<Page> EXHIBIT 12.1 FEDEX CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED) (IN MILLIONS, EXCEPT RATIOS) <Table> <Caption> Three Months Ended August 31, Year Ended May 31, ----------------- -------------------------------------------------- 2001 2000 2001 2000 1999 1998 1997 ------ ------ ------ ------ ------ ------ ------ Earnings: Income before income taxes $ 200 $ 274 $ 928 $1,138 $1,061 $ 900 $ 426 Add back: Interest expense, net of capitalized interest 38 34 155 121 111 136 111 Amortization of debt issuance costs -- -- 2 1 9 1 1 Portion of rent expense representative of interest factor 173 159 667 625 571 508 440 ------ ------ ------ ------ ------ ------ ------ Earnings as adjusted $ 411 $ 467 $1,752 $1,885 $1,752 $1,545 $ 978 ====== ====== ====== ====== ====== ====== ====== Fixed Charges: Interest expense, net of capitalized interest $ 38 $ 34 $ 155 $ 121 $ 111 $ 136 $ 110 Capitalized interest 9 5 27 35 39 33 46 Amortization of debt issuance costs -- -- 2 1 9 1 1 Portion of rent expense representative of interest factor 173 159 667 625 571 508 440 ------ ------ ------ ------ ------ ------ ------ $ 220 $ 198 $ 851 $ 782 $ 730 $ 678 $ 597 ====== ====== ====== ====== ====== ====== ====== Ratio of Earnings to Fixed Charges 1.9 2.4 2.1 2.4 2.4 2.3 1.6 ====== ====== ====== ====== ====== ====== ====== </Table>