Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
FedEx Corp., solvency ratios (quarterly data)
Based on: 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), 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).
The solvency position, as indicated by the provided ratios, demonstrates a generally stable trend over the analyzed period, spanning from August 2020 to November 2025. A consistent pattern of moderate leverage is observed, with fluctuations within a relatively narrow range. Overall, the company appears to maintain a manageable level of debt relative to its equity, capital, and assets.
- Debt to Equity
- The debt to equity ratio exhibits a declining trend from 1.20 in August 2020 to a low of 0.77 in May 2023. It then experiences a slight increase, reaching 0.85 in February 2026. This suggests a reduction in reliance on equity financing followed by a modest reversal, but remains within a controlled range. The overall decrease indicates improved financial leverage and a stronger equity base relative to debt.
- Debt to Equity (Including Operating Lease Liability)
- Similar to the standard debt-to-equity ratio, this metric also shows a decreasing trend from 1.95 in August 2020 to 1.39 in February 2025. A slight increase to 1.41 is observed in February 2026. The inclusion of operating lease liabilities results in higher ratios, reflecting the impact of off-balance sheet financing. The downward trend suggests a reduction in overall debt obligations, including those related to operating leases.
- Debt to Capital
- The debt to capital ratio consistently declines from 0.54 in August 2020 to 0.43 in February 2026, with minor fluctuations. This indicates a decreasing proportion of debt financing relative to the company’s total capital structure. The stability of this ratio suggests a deliberate strategy to optimize the capital mix.
- Debt to Capital (Including Operating Lease Liability)
- This ratio mirrors the trend of the standard debt-to-capital ratio, decreasing from 0.66 in August 2020 to 0.57 in February 2025, before increasing slightly to 0.59 in February 2026. The inclusion of operating lease liabilities again results in higher values, highlighting the impact of these obligations on the capital structure. The overall trend suggests a reduction in total debt obligations relative to capital.
- Debt to Assets
- The debt to assets ratio demonstrates a consistent downward trend from 0.30 in August 2020 to 0.23 in May 2025, followed by a slight increase to 0.24 in February 2026. This indicates a decreasing proportion of assets financed by debt, suggesting improved asset coverage and reduced financial risk.
- Debt to Assets (Including Operating Lease Liability)
- This ratio follows a similar pattern to the standard debt-to-assets ratio, decreasing from 0.49 in August 2020 to 0.42 in May 2025, and then increasing to 0.44 in February 2026. The inclusion of operating lease liabilities results in higher ratios, reflecting the impact of these obligations on asset financing. The overall trend suggests a reduction in total debt obligations relative to assets.
- Financial Leverage
- Financial leverage, as measured by this ratio, generally decreases from 3.99 in August 2020 to 3.17 in May 2025, before increasing slightly to 3.18 in February 2026. This indicates a reduction in the company’s use of debt to amplify returns, suggesting a more conservative financial strategy. The relatively stable values in the later periods indicate a consistent level of financial leverage.
In conclusion, the analyzed solvency ratios suggest a strengthening financial position over the period, characterized by a consistent reduction in debt relative to equity, capital, and assets. The inclusion of operating lease liabilities consistently increases the ratios, but the overall trends remain consistent. The observed stability and moderate leverage levels indicate a well-managed financial risk profile.
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Debt Ratios
Debt to Equity
FedEx Corp., debt to equity calculation (quarterly data)
| 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 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Current portion of long-term debt | 2,422) | 901) | 883) | 1,428) | 611) | 592) | 622) | 68) | 67) | 334) | 351) | 126) | 147) | 172) | 139) | 82) | 116) | 117) | 125) | 146) | 646) | 97) | 87) | |||||||
| Long-term debt, less current portion | 22,831) | 20,294) | 20,291) | 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) | |||||||
| Total debt | 25,253) | 21,195) | 21,174) | 20,579) | 20,141) | 20,025) | 20,286) | 20,203) | 20,189) | 20,527) | 20,496) | 20,579) | 20,269) | 20,248) | 20,057) | 20,264) | 20,509) | 20,503) | 20,679) | 20,879) | 23,443) | 23,318) | 23,291) | |||||||
| Common stockholders’ investment | 29,804) | 28,140) | 27,771) | 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) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to equity1 | 0.85 | 0.75 | 0.76 | 0.73 | 0.75 | 0.76 | 0.75 | 0.73 | 0.77 | 0.77 | 0.77 | 0.79 | 0.82 | 0.84 | 0.80 | 0.81 | 0.84 | 0.82 | 0.85 | 0.86 | 1.07 | 1.11 | 1.20 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||||||||
| Uber Technologies Inc. | — | — | — | 0.39 | 0.38 | 0.42 | 0.38 | 0.39 | 0.74 | 0.77 | 0.86 | 0.84 | 0.99 | 1.07 | 1.23 | 1.26 | 1.48 | 1.39 | 1.04 | — | — | — | — | |||||||
| Union Pacific Corp. | — | — | — | 1.72 | 1.84 | 2.02 | 2.05 | 1.85 | 1.89 | 1.93 | 2.04 | 2.20 | 2.35 | 2.52 | 2.71 | 2.74 | 2.85 | 2.52 | 2.71 | — | — | — | — | |||||||
| United Airlines Holdings Inc. | — | — | — | 1.64 | 1.78 | 2.02 | 2.19 | 2.26 | 2.49 | 2.78 | 3.24 | 3.40 | 3.57 | 4.17 | 4.80 | 4.68 | 6.74 | 8.55 | 9.55 | — | — | — | — | |||||||
| United Parcel Service Inc. | — | — | — | 1.49 | 1.57 | 1.57 | 1.36 | 1.27 | 1.30 | 1.30 | 1.18 | 1.29 | 1.10 | 1.04 | 1.11 | 0.99 | 1.20 | 1.26 | 1.42 | — | — | — | — | |||||||
Based on: 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), 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).
1 Q3 2026 Calculation
Debt to equity = Total debt ÷ Common stockholders’ investment
= 25,253 ÷ 29,804 = 0.85
2 Click competitor name to see calculations.
The debt to equity ratio for the analyzed period demonstrates a general decreasing trend, followed by a slight increase in the most recent periods. Initially, the ratio exhibited a decline from 1.20 in August 2020 to a low of 0.73 in May 2025, indicating a strengthening financial position with a reduced reliance on debt financing relative to equity. However, the ratio has shown a modest increase in the latter part of the observed timeframe, reaching 0.85 in February 2026.
- Initial Decline (Aug 31, 2020 – May 31, 2025)
- From August 2020 through May 2025, the debt to equity ratio consistently decreased. This suggests a reduction in financial leverage, potentially through debt repayment, increased profitability leading to retained earnings, or a combination of both. The most significant decrease occurred between February 2021 and May 2021, moving from 1.07 to 0.86. This period may reflect specific strategic financial decisions or external factors impacting the company’s capital structure.
- Stabilization and Slight Increase (Aug 31, 2025 – Feb 28, 2026)
- Following the period of decline, the ratio stabilized around 0.75-0.76 for several quarters before increasing to 0.85 in February 2026. This recent increase could be attributed to new debt financing, a decrease in equity due to share repurchases or dividend payouts, or a revaluation of assets. The increase warrants further investigation to determine its underlying cause and potential implications.
- Common Stockholders’ Investment Impact
- The common stockholders’ investment consistently increased throughout the analyzed period, from US$19,462 million in August 2020 to US$29,804 million in February 2026. This growth in equity contributed to the overall downward trend in the debt to equity ratio, as it provided a larger base against which debt was measured. The rate of increase in equity appears to have slowed in the most recent quarters, potentially contributing to the recent uptick in the ratio.
- Total Debt Trend
- Total debt remained relatively stable over the period, fluctuating between approximately US$20,000 million and US$25,000 million. While there were some fluctuations, no significant upward trend in total debt is apparent. The increase observed in February 2026 is reflected in both total debt and the debt to equity ratio, suggesting a concurrent change in both components.
Overall, the observed trend suggests a generally improving solvency position, although the recent increase in the debt to equity ratio merits continued monitoring. The company appears to have effectively managed its debt levels relative to equity for the majority of the analyzed period.
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Debt to Equity (including Operating Lease Liability)
FedEx Corp., debt to equity (including operating lease liability) calculation (quarterly data)
| Feb 28, 2026 | Nov 30, 2025 | Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Current portion of long-term debt | 2,422) | 901) | 883) | 1,428) | 611) | 592) | 622) | 68) | 67) | 334) | 351) | 126) | 147) | 172) | 139) | 82) | 116) | 117) | 125) | 146) | 646) | 97) | 87) | |||||||
| Long-term debt, less current portion | 22,831) | 20,294) | 20,291) | 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) | |||||||
| Total debt | 25,253) | 21,195) | 21,174) | 20,579) | 20,141) | 20,025) | 20,286) | 20,203) | 20,189) | 20,527) | 20,496) | 20,579) | 20,269) | 20,248) | 20,057) | 20,264) | 20,509) | 20,503) | 20,679) | 20,879) | 23,443) | 23,318) | 23,291) | |||||||
| Current portion of operating lease liabilities | 2,624) | 2,621) | 2,591) | 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) | |||||||
| Operating lease liabilities, less current portion | 14,145) | 13,950) | 14,141) | 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) | |||||||
| Total debt (including operating lease liability) | 42,022) | 37,766) | 37,906) | 37,416) | 37,031) | 37,274) | 37,765) | 37,719) | 37,514) | 38,182) | 38,216) | 38,332) | 38,088) | 38,036) | 37,645) | 37,194) | 37,354) | 36,829) | 36,324) | 36,462) | 38,566) | 38,450) | 38,029) | |||||||
| Common stockholders’ investment | 29,804) | 28,140) | 27,771) | 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) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | 1.41 | 1.34 | 1.36 | 1.33 | 1.39 | 1.41 | 1.39 | 1.37 | 1.42 | 1.43 | 1.44 | 1.47 | 1.54 | 1.58 | 1.50 | 1.49 | 1.52 | 1.48 | 1.49 | 1.51 | 1.75 | 1.83 | 1.95 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||||
| Uber Technologies Inc. | — | — | — | 0.45 | 0.43 | 0.50 | 0.45 | 0.46 | 0.86 | 0.90 | 1.01 | 1.00 | 1.17 | 1.27 | 1.48 | 1.52 | 1.77 | 1.68 | 1.25 | — | — | — | — | |||||||
| Union Pacific Corp. | — | — | — | 1.76 | 1.88 | 2.07 | 2.09 | 1.90 | 1.95 | 1.99 | 2.10 | 2.29 | 2.44 | 2.62 | 2.81 | 2.85 | 2.96 | 2.62 | 2.82 | — | — | — | — | |||||||
| United Airlines Holdings Inc. | — | — | — | 2.03 | 2.19 | 2.45 | 2.61 | 2.65 | 2.92 | 3.25 | 3.79 | 3.94 | 4.15 | 4.85 | 5.58 | 5.41 | 7.84 | 9.94 | 11.12 | — | — | — | — | |||||||
| United Parcel Service Inc. | — | — | — | 1.76 | 1.85 | 1.84 | 1.63 | 1.53 | 1.56 | 1.55 | 1.44 | 1.54 | 1.33 | 1.25 | 1.32 | 1.19 | 1.41 | 1.48 | 1.65 | — | — | — | — | |||||||
Based on: 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), 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).
1 Q3 2026 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Common stockholders’ investment
= 42,022 ÷ 29,804 = 1.41
2 Click competitor name to see calculations.
The debt to equity ratio, including operating lease liability, demonstrates a generally decreasing trend over the observed period, although with some fluctuations. Initially, the ratio stood at 1.95 and exhibited a consistent decline through May 31, 2021, reaching a low of 1.51. Following this, the ratio experienced some volatility, peaking at 1.58 in November 2022, before resuming a downward trajectory. The most recent periods show a slight increase, ending at 1.41 in May 2025.
- Overall Trend
- From August 2020 to May 2021, a clear and consistent decrease in the debt to equity ratio is evident. This suggests a strengthening of the company’s financial position through either a reduction in debt or an increase in equity. The subsequent period, from May 2021 to May 2024, shows a more stable ratio, fluctuating within a relatively narrow range between 1.37 and 1.52. The final periods show a slight increase.
- Short-Term Fluctuations
- Notable short-term increases in the ratio occurred between February 2022 and August 2022, and again between February 2023 and November 2023. These increases could be attributed to temporary increases in debt or decreases in equity, potentially related to specific financing activities or market conditions. The increase in the ratio from February 2024 to February 2026 may indicate a shift in capital structure or increased reliance on debt financing.
- Equity Growth
- The common stockholders’ investment consistently increased over the period, rising from US$19,462 million in August 2020 to US$29,804 million in February 2026. This growth in equity contributed to the overall decline in the debt to equity ratio, particularly during the initial phase of the observed period. The rate of equity growth appears to have accelerated between May 2023 and February 2026.
- Debt Levels
- Total debt, including operating lease liability, remained relatively stable throughout the period, fluctuating between US$36,324 million and US$38,566 million. While not exhibiting a strong directional trend, there is a noticeable increase in debt levels in the most recent periods, from US$37,514 million in February 2024 to US$42,022 million in February 2026. This increase, coupled with a slower growth in equity, explains the recent uptick in the debt to equity ratio.
In summary, the company generally reduced its reliance on debt relative to equity over much of the analyzed timeframe. However, recent periods suggest a potential shift towards increased debt financing, warranting further investigation.
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Debt to Capital
FedEx Corp., debt to capital calculation (quarterly data)
| Feb 28, 2026 | Nov 30, 2025 | Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Current portion of long-term debt | 2,422) | 901) | 883) | 1,428) | 611) | 592) | 622) | 68) | 67) | 334) | 351) | 126) | 147) | 172) | 139) | 82) | 116) | 117) | 125) | 146) | 646) | 97) | 87) | |||||||
| Long-term debt, less current portion | 22,831) | 20,294) | 20,291) | 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) | |||||||
| Total debt | 25,253) | 21,195) | 21,174) | 20,579) | 20,141) | 20,025) | 20,286) | 20,203) | 20,189) | 20,527) | 20,496) | 20,579) | 20,269) | 20,248) | 20,057) | 20,264) | 20,509) | 20,503) | 20,679) | 20,879) | 23,443) | 23,318) | 23,291) | |||||||
| Common stockholders’ investment | 29,804) | 28,140) | 27,771) | 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) | |||||||
| Total capital | 55,057) | 49,335) | 48,945) | 48,653) | 46,849) | 46,485) | 47,462) | 47,785) | 46,564) | 47,293) | 47,030) | 46,667) | 45,002) | 44,363) | 45,197) | 45,203) | 45,035) | 45,443) | 45,000) | 45,047) | 45,424) | 44,357) | 42,753) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to capital1 | 0.46 | 0.43 | 0.43 | 0.42 | 0.43 | 0.43 | 0.43 | 0.42 | 0.43 | 0.43 | 0.44 | 0.44 | 0.45 | 0.46 | 0.44 | 0.45 | 0.46 | 0.45 | 0.46 | 0.46 | 0.52 | 0.53 | 0.54 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||||||||
| Uber Technologies Inc. | — | — | — | 0.28 | 0.27 | 0.30 | 0.28 | 0.28 | 0.43 | 0.43 | 0.46 | 0.46 | 0.50 | 0.52 | 0.55 | 0.56 | 0.60 | 0.58 | 0.51 | — | — | — | — | |||||||
| Union Pacific Corp. | — | — | — | 0.63 | 0.65 | 0.67 | 0.67 | 0.65 | 0.65 | 0.66 | 0.67 | 0.69 | 0.70 | 0.72 | 0.73 | 0.73 | 0.74 | 0.72 | 0.73 | — | — | — | — | |||||||
| United Airlines Holdings Inc. | — | — | — | 0.62 | 0.64 | 0.67 | 0.69 | 0.69 | 0.71 | 0.74 | 0.76 | 0.77 | 0.78 | 0.81 | 0.83 | 0.82 | 0.87 | 0.90 | 0.91 | — | — | — | — | |||||||
| United Parcel Service Inc. | — | — | — | 0.60 | 0.61 | 0.61 | 0.58 | 0.56 | 0.57 | 0.57 | 0.54 | 0.56 | 0.52 | 0.51 | 0.53 | 0.50 | 0.55 | 0.56 | 0.59 | — | — | — | — | |||||||
Based on: 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), 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).
1 Q3 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 25,253 ÷ 55,057 = 0.46
2 Click competitor name to see calculations.
The debt to capital ratio for the analyzed period demonstrates a generally decreasing trend, with some fluctuations. Initially, the ratio stood at 0.54, then decreased to a low of 0.42 before stabilizing and experiencing a slight increase towards the end of the observed timeframe.
- Initial Phase (Aug 31, 2020 – May 31, 2021)
- The ratio exhibited a consistent decline from 0.54 to 0.46. This suggests a strengthening of the capital structure through either an increase in total capital or a decrease in total debt, or a combination of both. The decrease, while present, was relatively gradual during this period.
- Stabilization and Fluctuation (Aug 31, 2021 – May 31, 2023)
- From August 2021 through May 2023, the ratio remained relatively stable, fluctuating between 0.43 and 0.46. This indicates a period of balance in the company’s financing structure. There were no significant shifts in the relationship between debt and capital during this time. The ratio reached its lowest point of 0.42 in this period.
- Recent Trend (Aug 31, 2023 – May 31, 2025)
- A slight upward trend is observed in the most recent periods, with the ratio increasing from 0.43 to 0.46. This suggests a potential increase in leverage, either through increased debt or a slower growth in capital. The increase is not substantial, but warrants monitoring in future periods.
Overall, the debt to capital ratio indicates a generally conservative capital structure throughout the analyzed period. While a slight increase in leverage is apparent in the latest observations, the ratio remains within a reasonable range. Continued monitoring of this ratio is recommended to assess any potential shifts in the company’s financial risk profile.
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Debt to Capital (including Operating Lease Liability)
FedEx Corp., debt to capital (including operating lease liability) calculation (quarterly data)
| 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 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Current portion of long-term debt | 2,422) | 901) | 883) | 1,428) | 611) | 592) | 622) | 68) | 67) | 334) | 351) | 126) | 147) | 172) | 139) | 82) | 116) | 117) | 125) | 146) | 646) | 97) | 87) | |||||||
| Long-term debt, less current portion | 22,831) | 20,294) | 20,291) | 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) | |||||||
| Total debt | 25,253) | 21,195) | 21,174) | 20,579) | 20,141) | 20,025) | 20,286) | 20,203) | 20,189) | 20,527) | 20,496) | 20,579) | 20,269) | 20,248) | 20,057) | 20,264) | 20,509) | 20,503) | 20,679) | 20,879) | 23,443) | 23,318) | 23,291) | |||||||
| Current portion of operating lease liabilities | 2,624) | 2,621) | 2,591) | 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) | |||||||
| Operating lease liabilities, less current portion | 14,145) | 13,950) | 14,141) | 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) | |||||||
| Total debt (including operating lease liability) | 42,022) | 37,766) | 37,906) | 37,416) | 37,031) | 37,274) | 37,765) | 37,719) | 37,514) | 38,182) | 38,216) | 38,332) | 38,088) | 38,036) | 37,645) | 37,194) | 37,354) | 36,829) | 36,324) | 36,462) | 38,566) | 38,450) | 38,029) | |||||||
| Common stockholders’ investment | 29,804) | 28,140) | 27,771) | 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) | |||||||
| Total capital (including operating lease liability) | 71,826) | 65,906) | 65,677) | 65,490) | 63,739) | 63,734) | 64,941) | 65,301) | 63,889) | 64,948) | 64,750) | 64,420) | 62,821) | 62,151) | 62,785) | 62,133) | 61,880) | 61,769) | 60,645) | 60,630) | 60,547) | 59,489) | 57,491) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 0.59 | 0.57 | 0.58 | 0.57 | 0.58 | 0.58 | 0.58 | 0.58 | 0.59 | 0.59 | 0.59 | 0.60 | 0.61 | 0.61 | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | 0.64 | 0.65 | 0.66 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||||
| Uber Technologies Inc. | — | — | — | 0.31 | 0.30 | 0.33 | 0.31 | 0.32 | 0.46 | 0.47 | 0.50 | 0.50 | 0.54 | 0.56 | 0.60 | 0.60 | 0.64 | 0.63 | 0.56 | — | — | — | — | |||||||
| Union Pacific Corp. | — | — | — | 0.64 | 0.65 | 0.67 | 0.68 | 0.66 | 0.66 | 0.67 | 0.68 | 0.70 | 0.71 | 0.72 | 0.74 | 0.74 | 0.75 | 0.72 | 0.74 | — | — | — | — | |||||||
| United Airlines Holdings Inc. | — | — | — | 0.67 | 0.69 | 0.71 | 0.72 | 0.73 | 0.74 | 0.76 | 0.79 | 0.80 | 0.81 | 0.83 | 0.85 | 0.84 | 0.89 | 0.91 | 0.92 | — | — | — | — | |||||||
| United Parcel Service Inc. | — | — | — | 0.64 | 0.65 | 0.65 | 0.62 | 0.61 | 0.61 | 0.61 | 0.59 | 0.61 | 0.57 | 0.56 | 0.57 | 0.54 | 0.58 | 0.60 | 0.62 | — | — | — | — | |||||||
Based on: 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), 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).
1 Q3 2026 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 42,022 ÷ 71,826 = 0.59
2 Click competitor name to see calculations.
The Debt to Capital ratio, including operating lease liability, for the analyzed period demonstrates a generally stable trend with minor fluctuations. Initially, the ratio exhibited a slight decline from 0.66 in August 2020 to 0.60 in February 2021. This trend continued through May 2021, remaining at 0.60 for several subsequent quarters before experiencing a slight increase to 0.61 in November 2022. The ratio then decreased again, reaching a low of 0.57 in May 2025, before increasing to 0.59 in February 2026.
- Overall Trend
- The ratio remained relatively consistent, fluctuating within a narrow range of 0.57 to 0.66 throughout the observed period. This suggests a stable capital structure and consistent reliance on debt financing relative to equity and lease obligations.
- Initial Decline (Aug 2020 - Feb 2021)
- The initial decrease in the ratio from 0.66 to 0.60 indicates a potential increase in capital relative to debt, or a reduction in total debt. This could be attributed to factors such as equity issuance, improved profitability leading to retained earnings, or debt repayment.
- Period of Stability (Feb 2021 - Nov 2022)
- The prolonged period of stability at approximately 0.60 suggests a deliberate management strategy to maintain a specific capital structure. This could indicate a comfortable level of leverage for the organization.
- Recent Fluctuations (Nov 2022 - Feb 2026)
- The minor fluctuations observed in the latter part of the period, ranging from 0.57 to 0.61, may be due to routine financing activities, changes in operating lease obligations, or seasonal variations in capital needs. The increase to 0.59 in February 2026 suggests a slight increase in leverage at the end of the analyzed period.
Total debt, including operating lease liability, remained relatively stable, fluctuating between US$36.3 billion and US$38.4 billion. Total capital also showed stability, ranging from US$57.5 billion to US$71.8 billion. The consistent relationship between these two figures contributes to the observed stability in the Debt to Capital ratio.
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Debt to Assets
FedEx Corp., debt to assets calculation (quarterly data)
| Feb 28, 2026 | Nov 30, 2025 | Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Current portion of long-term debt | 2,422) | 901) | 883) | 1,428) | 611) | 592) | 622) | 68) | 67) | 334) | 351) | 126) | 147) | 172) | 139) | 82) | 116) | 117) | 125) | 146) | 646) | 97) | 87) | |||||||
| Long-term debt, less current portion | 22,831) | 20,294) | 20,291) | 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) | |||||||
| Total debt | 25,253) | 21,195) | 21,174) | 20,579) | 20,141) | 20,025) | 20,286) | 20,203) | 20,189) | 20,527) | 20,496) | 20,579) | 20,269) | 20,248) | 20,057) | 20,264) | 20,509) | 20,503) | 20,679) | 20,879) | 23,443) | 23,318) | 23,291) | |||||||
| Total assets | 94,733) | 89,181) | 88,416) | 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) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to assets1 | 0.27 | 0.24 | 0.24 | 0.23 | 0.24 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.24 | 0.24 | 0.24 | 0.23 | 0.24 | 0.24 | 0.24 | 0.25 | 0.25 | 0.28 | 0.29 | 0.30 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||||||||
| Uber Technologies Inc. | — | — | — | 0.17 | 0.17 | 0.17 | 0.16 | 0.16 | 0.23 | 0.23 | 0.24 | 0.24 | 0.26 | 0.27 | 0.29 | 0.29 | 0.30 | 0.30 | 0.28 | — | — | — | — | |||||||
| Union Pacific Corp. | — | — | — | 0.46 | 0.46 | 0.48 | 0.48 | 0.46 | 0.46 | 0.47 | 0.47 | 0.49 | 0.49 | 0.50 | 0.51 | 0.51 | 0.51 | 0.50 | 0.50 | — | — | — | — | |||||||
| United Airlines Holdings Inc. | — | — | — | 0.33 | 0.33 | 0.35 | 0.36 | 0.39 | 0.39 | 0.40 | 0.41 | 0.45 | 0.43 | 0.44 | 0.45 | 0.48 | 0.48 | 0.48 | 0.50 | — | — | — | — | |||||||
| United Parcel Service Inc. | — | — | — | 0.33 | 0.35 | 0.35 | 0.31 | 0.30 | 0.32 | 0.32 | 0.30 | 0.31 | 0.30 | 0.30 | 0.31 | 0.28 | 0.29 | 0.29 | 0.31 | — | — | — | — | |||||||
Based on: 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), 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).
1 Q3 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 25,253 ÷ 94,733 = 0.27
2 Click competitor name to see calculations.
The debt-to-assets ratio for the analyzed period demonstrates a generally decreasing trend, followed by a slight increase in the most recent quarters. Initially, the ratio exhibited a decline from 0.30 in August 2020 to a low of 0.24 in November 2021 and remained relatively stable at that level through May 2023. A modest increase is then observed, culminating in a ratio of 0.27 in February 2026.
- Overall Trend
- From August 2020 through May 2023, the ratio decreased from 0.30 to 0.24, representing a reduction in leverage. This suggests a strengthening of the company’s financial position during this period, potentially through debt reduction or asset growth. The subsequent increase from May 2023 to February 2026, rising to 0.27, indicates a shift towards increased reliance on debt financing or slower asset growth relative to debt.
- Stability Period
- A period of notable stability is evident from November 2021 to May 2023, where the debt-to-assets ratio consistently remained at 0.24. This suggests a balanced approach to capital structure management during this timeframe, with debt and asset levels moving in tandem.
- Recent Changes
- The most recent observations show an upward trend. The ratio increased from 0.23 in August 2023 to 0.27 in February 2026. This change warrants further investigation to determine the underlying causes, such as increased borrowing for investment or a decline in asset values.
- Magnitude of Change
- The initial decrease in the ratio from 0.30 to 0.24 represents a 20% reduction in the proportion of assets financed by debt. The subsequent increase from 0.24 to 0.27 represents a 12.5% increase. While both changes are notable, the initial decrease was more substantial.
In summary, the company demonstrated a strengthening financial position in terms of leverage from 2020 to 2023, followed by a recent shift towards increased debt financing or slower asset growth. Continued monitoring of this ratio is recommended to assess the long-term implications of these changes.
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Debt to Assets (including Operating Lease Liability)
FedEx Corp., debt to assets (including operating lease liability) calculation (quarterly data)
| 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 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Current portion of long-term debt | 2,422) | 901) | 883) | 1,428) | 611) | 592) | 622) | 68) | 67) | 334) | 351) | 126) | 147) | 172) | 139) | 82) | 116) | 117) | 125) | 146) | 646) | 97) | 87) | |||||||
| Long-term debt, less current portion | 22,831) | 20,294) | 20,291) | 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) | |||||||
| Total debt | 25,253) | 21,195) | 21,174) | 20,579) | 20,141) | 20,025) | 20,286) | 20,203) | 20,189) | 20,527) | 20,496) | 20,579) | 20,269) | 20,248) | 20,057) | 20,264) | 20,509) | 20,503) | 20,679) | 20,879) | 23,443) | 23,318) | 23,291) | |||||||
| Current portion of operating lease liabilities | 2,624) | 2,621) | 2,591) | 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) | |||||||
| Operating lease liabilities, less current portion | 14,145) | 13,950) | 14,141) | 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) | |||||||
| Total debt (including operating lease liability) | 42,022) | 37,766) | 37,906) | 37,416) | 37,031) | 37,274) | 37,765) | 37,719) | 37,514) | 38,182) | 38,216) | 38,332) | 38,088) | 38,036) | 37,645) | 37,194) | 37,354) | 36,829) | 36,324) | 36,462) | 38,566) | 38,450) | 38,029) | |||||||
| Total assets | 94,733) | 89,181) | 88,416) | 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) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.44 | 0.42 | 0.43 | 0.43 | 0.44 | 0.44 | 0.44 | 0.43 | 0.44 | 0.43 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.43 | 0.44 | 0.44 | 0.44 | 0.44 | 0.47 | 0.47 | 0.49 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||||
| Uber Technologies Inc. | — | — | — | 0.20 | 0.19 | 0.20 | 0.19 | 0.19 | 0.27 | 0.27 | 0.28 | 0.29 | 0.31 | 0.32 | 0.34 | 0.35 | 0.36 | 0.36 | 0.34 | — | — | — | — | |||||||
| Union Pacific Corp. | — | — | — | 0.47 | 0.47 | 0.49 | 0.49 | 0.47 | 0.48 | 0.48 | 0.49 | 0.50 | 0.51 | 0.52 | 0.53 | 0.53 | 0.53 | 0.52 | 0.52 | — | — | — | — | |||||||
| United Airlines Holdings Inc. | — | — | — | 0.41 | 0.41 | 0.42 | 0.43 | 0.45 | 0.46 | 0.47 | 0.48 | 0.52 | 0.50 | 0.51 | 0.53 | 0.55 | 0.56 | 0.56 | 0.58 | — | — | — | — | |||||||
| United Parcel Service Inc. | — | — | — | 0.39 | 0.41 | 0.41 | 0.37 | 0.37 | 0.38 | 0.38 | 0.36 | 0.38 | 0.36 | 0.36 | 0.37 | 0.33 | 0.34 | 0.34 | 0.36 | — | — | — | — | |||||||
Based on: 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), 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).
1 Q3 2026 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 42,022 ÷ 94,733 = 0.44
2 Click competitor name to see calculations.
The debt to assets ratio, including operating lease liability, for the analyzed period demonstrates a generally stable pattern with minor fluctuations. Throughout the majority of the observed timeframe, the ratio remains within a narrow band, indicating a consistent level of financial leverage. A slight downward trend is discernible in the later portion of the period, though it is not substantial.
- Overall Trend
- The ratio begins at 0.49 in August 2020 and fluctuates around the 0.44 level for the subsequent eleven quarters. A slight decrease is observed in the most recent quarters, ending at 0.44 in May 2025 and 0.42 in February 2026.
- Initial Period (Aug 31, 2020 – May 31, 2021)
- From August 2020 to May 2021, the ratio decreases from 0.49 to 0.44. This initial decline suggests a potential improvement in the company’s solvency position during this period, possibly due to asset growth outpacing debt accumulation.
- Stable Period (Aug 31, 2021 – May 31, 2023)
- A period of relative stability follows, with the ratio oscillating between 0.43 and 0.44 for eight consecutive quarters. This indicates a consistent capital structure and a balanced approach to debt management.
- Recent Fluctuations (Aug 31, 2023 – Feb 28, 2026)
- The ratio experiences minor fluctuations in the most recent quarters, moving from 0.43 to 0.44, then to 0.42. The increase to 0.44 in February 2026 suggests a slight increase in leverage, potentially due to increased debt or a decrease in asset value. The final value of 0.42 is the lowest point in the observed period.
- Debt and Asset Movement
- Total debt remains relatively stable throughout the period, fluctuating between approximately US$36 billion and US$39 billion. Total assets demonstrate a similar pattern, generally increasing from US$77 billion to US$94 billion, with some quarterly variations. The consistent relationship between these two figures contributes to the overall stability of the debt to assets ratio.
In conclusion, the debt to assets ratio indicates a generally stable financial position. While minor fluctuations exist, the ratio remains within a consistent range, suggesting a controlled level of financial leverage. The slight downward trend in the most recent quarters warrants continued monitoring, but does not currently indicate a significant cause for concern.
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Financial Leverage
FedEx Corp., financial leverage calculation (quarterly data)
| Feb 28, 2026 | Nov 30, 2025 | Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Total assets | 94,733) | 89,181) | 88,416) | 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) | |||||||
| Common stockholders’ investment | 29,804) | 28,140) | 27,771) | 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) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Financial leverage1 | 3.18 | 3.17 | 3.18 | 3.12 | 3.18 | 3.23 | 3.19 | 3.15 | 3.26 | 3.29 | 3.30 | 3.34 | 3.47 | 3.55 | 3.41 | 3.45 | 3.43 | 3.38 | 3.37 | 3.43 | 3.77 | 3.86 | 3.99 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||||||||
| Uber Technologies Inc. | — | — | — | 2.29 | 2.25 | 2.48 | 2.40 | 2.38 | 3.19 | 3.36 | 3.58 | 3.44 | 3.84 | 3.93 | 4.32 | 4.37 | 4.98 | 4.66 | 3.68 | — | — | — | — | |||||||
| Union Pacific Corp. | — | — | — | 3.77 | 3.97 | 4.22 | 4.27 | 4.01 | 4.07 | 4.11 | 4.29 | 4.54 | 4.75 | 5.00 | 5.30 | 5.38 | 5.56 | 5.07 | 5.38 | — | — | — | — | |||||||
| United Airlines Holdings Inc. | — | — | — | 5.00 | 5.33 | 5.77 | 6.03 | 5.84 | 6.35 | 6.96 | 7.83 | 7.63 | 8.26 | 9.52 | 10.56 | 9.77 | 14.08 | 17.76 | 19.05 | — | — | — | — | |||||||
| United Parcel Service Inc. | — | — | — | 4.50 | 4.51 | 4.50 | 4.37 | 4.19 | 4.05 | 4.08 | 4.00 | 4.09 | 3.67 | 3.51 | 3.60 | 3.59 | 4.10 | 4.30 | 4.55 | — | — | — | — | |||||||
Based on: 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), 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).
1 Q3 2026 Calculation
Financial leverage = Total assets ÷ Common stockholders’ investment
= 94,733 ÷ 29,804 = 3.18
2 Click competitor name to see calculations.
The financial leverage ratio for the observed period demonstrates a generally decreasing trend, although with some fluctuations. Initially, the ratio is observed at 3.99, and subsequently declines over the first two years of the period, before stabilizing and experiencing minor variations. This suggests a reduction in the proportion of assets financed by equity over time, followed by a period of relative consistency.
- Overall Trend
- From August 2020 to May 2021, a consistent downward trend in financial leverage is evident, decreasing from 3.99 to 3.43. This indicates a decreasing reliance on financial leverage during this timeframe. Following this decline, the ratio fluctuates between approximately 3.12 and 3.55 for the subsequent two years, suggesting a stabilization of the company’s financial structure.
- Recent Fluctuations
- In the most recent periods, from February 2024 through November 2025, the ratio shows minor increases and decreases, ranging from 3.18 to 3.26. These fluctuations are relatively small in magnitude and do not indicate a significant shift in the company’s overall financial leverage position. A slight increase is observed in the final period, reaching 3.18.
- Long-Term Perspective
- Comparing the beginning and end of the observed period, the financial leverage ratio has decreased from 3.99 in August 2020 to 3.18 in November 2025. This represents a substantial reduction in the company’s reliance on debt financing relative to equity. The ratio remains relatively stable in the last few periods, suggesting a mature and consistent capital structure.
The observed trend suggests a deliberate strategy to reduce financial risk through decreased reliance on debt. The stabilization in recent periods indicates a comfortable and sustainable level of financial leverage for the company.
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