TABLE OF CONTENTS

1 UNITED STATESSECURITIES AND EXCHANGE COMMISSIONW ashington, 20549 FORM 10-K(Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended May 31, TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to .Commission file number 1-15829 FedEx Corporation(Exact Name of Registrant as Specified in its Charter) Delaware62-1721435(State or Other Jurisdiction ofIncorporation or Organization)( EmployerIdentification No.)

2 942 South Shady Grove Road, Memphis, Tennessee38120(Address of Principal Executive Offices)(ZIP Code)Registrant s telephone number, including area code: (901) 818-7500 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registeredCommon Stock, par value $ per share FDX New York Stock Notes due Notes due Notes due Notes due Notes due 2033 FDX 25 AFDX 27 FDX 29 AFDX 31 FDX 33 New York Stock ExchangeNew York Stock ExchangeNew York Stock ExchangeNew York Stock ExchangeNew York Stock ExchangeSecurities registered pursuant to Section 12(g) of the Act: NoneIndicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

3 Yes No Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes No Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorterperiod that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ( of this chapter) during thepreceding 12 months (or for such shorter period that the Registrant was required to submit such files).

4 Yes No Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards providedpursuant to Section 13(a) of the Exchange Act.

5 Indicate by check mark whether the Registrant has filed a report on and attestation to its management s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) ofthe Sarbanes-Oxley Act (15 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No The aggregate market value of the common stock held by non-affiliates of the Registrant, computed by reference to the closing price as of the last business day of the Registrant s most recently completedsecond fiscal quarter, November 30, 2020, was approximately $ billion.

6 The Registrant has no non-voting of July 15, 2021, 267,348,232 shares of the Registrant s common stock were INCORPORATED BY REFERENCEP ortions of the Registrant s definitive proxy statement to be delivered to stockholders in connection with the 2021 annual meeting of stockholders to be held on September 27, 2021 are incorporated byreference in response to Part III of this Report. FORWARD-LOOKING STATEMENTSC ertain statements in this Annual Report on Form 10-K (this Annual Report ), including (but not limited to) those contained in Item 1.

7 Business; Item Factors; Item 2. Properties; Item 5. Market for Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities; the Impact of the COVID-19 Pandemic, Business Realignment Costs, Income Taxes, Outlook (including segment outlooks), Liquidity Outlook, Contractual Cash Obligations and Off-Balance Sheet Arrangements, and Critical Accounting Estimates sections of Item 7. Management s Discussion andAnalysis of Results of Operations and Financial Condition; and the Description of Business Segments and Summary of Significant Accounting Policies, Long-Term Debt and Other Financing Arrangements, Income Taxes, Retirement Plans, Commitments and Contingencies notes to the consolidated financialstatements in Item 8.

8 Financial Statements and Supplementary Data are forward-looking statements within the meaning of the Private Securities LitigationReform Act of 1995 with respect to our financial condition, results of operations, cash flows, plans, objectives, future performance and business. Forward-lookingstatements include those preceded by, followed by or that include the words will, may, could, would, should, believes, expects, anticipates, plans, estimates, targets, projects, intends or similar expressions. These forward-looking statements involve risks and uncertainties.

9 Actual results maydiffer materially from those contemplated (expressed or implied) by such forward-looking statements, because of, among other things, the risk factors identifiedabove and the other risks and uncertainties you can find in our press releases and other Securities and Exchange Commission ( SEC ) a result of these and other factors, no assurance can be given as to our future results and achievements. Accordingly, a forward-looking statement is neither aprediction nor a guarantee of future events or circumstances and those future events or circumstances may not occur.

10 You should not place undue reliance on theforward-looking statements, which speak only as of the date of this report. We are under no obligation, and we expressly disclaim any obligation, to update or alterany forward-looking statements, whether as a result of new information, future events or otherwise. TABLE OF CONTENTS Page PART I ITEM 1. Business3 ITEM 1A. Risk Factors23 ITEM 1B. Unresolved Staff Comments34 ITEM 2. Properties34 ITEM 3. Legal Proceedings38 ITEM 4. Mine Safety Disclosures38 Information about our Executive Officers39 PART II ITEM 5.