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                              September 1, 2022

       Michael C. Lenz
       Chief Financial Officer
       FedEx Corporation
       942 South Shady Grove Road
       Memphis, Tennessee 38120

                                                        Re: FedEx Corporation
                                                            Form 10-K for
Fiscal Year ended May 31, 2022
                                                            Filed July 18, 2022
                                                            File No. 001-15829

       Dear Mr. Lenz:

              We have reviewed your filing and have the following comments. In
some of our
       comments, we may ask you to provide us with information so we may better
understand your
       disclosure.

              Please respond to these comments within ten business days by
providing the requested
       information or advise us as soon as possible when you will respond. If
you do not believe our
       comments apply to your facts and circumstances, please tell us why in
your response.

                                                        After reviewing your
response to these comments, we may have additional comments.

       Form 10-K for Fiscal Year ended May 31, 2022

       Management's Discussion and Analysis of Financial Condition and
       Results of Operations, page 44

   1.                                                   We note you disclosed
that your operating results for 2022 were negatively affected
                                                        by inflationary cost
pressures. Please revise to address the following:
                                                            Disclose any known
trends or uncertainties that have had or are reasonably likely to
                                                            have a material
impact on your cash flows, liquidity, capital resources, cash
                                                            requirements,
financial position, or results of operations arising from, related to, or
                                                            caused by the
inflation;
                                                            Expand to identify
the principal factors contributing to the inflationary pressures you
                                                            have experienced
and clarify the resulting impact to the company; and
                                                            Expand your
disclosure to identify specific actions planned or taken, if any, to
                                                            mitigate
inflationary pressures.
 Michael C. Lenz
FedEx Corporation
September 1, 2022
Page 2


2.       We note you disclosed that labor market challenges contributed to
global supply chain
         disruptions and affected the availability and cost of labor resulting
in network
         inefficiencies, higher purchased transportation costs, and higher wage
rates in 2022. You
         also state that disruptions in global supply chains could limit the
access of FedEx and your
         service providers to vehicles and other key capital resources and
increase your costs.
         Please revise to address the following:
             Discuss whether supply chain disruptions materially affect your
outlook or business
              goals. Specify whether these challenges have materially impacted
your results of
              operations or capital resources and quantify, to the extent
possible, how your sales,
              profits, and/or liquidity have been impacted;
             Expand your disclosure to identify specific actions planned or
taken, if any, to
              mitigate supply chain pressures;
             Revise to discuss known trends or uncertainties resulting from
mitigation efforts
              undertaken, if any; and
             Explain whether any mitigation efforts introduce new material
risks, related to
              service quality or reliability.

        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.

       You may contact Joanna Lam at 202-551-3476 or Raj Rajan at 202-551-3388
if you have
questions.



FirstName LastNameMichael C. Lenz                              Sincerely,
Comapany NameFedEx Corporation
                                                               Division of
Corporation Finance
September 1, 2022 Page 2                                       Office of Energy
& Transportation
FirstName LastName