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

	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	May 31, 2020	Feb 29, 2020	Nov 30, 2019	Aug 31, 2019
Short-term borrowings	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	300)	150)	—)
Current portion of long-term debt	901)	883)	1,428)	611)	592)	622)	68)	67)	334)	351)	126)	147)	172)	139)	82)	116)	117)	125)	146)	646)	97)	87)	51)	35)	16)	35)
Accrued salaries and employee benefits	2,722)	2,333)	2,731)	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)
Accounts payable	4,664)	4,223)	3,692)	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)
Current portion of operating lease liabilities	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)	1,923)	1,902)	1,928)	1,896)
Accrued expenses	5,306)	5,494)	4,995)	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)
Current liabilities	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)	13,660)	13,566)	12,115)	11,195)	10,344)	10,325)	10,547)	9,935)
Long-term debt, less current portion	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)	21,952)	18,973)	18,691)	18,726)
Deferred income taxes	3,895)	4,050)	4,205)	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)
Pension, postretirement healthcare, and other benefit obligations	1,669)	1,690)	1,698)	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)
Self-insurance accruals	4,229)	4,132)	4,033)	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)
Operating lease liabilities, less current portion	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)	12,195)	12,232)	12,432)	12,137)
Other liabilities	790)	817)	783)	657)	651)	693)	689)	690)	694)	694)	695)	674)	662)	654)	682)	721)	973)	977)	983)	809)	963)	719)	466)	454)	476)	479)
Other long-term liabilities	24,533)	24,830)	24,991)	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)
Long-term liabilities	44,827)	45,121)	44,142)	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)
Total liabilities	61,041)	60,645)	59,553)	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)
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)
Additional paid-in capital	4,366)	4,327)	4,290)	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)
Retained earnings	42,154)	41,538)	41,402)	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)
Accumulated other comprehensive loss	(1,414)	(1,371)	(1,362)	(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)
Treasury stock, at cost	(16,998)	(16,755)	(16,288)	(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)
Common stockholders’ investment	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)	18,295)	18,831)	18,659)	18,166)
Total liabilities and common stockholders’ investment	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)	73,537)	70,014)	69,954)	68,452)

Short-term borrowings: Short-term borrowings data is limited, with values only reported in November 2019 and February 2020, reflecting amounts of 150 and 300 million respectively. No further data is available, indicating either a discontinuation or a lack of borrowings in this category for subsequent periods.
Current portion of long-term debt: This liability exhibits fluctuations throughout the periods, with generally elevated levels starting from early 2021. After a peak of 646 million in February 2021, the values fluctuate but remain high, reaching up to 1,428 million in May 2025, indicating increasing short-term debt obligations maturing from long-term debt.
Accrued salaries and employee benefits: The accrued salaries and benefits show a gradual upward trend overall, starting around 1,522 million in August 2019 and reaching around 2,722 million by August 2025. Although some periods experience minor declines, the general direction suggests growth in employee-related liabilities.
Accounts payable: Accounts payable demonstrate variability with a mild overall increase, fluctuating between approximately 3,179 million in August 2019 to values surpassing 4,600 million in November 2025. This indicates periodic variations in short-term payables alongside a general upward movement.
Current portion of operating lease liabilities: There is a steady increase in the current portion of operating lease liabilities, moving from approximately 1,896 million in August 2019 to 2,621 million in November 2025, reflecting either increased lease commitments or adjustments in lease accounting over time.
Accrued expenses: Accrued expenses rise noticeably from about 3,303 million in August 2019 to over 5,300 million in November 2025. Despite some fluctuations, this line item shows an increasing trend, suggesting growing short-term obligations related to accrued but unpaid liabilities.
Current liabilities: Total current liabilities steadily increase over the observed periods, from roughly 9,935 million in August 2019 to over 16,200 million in August 2025, indicating growing short-term debt and obligations in the company's balance sheet.
Long-term debt, less current portion: The long-term debt balance remains relatively stable, fluctuating slightly around the 20,000 million mark, with a peak near 23,204 million in August 2020 and a low near 19,433 million in November 2024. No significant upward or downward trend is observed, suggesting a consistent long-term debt profile.
Deferred income taxes: Deferred income taxes tend to increase over time, from 2,953 million in August 2019 to a high near 4,188 million in November 2022, followed by a gradual decline toward 3,895 million in November 2025. This pattern indicates variations in tax timing differences but maintains a relatively stable level towards the end.
Pension, postretirement healthcare, and other benefit obligations: This liability displays a declining trend, notably dropping from over 5,000 million in early 2020 to below 2,000 million by mid-2024 and remaining around this level thereafter. The reduction suggests payments or changes in actuarial assumptions reducing these obligations.
Self-insurance accruals: Self-insurance accruals steadily increase from approximately 1,924 million in August 2019 to over 4,200 million in November 2025, indicating growing reserves or higher estimated future insurance costs.
Operating lease liabilities, less current portion: There is a minor decreasing trend in the long-term portion of operating lease liabilities, from 12,137 million in August 2019 to approximately 13,950 million in November 2025, showing modest fluctuations with a slight reduction after peaking around 15,373 million in February 2023.
Other liabilities and Other long-term liabilities: Other liabilities remain relatively stable, fluctuating between 454 million and 983 million with no clear upward or downward trend. Other long-term liabilities increase from approximately 21,625 million in August 2019 to a peak near 27,361 million in November 2022, followed by a gradual decline to 24,533 million in November 2025.
Long-term liabilities: Total long-term liabilities increase from about 40,351 million in August 2019 to a peak near 47,462 million in November 2022, then experience a slight decline to around 44,827 million by November 2025, reflecting adjustments across various long-term obligations.
Total liabilities: Total liabilities show an overall rise from approximately 50,286 million in August 2019 to exceed 61,000 million by late 2025. This reflects growth in both current and long-term liabilities with some variability but a clear expanding liability base.
Common stock and Additional paid-in capital: Common stock remains constant at 32 million, while additional paid-in capital shows a modest but steady increase, growing from around 3,257 million to about 4,366 million over the periods, indicating occasional equity infusions or adjustments.
Retained earnings: Retained earnings consistently increase from 25,048 million in August 2019 to over 42,000 million in late 2025, reflecting sustained profitability and earnings retention through the periods analyzed.
Accumulated other comprehensive loss: Accumulated other comprehensive loss fluctuates within a range, generally remaining negative between about -866 million and -1,515 million, without a strong directional trend but indicating persistent other comprehensive loss impacts.
Treasury stock, at cost: Treasury stock shows an increasing negative balance, indicating ongoing share repurchases or retained treasury stock, with the value growing in absolute terms from approximately -9,253 million to nearly -17,000 million.
Common stockholders' investment: This item increases overall, starting near 18,166 million and reaching peaks above 28,000 million by late 2025, reflecting growth in equity attributable to shareholders, supported by retained earnings increases and paid-in capital growth, partly offset by treasury stock purchases.
Total liabilities and common stockholders’ investment: The total of liabilities and shareholders' equity exhibits steady growth over the periods, reflecting overall balance sheet expansion and financial growth from roughly 68,452 million to nearly 89,000 million, demonstrating the company's increasing scale and capitalization.

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FedEx Corp. (NYSE:FDX)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data