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
Based on: 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).
- Current Liabilities
- Current liabilities demonstrated an overall increasing trend from August 2019 to August 2025, rising from approximately 9,935 million USD to about 15,524 million USD. There was a noticeable peak in February 2025, followed by some fluctuations but no significant decline. The current portion of long-term debt varied substantially, with a sharp increase around February 2021 and fluctuating levels afterwards, indicating variability in short-term debt obligations.
- Short-term Borrowings
- Short-term borrowings were sporadically reported, appearing notably in November 2019 and February 2020 at 150 and 300 million USD respectively. No other periods showed values, suggesting limited or selective use of short-term borrowings over the timeframe.
- Accrued Salaries and Employee Benefits
- This liability increased gradually from 1,522 million USD in August 2019 to approximately 2,733 million USD in August 2025, peaking around the end of 2023. This reflects rising employee-related expenses or accruals over the analyzed periods.
- Accounts Payable
- Accounts payable followed a generally upward trajectory from 3,179 million USD in August 2019 to 4,223 million USD in August 2025, though there were periods of decline, notably around mid-2024. This may indicate changes in vendor payment practices or purchasing volume fluctuations.
- Operating Lease Liabilities
- Current portion of operating lease liabilities increased steadily from 1,896 million USD in August 2019 to about 2,591 million USD in August 2025. Similarly, long-term operating lease liabilities less the current portion showed an initial increase peaking in late 2022 before a slow decline, suggesting ongoing lease obligations with some reduction over time.
- Accrued Expenses
- Accrued expenses increased from approximately 3,303 million USD in August 2019 to 5,494 million USD in August 2025, although with fluctuations and some slight decreases in certain periods. This indicates generally growing operational expenses accrued but may reflect operational variability or adjustments.
- Total Current Liabilities and Total Liabilities
- Total liabilities rose from 50,286 million USD in August 2019 to about 60,645 million USD in August 2025, with some periodic fluctuations but an overall increasing trend. This growth aligns with increases in both current and long-term liabilities, suggesting expanding financing or obligations.
- Long-term Debt and Liabilities
- Long-term debt less the current portion showed a rise from 18,726 million USD in August 2019 to a peak near 23,221 million USD in late 2020, followed by a gradual stabilization and slight decline toward 20,291 million USD in August 2025. Other long-term liabilities similarly rose until early 2023, then demonstrated a gradual decrease. Pension and postretirement obligations exhibited a declining trend from 5,036 million USD in mid-2020 to below 1,700 million USD by August 2025, indicating reduced future benefit obligations or remeasurements.
- Self-insurance Accruals
- Self-insurance accruals increased consistently from 1,924 million USD in August 2019 to 4,132 million USD in August 2025, reflecting rising provisions for self-insured risks.
- Equity and Stockholders' Investment
- Common stockholders' investment increased from 18,166 million USD in August 2019 to around 27,771 million USD in August 2025. Despite this positive growth, treasury stock at cost increased in negative magnitude over time, from -9,253 million USD to -16,755 million USD, indicating ongoing stock repurchases or retirements reducing outstanding equity. Retained earnings showed steady growth throughout, from 25,048 million USD to 41,538 million USD, signaling accumulation of net income over time.
- Other Equity Components
- Additional paid-in capital grew consistently, albeit at a moderate pace, from approximately 3,257 million USD to 4,327 million USD over the periods. Accumulated other comprehensive loss fluctuated but overall deepened, indicating increased unrealized losses recognized in equity.