2022 U.S.-Booked Air Volume: $188M

Consolidated U.S. TMC: BCD

BTN estimates FedEx spent more on U.S.-based air travel for employees in 2022 than in 2019, the last full year before the pandemic, when spend hit an estimated $150 million. 

The increase came in spite of the transportation company announcing cost-cutting measures amounting to $4 billion by 2025. The belt-tightening strategy has been launched in response to a weakening of demand since the pandemic peak, and rising unit costs. Initiatives include laying off 10 percent of office and directors, facility closures and a freeze on hiring. FedEx is also consolidating its separate delivery companies into a single entity.

Revenue in FedEx’s financial year to May 2023 was $90 billion, down from $94 billion in the year to May 2022. Adjusted income fell from $5.5 billion to $3.8 billion during the same period.

According to FedEx’s 2023 ESG report, employee business travel was responsible for 70,000 tonnes of CO2e in the year to May 2022, up from 45,000 tonnes in the previous 12 months.