Financial Highlights In millions, except earnings per share   2006(1)   2005(2)   Percent Change   Operating Results   Revenues $ 32,294        $ 29,363   10   Operating income   3,014     2,471   22   Operating margin   9.3 %   8.4 %     Net income   1,806     1,449   25   Diluted earnings per common share   5.83     4.72   24   Average common and common equivalent shares   310     307   1   Capital expenditures   2,518     2,236   13     Financial Position   Total assets $ 22,690   $ 20,404   11   Long-term debt, including current portion   2,442     2,796   (13 ) Common stockholders' investment   11,511     9,588   20   (click on charts to enlarge) (1) 2006 includes a $79 million ($49 million, net of tax, or $0.16 per diluted share) charge to adjust the accounting for certain facility leases, predominantly at FedEx Express. (2) 2005 includes $48 million ($31 million, net of tax, or $0.10 per diluted share) related to the Airline Stabilization Act charge and a $12 million or $0.04 per diluted share benefit from an income tax adjustment. back to top