Stock Analysis on Net

FedEx Corp. (NYSE:FDX)

$24.99

Analysis of Debt

Microsoft Excel

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Total Debt (Carrying Amount)

FedEx Corp., balance sheet: debt

US$ in millions

Microsoft Excel
May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019
Current portion of long-term debt
Long-term debt, less current portion
Total long-term debt, including current maturities (carrying amount)

Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31).

Debt item Description The company
Total long-term debt, including current maturities (carrying amount) Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations. FedEx Corp. total debt increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Total Debt (Fair Value)

Microsoft Excel
May 31, 2024
Selected Financial Data (US$ in millions)
Long-term debt, including current maturities and exclusive of finance leases
Finance lease obligations
Total long-term debt, including current maturities (fair value)
Financial Ratio
Debt, fair value to carrying amount ratio

Based on: 10-K (reporting date: 2024-05-31).


Weighted-average Interest Rate on Debt

Weighted average interest rate on long-term debt:

Interest rate Debt amount1 Interest rate × Debt amount Weighted-average interest rate2
Total

Based on: 10-K (reporting date: 2024-05-31).

1 US$ in millions

2 Weighted-average interest rate = 100 × ÷ =


Interest Costs Incurred

FedEx Corp., interest costs incurred

US$ in millions

Microsoft Excel
12 months ended: May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019
Interest expense
Capitalized interest
Interest costs incurred

Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31).

Debt item Description The company
Interest expense Amount of the cost of borrowed funds accounted for as interest expense for debt. FedEx Corp. interest expense increased from 2022 to 2023 and from 2023 to 2024.
Capitalized interest Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. FedEx Corp. capitalized interest increased from 2022 to 2023 and from 2023 to 2024.
Interest costs incurred Total interest costs incurred during the period and either capitalized or charged against earnings. FedEx Corp. interest costs incurred increased from 2022 to 2023 and from 2023 to 2024.

Adjusted Interest Coverage Ratio

Microsoft Excel
May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019
Selected Financial Data (US$ in millions)
Net income
Add: Income tax expense
Add: Interest expense
Earnings before interest and tax (EBIT)
 
Interest costs incurred
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)1
Adjusted interest coverage ratio (with capitalized interest)2

Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31).

2024 Calculations

1 Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense
= ÷ =

2 Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= ÷ =


Solvency ratio Description The company
Adjusted interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). FedEx Corp. adjusted interest coverage ratio improved from 2022 to 2023 and from 2023 to 2024.