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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.) 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.

2 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). 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.

3 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. 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).

4 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. 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. 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.

5 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. 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.

6 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. 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.

7 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. Market for Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities41 ITEM 6. Selected Financial Data41 ITEM 7. Management s Discussion and Analysis of Results of Operations and Financial Condition41 ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk73 ITEM 8. Financial Statements and Supplementary Data74 ITEM 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure116 ITEM 9A. Controls and Procedures116 ITEM 9B. Other Information116 PART III ITEM 10. Directors, Executive Officers and Corporate Governance117 ITEM 11. Executive Compensation117 ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters117 ITEM 13.

8 Certain Relationships and Related Transactions, and Director Independence117 ITEM 14. Principal Accountant Fees and Services117 PART IV ITEM 15. Exhibits and Financial Statement Schedules118 ITEM 16. Form 10-K Summary127 - 1 - EXHIBITS Exhibit Exhibit Exhibit Exhibit Exhibit Exhibit 21 Exhibit 22 Exhibit 23 Exhibit 24 Exhibit Exhibit Exhibit Exhibit Exhibit Interactive Date Files Exhibit 104 Cover Page Interactive Data File - 2 - PART IITEM 1. BUSINESSO verviewFedEx Corporation ( FedEx ) was incorporated in Delaware on October 2, 1997 to serve as the parent holding company and provide strategic direction to theFedEx portfolio of companies. FedEx provides a broad portfolio of transportation, e-commerce and business services through operating companies competingcollectively, operating collaboratively and innovating digitally, under the respected FedEx brand.

9 These companies are included in the following reportablebusiness segments: FedEx Express: Federal Express Corporation ( FedEx Express ) is the world s largest express transportation company, offering time-definite delivery tomore than 220 countries and territories, connecting markets that comprise more than 99% of the world s gross domestic product. FedEx Ground: FedEx Ground Package System, Inc. ( FedEx Ground ) is a leading North American provider of small-package ground delivery Ground provides low-cost, day-certain service to any business address in the and Canada, as well as residential delivery to 100% of through its FedEx Home Delivery service. FedEx Ground Economy specializes in the consolidation and delivery of high volumes of low-weight, less time-sensitive business-to-consumer packages. FedEx Freight: FedEx Freight Corporation ( FedEx Freight ) is a leading North American provider of less-than-truckload ( LTL ) freight servicesacross all lengths of haul to businesses and residences.

10 Within the contiguous , FedEx Freight offers FedEx Freight Priority, when speed is critical tomeet a customer s supply chain needs; FedEx Freight Economy, when a customer can trade time for cost savings; and FedEx Freight Direct, a service tomeet the needs of the growing e-commerce market for delivery of heavy, bulky products to or through the door for residences and businesses. FedExFreight also offers freight delivery service to most points in Puerto Rico and the Virgin Islands. FedEx Services: FedEx Corporate Services, Inc. ( FedEx Services ) provides sales, marketing, information technology, communications, customerservice, technical support, billing and collection services, and certain back-office functions that support our operating segments. The FedEx Office and Print Services, Inc. ( FedEx Office ) operating segment provides document and business services and retail access to our packagetransportation businesses.