FedEx Corp. (NYSE:FDX)

The analysis of the financial data over multiple quarters reveals several trends in the composition of FedEx Corp.'s liabilities and common stockholders’ investment as a percentage of total liabilities and equity.

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

Short-term borrowings appear minimally and sporadically, with very low percentages when reported. The current portion of long-term debt fluctuates, showing notable peaks around early 2021 and toward the end of the data series in 2025, indicating increased short-term debt obligations during these periods.

Accrued Salaries, Employee Benefits, and Accrued Expenses

Accrued salaries and employee benefits generally trend upwards with fluctuations, reaching higher percentages in the later periods. Accrued expenses exhibit mild volatility but maintain a gradual upward tendency, implying increasing operational accruals over time.

Accounts Payable

The accounts payable ratio remains relatively stable with minor fluctuations, mostly hovering between 4.3% and 5.0%, showing consistent management of payables relative to liabilities and equity.

Current Liabilities

Current liabilities as a whole display some oscillation but generally increase slightly, with a peak near the end of the timeline, indicating a higher proportion of short-term obligations relative to total liabilities and equity in the more recent quarters.

Long-term Debt and Deferred Income Taxes

Long-term debt less current portion gradually decreases from about 27% to just below 22%, reflecting a reduction in long-term debt relative to total liabilities and equity. Deferred income taxes remain relatively stable with a slight upward trend, indicating ongoing tax-related liabilities consistent with stable profitability or deferred tax positions.

Pension and Other Benefit Obligations

There is a marked decline in pension, postretirement healthcare, and other benefit obligations from above 6% to under 2%, suggesting either benefit plan changes, settlements, or favorable actuarial adjustments reducing this liability over time.

Self-insurance Accruals

Self-insurance accruals steadily increase from below 3% to over 4.5%, signaling growing provisions for self-insured risks, possibly due to increased exposure or more conservative risk management policies.

Operating Lease Liabilities

The current portion of operating lease liabilities remains fairly constant around 2.5%-3%, while the long-term portion shows a slight decreasing trend from about 17.7% to 16.3%, indicating some reduction or restructuring in operating lease commitments over the years.

Other Liabilities and Long-term Liabilities

Other liabilities stay low and stable around 0.7%-0.9%. Other long-term liabilities and total long-term liabilities show a slow but consistent decline from roughly 31.5% to 28.5% and near 59% to 50.4%, respectively, indicating gradual decreases in these longer-term obligations relative to total funding.

Total Liabilities

Total liabilities trend downward from approximately 73.5% to under 68%, reflecting a slight shift in the capital structure with a modest reduction in the proportional liabilities burden.

Common Stockholders’ Investment

This component increases over time from about 26.5% to more than 32%, depicting strengthening equity investment relative to total liabilities and equity, which may indicate retained earnings growth or other equity enhancements.

Components of Equity

Retained earnings show a steady upward trajectory from nearly 37% to over 47%, confirming consistent profitability and reinvestment within the company. Additional paid-in capital remains relatively stable with mild growth, while treasury stock shows a significant increase in negative value (higher cost), indicating increased share repurchases. Accumulated other comprehensive loss fluctuates slightly but stays generally negative, reflecting ongoing other comprehensive loss impacts.

Overall, the data indicates a strengthening in equity position accompanied by a gradual decline in liability proportions, particularly long-term liabilities and pension-related obligations. Operating lease liabilities and self-insurance accruals show modest changes reflecting adjustments in operational commitments. The increasing treasury stock holdings suggest active share repurchase strategies. Together, these trends suggest a moderately improving capital structure with enhanced shareholder investment and controlled liability exposure over the reporting periods analyzed.