Stock Analysis on Net
Stock Analysis on Net

FedEx Corp. (NYSE:FDX)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

FedEx Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

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May 31, 2025 May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020
Current portion of long-term debt 1.63 0.08 0.14 0.10 0.18 0.07
Salaries 1.24 0.87 0.95 0.87 0.76 0.59
Employee benefits, including variable compensation 0.91 1.12 0.79 0.97 1.63 0.43
Compensated absences 0.97 1.08 1.10 1.10 1.12 1.11
Accrued salaries and employee benefits 3.12% 3.07% 2.84% 2.94% 3.51% 2.13%
Accounts payable 4.21 3.67 4.42 4.69 4.64 4.45
Current portion of operating lease liabilities 2.93 2.83 2.74 2.84 2.67 2.62
Self-insurance accruals 2.12 2.22 1.99 1.91 1.85 1.66
Taxes other than income taxes 0.42 0.38 0.35 0.62 0.77 0.57
Other 3.16 3.10 3.11 3.50 2.89 2.57
Accrued expenses 5.70% 5.70% 5.45% 6.03% 5.51% 4.80%
Current liabilities 17.59% 15.35% 15.59% 16.60% 16.50% 14.07%
Long-term debt, less current portion 21.86 23.14 23.47 23.47 25.05 29.85
Deferred income taxes 4.80 5.15 5.15 4.76 4.74 4.30
Pension, postretirement healthcare, and other benefit obligations 1.94 2.31 3.59 5.17 4.23 6.83
Self-insurance accruals 4.60 4.25 3.83 3.36 2.94 2.86
Operating lease liabilities, less current portion 16.29 17.30 17.63 16.85 16.16 16.58
Other liabilities 0.89 0.79 0.80 0.79 1.19 0.63
Other long-term liabilities 28.52% 29.81% 31.00% 30.93% 29.25% 31.20%
Long-term liabilities 50.37% 52.95% 54.47% 54.40% 54.30% 61.05%
Total liabilities 67.96% 68.30% 70.06% 71.00% 70.80% 75.12%
Common stock, $0.10 par value 0.04 0.04 0.04 0.04 0.04 0.04
Additional paid-in capital 4.90 4.58 4.33 4.32 4.21 4.56
Retained earnings 47.25 44.42 40.46 38.12 36.02 34.29
Accumulated other comprehensive loss -1.55 -1.56 -1.52 -1.28 -0.88 -1.56
Treasury stock, at cost -18.59 -15.78 -13.36 -12.19 -10.18 -12.46
Common stockholders’ investment 32.04% 31.70% 29.94% 29.00% 29.20% 24.88%
Total liabilities and common stockholders’ investment 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2025-05-31), 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).

The financial data displays various changes in the composition of liabilities and stockholders' investment over the examined periods. A detailed analysis highlights several noteworthy trends and fluctuations across the company's financial structure.

Current Liabilities
The proportion of current liabilities relative to total liabilities and common stockholders' investment showed a rising trend from 14.07% in 2020 to a peak of 17.59% in 2025. Key components such as accrued salaries and employee benefits increased steadily, indicating growing obligations in employee-related expenses. Accounts payable fluctuated slightly but remained fairly stable around 4-4.5%, with a slight decrease in 2024 before rebounding in 2025.
Employee-related Expenses
Salaries as a percentage of total liabilities and stockholders' investment rose from 0.59% in 2020 to 1.24% in 2025, signaling an increase in payroll costs relative to the company's overall financing base. Employee benefits including variable compensation fluctuated without a clear directional trend but peaked in 2021 at 1.63% before declining in subsequent years. Compensated absences slightly decreased over the years, from 1.11% to 0.97%. Accrued salaries and employee benefits exhibited an upward trajectory, increasing from 2.13% to 3.12%, suggesting growing short-term obligations related to personnel.
Debt and Long-term Liabilities
Long-term debt (net of the current portion) consistently declined from 29.85% in 2020 to 21.86% in 2025, reflecting possible debt repayments or refinancing. Correspondingly, long-term liabilities as a whole dropped from 61.05% to 50.37%, indicating a gradual reduction in long-term financial obligations. The current portion of long-term debt remained relatively low until a marked increase to 1.63% in 2025, suggesting short-term restructuring or upcoming maturity of debt.
Lease Liabilities and Self-insurance Accruals
Operating lease liabilities, both current and long-term, remained relatively stable, hovering around 2.6-2.9% for the current portion and 16.3-17.6% for the long-term portion. Self-insurance accruals showed an increasing trend in both current and long-term categories, climbing from 1.66% to 2.12% and from 2.86% to 4.6%, respectively, implying higher provisions for self-insured risks over the years.
Tax and Other Liabilities
Taxes other than income taxes fluctuated, peaking at 0.77% in 2021 but then declining to stabilize near 0.4%. Other liabilities and other long-term liabilities demonstrated minor fluctuations but no dramatic shifts, maintaining approximately 0.6-0.9% and 28.5-31.2% respectively.
Stockholders’ Investment Composition
Common stock remained constant at 0.04% throughout the periods. Additional paid-in capital showed a mild increase from 4.56% to 4.9%, indicating incremental capital contributions or favorable equity transactions. Retained earnings displayed a sustained and significant rise from 34.29% to 47.25%, highlighting accumulated profitability or retained profits strengthening equity. Conversely, treasury stock at cost increased as a negative component from -12.46% to -18.59%, indicating increased stock repurchases or holding of treasury shares. The accumulated other comprehensive loss remained moderately stable around -1.5%. Overall, common stockholders’ investment increased from 24.88% to 32.04%, reflecting enhanced equity base alongside reduced liabilities.
Total Liabilities and Stockholders' Investment
Total liabilities decreased steadily from 75.12% in 2020 to 67.96% in 2025, complemented by an increase in common stockholders’ investment. This suggests a strategic shift towards strengthening equity financing and reducing reliance on debt. The relative stability of total combined financing sources at 100% across all periods confirms the proportional adjustments in the capital structure.