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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, 2026 May 31, 2025 May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021
Self-insurance accruals 1.99 2.12 2.22 1.99 1.91 1.85
Taxes other than income taxes 0.40 0.42 0.38 0.35 0.62 0.77
Other 3.40 3.16 3.10 3.11 3.50 2.89
Accrued expenses 5.79% 5.70% 5.70% 5.45% 6.03% 5.51%
Accounts payable 4.37 4.21 3.67 4.42 4.69 4.64
Salaries 1.46 1.24 0.87 0.95 0.87 0.76
Employee benefits, including variable compensation 1.58 0.91 1.12 0.79 0.97 1.63
Compensated absences 0.76 0.97 1.08 1.10 1.10 1.12
Accrued salaries and employee benefits 3.80% 3.12% 3.07% 2.84% 2.94% 3.51%
Current portion of operating lease liabilities 2.71 2.93 2.83 2.74 2.84 2.67
Current portion of long-term debt 1.69 1.63 0.08 0.14 0.10 0.18
Short-term borrowings 0.75 0.00 0.00 0.00 0.00 0.00
Current liabilities 19.12% 17.59% 15.35% 15.59% 16.60% 16.50%
Long-term debt, less current portion 23.54 21.86 23.14 23.47 23.47 25.05
Operating lease liabilities, less current portion 14.71 16.29 17.30 17.63 16.85 16.16
Self-insurance accruals 4.46 4.60 4.25 3.83 3.36 2.94
Deferred income taxes 3.70 4.80 5.15 5.15 4.76 4.74
Pension, postretirement healthcare, and other benefit obligations 1.64 1.94 2.31 3.59 5.17 4.23
Other liabilities 0.84 0.89 0.79 0.80 0.79 1.19
Other long-term liabilities 25.35% 28.52% 29.81% 31.00% 30.93% 29.25%
Long-term liabilities 48.90% 50.37% 52.95% 54.47% 54.40% 54.30%
Total liabilities 68.01% 67.96% 68.30% 70.06% 71.00% 70.80%
Preferred stock, no par value; no shares issued or outstanding 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, $0.10 par value 0.03 0.04 0.04 0.04 0.04 0.04
Additional paid-in capital 4.77 4.90 4.58 4.33 4.32 4.21
Retained earnings 44.94 47.25 44.42 40.46 38.12 36.02
Accumulated other comprehensive loss -1.24 -1.55 -1.56 -1.52 -1.28 -0.88
Treasury stock, at cost -16.51 -18.59 -15.78 -13.36 -12.19 -10.18
Common stockholders’ investment 31.99% 32.04% 31.70% 29.94% 29.00% 29.20%
Total liabilities and common stockholders’ investment 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2026-05-31), 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).

The capital structure exhibits a gradual shift toward a higher proportion of equity financing, with total liabilities decreasing from 70.80% in 2021 to 68.01% by 2026. This transition is characterized by a reduction in long-term obligations and a concurrent increase in the common stockholders' investment, which rose from 29.20% to 31.99% over the analyzed period.

Liability Composition and Liquidity Trends
Current liabilities have trended upward, moving from 16.50% in 2021 to 19.12% in 2026. This increase is primarily driven by a notable rise in the current portion of long-term debt, which escalated from 0.08% in 2024 to 1.69% in 2026, and the emergence of short-term borrowings at 0.75% in 2026. Accrued expenses have remained relatively stable, fluctuating between 5.45% and 6.03%, while accounts payable showed a slight overall decline from 4.64% to 4.37%.
Long-Term Obligation Dynamics
Long-term liabilities have experienced a consistent decline, falling from 54.30% in 2021 to 48.90% in 2026. A significant driver of this reduction is the decrease in pension, postretirement healthcare, and other benefit obligations, which dropped sharply from 4.23% to 1.64%. Additionally, operating lease liabilities, less current portion, declined from a peak of 17.63% in 2023 to 14.71% in 2026. Long-term debt has remained relatively stable as a percentage of the total structure, generally oscillating between 21% and 25%.
Equity and Shareholder Investment Patterns
The common stockholders' investment increased steadily, supported by a strong growth trend in retained earnings, which rose from 36.02% in 2021 to a peak of 47.25% in 2025 before settling at 44.94% in 2026. This growth in retained earnings has been partially offset by aggressive treasury stock acquisitions; treasury stock as a percentage of total liabilities and equity expanded from -10.18% in 2021 to -16.51% in 2026, indicating substantial share buyback activity over the period.
Other Notable Balance Sheet Shifts
Self-insurance accruals have shown an upward trend in both current and long-term categories, with long-term accruals increasing from 2.94% in 2021 to 4.46% in 2026. Deferred income taxes remained stable for much of the period before declining from 5.15% in 2024 to 3.70% in 2026.

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