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
May 31, 2026 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
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-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 financial position is characterized by a steady expansion of the balance sheet, with total liabilities and stockholders' equity increasing from $77.6 billion in August 2020 to $98.9 billion by May 2026. This growth is driven by a combination of rising current liabilities and a significant accumulation of retained earnings, reflecting a period of increased operational scale and capital reinvestment.

Current Liabilities and Short-Term Obligations
A consistent upward trend in current liabilities is observed, rising from $11.2 billion to $18.9 billion. This increase is largely driven by growth in accrued expenses, which rose from $4.0 billion to $5.7 billion, and accounts payable, which increased from $3.3 billion to $4.3 billion. Additionally, the current portion of long-term debt exhibited significant volatility, peaking at $2.4 billion in February 2026, indicating a concentration of debt maturities in the final analyzed period.
Long-Term Debt and Lease Obligations
Long-term debt, net of current portions, remained relatively stable around the $20 billion mark for several years before trending upward to $23.3 billion by May 2026. Operating lease liabilities showed a gradual and steady increase, moving from $12.7 billion to $14.5 billion, suggesting a sustained expansion of leased asset commitments over the six-year period.
Benefit and Insurance Obligations
A pronounced downward trend is evident in pension, postretirement healthcare, and other benefit obligations, which contracted from $5.0 billion in August 2020 to $1.6 billion by May 2026. In contrast, self-insurance accruals trended upward throughout the period, increasing from $2.1 billion to $4.4 billion, indicating a shift in how long-term contingent liabilities are managed.
Stockholders' Equity and Capital Allocation
Retained earnings demonstrated strong and continuous growth, rising from $26.1 billion to $44.5 billion, signifying consistent profitability. This growth was partially offset by an aggressive share repurchase program, as evidenced by treasury stock at cost increasing from $9.0 billion to $16.3 billion. Despite the impact of these buybacks, total common stockholders' investment grew from $19.5 billion to $31.6 billion.
Total Liability Profile
Total liabilities remained remarkably stable between $58 billion and $61 billion from August 2020 through February 2025. However, a sharp increase occurred in the final year, with total liabilities reaching $67.3 billion by May 2026. This late-stage increase is primarily attributed to the rise in both current liabilities and long-term debt.