FedEx Corp. (NYSE:FDX)

The financial data reveals multiple trends concerning the company's liabilities and stockholders’ investment structure over the observed periods.

Short-term Borrowings and Current Portion of Long-term Debt

Short-term borrowings represent a very small fraction of total liabilities and common stockholders' investment, showing minor fluctuations but remaining below 1%. The current portion of long-term debt generally decreased from early periods until mid-2022, staying mostly under 0.5%, but exhibited a small increase towards the recent quarters, suggesting a slight rise in short-term debt repayment obligations.

Accrued Salaries and Employee Benefits

This liability remains relatively stable, ranging mostly between approximately 2% and 3.5%. Some quarters show slight increases, notably around early 2021 and late 2023, possibly reflecting payroll accrual adjustments or changes in workforce costs.

Accounts Payable

Accounts payable steadily declined from near 6% in 2018 to closer to 4% in recent periods, with minor fluctuations. This suggests more efficient payment management or changes in supplier contract terms reducing payable balances.

Current Portion of Operating Lease Liabilities

Starting from May 2019, this liability category appears and consistently accounts for about 2.5% to 3% of the total, with a slight upward trend over time, reflecting sustained leasing commitments maturing in the short term.

Accrued Expenses and Current Liabilities

Accrued expenses fluctuated within a narrow range around 5% to 6% throughout the periods, with a slight increase observed in some mid-2020 and mid-2022 quarters. Current liabilities as a whole decreased from over 18% in 2018 to about 15%-16% in recent periods, reflecting improved short-term liability management within the context of the firm's total liabilities.

Long-term Debt, Less Current Portion

Long-term debt decreased notably from approximately 31-32% in early years to around 23% in recent periods, indicating debt reduction or reclassification of debt elements over time. This may imply efforts to deleverage or changes in capital structure strategy.

Deferred Income Taxes

This liability remained fairly stable, oscillating between roughly 4% and 5.2%, with no strong upward or downward trend, indicating consistent tax-related deferred obligations over time.

Pension, Postretirement Healthcare, and Other Benefit Obligations

These obligations showed a spike in May 2019, reaching over 9%, then declined steadily to under 2% by 2024-2025. The initial spike and subsequent decline may be due to actuarial revaluations or changes in benefit plans reducing future obligations.

Self-insurance Accruals

There is a clear upward trend here, starting around 3.5% in 2018 and rising to nearly 4.6% by the latest periods, suggesting an increasing recognition of insurance liabilities, potentially due to risk profile changes or claims experience.

Operating Lease Liabilities, Less Current Portion

These long-term lease liabilities hold steady around 16% to 18%, with some minor fluctuations, reflecting a sustained lease portfolio for the company over the duration analyzed.

Other Liabilities and Other Long-term Liabilities

Other liabilities remain below 1.2%, showing slight variability without a clear trend. Other long-term liabilities increased sharply from about 15% up to nearly 32% in 2019 and then stabilized around 29-31%, indicating possible reclassifications or the recognition of new long-term obligations during that period.

Long-term Liabilities Overall

Long-term liabilities grew from roughly 44.5% in 2018 to a peak nearing 61% in 2020 before declining to about 52% by the most recent periods. This pattern suggests increasing leverage pre-2020 followed by gradual deleveraging or maturity and repayment of some obligations.

Total Liabilities

Total liabilities as a proportion of total liabilities and common stockholders’ investment increased from around 63% in 2018 to nearly 75% in 2020, then declined to roughly 69% more recently, consistent with observed changes in long-term liabilities and other debt components.

Common Stockholders’ Investment

The equity component decreased from nearly 37% in 2018 to about 25% in 2020 but has since generally increased to over 30%, indicating some regeneration of equity capital or earnings retention after 2020.

Components of Stockholders’ Equity

Retained earnings decreased significantly from nearly 49% in 2018 to around 33% in 2020 but then displayed a steady recovery, reaching nearly 47% in 2025, suggesting a return to profitability and enhanced earnings retention. Additional paid-in capital declined initially but increased gradually after 2020, demonstrating some equity financing activities. Treasury stock increased in cost basis, from about -16.5% in 2018 to nearly -18.6% by 2025, implying ongoing share repurchase activity. Accumulated other comprehensive loss remained moderately negative, fluctuating between about -0.9% and -1.8%, signaling ongoing but controlled unrealized losses or adjustments in comprehensive income.

In summary, the analysis indicates a period of increased liabilities, especially long-term and lease-related, peaking around 2020, followed by gradual deleveraging and equity strengthening in later years. The trends in accrued expenses and employee-related liabilities are stable, with minor fluctuations. Shareholder equity composition changes reflect earnings recovery and share repurchases, while benefit obligations and insurance accruals show evolving risk profiles and commitments.