Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
FedEx Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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
- Available data points are limited, showing values of 0.21% and 0.43% of total liabilities and common stockholders’ investment in late 2019. No clear trend can be established due to data scarcity.
- Current portion of long-term debt
- This item exhibits variability over the periods, starting at very low levels around 0.05% and peaking at 0.78% in February 2021. Afterward, it fluctuates mostly between 0.1% and 0.4% before rising significantly to over 1% in May 2025, indicating periods of increased near-term debt obligations.
- Accrued salaries and employee benefits
- The proportion remains relatively stable with moderate fluctuations, generally in a range from about 2.1% to 3.5%, peaking around mid-2021 and experiencing minor declines afterward, suggesting steady or slightly increasing employee-related liabilities.
- Accounts payable
- The accounts payable ratio is fairly consistent between approximately 4.3% and 5%, showing minor oscillations without distinct long-term upward or downward trends.
- Current portion of operating lease liabilities
- This component stays quite stable, maintaining a range close to 2.6% to 2.9%, indicating steady short-term lease obligations over the entire period.
- Accrued expenses
- Accrued expenses show a slight upward trend overall, rising from about 4.8% to beyond 6%, with some fluctuations. This may reflect growing operational accrual liabilities or timing differences in expense recognition.
- Current liabilities
- The total current liabilities as a percentage of the sum of liabilities and equity fluctuate between approximately 14% and 17.5%, showing modest growth with some variability. This suggests a relatively stable short-term liability structure with subtle increases in recent periods.
- Long-term debt, less current portion
- The long-term debt fraction declines gradually from roughly 27.4% in late 2019 towards around 22.0% by mid-2025. This indicates a gradual reduction in long-term debt’s share of the capital structure over the analyzed timeframe.
- Deferred income taxes
- There is a slight increasing tendency from about 4.3% to a peak near 5.2%, with minor fluctuations. This points to a growing portion of deferred tax liabilities relative to total liabilities and common equity.
- Pension, postretirement healthcare, and other benefit obligations
- This category undergoes a notable decline, starting at 6.04% and falling steadily to approximately 1.9% by mid-2025, indicating a significant reduction in these long-term benefit obligations.
- Self-insurance accruals
- There is a gradual upward trend from 2.8% to nearly 4.7%, suggesting increasing accruals related to self-insurance liabilities over time.
- Operating lease liabilities, less current portion
- Long-term operating lease liabilities decrease slowly from around 17.7% to near 16%, reflecting a subtle reduction in lease obligations recorded as long-term liabilities.
- Other liabilities
- This line item remains low and fairly steady, fluctuating roughly between 0.6% and 1.2%, implying minor changes in miscellaneous liabilities.
- Other long-term liabilities
- The proportion remains relatively stable, decreasing slightly from approximately 31.6% to about 28.1%, signaling a small reduction in miscellaneous long-term obligations.
- Long-term liabilities (aggregate)
- Total long-term liabilities as a percentage of combined liabilities and equity moderately decline from about 59% to approximately 51%, reflecting an overall gradual deleveraging or structural shift in long-term obligations.
- Total liabilities
- Total liabilities consistently stay within a narrow range of roughly 67% to 75%, showing a marginal downward trend over the analyzed period, which may imply a slight increase in the proportion of equity financing relative to liabilities.
- Common stock
- The common stock proportion remains stable at around 0.04% to 0.05%, indicating no significant changes in common stock par value relative to total financing.
- Additional paid-in capital
- There is a mild upward trend from just under 4.8% to close to 5%, signifying gradual increases in capital contributed above par value.
- Retained earnings
- Retained earnings show a steady upward trend from about 36.6% to near 47%, representing cumulative profit retention growth and strengthening equity base over time.
- Accumulated other comprehensive loss
- This deficit remains negative and relatively stable between -1.3% and -1.8%, showing consistent other comprehensive expense impact without material change.
- Treasury stock, at cost
- Treasury stock presents a clear increasing negative trend from roughly -13.5% to almost -19%, reflecting significant repurchase activity or higher treasury stock carrying value over the periods.
- Common stockholders’ investment
- Overall equity, represented by common stockholders’ investment, increases steadily from 26.5% to over 32%, indicating strengthening shareholder equity relative to total liabilities and equity.
- Total liabilities and common stockholders’ investment
- This sum is constant at 100%, reflecting the normalized basis of all presented ratios.