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

	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	May 31, 2019	Feb 28, 2019	Nov 30, 2018	Aug 31, 2018
Short-term borrowings	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	300)	150)	—)	—)	225)	250)	299)
Current portion of long-term debt	611)	592)	622)	68)	67)	334)	351)	126)	147)	172)	139)	82)	116)	117)	125)	146)	646)	97)	87)	51)	35)	16)	35)	964)	973)	642)	1,404)
Accrued salaries and employee benefits	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)	1,741)	1,659)	1,850)	1,686)
Accounts payable	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)	3,030)	3,156)	3,400)	3,066)
Current portion of operating lease liabilities	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	4,556)	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)	3,278)	3,243)	3,354)	3,151)
Current liabilities	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)	9,013)	9,256)	9,496)	9,606)
Long-term debt, less current portion	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)	16,617)	17,218)	16,399)	15,241)
Deferred income taxes	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)	2,821)	3,211)	3,253)	2,948)
Pension, postretirement healthcare, and other benefit obligations	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)	5,095)	1,847)	1,735)	1,963)
Self-insurance accruals	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)	1,899)	1,861)	1,844)	1,809)
Operating lease liabilities, less current portion	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)	—)	—)	—)	—)
Deferred lease obligations	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	531)	512)	605)	557)
Other liabilities	657)	651)	693)	689)	690)	694)	694)	695)	674)	662)	654)	682)	721)	973)	977)	983)	809)	963)	719)	466)	454)	476)	479)	670)	665)	663)	604)
Other long-term liabilities	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)	11,016)	8,096)	8,100)	7,881)
Long-term liabilities	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)	27,633)	25,314)	24,499)	23,122)
Total liabilities	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)	36,646)	34,570)	33,995)	32,728)
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)	32)	32)	32)
Additional paid-in capital	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)	3,231)	3,209)	3,185)	3,154)
Retained earnings	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)	24,648)	26,650)	26,080)	25,315)
Accumulated other comprehensive loss	(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)	(865)	(737)	(817)	(763)
Treasury stock, at cost	(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)	(9,289)	(9,260)	(9,186)	(8,565)
Common stockholders’ investment	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)	17,757)	19,894)	19,294)	19,173)
Total liabilities and common stockholders’ investment	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)	54,403)	54,464)	53,289)	51,901)

Short-term borrowings: The short-term borrowings show a limited presence in the data, with amounts reported only sporadically between August 2018 and November 2019. The values decrease from 299 million in August 2018 to 150 million in May 2019, then increase to 300 million in November 2019, followed by missing data in subsequent periods.
Current portion of long-term debt: This category exhibits marked variation over time, initially declining sharply from 1404 million in August 2018 to single-digit millions by August and November 2019. Beginning in November 2020, the current portion fluctuates with notable increases in early 2021 and late 2023 through 2024, reaching as high as 622 million in February 2025. This suggests variable debt maturities and refinancing activities.
Accrued salaries and employee benefits: This liability shows a generally increasing trend from 1686 million in August 2018 to a peak of 2903 million in May 2021. Post-2021, the values fluctuate around the 2200–2700 million range with no clear upward or downward trajectory, indicating stable employee-related accruals over the longer term.
Accounts payable: Accounts payable demonstrate a gradual upward movement from 3066 million in August 2018 to a peak of 4190 million in November 2021. Subsequent periods show some variability but generally remain elevated above 3500 million, reflecting sustained trade payables or supplier credit levels.
Current portion of operating lease liabilities: This liability emerges beginning in August 2019 at 1896 million and increases steadily, reaching 2536 million by November 2024. This upward trend indicates growing short-term lease obligations under operating leases, potentially related to capital structure or lease accounting changes.
Accrued expenses: The accrued expenses trend upward from 3151 million in August 2018 to a maximum of 5188 million in May 2022. Afterward, the figures fluctuate around 4500–4900 million, reflecting increased or more volatile accruals, possibly linked to operational costs or contingency reserves.
Current liabilities: Current liabilities collectively rise from 9606 million in August 2018 to a peak of 14274 million in May 2022. Following this peak, they exhibit moderate fluctuations between approximately 13300 million and 14300 million, indicating an overall increase in short-term obligations over the analyzed period.
Long-term debt, less current portion: Long-term debt shows a rising trend from 15241 million in August 2018 to a peak above 23000 million in the 2020 period. Subsequently, it gradually decreases, falling below 20000 million by November 2024. This suggests issuance of long-term debt up to 2020 followed by repayment or refinancing reducing long-term obligations.
Deferred income taxes: This liability gradually increases over time, from 2948 million in August 2018 to a high near 4500 million during 2023, with minor fluctuations. The pattern indicates growing deferred tax obligations, reflecting timing differences in income recognition or tax planning strategies.
Pension and other benefit obligations: There is a notable one-time increase in May 2019, with pension and related obligations jumping significantly from prior levels around 1700-1900 million to over 5000 million. Following this spike, the obligation steadily declines, reaching below 1700 million by February 2025. This shift suggests a remeasurement or plan amendment event followed by ongoing reductions.
Self-insurance accruals: Self-insurance accruals demonstrate a consistent upward trend from about 1809 million in August 2018 to 3914 million in February 2025, reflecting increasing estimated liabilities related to self-insurance reserves over time.
Operating lease liabilities, less current portion: Long-term operating lease liabilities rise steadily from 12137 million in November 2019 to a peak above 15370 million in early 2023, followed by a gradual decline to approximately 14366 million by February 2025. This pattern suggests expanded lease commitments with recent reductions or settlements.
Deferred lease obligations: Deferred lease obligations are recorded only in the early periods, ranging narrowly from 512 million to 605 million, then absent thereafter, likely due to changes in accounting standards or reclassification of leases.
Other liabilities and other long-term liabilities: Other liabilities show modest variation, mostly staying within the 600 to 1000 million range, while other long-term liabilities expand significantly from 7881 million in August 2018 to a peak exceeding 27000 million by 2022, followed by a decrease to under 25000 million by 2024. This indicates considerable growth and subsequent reduction in other long-term commitments or reserves.
Long-term liabilities: Long-term liabilities, inclusive of debt and other obligations, increase markedly from about 23122 million in August 2018 to nearly 48000 million in late 2020, then decline progressively to around 44439 million in early 2025, demonstrating cyclical debt issuance and retirement activities.
Total liabilities: Total liabilities grow substantially from 32728 million in August 2018 to a maximum exceeding 61000 million during 2021–2023, suggesting increased leverage or operational scale. A slight decrease is observed toward 2025, indicating some liability reduction or stabilization.
Common stock and additional paid-in capital: Common stock remains stable at approximately 32 million throughout the period. Additional paid-in capital shows a steady increase from 3154 million to over 4200 million by 2025, reflecting ongoing capital contributions or equity issuance.
Retained earnings: Retained earnings trend upward consistently from 25315 million in August 2018 to nearly 39800 million by February 2025, indicating accumulation of profits over the period despite fluctuations in other equity components.
Accumulated other comprehensive loss: This component shows persistently negative values, with losses expanding in magnitude from -763 million in August 2018 to approximately -1500 million by 2024, indicating ongoing unfavorable adjustments in comprehensive income items.
Treasury stock, at cost: The treasury stock balance increases in absolute value from -8565 million in August 2018 to nearly -15824 million by early 2025, reflecting significant and increasing share repurchase activities reducing common equity.
Common stockholders’ investment: Common stockholders’ investment fluctuates over the period, rising from about 19173 million in August 2018 to a peak of 26766 million in November 2023, then declining slightly to about 26708 million by early 2025. This indicates overall growth in equity value, tempered by share repurchases and other factors.
Total liabilities and common stockholders’ investment: The combined total of liabilities and equity increases from 51901 million in August 2018 to a peak above 88000 million in early 2023, followed by a modest decline toward 85000 million by early 2025, signaling growth in total capitalization and subsequent modest contraction or stabilization.

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FedEx Corp. (NYSE:FDX)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data