FedEx (FDX) 8-K Results of Operations and Financial Condition

Exhibit 99.2

FedEx Corporation

Summary Statements of Income - As Adjusted for Adoption of Pension and Other Postretirement Benefit Plan Accounting Methods and Revised Expected Return on Plan Assets Assumption

(Dollars in millions except per share amounts)

Unaudited

For the Nine Months Ended February 28, 2015	FedEx Express			FedEx Ground			FedEx Freight			Corporate, eliminations and other			Consolidated
Operating Income (Loss) Previously Reported	$	1,237		$	1,568		$	348		$	(191	)	$	2,962
Elimination of actuarial gains/losses amortization		199			16			10			1			226
Recast of segments using a 6.5% EROA		(174	)		(15	)		(11	)		200			—
Operating Income	$	1,262		$	1,569		$	347		$	10			3,188
Other Income (Expense)
Interest, net														(153	)
Other, net														8
														(145	)
Income Before Income Taxes														3,043
Provision for Income Taxes														1,099
Net Income													$	1,944
Diluted Earnings per Common Share													$	6.75
For the Year Ended May 31, 2014	FedEx Express			FedEx Ground			FedEx Freight			Corporate, eliminations and other			Consolidated
Operating Income (Loss) Previously Reported	$	1,301		$	2,010		$	345		$	(210	)	$	3,446
Elimination of actuarial gains/losses amortization		336			28			17			3			384
Recast of segments using a 6.5% EROA		(209	)		(17	)		(11	)		237			—
Retirement Plans MTM Adjustment		—			—			—			(15	)		(15	)
Operating Income	$	1,428		$	2,021		$	351		$	15			3,815
Other Income (Expense)
Interest, net														(142	)
Other, net														(15	)
														(157	)
Income Before Income Taxes														3,658
Provision for Income Taxes														1,334
Net Income													$	2,324
Diluted Earnings per Common Share													$	7.48
For the Year Ended May 31, 2013(1)	FedEx Express			FedEx Ground			FedEx Freight			Corporate, eliminations and other			Consolidated
Operating Income (Loss) Previously Reported	$	700		$	1,842		$	236		$	(227	)	$	2,551
Elimination of actuarial gains/losses amortization		455			34			21			5			515
Recast of segments using a 6.5% EROA		(226	)		(17	)		(11	)		254			—
Retirement Plans MTM Adjustment		—			—			—			1,368			1,368
Operating Income	$	929		$	1,859		$	246		$	1,400			4,434
Other Income (Expense)
Interest, net														(61	)
Other, net														(35	)
														(96	)
Income Before Income Taxes														4,338
Provision for Income Taxes														1,622
Net Income													$	2,716
Diluted Earnings per Common Share													$	8.55

⁽¹⁾ Results for 2013 include $560 million ($353 million, net of tax or $1.11 per diluted share ) of business realignment costs and a $100 million ($63 million, net of tax, or $0.20 per diluted share) impairment charge resulting from the decision to retire 10 aircraft and related engines at FedEx Express.

FedEx Corporation

Segment and Consolidated Results for the Quarter Ended - As Adjusted for Adoption of Pension and Other Postretirement Benefit Plan Accounting Methods and Revised Expected Return on Plan Assets Assumption

(Dollars in millions except per share amounts)

Unaudited

FedEx Express	Feb. 28, 2015			Nov. 30, 2014			Aug. 31, 2014			May 31, 2014			Feb. 28, 2014			Nov. 30, 2013			Aug. 31, 2013
Operating Income Previously Reported	$	384		$	484		$	369		$	503		$	168		$	357		$	273
Elimination of actuarial gains/losses amortization		67			66			66			83			85			84			84
Recast of segments using a 6.5% EROA		(58	)		(58	)		(58	)		(52	)		(53	)		(52	)		(52	)
Operating Income	$	393		$	492		$	377		$	534		$	200		$	389		$	305
FedEx Ground	Feb. 28, 2015			Nov. 30, 2014			Aug. 31, 2014			May 31, 2014			Feb. 28, 2014			Nov. 30, 2013			Aug. 31, 2013
Operating Income Previously Reported	$	558		$	465		$	545		$	598		$	490		$	439		$	483
Elimination of actuarial gains/losses amortization		5			5			6			8			7			6			7
Recast of segments using a 6.5% EROA		(4	)		(5	)		(6	)		(5	)		(4	)		(4	)		(4	)
Operating Income	$	559		$	465		$	545		$	601		$	493		$	441		$	486
FedEx Freight	Feb. 28, 2015			Nov. 30, 2014			Aug. 31, 2014			May 31, 2014			Feb. 28, 2014			Nov. 30, 2013			Aug. 31, 2013
Operating Income Previously Reported	$	68		$	112		$	168		$	128		$	35		$	83		$	99
Elimination of actuarial gains/losses amortization		4			3			3			4			4			5			4
Recast of segments using a 6.5% EROA		(5	)		(3	)		(3	)		(2	)		(3	)		(3	)		(3	)
Operating Income	$	67		$	112		$	168		$	130		$	36		$	85		$	100
Corporate, eliminations and other	Feb. 28, 2015			Nov. 30, 2014			Aug. 31, 2014			May 31, 2014			Feb. 28, 2014			Nov. 30, 2013			Aug. 31, 2013
Operating Loss Previously Reported	$	(48	)	$	(48	)	$	(95	)	$	(46	)	$	(52	)	$	(52	)	$	(60	)
Elimination of actuarial gains/losses amortization		—			1			—			1			—			1			1
Recast of segments using a 6.5% EROA		67			66			67			59			60			59			59
Retirement Plans MTM Adjustment		—			—			—			(15	)		—			—			—
Operating Income (Loss)	$	19		$	19		$	(28	)	$	(1	)	$	8		$	8		$	—
Consolidated	Feb. 28, 2015			Nov. 30, 2014			Aug. 31, 2014			May 31, 2014			Feb. 28, 2014			Nov. 30, 2013			Aug. 31, 2013
Operating Income Previously Reported	$	962		$	1,013		$	987		$	1,183		$	641		$	827		$	795
Elimination of actuarial gains/losses amortization		76			75			75			96			96			96			96
Recast of segments using a 6.5% EROA		—			—			—			—			—			—			—
Retirement Plans MTM Adjustment		—			—			—			(15	)		—			—			—
Operating Income		1,038			1,088			1,062			1,264			737			923			891
Other Income (Expense)
Interest, net		(58	)		(47	)		(48	)		(47	)		(38	)		(30	)		(27	)
Other, net		5			5			(2	)		1			(9	)		(5	)		(2	)
		(53	)		(42	)		(50	)		(46	)		(47	)		(35	)		(29	)
Income Before Income Taxes		985			1,046			1,012			1,218			690			888			862
Provision for Income Taxes		357			383			359			438			253			329			314
Net Income	$	628		$	663		$	653		$	780		$	437		$	559		$	548
Diluted Earnings per Common Share	$	2.18		$	2.31		$	2.26		$	2.62		$	1.42		$	1.75		$	1.72