Income Statement FedEx Corporation

Stocks

FDX

US31428X1063

Air Freight & Logistics

Real-time Estimate Cboe BZX Other stock markets 15:26:09 11/06/2026 BST			5-day change	1st Jan Change
327.39 ^USD	+2.55%		-0.09%	+13.45%

06-10	Cracker Barrel Rises on Full Year Guidance; Chewy Up on Q1 Results \| Stock Movers	MT
06-09	FedEx Pilots Ratify New Collective Bargaining Agreement	MT

62a9ba38f39ea9c6.7xMXn5BSJzfbO6oq5amv0jeoWA3IwE2JXeneNIYH9PM.lkVd5uUXYnqUb5N5pJDNhUaFNGWapwD8G9iLVtRFkseff13N0yhdUu4PzQ

Published financial data: FEDEX CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: May	2021	2022	2023	2024	2025
Revenues	83.96B	93.51B	90.16B	87.69B	87.93B
Total Revenues	83.96B	93.51B	90.16B	87.69B	87.93B
Cost of Goods Sold, Total	60.23B	70.1B	65.76B	63.73B	63.95B
Gross Profit	23.73B	23.41B	24.4B	23.96B	23.97B
Selling General & Admin Expenses, Total	428M	470M	435M	421M	425M
Depreciation & Amortization - (IS)	3.79B	3.97B	4.18B	4.29B	4.26B
Other Operating Expenses	11.55B	12.96B	13.36B	12.29B	12.54B
Other Operating Expenses, Total	15.77B	17.4B	17.97B	17B	17.23B
Operating Income	7.96B	6.01B	6.43B	6.96B	6.74B
Interest Expense, Total	-793M	-689M	-694M	-745M	-789M
Interest And Investment Income	52M	53M	198M	370M	363M
Net Interest Expenses	-741M	-636M	-496M	-375M	-426M
Other Non Operating Income (Expenses)	-32M	13M	-107M	-70M	-45M
EBT, Excl. Unusual Items	7.18B	5.38B	5.82B	6.52B	6.27B
Restructuring Charges	-116M	-278M	-309M	-582M	-756M
Impairment of Goodwill	-	-	-36M	-	-
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Asset Writedown	-	-	-81M	-157M	-21M
Insurance Settlements	-	-	-	57M	-
Legal Settlements	-	-210M	-35M	-	-
Other Unusual Items	-393M	-	-	-	-56M
EBT, Incl. Unusual Items	6.67B	4.9B	5.36B	5.84B	5.44B
Income Tax Expense	1.44B	1.07B	1.39B	1.5B	1.35B
Earnings From Continuing Operations	5.23B	3.83B	3.97B	4.33B	4.09B
Net Income to Company	5.23B	3.83B	3.97B	4.33B	4.09B
Net Income - (IS)	5.23B	3.83B	3.97B	4.33B	4.09B
Preferred Dividend and Other Adjustments	11M	7M	6M	6M	5M
Net Income to Common Incl Extra Items	5.22B	3.82B	3.97B	4.32B	4.09B
Net Income to Common Excl. Extra Items	5.22B	3.82B	3.97B	4.32B	4.09B
Per Share Items
Net EPS - Basic	19.77	14.52	15.61	17.44	16.96
Basic EPS - Continuing Operations	19.77	14.52	15.61	17.44	16.96
Basic Weighted Average Shares Outstanding	264M	263M	254M	248M	241M
Net EPS - Diluted	19.48	14.33	15.48	17.21	16.81
Diluted EPS - Continuing Operations	19.48	14.33	15.48	17.21	16.81
Diluted Weighted Average Shares Outstanding	268M	266M	256M	251M	243M
Normalized Basic EPS	17.01	12.79	14.33	16.43	16.27
Normalized Diluted EPS	16.75	12.65	14.22	16.23	16.14
Dividend Per Share	2.7	3.4	4.71	5.16	5.59
Payout Ratio	13.11	20.73	29.63	29.07	32.72
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	11.75B	9.98B	10.6B	11.25B	11.01B
EBITA	8B	6.06B	6.48B	7.01B	6.79B
EBIT	7.96B	6.01B	6.43B	6.96B	6.74B
EBITDAR	16.3B	15B	15.87B	16.78B	16.75B
Effective Tax Rate - (Ratio)	21.62	21.85	25.94	25.79	24.79
Current Domestic Taxes	357M	431M	736M	1.4B	1.04B
Current Foreign Taxes	284M	317M	209M	265M	359M
Total Current Taxes	641M	748M	945M	1.67B	1.4B
Deferred Domestic Taxes	737M	288M	406M	-22M	-282M
Deferred Foreign Taxes	65M	34M	40M	-140M	235M
Total Deferred Taxes	802M	322M	446M	-162M	-47M
Normalized Net Income	4.49B	3.36B	3.64B	4.07B	3.92B
Interest Capitalized	68M	62M	77M	81M	55M
Interest on Long-Term Debt	861M	751M	771M	826M	844M
Non-Cash Pension Expense	-2.15B	877M	-971M	-796M	-776M
Supplemental Operating Expense Items
Advertising Expense	428M	470M	435M	421M	425M
Selling and Marketing Expenses	428M	470M	435M	421M	425M
Net Rental Expense, Total	4.55B	5.02B	5.27B	5.53B	5.74B
Imputed Operating Lease Interest Expense	864M	820M	860M	962M	1.03B
Imputed Operating Lease Depreciation	3.69B	4.2B	4.41B	4.57B	4.71B
Maintenance & Repair Expenses, Total	3.33B	3.37B	3.36B	3.29B	3.24B
Stock-Based Comp., COGS (Total)	200M	190M	182M	163M	154M
Total Stock-Based Compensation	200M	190M	182M	163M	154M

Fiscal Period: May	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	7.09B	6.9B	6.86B	6.5B	5.5B
Short Term Investments	-	-	-	360M	70M
Total Cash And Short Term Investments	7.09B	6.9B	6.86B	6.86B	5.57B
Accounts Receivable, Total	12.07B	11.86B	10.19B	10.09B	11.37B
Total Receivables	12.07B	11.86B	10.19B	10.09B	11.37B
Inventory	587M	637M	604M	614M	602M
Prepaid Expenses	837M	968M	962M	637M	831M
Other Current Assets, Total	-	-	-	8M	13M
Total Current Assets	20.58B	20.36B	18.61B	18.21B	18.39B
Gross Property Plant And Equipment	85.46B	91.89B	97.97B	102B	104B
Accumulated Depreciation	-34.32B	-37.18B	-39.93B	-42.9B	-45.98B
Net Property Plant And Equipment	51.14B	54.7B	58.04B	58.61B	58.1B
Long-term Investments	-	-	-	77M	506M
Goodwill	6.99B	6.54B	6.44B	6.42B	6.6B
Other Intangibles, Total	322M	301M	234M	181M	205M
Deferred Tax Assets Long-Term	1.42B	1.21B	1.16B	1.31B	1.12B
Other Long-Term Assets, Total	2.33B	2.87B	2.66B	2.2B	2.72B
Total Assets	82.78B	85.99B	87.14B	87.01B	87.63B
Liabilities
Accounts Payable, Total	3.84B	4.03B	3.85B	3.19B	3.69B
Accrued Expenses, Total	7.46B	7.72B	7.22B	7.64B	7.7B
Current Portion of Long-Term Debt	50M	50M	51M	50M	1.37B
Current Portion of Leases	2.3B	2.48B	2.46B	2.48B	2.62B
Unearned Revenue Current, Total	-	-	-	-	23M
Total Current Liabilities	13.66B	14.27B	13.59B	13.36B	15.41B
Long-Term Debt	20.3B	19.75B	19.73B	19.72B	18.53B
Long-Term Leases	13.8B	14.92B	16.09B	15.47B	14.89B
Unearned Revenue Non Current	-	-	-	-	-
Pension & Other Post Retirement Benefits	3.5B	4.45B	3.13B	2.01B	1.7B
Deferred Tax Liability Non Current	3.93B	4.09B	4.49B	4.48B	4.2B
Other Non Current Liabilities	3.41B	3.57B	4.03B	4.39B	4.82B
Total Liabilities	58.61B	61.06B	61.06B	59.42B	59.55B
Common Stock, Total	32M	32M	32M	32M	32M
Additional Paid In Capital	3.48B	3.71B	3.77B	3.99B	4.29B
Retained Earnings	29.82B	32.78B	35.26B	38.65B	41.4B
Treasury Stock	-8.43B	-10.48B	-11.64B	-13.73B	-16.29B
Comprehensive Income and Other	-732M	-1.1B	-1.33B	-1.36B	-1.36B
Total Common Equity	24.17B	24.94B	26.09B	27.58B	28.07B
Total Equity	24.17B	24.94B	26.09B	27.58B	28.07B
Total Liabilities And Equity	82.78B	85.99B	87.14B	87.01B	87.63B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	267M	260M	251M	244M	236M
ECS Total Common Shares Outstanding	267M	260M	251M	244M	238M
Book Value / Share	90.4	95.98	103.86	112.9	117.96
Tangible Book Value	16.85B	18.09B	19.42B	20.98B	21.27B
Tangible Book Value Per Share	63.04	69.63	77.31	85.87	89.35
Total Debt	36.46B	37.19B	38.33B	37.72B	37.42B
Net Debt	29.38B	30.3B	31.48B	30.86B	31.84B
Debt Equivalent of Unfunded Proj. Benefit Obligation	2.12B	3.16B	2.01B	903M	-197M
Debt Equivalent Oper. Leases	36.42B	40.19B	42.13B	44.27B	45.96B
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Others	936M	997M	880M	902M	910M
Machinery, Total	48.56B	52.61B	56.14B	58.97B	61.41B
Full Time Employees	384K	345K	328K	306K	300K
Part Time Employees	186K	202K	201K	199K	210K
Accumulated Allowance for Doubtful Accounts (Supple)	358M	340M	472M	436M	438M

Fiscal Period: May	2021	2022	2023	2024	2025
Net Income	5.23B	3.83B	3.97B	4.33B	4.09B
Depreciation & Amortization - CF	3.74B	3.92B	4.12B	4.24B	4.22B
Amortization of Goodwill and Intangible Assets - (CF)	49M	52M	52M	47M	48M
Depreciation & Amortization, Total	3.79B	3.97B	4.18B	4.29B	4.26B
(Gain) Loss From Sale Of Asset	-	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Asset Writedown & Restructuring Costs	102M	53M	140M	183M	64M
Stock-Based Compensation (CF)	200M	190M	182M	163M	154M
Provision and Write-off of Bad Debts	577M	403M	696M	421M	521M
Other Operating Activities, Total	2.1B	4.51B	2.82B	2.36B	2.64B
Change In Accounts Receivable	-1.39B	-310M	782M	-270M	-1.78B
Change In Accounts Payable	71M	-1.86B	-3.33B	-2.55B	-2.44B
Change in Other Net Operating Assets	-554M	-948M	-591M	-608M	-475M
Cash from Operations	10.14B	9.83B	8.85B	8.31B	7.04B
Capital Expenditure	-5.88B	-6.76B	-6.17B	-5.18B	-4.06B
Sale of Property, Plant, and Equipment	102M	94M	84M	114M	115M
Cash Acquisitions	-228M	-	-	-	-
Divestitures	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-	-147M	-84M	-138M	-152M
Cash from Investing	-6.01B	-6.82B	-6.17B	-5.2B	-4.09B
Long-Term Debt Issued, Total	4.21B	-	-	-	-
Total Debt Issued	4.21B	-	-	-	-
Long-Term Debt Repaid, Total	-6.32B	-161M	-152M	-147M	-157M
Total Debt Repaid	-6.32B	-161M	-152M	-147M	-157M
Issuance of Common Stock	740M	184M	231M	491M	524M
Repurchase of Common Stock	-	-2.25B	-1.5B	-2.5B	-3.02B
Common Dividends Paid	-686M	-793M	-1.18B	-1.26B	-1.34B
Common & Preferred Stock Dividends Paid	-686M	-793M	-1.18B	-1.26B	-1.34B
Other Financing Activities, Total	-38M	-1M	1M	-11M	-30M
Cash from Financing	-2.09B	-3.02B	-2.6B	-3.43B	-4.02B
Foreign Exchange Rate Adjustments	171M	-187M	-118M	-41M	76M
Net Change in Cash	2.21B	-190M	-41M	-355M	-999M
Supplemental Items
Cash Interest Paid	819M	695M	694M	744M	814M
Cash Income Tax Paid (Refund)	1.32B	177M	1.04B	1.43B	1.25B
Levered Free Cash Flow	3.53B	1.19B	2.8B	3.02B	3.49B
Unlevered Free Cash Flow	4.03B	1.62B	3.24B	3.49B	3.99B
Change In Net Working Capital	-945M	-468M	-1.04B	140M	591M
Net Debt Issued / Repaid	-2.11B	-161M	-152M	-147M	-157M

Fiscal Period: May	2021	2022	2023	2024	2025
Profitability
Return on Assets	6.36	4.45	4.64	5	4.83
Return on Total Capital	8.64	6.12	6.35	6.71	6.45
Return On Equity %	24.64	15.58	15.57	16.14	14.7
Return on Common Equity	24.59	15.55	15.54	16.12	14.69
Margin Analysis
Gross Profit Margin %	28.26	25.04	27.06	27.32	27.26
SG&A Margin	0.51	0.5	0.48	0.48	0.48
EBITDA Margin %	13.99	10.67	11.76	12.83	12.52
EBITA Margin %	9.53	6.48	7.19	7.99	7.73
EBIT Margin %	9.48	6.42	7.13	7.94	7.67
Income From Continuing Operations Margin %	6.23	4.09	4.41	4.94	4.65
Net Income Margin %	6.23	4.09	4.41	4.94	4.65
Net Avail. For Common Margin %	6.22	4.08	4.4	4.93	4.65
Normalized Net Income Margin	5.35	3.6	4.04	4.65	4.46
Levered Free Cash Flow Margin	4.21	1.27	3.11	3.44	3.97
Unlevered Free Cash Flow Margin	4.8	1.73	3.59	3.98	4.54
Asset Turnover
Asset Turnover	1.07	1.11	1.04	1.01	1.01
Fixed Assets Turnover	1.7	1.77	1.6	1.5	1.51
Receivables Turnover (Average Receivables)	7.57	7.81	8.18	8.65	8.2
Inventory Turnover (Average Inventory)	103.93	114.54	105.98	104.65	105.19
Short Term Liquidity
Current Ratio	1.51	1.43	1.37	1.36	1.19
Quick Ratio	1.4	1.31	1.25	1.27	1.1
Operating Cash Flow to Current Liabilities	0.74	0.69	0.65	0.62	0.46
Days Sales Outstanding (Average Receivables)	48.19	46.71	44.64	42.31	44.53
Days Outstanding Inventory (Average Inventory)	3.51	3.19	3.44	3.5	3.47
Average Days Payable Outstanding	21.54	20.48	21.87	20.2	19.64
Cash Conversion Cycle (Average Days)	30.17	29.42	26.21	25.6	28.36
Long Term Solvency
Total Debt/Equity	150.87	149.14	146.93	136.75	133.28
Total Debt / Total Capital	60.14	59.86	59.5	57.76	57.13
LT Debt/Equity	141.13	139.02	137.29	127.58	119.05
Long-Term Debt / Total Capital	56.26	55.8	55.6	53.89	51.04
Total Liabilities / Total Assets	70.8	71	70.06	68.3	67.96
EBIT / Interest Expense	10.03	8.72	9.26	9.35	8.55
EBITDA / Interest Expense	20.56	21.77	22.87	22.53	21.23
(EBITDA - Capex) / Interest Expense	13.14	11.96	13.97	15.58	16.1
Total Debt / EBITDA	2.24	2.48	2.42	2.25	2.23
Net Debt / EBITDA	1.8	2.02	1.98	1.84	1.9
Total Debt / (EBITDA - Capex)	3.5	4.51	3.95	3.25	2.95
Net Debt / (EBITDA - Capex)	2.82	3.68	3.25	2.66	2.51
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	21.3	11.38	-3.59	-2.73	0.27
Gross Profit, 1 Yr. Growth %	40.94	-1.34	4.21	-1.78	0.05
EBITDA, 1 Yr. Growth %	85.17	-15.08	6.27	6.1	-2.14
EBITA, 1 Yr. Growth %	186.3	-24.31	6.93	8.2	-3.1
EBIT, 1 Yr. Growth %	191.43	-24.5	6.99	8.34	-3.13
Earnings From Cont. Operations, 1 Yr. Growth %	306.77	-26.86	3.82	9.04	-5.52
Net Income, 1 Yr. Growth %	306.77	-26.86	3.82	9.04	-5.52
Normalized Net Income, 1 Yr. Growth %	241.4	-25.05	8.17	11.92	-3.74
Diluted EPS Before Extra, 1 Yr. Growth %	297.5	-26.43	8.03	11.18	-2.32
Accounts Receivable, 1 Yr. Growth %	19.47	-1.71	-14.12	-0.99	12.7
Inventory, 1 Yr. Growth %	2.62	8.52	-5.18	1.66	-1.95
Net Property, Plant and Equip., 1 Yr. Growth %	7.6	6.98	6.11	0.97	-0.87
Total Assets, 1 Yr. Growth %	12.57	3.89	1.34	-0.16	0.71
Tangible Book Value, 1 Yr. Growth %	45.28	7.36	7.32	8.03	1.37
Common Equity, 1 Yr. Growth %	32.1	3.19	4.61	5.73	1.78
Cash From Operations, 1 Yr. Growth %	98.84	-2.99	-10.01	-6.06	-15.35
Capital Expenditures, 1 Yr. Growth %	0.27	14.94	-8.71	-16.16	-21.66
Levered Free Cash Flow, 1 Yr. Growth %	-391.15	-66.33	135.72	-2.7	27.66
Unlevered Free Cash Flow, 1 Yr. Growth %	-607.92	-59.78	99.82	-1.47	24.5
Dividend Per Share, 1 Yr. Growth %	3.85	25.93	38.53	9.55	8.33
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	9.76	16.23	3.62	-3.16	-1.24
Gross Profit, 2 Yr. CAGR %	26.08	17.92	1.39	1.17	-0.87
EBITDA, 2 Yr. CAGR %	54.31	25.4	-5	7.32	2.07
EBITA, 2 Yr. CAGR %	119.4	47.21	-10.04	9.48	2.67
EBIT, 2 Yr. CAGR %	124.33	48.34	-10.12	9.6	2.72
Earnings From Cont. Operations, 2 Yr. CAGR %	211.24	72.49	-12.86	6.4	1.5
Net Income, 2 Yr. CAGR %	211.24	72.49	-12.86	6.4	1.5
Normalized Net Income, 2 Yr. CAGR %	165.24	59.97	-9.96	12.24	4.1
Diluted EPS Before Extra, 2 Yr. CAGR %	209.76	71.01	-10.79	9.59	4.21
Accounts Receivable, 2 Yr. CAGR %	15.06	8.37	-8.12	-7.79	5.63
Inventory, 2 Yr. CAGR %	3.03	5.53	1.44	-1.82	-0.17
Net Property, Plant and Equip., 2 Yr. CAGR %	29.63	7.29	6.54	3.5	0.04
Total Assets, 2 Yr. CAGR %	23.35	8.14	2.6	0.59	0.28
Tangible Book Value, 2 Yr. CAGR %	26.95	24.89	7.34	7.67	4.65
Common Equity, 2 Yr. CAGR %	16.66	16.75	3.9	5.17	3.74
Cash From Operations, 2 Yr. CAGR %	34.37	38.89	-6.56	-8.05	-10.83
Capital Expenditures, 2 Yr. CAGR %	3.53	7.36	2.43	-12.52	-18.96
Levered Free Cash Flow, 2 Yr. CAGR %	24.73	-0.99	-10.92	69	6.48
Unlevered Free Cash Flow, 2 Yr. CAGR %	45.5	42.92	-10.35	53.05	6.5
Dividend Per Share, 2 Yr. CAGR %	1.9	14.35	32.08	23.19	8.94
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	8.66	10.3	9.21	1.46	-2.03
Gross Profit, 3 Yr. CAGR %	9.64	16.18	13.16	0.32	0.79
EBITDA, 3 Yr. CAGR %	11.15	26.45	18.67	-1.44	4.07
EBITA, 3 Yr. CAGR %	13.01	53.88	32.33	-4.33	5.11
EBIT, 3 Yr. CAGR %	13.37	56.04	33.03	-4.35	5.18
Earnings From Cont. Operations, 3 Yr. CAGR %	4.59	92.07	45.63	-6.1	2.27
Net Income, 3 Yr. CAGR %	4.59	92.07	45.63	-6.1	2.27
Normalized Net Income, 3 Yr. CAGR %	13.27	74.06	40.41	-3.19	6.64
Diluted EPS Before Extra, 3 Yr. CAGR %	5.07	91.83	46.73	-4	5.46
Accounts Receivable, 3 Yr. CAGR %	12.48	9.18	0.28	-5.8	-1.41
Inventory, 3 Yr. CAGR %	3.79	4.83	1.83	1.51	-1.87
Net Property, Plant and Equip., 3 Yr. CAGR %	22.01	21.59	6.89	4.65	2.02
Total Assets, 3 Yr. CAGR %	16.52	16.49	5.82	1.68	0.63
Tangible Book Value, 3 Yr. CAGR %	12.1	20.05	18.73	7.57	5.53
Common Equity, 3 Yr. CAGR %	7.57	11.99	12.56	4.5	4.03
Cash From Operations, 3 Yr. CAGR %	29.43	20.54	20.18	-6.4	-10.55
Capital Expenditures, 3 Yr. CAGR %	1.28	7.2	1.71	-4.18	-15.68
Levered Free Cash Flow, 3 Yr. CAGR %	113.03	-19.39	32.2	-5.07	48.95
Unlevered Free Cash Flow, 3 Yr. CAGR %	524.91	-5.22	59.82	-4.69	38.9
Dividend Per Share, 3 Yr. CAGR %	7.89	9.35	21.9	24.1	18.03
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	10.76	9.16	6.61	4.7	4.9
Gross Profit, 5 Yr. CAGR %	10.42	6.88	6.26	9.92	7.32
EBITDA, 5 Yr. CAGR %	9.3	4.27	4.39	17.92	11.65
EBITA, 5 Yr. CAGR %	10.25	3.15	3.15	33.34	19.43
EBIT, 5 Yr. CAGR %	10.18	3.34	3.31	34.52	19.83
Earnings From Cont. Operations, 5 Yr. CAGR %	23.51	5.01	-2.77	51.65	26.05
Net Income, 5 Yr. CAGR %	23.51	5.01	-2.77	51.65	26.05
Normalized Net Income, 5 Yr. CAGR %	18.57	3.02	3.33	44.88	24.42
Diluted EPS Before Extra, 5 Yr. CAGR %	24.51	5.3	-1.61	53.34	27.96
Accounts Receivable, 5 Yr. CAGR %	10.72	9.32	3.74	2.04	2.39
Inventory, 5 Yr. CAGR %	3.43	4.38	2.84	2.11	1.03
Net Property, Plant and Equip., 5 Yr. CAGR %	16.06	16.06	15.57	14.01	4.1
Total Assets, 5 Yr. CAGR %	12.49	12.11	10.74	9.85	3.57
Tangible Book Value, 5 Yr. CAGR %	22.83	16.62	10.17	14.94	12.89
Common Equity, 5 Yr. CAGR %	11.89	9.18	6.09	9.21	8.94
Cash From Operations, 5 Yr. CAGR %	12.17	14.8	13.61	8.17	6.66
Capital Expenditures, 5 Yr. CAGR %	4.08	5.74	1.74	-1.17	-7.12
Levered Free Cash Flow, 5 Yr. CAGR %	29.53	14.19	50.31	5.88	23.57
Unlevered Free Cash Flow, 5 Yr. CAGR %	27.86	11.68	187.41	12.88	38.14
Dividend Per Share, 5 Yr. CAGR %	18.61	14.87	16.98	14.69	16.54