Stock Analysis on Net
Stock Analysis on Net

FedEx Corp. (NYSE:FDX)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

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

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May 31, 2026 Feb 28, 2026 Nov 30, 2025 Aug 31, 2025 May 31, 2025 Feb 28, 2025 Nov 30, 2024 Aug 31, 2024 May 31, 2024 Feb 29, 2024 Nov 30, 2023 Aug 31, 2023 May 31, 2023 Feb 28, 2023 Nov 30, 2022 Aug 31, 2022 May 31, 2022 Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020
Short-term borrowings 0.75 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Current portion of long-term debt 1.69 2.56 1.01 1.00 1.63 0.72 0.69 0.72 0.08 0.08 0.38 0.40 0.14 0.17 0.20 0.16 0.10 0.14 0.14 0.15 0.18 0.78 0.12 0.11
Accrued salaries and employee benefits 3.80 3.25 3.05 2.64 3.12 3.06 3.17 2.69 3.07 2.95 3.10 2.70 2.84 2.64 2.83 2.64 2.94 2.96 3.01 2.68 3.51 2.80 2.66 2.26
Accounts payable 4.37 4.38 5.23 4.78 4.21 4.24 4.56 4.31 3.67 4.39 4.55 4.33 4.42 4.65 4.66 4.86 4.69 4.98 4.97 4.66 4.64 4.82 4.60 4.30
Current portion of operating lease liabilities 2.71 2.77 2.94 2.93 2.93 2.97 2.97 2.89 2.83 2.84 2.76 2.72 2.74 2.85 2.92 2.88 2.84 2.85 2.81 2.76 2.67 2.58 2.62 2.61
Accrued expenses 5.79 5.29 5.95 6.21 5.70 5.36 5.45 5.66 5.70 5.19 5.39 5.62 5.45 5.52 5.80 5.51 6.03 5.71 5.54 5.48 5.51 5.41 4.93 5.14
Current liabilities 19.12% 18.25% 18.18% 17.56% 17.59% 16.34% 16.84% 16.27% 15.35% 15.45% 16.18% 15.77% 15.59% 15.83% 16.40% 16.04% 16.60% 16.63% 16.48% 15.73% 16.50% 16.39% 14.93% 14.42%
Long-term debt, less current portion 23.54 24.10 22.76 22.95 21.86 22.96 22.73 22.68 23.14 23.37 22.93 23.00 23.47 23.46 23.46 23.21 23.47 24.25 24.20 25.05 25.05 27.53 28.61 29.88
Deferred income taxes 3.70 4.05 4.37 4.58 4.80 5.07 5.19 5.17 5.15 5.08 4.98 5.08 5.15 5.03 4.89 4.82 4.76 5.15 4.94 4.84 4.74 4.30 4.28 4.08
Pension, postretirement healthcare, and other benefit obligations 1.64 1.78 1.87 1.91 1.94 1.96 1.84 2.05 2.31 2.93 3.24 3.45 3.59 4.41 4.81 4.72 5.17 3.69 3.98 4.21 4.23 5.76 6.27 6.49
Self-insurance accruals 4.46 4.56 4.74 4.67 4.60 4.60 4.47 4.42 4.25 4.45 4.19 4.09 3.83 3.73 3.63 3.54 3.36 3.09 3.08 3.03 2.94 2.79 2.77 2.77
Operating lease liabilities, less current portion 14.71 14.93 15.64 15.99 16.29 16.89 17.21 17.26 17.30 17.28 17.29 17.51 17.63 17.92 17.86 17.61 16.85 17.18 16.56 16.31 16.16 15.69 16.03 16.37
Other liabilities 0.84 0.87 0.89 0.92 0.89 0.77 0.76 0.80 0.79 0.80 0.79 0.79 0.80 0.79 0.77 0.76 0.79 0.86 1.15 1.19 1.19 0.98 1.19 0.93
Other long-term liabilities 25.35% 26.19% 27.51% 28.08% 28.52% 29.29% 29.48% 29.71% 29.81% 30.55% 30.49% 30.93% 31.00% 31.87% 31.97% 31.46% 30.93% 29.96% 29.72% 29.57% 29.25% 29.53% 30.54% 30.63%
Long-term liabilities 48.90% 50.29% 50.27% 51.03% 50.37% 52.25% 52.21% 52.39% 52.95% 53.92% 53.42% 53.93% 54.47% 55.33% 55.42% 54.67% 54.40% 54.21% 53.92% 54.62% 54.30% 57.07% 59.15% 60.52%
Total liabilities 68.01% 68.54% 68.45% 68.59% 67.96% 68.59% 69.05% 68.66% 68.30% 69.37% 69.60% 69.70% 70.06% 71.17% 71.83% 70.71% 71.00% 70.84% 70.40% 70.36% 70.80% 73.45% 74.08% 74.94%
Common stock, $0.10 par value 0.03 0.03 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04
Additional paid-in capital 4.77 4.87 4.90 4.89 4.90 4.99 4.87 4.77 4.58 4.53 4.37 4.34 4.33 4.35 4.07 4.37 4.32 4.38 4.34 4.40 4.21 4.16 4.19 4.35
Retained earnings 44.94 45.25 47.27 46.98 47.25 46.75 45.83 44.71 44.42 43.17 41.57 41.13 40.46 39.69 39.21 38.52 38.12 38.31 37.16 37.13 36.02 33.73 33.53 33.62
Accumulated other comprehensive loss -1.24 -1.29 -1.59 -1.55 -1.55 -1.76 -1.77 -1.54 -1.56 -1.55 -1.47 -1.55 -1.52 -1.52 -1.62 -1.53 -1.28 -1.05 -1.16 -1.07 -0.88 -0.92 -1.11 -1.31
Treasury stock, at cost -16.51 -17.40 -19.06 -18.95 -18.59 -18.61 -18.01 -16.64 -15.78 -15.55 -14.11 -13.66 -13.36 -13.72 -13.52 -12.10 -12.19 -12.52 -10.77 -10.85 -10.18 -10.45 -10.72 -11.63
Common stockholders’ investment 31.99% 31.46% 31.55% 31.41% 32.04% 31.41% 30.95% 31.34% 31.70% 30.63% 30.40% 30.30% 29.94% 28.83% 28.17% 29.29% 29.00% 29.16% 29.60% 29.64% 29.20% 26.55% 25.92% 25.06%
Total liabilities and common stockholders’ investment 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31).

The overall capital structure reflects a strategic shift toward a more equity-heavy financing mix and a reduction in total relative leverage over the analyzed period. Total liabilities decreased from 74.94% of total liabilities and common stockholders' investment in August 2020 to 68.01% by May 2026, while common stockholders' investment grew from 25.06% to 31.99% during the same timeframe.

Liability Composition and Debt Trends
A consistent downward trend is observed in long-term debt, which decreased from 29.88% to 23.54%. Other long-term liabilities also saw a significant reduction, falling from 30.63% to 25.35%. Notably, pension, postretirement healthcare, and other benefit obligations declined sharply from 6.49% in August 2020 to 1.64% by May 2026, indicating a substantial reduction in long-term employee-related funding obligations.
Short-Term Obligation Dynamics
Current liabilities experienced a general upward trajectory, rising from 14.42% to 19.12%. While accounts payable and accrued expenses remained relatively stable, the current portion of long-term debt exhibited increased volatility and a significant rise toward the end of the period, peaking at 2.56% in February 2026. This suggests a concentration of debt maturities shifting into the short-term window.
Equity and Shareholder Value
The growth in common stockholders' investment was primarily driven by a substantial increase in retained earnings, which rose from 33.62% to a peak of 47.27% in November 2025 before settling at 44.94% in May 2026. This indicates strong internal capital accumulation. Simultaneously, treasury stock increased in magnitude from -11.63% to -16.51%, reflecting an aggressive program of share repurchases that offset a portion of the equity growth.
Operational Liability Trends
Operating lease liabilities remained relatively stable, with the long-term portion decreasing slightly from 16.37% to 14.71% and the current portion fluctuating minimally between 2.61% and 2.97%. Self-insurance accruals showed a steady increase, moving from 2.77% to 4.46%, suggesting a higher relative allocation of funds toward self-insured risks over time.

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