Current Ratio
since 2005
Calculation
FedEx Corp., current ratio, long-term trends, calculation
| Current ratio | = | Current assets1 | ÷ | Current liabilities1 | |
|---|---|---|---|---|---|
| May 31, 2026 | 1.48 | = | 27,903) | ÷ | 18,912) |
| May 31, 2025 | 1.19 | = | 18,386) | ÷ | 15,411) |
| May 31, 2024 | 1.36 | = | 18,207) | ÷ | 13,355) |
| May 31, 2023 | 1.37 | = | 18,610) | ÷ | 13,586) |
| May 31, 2022 | 1.43 | = | 20,365) | ÷ | 14,274) |
| May 31, 2021 | 1.51 | = | 20,580) | ÷ | 13,660) |
| May 31, 2020 | 1.58 | = | 16,383) | ÷ | 10,344) |
| May 31, 2019 | 1.45 | = | 13,086) | ÷ | 9,013) |
| May 31, 2018 | 1.39 | = | 13,341) | ÷ | 9,627) |
| May 31, 2017 | 1.59 | = | 12,628) | ÷ | 7,918) |
| May 31, 2016 | 1.50 | = | 11,989) | ÷ | 8,008) |
| May 31, 2015 | 1.84 | = | 10,941) | ÷ | 5,957) |
| May 31, 2014 | 1.82 | = | 9,683) | ÷ | 5,312) |
| May 31, 2013 | 1.96 | = | 11,274) | ÷ | 5,750) |
| May 31, 2012 | 1.69 | = | 9,056) | ÷ | 5,374) |
| May 31, 2011 | 1.70 | = | 8,285) | ÷ | 4,882) |
| May 31, 2010 | 1.57 | = | 7,284) | ÷ | 4,645) |
| May 31, 2009 | 1.57 | = | 7,116) | ÷ | 4,524) |
| May 31, 2008 | 1.35 | = | 7,244) | ÷ | 5,368) |
| May 31, 2007 | 1.22 | = | 6,629) | ÷ | 5,428) |
| May 31, 2006 | 1.18 | = | 6,464) | ÷ | 5,473) |
| May 31, 2005 | 1.11 | = | 5,269) | ÷ | 4,734) |
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
1 US$ in millions
The financial data reveals a long-term expansion of the balance sheet, characterized by a general increase in both current assets and current liabilities from 2005 through 2026. Throughout this period, the company maintained a current ratio above 1.0, indicating a consistent ability to meet short-term obligations with short-term assets.
- Current Asset Trajectory
- Current assets exhibited a steady upward trend for much of the analyzed period, growing from 5,269 million USD in 2005 to a peak of 20,580 million USD in 2021. After a period of slight contraction between 2022 and 2024, where assets stabilized around 18,200 million USD, a significant projected increase to 27,903 million USD is observed by May 31, 2026.
- Current Liability Trajectory
- Current liabilities remained relatively stable between 2005 and 2012, fluctuating around the 4,500 to 5,400 million USD range. A notable shift occurred after 2014, with liabilities climbing to a peak of 14,274 million USD in 2022. This growth trend continues into the forecasted period, reaching 18,912 million USD by 2026.
- Current Ratio Analysis
- The current ratio demonstrated a strong upward trend in the first decade, rising from 1.11 in 2005 to a peak of 1.96 in 2013, representing the period of highest relative liquidity. Following this peak, the ratio entered a phase of moderation, generally fluctuating between 1.36 and 1.84. A gradual decline is observed from 2020 (1.58) to 2024 (1.36), suggesting that current liabilities grew at a slightly faster pace than current assets during this window. The ratio is projected to dip to 1.19 in 2025 before recovering to 1.48 in 2026.
The overall pattern suggests a strategic expansion of operational scale, where the increase in short-term obligations has been largely offset by a proportional growth in liquid assets. While liquidity peaked in 2013, the company has maintained a healthy margin of safety, ensuring that current assets consistently exceed current liabilities.
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Comparison to Competitors
FedEx Corp., current ratio, long-term trends, comparison to competitors
| FedEx Corp. | Uber Technologies Inc. | Union Pacific Corp. | United Airlines Holdings Inc. | United Parcel Service Inc. | |
|---|---|---|---|---|---|
| May 31, 2026 | 1.48 | — | — | — | — |
| May 31, 2025 | 1.19 | 1.14 | 0.91 | 0.65 | 1.22 |
| May 31, 2024 | 1.36 | 1.07 | 0.77 | 0.81 | 1.17 |
| May 31, 2023 | 1.37 | 1.19 | 0.81 | 0.83 | 1.10 |
| May 31, 2022 | 1.43 | 1.04 | 0.72 | 1.00 | 1.22 |
| May 31, 2021 | 1.51 | 0.98 | 0.62 | 1.19 | 1.42 |
| May 31, 2020 | 1.58 | 1.44 | 1.01 | 1.16 | 1.19 |
| May 31, 2019 | 1.45 | 2.47 | 0.79 | 0.55 | 1.11 |
| May 31, 2018 | 1.39 | — | 0.90 | 0.54 | 1.15 |
| May 31, 2017 | 1.59 | — | 1.02 | 0.56 | 1.22 |
| May 31, 2016 | 1.50 | — | 0.99 | 0.59 | 1.18 |
| May 31, 2015 | 1.84 | — | 1.29 | 0.63 | 1.23 |
| May 31, 2014 | 1.82 | — | 1.24 | 0.65 | 1.37 |
| May 31, 2013 | 1.96 | — | 1.05 | 0.72 | 1.88 |
| May 31, 2012 | 1.69 | — | 1.16 | 0.78 | 1.86 |
| May 31, 2011 | 1.70 | — | 1.12 | 0.97 | 1.89 |
| May 31, 2010 | 1.57 | — | 1.16 | 0.95 | 1.96 |
| May 31, 2009 | 1.57 | — | 1.37 | 0.79 | 1.49 |
| May 31, 2008 | 1.35 | — | 0.98 | 0.67 | 1.13 |
| May 31, 2007 | 1.22 | — | 0.85 | 0.76 | 1.20 |
| May 31, 2006 | 1.18 | — | 0.68 | 0.79 | 1.40 |
| May 31, 2005 | 1.11 | — | 0.69 | 0.81 | 1.62 |
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
Comparison to Sector (Transportation)
FedEx Corp., current ratio, long-term trends, comparison to sector (transportation)
| FedEx Corp. | Transportation | |
|---|---|---|
| May 31, 2026 | 1.48 | — |
| May 31, 2025 | 1.19 | 0.98 |
| May 31, 2024 | 1.36 | 1.04 |
| May 31, 2023 | 1.37 | 1.06 |
| May 31, 2022 | 1.43 | 1.14 |
| May 31, 2021 | 1.51 | 1.24 |
| May 31, 2020 | 1.58 | 1.28 |
| May 31, 2019 | 1.45 | 1.13 |
| May 31, 2018 | 1.39 | 0.98 |
| May 31, 2017 | 1.59 | 1.06 |
| May 31, 2016 | 1.50 | 1.03 |
| May 31, 2015 | 1.84 | 1.12 |
| May 31, 2014 | 1.82 | 1.14 |
| May 31, 2013 | 1.96 | 1.30 |
| May 31, 2012 | 1.69 | 1.29 |
| May 31, 2011 | 1.70 | 1.35 |
| May 31, 2010 | 1.57 | 1.31 |
| May 31, 2009 | 1.57 | 1.26 |
| May 31, 2008 | 1.35 | 1.02 |
| May 31, 2007 | 1.22 | 1.03 |
| May 31, 2006 | 1.18 | 1.04 |
| May 31, 2005 | 1.11 | 1.13 |
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).
Comparison to Industry (Industrials)
FedEx Corp., current ratio, long-term trends, comparison to industry (industrials)
| FedEx Corp. | Industrials | |
|---|---|---|
| May 31, 2026 | 1.48 | — |
| May 31, 2025 | 1.19 | 1.13 |
| May 31, 2024 | 1.36 | 1.19 |
| May 31, 2023 | 1.37 | 1.16 |
| May 31, 2022 | 1.43 | 1.20 |
| May 31, 2021 | 1.51 | 1.29 |
| May 31, 2020 | 1.58 | 1.41 |
| May 31, 2019 | 1.45 | 1.16 |
| May 31, 2018 | 1.39 | 1.13 |
| May 31, 2017 | 1.59 | 1.24 |
| May 31, 2016 | 1.50 | 1.22 |
| May 31, 2015 | 1.84 | 1.24 |
| May 31, 2014 | 1.82 | 1.26 |
| May 31, 2013 | 1.96 | 1.33 |
| May 31, 2012 | 1.69 | 1.30 |
| May 31, 2011 | 1.70 | 1.30 |
| May 31, 2010 | 1.57 | 1.28 |
| May 31, 2009 | 1.57 | 1.23 |
| May 31, 2008 | 1.35 | 1.06 |
| May 31, 2007 | 1.22 | 1.07 |
| May 31, 2006 | 1.18 | 1.05 |
| May 31, 2005 | 1.11 | 1.05 |
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-31), 10-K (reporting date: 2013-05-31), 10-K (reporting date: 2012-05-31), 10-K (reporting date: 2011-05-31), 10-K (reporting date: 2010-05-31), 10-K (reporting date: 2009-05-31), 10-K (reporting date: 2008-05-31), 10-K (reporting date: 2007-05-31), 10-K (reporting date: 2006-05-31), 10-K (reporting date: 2005-05-31).