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: 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).
- Debt to Equity Ratio
- The debt to equity ratio shows a general declining trend from 1.20 in August 2020 to a low of 0.73 in May 2024, indicating a gradual reduction in leverage relative to shareholders' equity over this period. However, slight fluctuations are observed, with values oscillating between 0.73 and 0.77 toward the later periods, suggesting stabilization. The ratio increases modestly to 0.76 by August 2025, indicating a small rise in leverage relative to equity at the end of the timeframe.
- Debt to Equity Ratio Including Operating Lease Liability
- This ratio follows a decreasing trend as well, declining from 1.95 in August 2020 to 1.33 by May 2025. Similar to the standard debt to equity ratio, this measure reflects reduced leverage when operating lease liabilities are incorporated. Mid-period values show slight volatility, particularly in the latter part of 2022 where an uptick to 1.58 is noted, followed by a decline and stabilization around the mid-1.4s approaching 2024 and beyond.
- Debt to Capital Ratio
- The debt to capital ratio exhibits a downward trend from 0.54 in August 2020 to 0.42 around May 2024, with some minor fluctuations. This indicates a decreasing proportion of debt financing relative to total capital. Post-2024 values demonstrate a fairly steady ratio around 0.42 to 0.43, implying consistent capital structure management in recent periods.
- Debt to Capital Ratio Including Operating Lease Liability
- When including operating lease liabilities, the debt to capital ratio decreases from 0.66 in August 2020 to 0.57 by May 2025. The trend is smoother with less volatility than the non-inclusive ratio, showing a gradual reduction in debt within the overall capital structure when operating leases are accounted for.
- Debt to Assets Ratio
- The debt to assets ratio declines modestly from 0.30 in August 2020 to approximately 0.23 by mid-2024, indicating a reduction in reliance on debt relative to asset base. Slight variations exist, but the overall trend remains downward or stable at the lower level through to August 2025, reflecting consistent asset funding with less debt dependence over time.
- Debt to Assets Ratio Including Operating Lease Liability
- This metric steadily decreases from 0.49 to about 0.43 over the observed period. The stable values from 2023 onwards suggest consistent leverage in relation to assets when operating lease obligations are incorporated, with a slight decrease in overall leverage compared to the initial periods.
- Financial Leverage
- Financial leverage shows a clear declining trend from 3.99 in August 2020 to around 3.12 by May 2025. Although minor fluctuations occur, the overall reduction suggests diminishing reliance on borrowed funds relative to equity, reflecting a strengthened equity base and/or reduced debt. The steady decline indicates improved capital structure efficiency over time.
Debt Ratios
Debt to Equity
FedEx Corp., debt to equity calculation (quarterly data)
| 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 | 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 | 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 | 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 | 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 | 0.76 | 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. | — | — | — | 0.42 | 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 | 0.64 | 0.67 | 0.55 | 0.57 | |||||||
| Union Pacific Corp. | — | — | 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 | 2.10 | 2.11 | 2.01 | 1.64 | |||||||
| United Airlines Holdings Inc. | — | — | 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 | 7.03 | 6.55 | 7.39 | 5.69 | |||||||
| United Parcel Service Inc. | — | — | — | 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 | 1.54 | 1.84 | 2.09 | 3.32 | |||||||
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).
1 Q1 2026 Calculation
Debt to equity = Total debt ÷ Common stockholders’ investment
= 21,174 ÷ 27,771 = 0.76
2 Click competitor name to see calculations.
- Total Debt
- The total debt of the company fluctuated moderately over the periods analyzed. Initially, total debt was approximately $23.3 billion, remaining relatively stable until early 2021, when a noticeable decline occurred, reaching its lowest point near $20 billion by mid-2022. From that point onward, the debt level displayed slight fluctuations but generally stayed within a narrow range between $20 billion and $21 billion. Toward the end of the analyzed period, total debt increased modestly to just above $21 billion.
- Common Stockholders’ Investment
- Common stockholders’ investment showed a consistent upward trend throughout most of the periods. Starting from around $19.5 billion, there was steady growth, with occasional minor dips, peaking at over $27 billion by mid-2024. Although there was some volatility in the latter part of the data, the overall direction indicates a strengthening equity base. The investment level remained largely resilient, evidencing sustained value creation or capital inflows from shareholders.
- Debt to Equity Ratio
- The debt to equity ratio demonstrated a clear downward trajectory over the timespan, indicating a gradual deleveraging relative to equity. Beginning at a ratio of 1.2, the ratio declined steadily to below 0.8 during the middle periods, reaching a low near 0.73 by mid-2024. Slight increases were observed toward the end but the ratio remained below 0.8, suggesting a relatively lower reliance on debt financing compared to equity. This trend reflects improving financial leverage, which could be a result of stable debt levels alongside increasing shareholders’ equity.
- Overall Financial Trends
- The data reflects a company that has been actively managing its capital structure, with total debt slightly decreasing and maintaining stability, while equity capital grows consistently. This has led to an improved debt to equity ratio over time, which can be interpreted as a strengthening balance sheet and a potentially lower financial risk profile. The company's equity growth supports the notion of expanding shareholder value, possibly through retained earnings or capital raising. The consistent leverage reduction can enhance financial flexibility and may positively impact the company's cost of capital and creditworthiness.
Debt to Equity (including Operating Lease Liability)
FedEx Corp., debt to equity (including operating lease liability) calculation (quarterly data)
| 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 | 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 | 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 | 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 | 2,591) | 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 | 14,141) | 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) | 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 | 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 | 1.36 | 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. | — | — | — | 0.50 | 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 | 0.77 | 0.78 | 0.67 | 0.70 | |||||||
| Union Pacific Corp. | — | — | 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 | 2.20 | 2.20 | 2.10 | 1.71 | |||||||
| United Airlines Holdings Inc. | — | — | 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 | 8.17 | 7.60 | 8.52 | 6.77 | |||||||
| United Parcel Service Inc. | — | — | — | 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 | 1.79 | 2.13 | 2.42 | 3.75 | |||||||
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).
1 Q1 2026 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Common stockholders’ investment
= 37,906 ÷ 27,771 = 1.36
2 Click competitor name to see calculations.
- Total Debt (including operating lease liability)
- The total debt level has fluctuated moderately over the observed periods. Initially, debt was approximately $38 billion, slightly increasing to nearly $38.6 billion by early 2021. A subsequent decline occurred through mid-2021, reaching around $36.3 billion before stabilizing. Thereafter, debt values hovered generally between $37 billion and $38.3 billion, with small oscillations but no pronounced trend of significant increase or decrease. The latest figures show debt near $37.9 billion, indicating relative stability in the company's leverage obligations over the timeline.
- Common Stockholders’ Investment
- Common stockholders’ equity shows a more consistent upward trend. Beginning at approximately $19.5 billion in mid-2020, this investment rose steadily, reaching near $24 billion by mid-2021. After a slight dip around late 2022, equity resumed growth, ultimately peaking near $28 billion by mid-2025. This upward trend implies ongoing accumulation of shareholder value and/or retained earnings, reflecting strengthening equity capital over the period.
- Debt to Equity Ratio (including operating lease liability)
- The debt to equity ratio exhibits a clear downward trend, indicating improving capital structure leverage over time. Starting at a high of 1.95 in August 2020, the ratio decreased significantly to about 1.51 by May 2021, reflecting reduced relative leverage or increased equity. Following this, the ratio maintained a range between approximately 1.33 and 1.58, mostly trending downwards toward about 1.36 by mid-2025. This reduction suggests a gradual shift toward a lower reliance on debt relative to shareholder investment, potentially signaling enhanced financial stability.
Debt to Capital
FedEx Corp., debt to capital calculation (quarterly data)
| Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Current portion of long-term debt | 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 | 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 | 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 | 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 | 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 | 0.43 | 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. | — | — | — | 0.30 | 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 | 0.39 | 0.40 | 0.35 | 0.36 | |||||||
| Union Pacific Corp. | — | — | 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 | 0.68 | 0.68 | 0.67 | 0.62 | |||||||
| United Airlines Holdings Inc. | — | — | 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 | 0.88 | 0.87 | 0.88 | 0.85 | |||||||
| United Parcel Service Inc. | — | — | — | 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 | 0.61 | 0.65 | 0.68 | 0.77 | |||||||
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).
1 Q1 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 21,174 ÷ 48,945 = 0.43
2 Click competitor name to see calculations.
The analysis of the financial data over the observed periods reveals several notable trends related to total debt, total capital, and the debt to capital ratio.
- Total Debt
- The total debt fluctuated moderately across the timeline. Initially, total debt remained relatively stable around the 23,000 million USD mark in late 2020 and early 2021. A noticeable reduction occurred between February 2021 and August 2021, where debt declined from approximately 23,443 million USD to 20,679 million USD. Following this decrease, total debt maintained a general range between roughly 20,000 to 21,000 million USD. Towards the latter periods, there is a slight uptick in total debt, reaching about 21,174 million USD by August 2025. Overall, the trend shows a decrease from the starting point with some variability but no significant increasing trend in debt levels.
- Total Capital
- Total capital exhibited moderate growth throughout the periods shown. The early figures around August 2020 began at approximately 42,753 million USD, increasing to close to 45,000 million USD by mid-2021. The total capital then oscillated somewhat but demonstrated an upward trajectory, reaching a peak of around 48,945 million USD by August 2025. The growth, while gradual, signifies an expansion in the company’s capital base over the years.
- Debt to Capital Ratio
- The debt to capital ratio presents a clear declining trend over the examined timeframe. Starting above 0.53 in late 2020, the ratio decreased consistently to about 0.42 by mid-2024 and remained stable near this lower level through mid-2025. This decline indicates an improved capital structure, with debt constituting a smaller portion of the total capital over time. Notably, the ratio reduction corresponds with the stabilization and slight decrease in total debt combined with the steady increase in total capital.
In summary, the company demonstrated a modest reduction in leverage as reflected by the declining debt to capital ratio. The stable to slightly decreasing total debt, alongside gradual growth in total capital, suggests a financially strengthening position with improved balance sheet metrics over the evaluated periods. The declining leverage may imply a lower financial risk profile and potentially enhanced capacity for future investments or strategic initiatives.
Debt to Capital (including Operating Lease Liability)
FedEx Corp., debt to capital (including operating lease liability) calculation (quarterly data)
| 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 | 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 | 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 | 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 | 2,591) | 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 | 14,141) | 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) | 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 | 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) | 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 | 0.58 | 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. | — | — | — | 0.33 | 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 | 0.43 | 0.44 | 0.40 | 0.41 | |||||||
| Union Pacific Corp. | — | — | 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 | 0.69 | 0.69 | 0.68 | 0.63 | |||||||
| United Airlines Holdings Inc. | — | — | 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 | 0.89 | 0.88 | 0.89 | 0.87 | |||||||
| United Parcel Service Inc. | — | — | — | 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 | 0.64 | 0.68 | 0.71 | 0.79 | |||||||
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).
1 Q1 2026 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 37,906 ÷ 65,677 = 0.58
2 Click competitor name to see calculations.
- Total Debt (including operating lease liability)
- The total debt shows a generally stable trend over the analyzed quarters with minor fluctuations. Starting at approximately $38 billion in August 2020, the debt level slightly decreased towards mid-2021, reaching a low near $36 billion. Subsequently, it increased steadily, peaking around $38.3 billion in November 2023, before declining modestly to about $37.9 billion by August 2025. This indicates disciplined debt management with no significant spikes or reductions during the period.
- Total Capital (including operating lease liability)
- Total capital exhibited a gradual upward trajectory over the timeframe. Beginning at around $57.5 billion in August 2020, it rose consistently until November 2021, crossing $61.7 billion. Some fluctuations followed, but overall capital continued to grow, reaching approximately $64.7 billion by November 2023. Despite minor variability, capital levels remained elevated, ending near $65.7 billion in August 2025. This reflects ongoing growth in the company's financial base and resources.
- Debt to Capital Ratio (including operating lease liability)
- The debt to capital ratio has demonstrated a clear declining trend from 0.66 in August 2020 to around 0.58 by August 2025. This gradual improvement suggests effective deleveraging or stronger capital accumulation relative to debt. The ratio decreased steadily with minor temporary plateaus, indicating a cautious approach to leveraging and an emphasis on strengthening the equity portion of the capital structure over the periods examined.
- Summary
- Overall, the company has maintained a relatively stable debt level while expanding its total capital base over the reviewed intervals. The gradual reduction in the debt-to-capital ratio reflects enhanced financial stability, with capital growth outpacing debt accumulation. Such trends indicate prudent financial management practices aimed at balancing leverage while supporting business growth and capital requirements. The consistent control of debt alongside rising capital suggests favorable creditworthiness and a solid foundation for future financial flexibility.
Debt to Assets
FedEx Corp., debt to assets calculation (quarterly data)
| Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Current portion of long-term debt | 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 | 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 | 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 | 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 | 0.24 | 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 | 0.16 | 0.16 | 0.23 | 0.23 | 0.24 | 0.24 | 0.26 | 0.27 | 0.29 | 0.29 | 0.30 | 0.30 | 0.28 | 0.24 | 0.25 | 0.22 | 0.23 | |||||||
| Union Pacific Corp. | — | — | 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 | 0.47 | 0.47 | 0.46 | 0.43 | |||||||
| United Airlines Holdings Inc. | — | — | 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 | 0.52 | 0.51 | 0.51 | 0.48 | |||||||
| United Parcel Service Inc. | — | — | — | 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 | 0.32 | 0.34 | 0.35 | 0.37 | |||||||
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).
1 Q1 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 21,174 ÷ 88,416 = 0.24
2 Click competitor name to see calculations.
- Total Debt
- The total debt shows a gradual decline from approximately $23.3 billion in late 2020 to around $20.0 billion by mid-2022. Following this reduction phase, total debt remains relatively stable with minor fluctuations, hovering between about $20.1 billion and $21.2 billion through mid-2025. This pattern indicates a controlled approach to debt management, with a significant focus on debt reduction during the initial periods followed by stabilization.
- Total Assets
- Total assets display an overall upward trend across the entire timeline. Starting at roughly $77.6 billion in August 2020, assets increase steadily to reach the mid-$85 billion range by late 2022. Subsequently, the asset base continues to grow, albeit with some volatility, peaking close to $88.4 billion by August 2025. This consistent expansion in total assets suggests ongoing investments or asset acquisitions contributing to the growth of the company’s asset portfolio.
- Debt to Assets Ratio
- The debt to assets ratio shows a notable downward trend from 0.30 in August 2020 to approximately 0.23 by mid-2021. This decrease reflects a reduction in leverage, primarily driven by the growing asset base combined with declining debt levels. From mid-2021 onwards, the ratio stabilizes around 0.23 to 0.24, indicating a steady balance between debt and assets without significant shifts in financial leverage. The slight fluctuations within this narrow range imply consistent capital structure management over the later periods.
- General Insights
- The data indicate a strategic emphasis on strengthening the balance sheet by reducing debt levels while simultaneously expanding asset holdings. The reduction in the debt to assets ratio early in the period highlights a successful effort to lower financial risk, followed by maintenance of a conservative leverage position. This approach could enhance financial flexibility and potentially improve creditworthiness. Overall, the company appears to prioritize stability and controlled growth in its financial structure over the analyzed intervals.
Debt to Assets (including Operating Lease Liability)
FedEx Corp., debt to assets (including operating lease liability) calculation (quarterly data)
| Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Current portion of long-term debt | 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 | 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 | 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 | 2,591) | 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 | 14,141) | 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) | 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 | 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 | 0.43 | 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 | 0.19 | 0.27 | 0.27 | 0.28 | 0.29 | 0.31 | 0.32 | 0.34 | 0.35 | 0.36 | 0.36 | 0.34 | 0.29 | 0.30 | 0.26 | 0.27 | |||||||
| Union Pacific Corp. | — | — | 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 | 0.49 | 0.49 | 0.48 | 0.45 | |||||||
| United Airlines Holdings Inc. | — | — | 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 | 0.60 | 0.60 | 0.59 | 0.57 | |||||||
| United Parcel Service Inc. | — | — | — | 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 | 0.37 | 0.39 | 0.40 | 0.42 | |||||||
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).
1 Q1 2026 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 37,906 ÷ 88,416 = 0.43
2 Click competitor name to see calculations.
- Total Debt (Including Operating Lease Liability)
- Over the observed periods, total debt exhibits moderate fluctuations, generally maintaining a range between approximately 36 billion and 38 billion USD. Starting around 38 billion USD in late August 2020, debt levels show a slight decline reaching about 36 billion USD by mid-2021. Thereafter, the debt figures stabilize near 38 billion USD before somewhat declining again toward the end of the period, with values around 37 to 38 billion USD in 2024 and 2025. No significant upward or downward trend is evident, suggesting that total debt levels have remained relatively steady.
- Total Assets
- Total assets demonstrate a generally steady but mildly rising trend over the period. Beginning at roughly 77.6 billion USD in August 2020, assets rose to a peak exceeding 88 billion USD around late 2024 and early 2025. The increase, though gradual, reflects a positive expansion or appreciation of asset base totaling approximately 10 billion USD over the reporting horizon. Minor fluctuations are visible but do not disrupt the overall upward trajectory.
- Debt to Assets Ratio (Including Operating Lease Liability)
- The debt to assets ratio shows a clear pattern of gradual improvement in leverage over time. Starting at a higher ratio near 0.49 in August 2020, it declines to a range around 0.43 to 0.44 in the subsequent years. This indicates a modest decrease in relative indebtedness compared to asset size, implying stronger balance sheet positioning. The ratio stabilizes near the mid-0.40 range through 2023 to 2025, suggesting consistent leverage management and possibly improved financial stability.
- Summary
- In summary, the company’s total debt levels have remained relatively stable with minor variations, while total assets have exhibited a steady increase over the analyzed period. Consequently, the company's leverage, as indicated by the debt to assets ratio, has gradually improved, highlighting prudent financial management and a strengthening balance sheet structure. These patterns collectively suggest a cautious approach in managing liabilities relative to asset growth, supporting financial resilience.
Financial Leverage
FedEx Corp., financial leverage calculation (quarterly data)
| 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 | 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 | 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 | 3.12 | 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. | — | — | — | 2.48 | 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 | 2.68 | 2.65 | 2.56 | 2.55 | |||||||
| Union Pacific Corp. | — | — | 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 | 4.49 | 4.48 | 4.34 | 3.80 | |||||||
| United Airlines Holdings Inc. | — | — | 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 | 13.56 | 12.76 | 14.49 | 11.84 | |||||||
| United Parcel Service Inc. | — | — | — | 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 | 4.87 | 5.46 | 6.00 | 8.86 | |||||||
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).
1 Q1 2026 Calculation
Financial leverage = Total assets ÷ Common stockholders’ investment
= 88,416 ÷ 27,771 = 3.18
2 Click competitor name to see calculations.
- Total Assets
- The total assets exhibit a generally stable and slightly increasing trend over the periods analyzed. Starting from approximately 77.6 billion USD, the assets increased steadily to reach around 88.4 billion USD by the end of the latest period. There are minor fluctuations; however, the overall trajectory indicates growth in asset base, with occasional periods of stabilization or slight decrease, particularly around early 2024 and late 2024.
- Common Stockholders’ Investment
- The common stockholders’ investment shows a consistent upward trend throughout the timeline. Beginning near 19.5 billion USD, the investment value rose to approximately 27.8 billion USD by the most recent periods. This reflects a strong growth and improvement in shareholder value, with only marginal declines observed in some quarters, indicating sustained confidence and capital injection by the equity holders.
- Financial Leverage
- Financial leverage ratios reveal a gradual reduction over the time frame, decreasing from roughly 4.0 to around 3.2. This trend indicates a lowering reliance on debt relative to equity financing. The decline in financial leverage suggests a strategic move towards a more balanced or conservative capital structure, reducing financial risk while maintaining growth.
- Overall Observations
- The analysis of these financial metrics demonstrates a strong asset growth accompanied by increasing equity investments, which has contributed to a decrease in financial leverage. This combination typically signals a strengthening financial position, with the company relying more on equity than debt, thereby improving its capital stability and potentially enhancing its creditworthiness. The steady asset increase supports operational expansion or asset acquisition, aligned with positive shareholder equity growth.