Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
FedEx Corp., liquidity ratios (quarterly data)
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).
Liquidity metrics exhibit a sustained downward trend from August 2021 through November 2024, followed by a sharp recovery in the first half of 2026. While liquidity tightened over several years, the company maintained current and quick ratios above 1.0, indicating a consistent ability to meet short-term obligations despite the narrowing margin of safety.
- Current Ratio
- The current ratio declined from a peak of 1.51 in August 2021 to a low of 1.23 by November 2024. This period was characterized by a gradual erosion of the liquidity buffer. However, a significant reversal occurred in early 2026, with the ratio ascending to 1.48 by May 2026, nearly returning to the levels observed at the start of the analysis period.
- Quick Ratio
- The quick ratio closely mirrored the trajectory of the current ratio, starting at 1.39 in August 2021 and reaching a minimum of 1.10 in November 2024. The narrow spread between the current and quick ratios suggests that inventory levels did not play a primary role in the overall liquidity fluctuations. A recovery trend emerged in early 2026, culminating in a ratio of 1.37 by May 2026.
- Cash Ratio
- The cash ratio displayed the highest degree of volatility among the three metrics. After starting at 0.53 in August 2021, it experienced several dips, notably reaching 0.33 in November 2022 and 0.35 in November 2024. A substantial increase is observed in the final quarters of the period, with the ratio climbing to 0.70 by May 2026, representing the highest cash-to-liability position in the recorded timeframe.
The synchronized improvement across all three ratios in early 2026 suggests a strategic increase in liquid assets or a significant reduction in short-term liabilities. The most pronounced recovery is evident in the cash ratio, which suggests a strengthened immediate solvency position.
AI Ask an analyst for more
Current Ratio
FedEx Corp., current ratio calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Current assets | 27,903) | 25,477) | 20,653) | 19,344) | 18,386) | 17,214) | 17,721) | 18,094) | 18,207) | 17,424) | 19,117) | 18,887) | 18,610) | 17,944) | 18,217) | 19,606) | 20,365) | 19,466) | 20,747) | 19,546) | ||||||
| Current liabilities | 18,912) | 17,287) | 16,214) | 15,524) | 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) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||||
| Current ratio1 | 1.48 | 1.47 | 1.27 | 1.25 | 1.19 | 1.24 | 1.23 | 1.28 | 1.36 | 1.31 | 1.34 | 1.37 | 1.37 | 1.32 | 1.30 | 1.42 | 1.43 | 1.39 | 1.49 | 1.51 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Current Ratio, Competitors2 | ||||||||||||||||||||||||||
| Uber Technologies Inc. | — | — | 0.84 | 1.07 | 1.14 | 1.15 | 1.11 | 1.02 | 1.07 | 1.41 | 1.21 | 1.21 | 1.19 | 1.14 | 1.23 | 1.06 | 1.04 | 1.04 | 0.98 | 1.00 | ||||||
| Union Pacific Corp. | — | — | 0.99 | 0.92 | 0.91 | 0.75 | 0.65 | 0.73 | 0.77 | 0.77 | 1.05 | 0.93 | 0.81 | 0.72 | 0.71 | 0.65 | 0.72 | 0.77 | 0.66 | 0.71 | ||||||
| United Airlines Holdings Inc. | — | — | 0.78 | 0.70 | 0.65 | 0.67 | 0.70 | 0.78 | 0.81 | 0.79 | 0.77 | 0.75 | 0.83 | 0.89 | 0.91 | 0.91 | 1.00 | 1.03 | 1.04 | 1.04 | ||||||
| United Parcel Service Inc. | — | — | 1.18 | 1.21 | 1.22 | 1.30 | 1.32 | 1.09 | 1.17 | 1.14 | 1.25 | 1.10 | 1.10 | 1.22 | 1.32 | 1.34 | 1.22 | 1.39 | 1.47 | 1.52 | ||||||
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).
1 Q4 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 27,903 ÷ 18,912 = 1.48
2 Click competitor name to see calculations.
The liquidity position of the organization exhibits a cyclical pattern over the analyzed period, characterized by a prolonged contraction in the liquidity margin followed by a significant recovery in the first half of 2026.
- Current Ratio Trend
- The current ratio began at a peak of 1.51 in August 2021 and experienced a gradual downward trajectory over several years. This decline reached its lowest point in May 2025, when the ratio fell to 1.19. A sharp reversal occurred in early 2026, with the ratio climbing to 1.47 in February 2026 and 1.48 by May 2026, effectively restoring the liquidity margin to levels observed at the beginning of the period.
- Current Assets Analysis
- Current assets remained relatively stable, fluctuating between approximately 17.2 billion and 20.7 billion US dollars from August 2021 through November 2025. A substantial increase is observed starting in February 2026, where assets rose to 25.5 billion US dollars and peaked at 27.9 billion US dollars by May 2026. This surge in short-term assets is the primary driver behind the improved liquidity ratios in the final two quarters.
- Current Liabilities Analysis
- Current liabilities showed consistent stability, generally ranging between 13 billion and 14 billion US dollars for the majority of the timeframe. An upward trend emerged in 2025, with obligations rising to 15.4 billion US dollars in February 2025 and continuing to climb to 18.9 billion US dollars by May 2026. While short-term obligations increased, the growth in current assets significantly outpaced this increase during the final observation window.
AI Ask an analyst for more
Quick Ratio
FedEx Corp., quick ratio calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Cash and cash equivalents | 13,311) | 8,008) | 6,570) | 6,166) | 5,502) | 5,135) | 5,029) | 5,943) | 6,501) | 5,644) | 6,729) | 7,055) | 6,856) | 5,373) | 4,646) | 6,850) | 6,897) | 6,065) | 6,833) | 6,853) | ||||||
| Restricted cash | —) | 3,680) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Receivables, less allowances | 12,672) | 11,807) | 12,159) | 11,516) | 11,368) | 10,230) | 10,737) | 10,312) | 10,087) | 9,904) | 10,665) | 10,207) | 10,188) | 10,721) | 11,644) | 11,055) | 11,863) | 11,668) | 12,197) | 11,125) | ||||||
| Total quick assets | 25,983) | 23,495) | 18,729) | 17,682) | 16,870) | 15,365) | 15,766) | 16,255) | 16,588) | 15,548) | 17,394) | 17,262) | 17,044) | 16,094) | 16,290) | 17,905) | 18,760) | 17,733) | 19,030) | 17,978) | ||||||
| Current liabilities | 18,912) | 17,287) | 16,214) | 15,524) | 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) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||||
| Quick ratio1 | 1.37 | 1.36 | 1.16 | 1.14 | 1.09 | 1.11 | 1.10 | 1.15 | 1.24 | 1.17 | 1.22 | 1.25 | 1.25 | 1.19 | 1.16 | 1.30 | 1.31 | 1.27 | 1.37 | 1.39 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | ||||||||||||||||||||||||||
| Uber Technologies Inc. | — | — | 0.70 | 0.89 | 0.98 | 1.02 | 0.97 | 0.89 | 0.95 | 1.27 | 1.05 | 1.03 | 1.02 | 0.96 | 1.04 | 0.88 | 0.88 | 0.88 | 0.83 | 0.83 | ||||||
| Union Pacific Corp. | — | — | 0.76 | 0.66 | 0.67 | 0.52 | 0.46 | 0.54 | 0.55 | 0.56 | 0.76 | 0.68 | 0.61 | 0.51 | 0.51 | 0.49 | 0.52 | 0.58 | 0.47 | 0.52 | ||||||
| United Airlines Holdings Inc. | — | — | 0.69 | 0.61 | 0.56 | 0.58 | 0.62 | 0.68 | 0.71 | 0.69 | 0.68 | 0.66 | 0.73 | 0.78 | 0.83 | 0.82 | 0.91 | 0.94 | 0.95 | 0.95 | ||||||
| United Parcel Service Inc. | — | — | 1.03 | 1.07 | 1.09 | 1.15 | 1.17 | 0.94 | 1.03 | 1.00 | 1.02 | 0.94 | 0.82 | 0.87 | 0.98 | 1.01 | 1.00 | 1.25 | 1.33 | 1.39 | ||||||
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).
1 Q4 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 25,983 ÷ 18,912 = 1.37
2 Click competitor name to see calculations.
The liquidity profile exhibited a period of gradual decline followed by a significant strengthening of the quick ratio toward the end of the observed timeframe. Between August 2021 and November 2024, the quick ratio trended downward from a peak of 1.39 to a minimum of 1.10, indicating a narrowing margin of liquid safety. However, a sharp reversal occurred starting in early 2025, with the ratio climbing back to 1.37 by May 2026.
- Total Quick Assets
- Quick assets remained relatively stable between 15 billion and 19 billion USD for the majority of the period. A notable trough occurred in February 2025 at 15.37 billion USD, after which an aggressive expansion in liquid holdings was observed. By May 2026, total quick assets reached a period high of 25.98 billion USD, representing a substantial increase in immediate liquidity.
- Current Liabilities
- Current liabilities showed minimal volatility from August 2021 through May 2024, fluctuating primarily between 13 billion and 14 billion USD. A gradual upward trajectory began in mid-2025, with liabilities increasing to 18.91 billion USD by May 2026. Despite this increase, the growth in liabilities was outpaced by the growth in quick assets during the final quarters.
- Quick Ratio Stability and Performance
- The quick ratio consistently remained above the 1.0 threshold throughout the entire sequence, signifying a persistent capacity to meet short-term obligations without relying on inventory liquidation. The decline observed between 2021 and 2024 suggests a tightening of liquidity, whereas the recovery in 2026 indicates a strategic accumulation of liquid assets or a shift in working capital management that prioritized liquidity over other uses of capital.
AI Ask an analyst for more
Cash Ratio
FedEx Corp., cash ratio calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Cash and cash equivalents | 13,311) | 8,008) | 6,570) | 6,166) | 5,502) | 5,135) | 5,029) | 5,943) | 6,501) | 5,644) | 6,729) | 7,055) | 6,856) | 5,373) | 4,646) | 6,850) | 6,897) | 6,065) | 6,833) | 6,853) | ||||||
| Restricted cash | —) | 3,680) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Total cash assets | 13,311) | 11,688) | 6,570) | 6,166) | 5,502) | 5,135) | 5,029) | 5,943) | 6,501) | 5,644) | 6,729) | 7,055) | 6,856) | 5,373) | 4,646) | 6,850) | 6,897) | 6,065) | 6,833) | 6,853) | ||||||
| Current liabilities | 18,912) | 17,287) | 16,214) | 15,524) | 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) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||||
| Cash ratio1 | 0.70 | 0.68 | 0.41 | 0.40 | 0.36 | 0.37 | 0.35 | 0.42 | 0.49 | 0.42 | 0.47 | 0.51 | 0.50 | 0.40 | 0.33 | 0.50 | 0.48 | 0.43 | 0.49 | 0.53 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | ||||||||||||||||||||||||||
| Uber Technologies Inc. | — | — | 0.41 | 0.56 | 0.67 | 0.73 | 0.67 | 0.60 | 0.66 | 0.92 | 0.69 | 0.66 | 0.66 | 0.64 | 0.75 | 0.58 | 0.56 | 0.61 | 0.55 | 0.55 | ||||||
| Union Pacific Corp. | — | — | 0.38 | 0.22 | 0.30 | 0.15 | 0.16 | 0.23 | 0.19 | 0.18 | 0.27 | 0.20 | 0.21 | 0.14 | 0.16 | 0.17 | 0.18 | 0.22 | 0.13 | 0.17 | ||||||
| United Airlines Holdings Inc. | — | — | 0.60 | 0.51 | 0.47 | 0.49 | 0.54 | 0.59 | 0.62 | 0.61 | 0.59 | 0.57 | 0.65 | 0.69 | 0.75 | 0.73 | 0.82 | 0.85 | 0.86 | 0.86 | ||||||
| United Parcel Service Inc. | — | — | 0.31 | 0.40 | 0.38 | 0.46 | 0.43 | 0.31 | 0.37 | 0.39 | 0.42 | 0.29 | 0.18 | 0.27 | 0.33 | 0.38 | 0.31 | 0.62 | 0.68 | 0.72 | ||||||
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).
1 Q4 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 13,311 ÷ 18,912 = 0.70
2 Click competitor name to see calculations.
The cash ratio exhibits significant volatility over the analyzed period, characterized by a prolonged phase of fluctuation between 0.33 and 0.53, followed by a substantial improvement in the final two quarters of the sequence.
- Cash Asset Trends
- Total cash assets remained relatively stable between August 2021 and August 2022, averaging approximately 6.6 billion USD. A notable contraction occurred in November 2022, where assets dropped to 4.6 billion USD, representing the lowest point in the observed period. Following a recovery phase that peaked at 7.0 billion USD in August 2023, assets experienced another moderate decline, hitting a secondary low of 5.0 billion USD in November 2024. However, a sharp escalation is observed in early 2026, with cash assets rising to 11.6 billion USD in February and reaching a peak of 13.3 billion USD by May 2026.
- Current Liability Trends
- Current liabilities showed relative stability from August 2021 through February 2024, generally oscillating between 12.9 billion USD and 14.3 billion USD. A gradual upward trajectory began in May 2025, with liabilities increasing from 15.4 billion USD to a period high of 18.9 billion USD by May 2026, indicating an increase in short-term obligations toward the end of the period.
- Cash Ratio Analysis
- The cash ratio fluctuated for several years, hitting a minimum of 0.33 in November 2022 and a secondary trough of 0.35 in November 2024. These lows indicate periods of tighter immediate liquidity relative to short-term obligations. Despite these fluctuations, the ratio regained significant strength in the final two quarters, climbing to 0.68 in February 2026 and 0.70 in May 2026. This late-stage increase suggests a marked improvement in the immediate liquidity position, as the growth in cash assets far outpaced the rise in current liabilities during this specific timeframe.
AI Ask an analyst for more