Volume growth for FedEx Freight and Ground, as well as higher fuel surcharges, drove overall revenue growth, with FedEx reporting strong yield growth across all divisions. However, growth was slowed by lower domestic express volumes in the US and international markets, resulting in total volumes dropping 3% in 2021.
FedEx is targeting 4-6% revenue growth every year to 2024, with increased demand for Ground services driving volume growth. A new strategy will see the company focus on targeted investment, with its capex to revenue ratio set to drop to 6.5% by 2024. For more details download the latest IPC Carrier Intelligence Report for FedEx.