FedEx Corp. (NYSE:FDX)

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.