportation		1,348			1,253			8	%		3,765			3,476			8	%
Rentals		126			105			20	%		349			299			17	%
Depreciation and amortization		136			121			12	%		381			350			9	%
Fuel		3			7			(57	%)		9			14			(36	%)
Maintenance and repairs		61			57			7	%		174			166			5	%
Intercompany charges2		281			274			3	%		834			821			2	%
Other		315			264			19	%		838			753			11	%
Total Operating Expenses2		2,835			2,541			12	%		7,848			7,198			9	%
Operating Income2	$	558		$	490			14	%	$	1,568		$	1,412			11	%
Operating Margin2		16.4	%		16.2	%		0.2	pts		16.7	%		16.4	%		0.3	pts
OPERATING STATISTICS
Operating Weekdays
FedEx Ground		63			63			—			190			190			—
FedEx SmartPost		61			61			—			188			188			—
Average Daily Package Volume (000s)
FedEx Ground		5,136			4,817			7	%		4,851			4,584			6	%
FedEx SmartPost		2,360			2,529			(7	%)		2,117			2,276			(7	%)
Yield (Revenue Per Package)
FedEx Ground	$	9.32		$	9.04			3	%	$	9.28		$	9.00			3	%
FedEx SmartPost	$	1.97		$	1.82			8	%	$	1.91		$	1.76			9	%

1 - Net revenues for GENCO are included from the January 30, 2015 date of closing.

2 - Prior year amounts have been revised to conform to the current year segment presentation regarding the allocation of corporate headquarters costs.

10

FEDEX FREIGHT SEGMENT FINANCIAL AND OPERATING HIGHLIGHTS

Third Quarter Fiscal 2015

(Dollars in millions)

(Unaudited)

	Three Months Ended February 28									Nine Months Ended February 28
	2015			2014			%			2015			2014			%
FINANCIAL HIGHLIGHTS
Revenue	$	1,428		$	1,347			6	%	$	4,622		$	4,205			10	%
Operating Expenses:
Salaries and employee benefits		663			598			11	%		2,005			1,807			11	%
Purchased transportation		235			231			2	%		792			715			11	%
Rentals		33			31			6	%		96			94			2	%
Depreciation and amortization		54			58			(7	%)		170			172			(1	%)
Fuel		109			146			(25	%)		399			436			(8	%)
Maintenance and repairs		49			42			17	%		148			134			10	%
Intercompany charges1		108			105			3	%		329			329			—
Other		109			101			8	%		335			301			11	%
Total Operating Expenses1		1,360			1,312			4	%		4,274			3,988			7	%
Operating Income1	$	68		$	35			94	%	$	348		$	217			60	%
Operating Margin1		4.8	%		2.6	%		2.2	pts		7.5	%		5.2	%		2.3	pts
OPERATING STATISTICS
LTL Operating Weekdays		62			62			—			188			188			—
Average Daily LTL Shipments (000s)
Priority		62.0			59.5			4	%		67.1			61.5			9	%
Economy		26.8			26.3			2	%		28.4			27.3			4	%
Total Average Daily LTL Shipments		88.8			85.8			3	%		95.5			88.8			8	%
Weight Per LTL Shipment (lbs)
Priority		1,287			1,280			1	%		1,262			1,255			1	%
Economy		1,007			1,002			—			1,010			995			2	%
Composite Weight Per LTL Shipment		1,203			1,195			1	%		1,187			1,175			1	%
LTL Revenue/Shipment
Priority	$	231.92		$	224.63			3	%	$	229.43		$	222.99			3	%
Economy		265.66			257.74			3	%		265.51			257.10			3	%
Composite LTL Revenue/Shipment	$	242.52		$	235.14			3	%	$	240.30		$	233.61			3	%
LTL Yield (Revenue/CWT)
Priority	$	18.02		$	17.54			3	%	$	18.18		$	17.77			2	%
Economy		26.38			25.71			3	%		26.29			25.83			2	%
Composite LTL Yield	$	20.17		$	19.67			3	%	$	20.24		$	19.88			2	%

1 - Prior year amounts have been revised to conform to the current year segment presentation regarding the allocation of corporate headquarters costs.

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