Stock Analysis on Net
Stock Analysis on Net

FedEx Corp. (NYSE:FDX)

$24.99

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

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 (quarterly data)

US$ in millions

Microsoft Excel
Feb 28, 2026 Nov 30, 2025 Aug 31, 2025 May 31, 2025 Feb 28, 2025 Nov 30, 2024 Aug 31, 2024 May 31, 2024 Feb 29, 2024 Nov 30, 2023 Aug 31, 2023 May 31, 2023 Feb 28, 2023 Nov 30, 2022 Aug 31, 2022 May 31, 2022 Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019
Short-term borrowings
Current portion of long-term debt
Accrued salaries and employee benefits
Accounts payable
Current portion of operating lease liabilities
Accrued expenses
Current liabilities
Long-term debt, less current portion
Deferred income taxes
Pension, postretirement healthcare, and other benefit obligations
Self-insurance accruals
Operating lease liabilities, less current portion
Other liabilities
Other long-term liabilities
Long-term liabilities
Total liabilities
Common stock, $0.10 par value
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Treasury stock, at cost
Common stockholders’ investment
Total liabilities and common stockholders’ investment

Based on: 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), 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).

Over the analyzed period from August 2019 to November 2025, the company experienced notable fluctuations in its liabilities and stockholders’ equity. Current liabilities generally increased over time, while long-term liabilities exhibited a more complex pattern. Stockholders’ equity demonstrated a consistent upward trend, though with some variability.

Current Liabilities
Current liabilities increased from US$9,935 million in August 2019 to US$13,355 million in November 2025. This growth was not linear, with periods of relative stability followed by increases. A significant rise occurred between February 2021 and November 2021. The composition of current liabilities reveals that accrued salaries and employee benefits, accounts payable, and the current portion of operating lease liabilities consistently represent the largest components. Accrued expenses also contribute significantly and show a general upward trend. The current portion of long-term debt fluctuated considerably, peaking in February 2021 before declining and then increasing again in August 2023.
Long-Term Liabilities
Long-term liabilities, excluding current portions, began at US$18,726 million in August 2019 and reached US$22,831 million in February 2026. The period between August 2019 and May 2021 saw a general increase, followed by a period of relative stability. Deferred income taxes and other long-term liabilities constitute the majority of this category. Pension and postretirement benefit obligations decreased substantially over the period, while operating lease liabilities, less current portion, remained relatively stable.
Total Liabilities
Total liabilities increased from US$50,286 million in August 2019 to US$64,929 million in February 2026. The trend mirrors the combined trends of current and long-term liabilities, with a noticeable acceleration in growth between 2020 and 2022. The largest component of total liabilities consistently remained long-term liabilities.
Stockholders’ Equity
Common stockholders’ investment increased steadily from US$18,166 million in August 2019 to US$29,804 million in November 2025. Retained earnings were the primary driver of this growth, although additional paid-in capital also contributed. Accumulated other comprehensive loss consistently reduced stockholders’ equity, and treasury stock, at cost, represented a significant deduction. Despite these offsetting factors, the overall trend in stockholders’ equity was positive.

In summary, the company’s balance sheet reflects a growing overall financial size, evidenced by the increases in both liabilities and stockholders’ equity. The increasing levels of current liabilities suggest a potential increase in short-term obligations, while the changes in long-term liabilities indicate shifts in the company’s financing structure. The consistent growth in stockholders’ equity provides a positive signal regarding the company’s profitability and reinvestment activities.