Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Balance Sheet: Assets
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
- Aggregate Accruals
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FedEx Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
- Short-term borrowings
- This category shows minimal presence and incomplete data, with a minor value recorded only once at 0.43% in late 2019. There is no consistent trend or noticeable activity in the observed periods.
- Current portion of long-term debt
- The current portion of long-term debt fluctuates notably, starting at 0.05% in August 2019 and increasing to values around 0.7% to 1.6% by 2024–2025. A spike is observed around early 2025, indicating a rising short-term debt repayment obligation relative to total liabilities and equity.
- Accrued salaries and employee benefits
- This component remains relatively stable, oscillating near the 2.2% to 3.2% range. There is a slight upward trend with occasional peaks around November 2019, May 2021, November 2023, and November 2025, suggesting periods of increased employee-related expenses or accruals.
- Accounts payable
- Accounts payable consistently comprises about 4.3% to 5.2% of total liabilities and equity. There is a mild upward trend toward the later stages of the timeline, peaking at 5.23% in late 2025, implying a growing short-term obligation to suppliers or creditors.
- Current portion of operating lease liabilities
- This line item remains steady and stable, averaging around 2.6% to 2.9% over the entire period, indicating stable ongoing lease payment commitments classified as current liabilities.
- Accrued expenses
- Accrued expenses show moderate volatility, rising from a low near 4.8% to peaks slightly above 6% in mid-2022 and late 2025. The fluctuations suggest variable accruals for expenses not yet paid, reflecting changes in operational costs or timing differences in expense recognition.
- Current liabilities
- Current liabilities as a whole generally increased from approximately 14.5% in 2019 to over 18% by late 2025, showing a gradual rise in short-term obligations relative to the total capital structure. This indicates a growing proportion of liabilities due within one year.
- Long-term debt, less current portion
- Long-term debt excluding the current portion steadily decreased from around 27.4% in 2019 to approximately 22.7% by late 2025. This declining trend suggests gradual repayment or restructuring of long-term debt obligations over the period.
- Deferred income taxes
- The percentage of deferred income taxes remains fairly stable, fluctuating narrowly between 4.0% and 5.2%. This stability indicates consistent tax-related timing differences without significant shifts in deferred tax liabilities.
- Pension, postretirement healthcare, and other benefit obligations
- This category shows a clear downward trend, starting around 6% in 2019 and declining steadily to below 2% by 2025. This reduction may reflect benefit plan changes, funding improvements, or actuarial assumptions impacting the obligations.
- Self-insurance accruals
- There is a gradual increase in self-insurance accruals, from about 2.8% in 2019 to nearly 4.7% in 2025, indicating growing estimates for future insurance-related liabilities.
- Operating lease liabilities, less current portion
- Long-term operating lease liabilities slightly decline over time, moving from about 17.7% in 2019 to approximately 15.6% in 2025, signaling lease terminations, renegotiations, or asset reductions related to lease obligations.
- Other liabilities
- Other liabilities remain relatively minor and stable, fluctuating modestly around 0.6% to 1.2%, indicating limited impact on the overall liability structure.
- Other long-term liabilities
- Other long-term liabilities experience a slow but steady decrease from about 31.6% in 2019 to roughly 27.5% by 2025, showing a reduction in other consolidated long-term obligations.
- Long-term liabilities (total)
- The combined long-term liability proportion decreases from nearly 59% in 2019 to just over 50% by 2025, pointing to an overall deleveraging or transformation of the company’s long-term financial commitments.
- Total liabilities
- Total liabilities as a percentage of total liabilities and common stockholders' investment show a gradual decline, from approximately 73.5% in 2019 to about 68.5% in 2025, implying a modest shift towards equity financing or retention of earnings over liabilities.
- Common stock, $0.10 par value
- This account stays virtually constant at around 0.04% to 0.05%, reflecting negligible change in the par value of common shares outstanding relative to total capitalization.
- Additional paid-in capital
- Additional paid-in capital slightly decreases in the early years from about 4.8% to near 4.0% around 2022, followed by a gradual increase toward 4.9% by 2025, indicating some variation in capital contributions or stock-based compensation effects.
- Retained earnings
- Retained earnings consistently increase as a proportion of total capital, climbing from approximately 36.6% in 2019 to nearly 47.3% by 2025. This steady growth highlights accumulation of net income retained within the company, strengthening equity.
- Accumulated other comprehensive loss
- This item fluctuates modestly around negative 1.3% to negative 1.7%, showing persistent but limited comprehensive losses that slightly deepen toward later periods, which may relate to unrealized losses or currency adjustments.
- Treasury stock, at cost
- Treasury stock holdings increase substantially in absolute value (as a negative percentage of total capital), moving from approximately negative 13.5% in 2019 to nearly negative 19.1% by 2025. This trend suggests heavier stock repurchases or retirements reducing shareholders' equity.
- Common stockholders’ investment
- Overall common stockholders' equity grows moderately from about 26.5% in 2019 to a peak near 32% in the early 2025 period before a small decline. This increase reflects rising retained earnings offset by growing treasury stock, denoting a modest strengthening of the equity base.
- Total liabilities and common stockholders’ investment
- The total by definition remains constant at 100%, serving as the baseline for all proportional analysis within the financial structure.