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FedEx® Q2 FY22 Results TOTAL REVENUE $ 23.5B * ADJUSTED DILUTED EPS $ $ 1.3B $ 4.83 Unchanged YoY Unchanged YoY * See table below for reconciliation to GAAP measure . Some columns do not sum due to rounding . Additional information included in Fed Ex Corp.'s second quarter fiscal year 2022 earnings release . 14 % YoY Dollars in millions , except EPS " FedEx operating income grew in our second quarter , driven by strong revenue growth and effective management of our cost and expected labor availability challenges . While adjusted earnings per share was unchanged year - over - year , this year's effective tax rate was significantly higher , as last year's earnings included a $ 0.71 per share tax benefit . " GAAP Measure Mark - to - market ( MTM ) retirement plans accounting adjustments Business realignment costs TNT Express integration expenses Non - GAAP Measure OPERATING INCOME Q2 FY22 * ADJUSTED OPERATING MARGIN 7.1 % 30 bp YoY 44 $ 1,597 $ 1,465 34 $ 1,675 Q2 FY21 I 48 $ 1,513 MICHAEL C. LENZ FedEx Corp. Executive Vice President and Chief Financial Officer OPERATING MARGIN Q2 FY22 * ADJUSTED NET INCOME 6.8 % 0.2 % 0.1 % 7.1 % Q2 FY21 7.1 % | 0.2 % 7.4 % NET INCOME Q2 FY22 $ 1,044 195 34 26 Q2 FY21 $ 1,226 41 | 36 $ 1,299 $ 1,303 DILUTED EPS Q2 FY22 $ 3.88 0.73 0.13 0.10 Q2 FY21 $ 4.55 0.15 I 0.13 $ 4.83 $ 4.83 Certain statements herein may be considered forward - looking statements . Such statements are subject to risks , uncertainties and other factors discussed in FedEx Corp.'s second quarter fiscal year 2022 earnings release , FedEx Corp.'s , and its subsidiaries ' press releases and FedEx Corp.'s filings with the Securities and Exchange Commission .