Financial Highlights In millions, except earnings per share   2005(1)   2004(2)   Percent Change   Operating Results   Revenues $ 29,363        $ 24,710   19   Operating income   2,471     1,440   72   Operating margin   8.4 %   5.8 %     Net income   1,449     838   73   Diluted earnings per common share   4.72     2.76   71   Average common and common equivalent shares   307     304   1   Capital expenditures   2,236     1,271   76     Financial Position   Total assets $ 20,404   $ 19,134   7   Long-term debt, including current portion   2,796     3,587   (22 ) Common stockholders' investment   9,588     8,036   19   (click on charts to enlarge) (1) 2005 includes $48 million ($31 million, net of tax, or $0.10 per diluted share) related to an Airline Stabilization Act charge and a $12 million or $0.04 per diluted share benefit from an income tax adjustment. (2) 2004 includes $435 million ($270 million, net of tax, or $0.89 per diluted share) of business realignment costs and a $37 million, net of tax, or $0.12 per diluted share benefit related to a favorable ruling on an IRS tax case and the reduction of the company's effective tax rate. 2004 also includes the results of operations of FedEx Kinko's from February 12, 2004 (date of acquisition), including revenues of $621 million and operating income of $45 million. back to top