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.

FedEx Corp., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in millions

	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	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	300)	150)	—)
Current portion of long-term debt	1,428)	611)	592)	622)	68)	67)	334)	351)	126)	147)	172)	139)	82)	116)	117)	125)	146)	646)	97)	87)	51)	35)	16)	35)
Accrued salaries and employee benefits	2,731)	2,601)	2,710)	2,336)	2,673)	2,541)	2,732)	2,365)	2,475)	2,266)	2,420)	2,263)	2,531)	2,489)	2,537)	2,200)	2,903)	2,321)	2,159)	1,756)	1,569)	1,472)	1,632)	1,522)
Accounts payable	3,692)	3,604)	3,896)	3,738)	3,189)	3,780)	4,002)	3,794)	3,848)	3,987)	3,989)	4,167)	4,030)	4,187)	4,190)	3,822)	3,841)	3,990)	3,733)	3,339)	3,269)	3,193)	3,283)	3,179)
Current portion of operating lease liabilities	2,565)	2,524)	2,536)	2,510)	2,463)	2,447)	2,433)	2,382)	2,390)	2,446)	2,498)	2,470)	2,443)	2,395)	2,371)	2,263)	2,208)	2,133)	2,123)	2,024)	1,923)	1,902)	1,928)	1,896)
Accrued expenses	4,995)	4,556)	4,658)	4,905)	4,962)	4,473)	4,747)	4,919)	4,747)	4,734)	4,960)	4,726)	5,188)	4,803)	4,669)	4,500)	4,562)	4,476)	4,003)	3,989)	3,532)	3,423)	3,538)	3,303)
Current liabilities	15,411)	13,896)	14,392)	14,111)	13,355)	13,308)	14,248)	13,811)	13,586)	13,580)	14,039)	13,765)	14,274)	13,990)	13,884)	12,910)	13,660)	13,566)	12,115)	11,195)	10,344)	10,325)	10,547)	9,935)
Long-term debt, less current portion	19,151)	19,530)	19,433)	19,664)	20,135)	20,122)	20,193)	20,145)	20,453)	20,122)	20,076)	19,918)	20,182)	20,393)	20,386)	20,554)	20,733)	22,797)	23,221)	23,204)	21,952)	18,973)	18,691)	18,726)
Deferred income taxes	4,205)	4,308)	4,436)	4,485)	4,482)	4,378)	4,386)	4,450)	4,489)	4,313)	4,188)	4,134)	4,093)	4,331)	4,162)	3,969)	3,927)	3,563)	3,471)	3,171)	3,162)	3,101)	3,072)	2,953)
Pension, postretirement healthcare, and other benefit obligations	1,698)	1,664)	1,571)	1,780)	2,010)	2,527)	2,854)	3,021)	3,130)	3,779)	4,115)	4,055)	4,448)	3,100)	3,353)	3,451)	3,501)	4,773)	5,088)	5,036)	5,019)	4,165)	4,156)	4,132)
Self-insurance accruals	4,033)	3,914)	3,825)	3,833)	3,701)	3,836)	3,688)	3,583)	3,339)	3,201)	3,106)	3,042)	2,889)	2,597)	2,594)	2,484)	2,430)	2,314)	2,250)	2,147)	2,104)	1,933)	1,921)	1,924)
Operating lease liabilities, less current portion	14,272)	14,366)	14,713)	14,969)	15,053)	14,878)	15,222)	15,338)	15,363)	15,373)	15,290)	15,118)	14,487)	14,450)	13,955)	13,382)	13,375)	12,990)	13,009)	12,714)	12,195)	12,232)	12,432)	12,137)
Other liabilities	783)	657)	651)	693)	689)	690)	694)	694)	695)	674)	662)	654)	682)	721)	973)	977)	983)	809)	963)	719)	466)	454)	476)	479)
Other long-term liabilities	24,991)	24,909)	25,196)	25,760)	25,935)	26,309)	26,844)	27,086)	27,016)	27,340)	27,361)	27,003)	26,599)	25,199)	25,037)	24,263)	24,216)	24,449)	24,781)	23,787)	22,946)	21,885)	22,057)	21,625)
Long-term liabilities	44,142)	44,439)	44,629)	45,424)	46,070)	46,431)	47,037)	47,231)	47,469)	47,462)	47,437)	46,921)	46,781)	45,592)	45,423)	44,817)	44,949)	47,246)	48,002)	46,991)	44,898)	40,858)	40,748)	40,351)
Total liabilities	59,553)	58,335)	59,021)	59,535)	59,425)	59,739)	61,285)	61,042)	61,055)	61,042)	61,476)	60,686)	61,055)	59,582)	59,307)	57,727)	58,609)	60,812)	60,117)	58,186)	55,242)	51,183)	51,295)	50,286)
Common stock, $0.10 par value	32)	32)	32)	32)	32)	32)	32)	32)	32)	32)	32)	32)	32)	32)	32)	32)	32)	32)	32)	32)	32)	32)	32)	32)
Additional paid-in capital	4,290)	4,245)	4,165)	4,134)	3,988)	3,898)	3,849)	3,800)	3,769)	3,735)	3,487)	3,751)	3,712)	3,686)	3,653)	3,610)	3,481)	3,445)	3,400)	3,375)	3,356)	3,324)	3,287)	3,257)
Retained earnings	41,402)	39,754)	39,175)	38,767)	38,649)	37,174)	36,605)	36,021)	35,259)	34,040)	33,557)	33,060)	32,782)	32,225)	31,307)	30,462)	29,817)	27,924)	27,208)	26,108)	25,216)	25,569)	25,431)	25,048)
Accumulated other comprehensive loss	(1,362)	(1,499)	(1,515)	(1,332)	(1,359)	(1,335)	(1,294)	(1,356)	(1,327)	(1,308)	(1,385)	(1,314)	(1,103)	(887)	(977)	(881)	(732)	(764)	(898)	(1,020)	(1,147)	(887)	(866)	(918)
Treasury stock, at cost	(16,288)	(15,824)	(15,397)	(14,425)	(13,728)	(13,394)	(12,426)	(11,963)	(11,645)	(11,766)	(11,576)	(10,389)	(10,484)	(10,530)	(9,075)	(8,902)	(8,430)	(8,656)	(8,703)	(9,033)	(9,162)	(9,207)	(9,225)	(9,253)
Common stockholders’ investment	28,074)	26,708)	26,460)	27,176)	27,582)	26,375)	26,766)	26,534)	26,088)	24,733)	24,115)	25,140)	24,939)	24,526)	24,940)	24,321)	24,168)	21,981)	21,039)	19,462)	18,295)	18,831)	18,659)	18,166)
Total liabilities and common stockholders’ investment	87,627)	85,043)	85,481)	86,711)	87,007)	86,114)	88,051)	87,576)	87,143)	85,775)	85,591)	85,826)	85,994)	84,108)	84,247)	82,048)	82,777)	82,793)	81,156)	77,648)	73,537)	70,014)	69,954)	68,452)

Short-term borrowings: Short-term borrowings were recorded only in the second and third quarters of 2019, showing amounts of 150 and 300 million USD respectively, and were absent in all subsequent quarters.
Current portion of long-term debt: This item fluctuated notably across the period, starting at 35 million USD in August 2019, peaking sharply at 646 million USD in February 2021, and reaching an extensive high of 1428 million USD by May 2025. Generally, it exhibited a rising trend in recent years, signaling increasing near-term debt repayments.
Accrued salaries and employee benefits: Accrued salaries and benefits generally increased over the entire period, moving from 1522 million USD in August 2019 to 2731 million USD in May 2025, despite some fluctuations. The upward movement indicates growing employee-related liabilities.
Accounts payable: Accounts payable showed a gradual upward trend from 3179 million USD in August 2019 to a peak around 4190 million USD by November 2021, followed by some variability and a slight decline towards May 2025. The overall trend reflects some increase in short-term obligations to suppliers.
Current portion of operating lease liabilities: This item steadily increased from 1896 million USD in August 2019 to 2565 million USD in May 2025. The consistent growth suggests expanding lease obligations due within one year.
Accrued expenses: Accrued expenses exhibited an overall rising pattern from 3303 million USD in August 2019 to 4995 million USD in May 2025, with intermittent fluctuations. This suggests increased operational liabilities accruing over time.
Current liabilities: Current liabilities grew gradually from 9935 million USD in August 2019 to 15411 million USD in May 2025, indicating an overall increase in short-term obligations.
Long-term debt, less current portion: This debt category increased significantly from 18726 million USD in August 2019 to a peak of about 23221 million USD by November 2020, then gradually decreased to 19151 million USD in May 2025. The peak followed by reduction may reflect debt refinancing or repayments.
Deferred income taxes: Deferred income taxes showed moderate growth from 2953 million USD in August 2019 to a peak above 4485 million USD in November 2024, with slight decreases thereafter, signaling tax timing differences evolving over time.
Pension, postretirement healthcare, and other benefit obligations: These obligations started at 4132 million USD in August 2019, peaked near 5088 million USD in November 2020, then steadily declined to 1698 million USD in May 2025. This marked decrease suggests efforts toward reducing legacy benefit liabilities.
Self-insurance accruals: Self-insurance accruals consistently rose from 1924 million USD in August 2019 to 4033 million USD in May 2025, indicating increasing estimated insurance-related liabilities.
Operating lease liabilities, less current portion: This liability category increased from 12137 million USD in August 2019 to a peak of about 15373 million USD in February 2023, then declined slightly to 14272 million USD by May 2025, showing relatively stable but sizable long-term lease commitments.
Other liabilities and other long-term liabilities: Other liabilities fluctuated modestly with a moderate upward trend initially followed by stabilization around 650-780 million USD towards the end of the period. Other long-term liabilities increased from 21625 million USD to about 27400 million USD by late 2022, then gradually decreased to 24991 million USD by May 2025, reflecting large but stable non-debt long-term obligations.
Long-term liabilities: Long-term liabilities generally increased from 40351 million USD in August 2019 to a peak close to 47469 million USD in May 2023 before gradually declining to 44142 million USD by May 2025. This indicates an overall managed but large long-term obligation burden.
Total liabilities: Total liabilities rose from 50286 million USD in August 2019 to a peak of over 61476 million USD in November 2022, followed by slight fluctuations and a moderate reduction near 59553 million USD by May 2025, suggesting controlled leveraging over time.
Common stock and additional paid-in capital: Common stock value remained constant at 32 million USD, while additional paid-in capital slowly increased from 3257 million USD in August 2019 to 4290 million USD by May 2025, indicating minor equity infusions or share-based compensation effects.
Retained earnings: Retained earnings showed consistent growth from 25048 million USD in August 2019 to 41402 million USD in May 2025, reflecting accumulated profits over the period.
Accumulated other comprehensive loss: This account remained negative throughout, with values fluctuating between approximately -866 million USD and -1515 million USD, showing no clear trend toward improvement or deterioration.
Treasury stock, at cost: Treasury stock steadily increased in absolute value (more negative) from -9253 million USD in August 2019 to -16288 million USD in May 2025, indicating ongoing share repurchases or holdings of treasury shares.
Common stockholders’ investment: This equity measure trended upward from 18166 million USD in August 2019 to 28074 million USD by May 2025, despite some periods of decline, showing overall strengthening of shareholder equity.
Total liabilities and common stockholders’ investment: The sum of liabilities and equity increased from 68452 million USD in August 2019 to a peak around 88051 million USD in November 2023, followed by slight fluctuations around 85000-87600 million USD, reflecting overall growth in the company’s balance sheet size.

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FedEx Corp. (NYSE:FDX)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data