Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Analysis of Revenues
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FedEx Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
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.