Name: FedEx Corp. (NYSE:FDX) | Liabilities and Stockholders’ Equity
Creator: Stock Analysis on Net

Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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FedEx Corp., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	May 31, 2026	May 31, 2025	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021
Self-insurance accruals	1,969)	1,858)	1,931)	1,730)	1,646)	1,535)
Taxes other than income taxes	392)	372)	334)	305)	532)	637)
Other	3,364)	2,765)	2,697)	2,712)	3,010)	2,390)
Accrued expenses	5,725)	4,995)	4,962)	4,747)	5,188)	4,562)
Accounts payable	4,327)	3,692)	3,189)	3,848)	4,030)	3,841)
Salaries	1,447)	1,083)	757)	828)	751)	626)
Employee benefits, including variable compensation	1,559)	796)	977)	689)	834)	1,350)
Compensated absences	753)	852)	939)	958)	946)	927)
Accrued salaries and employee benefits	3,759)	2,731)	2,673)	2,475)	2,531)	2,903)
Current portion of operating lease liabilities	2,680)	2,565)	2,463)	2,390)	2,443)	2,208)
Current portion of long-term debt	1,676)	1,428)	68)	126)	82)	146)
Short-term borrowings	745)	—)	—)	—)	—)	—)
Current liabilities	18,912)	15,411)	13,355)	13,586)	14,274)	13,660)
Long-term debt, less current portion	23,293)	19,151)	20,135)	20,453)	20,182)	20,733)
Operating lease liabilities, less current portion	14,549)	14,272)	15,053)	15,363)	14,487)	13,375)
Self-insurance accruals	4,413)	4,033)	3,701)	3,339)	2,889)	2,430)
Deferred income taxes	3,664)	4,205)	4,482)	4,489)	4,093)	3,927)
Pension, postretirement healthcare, and other benefit obligations	1,625)	1,698)	2,010)	3,130)	4,448)	3,501)
Other liabilities	834)	783)	689)	695)	682)	983)
Other long-term liabilities	25,085)	24,991)	25,935)	27,016)	26,599)	24,216)
Long-term liabilities	48,378)	44,142)	46,070)	47,469)	46,781)	44,949)
Total liabilities	67,290)	59,553)	59,425)	61,055)	61,055)	58,609)
Preferred stock, no par value; no shares issued or outstanding	—)	—)	—)	—)	—)	—)
Common stock, $0.10 par value	32)	32)	32)	32)	32)	32)
Additional paid-in capital	4,717)	4,290)	3,988)	3,769)	3,712)	3,481)
Retained earnings	44,461)	41,402)	38,649)	35,259)	32,782)	29,817)
Accumulated other comprehensive loss	(1,227)	(1,362)	(1,359)	(1,327)	(1,103)	(732)
Treasury stock, at cost	(16,336)	(16,288)	(13,728)	(11,645)	(10,484)	(8,430)
Common stockholders’ investment	31,647)	28,074)	27,582)	26,088)	24,939)	24,168)
Total liabilities and common stockholders’ investment	98,937)	87,627)	87,007)	87,143)	85,994)	82,777)

Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31).

The financial position reflects a period of stability in total liabilities from 2021 through 2025, followed by a significant increase in 2026. While total liabilities remained within a narrow range of approximately 58.6 billion to 61.1 billion dollars for the first five years, they rose to 67.3 billion dollars by May 31, 2026. This increase is largely attributed to a rise in both short-term and long-term debt obligations. Parallel to this, common stockholders' investment grew steadily from 24.2 billion dollars in 2021 to 31.6 billion dollars in 2026, indicating a strengthening of the equity base despite aggressive capital return activities.

Current Liability Trends: Current liabilities exhibited relative stability between 2021 and 2024, fluctuating around 13.3 billion to 14.3 billion dollars. However, a sharp upward trend emerged in 2025 and 2026, with balances reaching 15.4 billion and 18.9 billion dollars, respectively. This surge is primarily driven by a substantial increase in the current portion of long-term debt, which climbed from 68 million dollars in 2024 to 1.7 billion dollars in 2026, and the introduction of 745 million dollars in short-term borrowings in 2026.
Long-Term Debt and Obligations: Long-term debt, less current portion, remained consistent at approximately 20 billion dollars from 2021 to 2024, experienced a slight dip to 19.2 billion dollars in 2025, and then increased significantly to 23.3 billion dollars in 2026. Conversely, pension, postretirement healthcare, and other benefit obligations showed a consistent downward trend, decreasing from a peak of 4.4 billion dollars in 2022 to 1.6 billion dollars in 2026, representing a meaningful reduction in long-term defined-benefit liabilities.
Self-Insurance and Accruals: A steady growth pattern is observed in self-insurance accruals across both current and long-term categories. Current self-insurance accruals rose from 1.5 billion dollars in 2021 to 2.0 billion dollars in 2026, while long-term self-insurance accruals increased more aggressively from 2.4 billion dollars to 4.4 billion dollars over the same period, suggesting an increase in anticipated future insurance-related outflows.
Equity and Capital Allocation: Retained earnings demonstrated a strong and consistent upward trajectory, growing from 29.8 billion dollars in 2021 to 44.5 billion dollars in 2026, which points to sustained profitability. This growth was partially offset by an aggressive share repurchase program, as evidenced by treasury stock increasing from a negative 8.4 billion dollars in 2021 to a negative 16.3 billion dollars by 2026. The net result was a gradual increase in total common stockholders' investment over the six-year period.

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