FedEx (NYSE: FDX) reported earnings on Dec. 15. Here's what you need to know.

The 10-second takeaway
For the quarter ended Nov. 30 (Q2), FedEx met expectations on revenues and beat them on EPS. Margins improved across the board.

Revenue
FedEx recorded revenue of $10.6 billion. The 14 analysts polled by S&P Capital IQ expected revenue of $10.6 billion.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions.

EPS
EPS came in at $1.57. The 23 earnings estimates compiled by S&P Capital IQ predicted $1.53 per share. GAAP EPS of $1.57 for Q2 were 76% higher than the prior-year quarter's $0.89 per share.

Source: S&P Capital IQ. Quarterly periods. Figures may be non-GAAP to maintain comparability with estimates.

Margins
For the quarter, gross margin was 63.1%, 3,790 basis points better than the prior-year quarter. Operating margin was 7.4%, 170 basis points better than the prior-year quarter. Net margin was 4.7%, 180 basis points better than the prior-year quarter.

Source: S&P Capital IQ. Quarterly periods.

Looking ahead
What does the future hold?

Next quarter's average estimate for revenue is $10.6 billion. On the bottom line, the average EPS estimate is for $1.31. (There are 13 revenue estimates and 22 EPS estimates.)

For the full year ending 2012, the average estimate for revenue is $42.8 billion. The average EPS estimate is $6.30. (There are 21 revenue estimates and 26 EPS estimates.)

Investor sentiment
The stock has a four-star rating out of five at Motley Fool CAPS, with 2,113 members out of 2,325 rating the stock outperform and 212 members rating it underperform. Among 711 CAPS All-Star picks, 666 give FedEx a green thumbs-up, and 45 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on FedEx is outperform, with an average price target of $98.58.