FEDEX CORP - FORM 10-Q - EX-12.1

EXHIBIT 12.1

FEDEX CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(UNAUDITED)

(IN MILLIONS, EXCEPT RATIOS)


	Nine Months Ended
	February 29,		February 28,		Year Ended May 31,
	2016		2015		2015		2014		2013		2012 ⁽¹⁾			2011
Earnings:
Income before income taxes	$	2,921	$	3,043	$	1,627	$	3,658	$	4,338	$	(444	)	$	2,002
Add back:
Interest expense, net of capitalized interest		233		164		235		160		82		52			86
Amortization of debt issuance costs		6		4		5		4		5		5			16
Portion of rent expense representative of interest factor		731		668		908		876		864		797			852

Earnings as adjusted	$	3,891	$	3,879	$	2,775	$	4,698	$	5,289	$	410		$	2,956


Fixed Charges:
Interest expense, net of capitalized interest	$	233	$	164	$	235	$	160	$	82	$	52		$	86
Capitalized interest		31		26		37		29		45		85			71
Amortization of debt issuance costs		6		4		5		4		5		5			16
Portion of rent expense representative of interest factor		731		668		908		876		864		797			852

	$	1,001	$	862	$	1,185	$	1,069	$	996	$	939		$	1,025

Ratio of Earnings to Fixed Charges		3.9		4.5		2.3		4.4		5.3		—			2.9

⁽¹⁾	Earnings for 2012 were inadequate to cover fixed charges. Additional earnings of $529 million would have been necessary to bring the ratio for this period to 1.0.

FEDEX CORP - FORM 10-Q - EX-12.1 - March 17, 2016