FedEx's management tone tended to become more positive when quarterly net income improved.
Does not remain notable after adjusting for hundreds of tests. Why?
The analysis measures a same-filing relationship, not a forecast. Limitations
Each dot represents one 10-Q filing. Points farther right have more positive MD&A tone. Points higher on the chart had stronger year-over-year net income growth, after extreme percent changes are capped. Upper-right and lower-left points indicate tone and earnings moving in the same direction. How to read this chart
Tone and earnings moved in the same direction in 4 of 9 comparable quarters.
4 / 9 direction agreement
How is agreement calculated?| Spearman ρ (exact) | 0.293 (p=0.289) |
|---|---|
| Pearson r | 0.092 (p=0.745) |
| 95% CI (Pearson) | [-0.44, 0.58] |
| FDR q | 0.852 |
| Sample size (n) | 15 · More established sample |
| Agreement | 4 / 9 (4 / 9) |
Secondary to net income because revenue concepts are less comparable across some industries.
Annual samples are shorter and are not mixed into the default quarterly board.
Tone shown to three decimals so small nonzero values stay visible.
| Date | Form | Tone | Net income YoY | Revenue YoY |
|---|---|---|---|---|
| Mar 19, 2026 | 10-Q | +0.014 | +16.2% | +8.3% |
| Dec 18, 2025 | 10-Q | -0.014 | +29.0% | +6.8% |
| Sep 18, 2025 | 10-Q | -0.032 | +3.8% | +3.1% |
| Mar 20, 2025 | 10-Q | -0.145 | +3.4% | +1.9% |
| Dec 19, 2024 | 10-Q | -0.116 | -17.7% | -0.9% |
| Sep 19, 2024 | 10-Q | -0.067 | -26.3% | -0.5% |
| Mar 21, 2024 | 10-Q | +0.009 | +14.0% | -1.9% |
| Dec 19, 2023 | 10-Q | -0.087 | +14.2% | -2.8% |
| Sep 20, 2023 | 10-Q | -0.054 | +23.2% | -6.7% |
| Mar 16, 2023 | 10-Q | -0.083 | -30.7% | -6.2% |
| Dec 20, 2022 | 10-Q | -0.013 | -24.5% | -2.8% |
| Sep 22, 2022 | 10-Q | -0.061 | -21.3% | +5.6% |
| Mar 17, 2022 | 10-Q | +0.049 | +24.7% | +9.9% |
| Dec 16, 2021 | 10-Q | +0.115 | -14.8% | +14.2% |
| Sep 21, 2021 | 10-Q | +0.163 | -10.7% | +13.9% |
| Date | Form | Tone | Net income YoY | Revenue YoY |
|---|---|---|---|---|
| Jul 20, 2026 | 10-K | +0.006 | +8.3% | +7.7% |
| Jul 21, 2025 | 10-K | -0.063 | -5.5% | +0.3% |
| Jul 15, 2024 | 10-K | -0.106 | +9.0% | -2.7% |
| Jul 17, 2023 | 10-K | -0.109 | +3.8% | -3.6% |
| Jul 18, 2022 | 10-K | +0.044 | -26.9% | +11.4% |