FedEx Corporation (FDX) Balance Sheet
FDX balance sheet, FY2026
May 31, 2026 · U.S. dollars$98.94B assets = $67.29B liabilities + $31.65B equity
Both columns are drawn to the same scale: what FDX owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FDX financial health
Current ratio1.48
Adequate · current assets cover current liabilities 1.48×
Debt / equity1.36
Moderate leverage · $1.36 of debt for each $1 of equity
Equity / assets32.0%
Balanced · of assets funded by shareholders
Cash / debt31.0%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles6.8%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal FY2026.
FDX balance sheet trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $48.55BFY2017 | $98.94BFY2026 | +8.2%/yr | |
| Total liabilities | $32.48BFY2017 | $67.29BFY2026 | +8.4%/yr | |
| Shareholders’ equity | $16.07BFY2017 | $31.65BFY2026 | +7.8%/yr | |
| Cash & short-term investments | $3.97BFY2017 | $13.31BFY2026 | +14.4%/yr | |
| Total debt | $14.93BFY2017 | $42.94BFY2026 | +12.5%/yr | |
| Net cash (debt) | −$10.96BFY2017 | −$29.63BFY2026 | −$18.7B | |
| Working capital | $4.71BFY2017 | $8.99BFY2026 | +$4.3B | |
| Book value per share | $59.53FY2017 | $132.41FY2026 | +9.3%/yr | |
| Current ratio | 1.59FY2017 | 1.48FY2026 | −0.12 | |
| Debt / equity | 0.93FY2017 | 1.36FY2026 | +0.43 | |
| Shares outstanding | 270.0MFY2017 | 239.0MFY2026 | −1.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FDX assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
FDX liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
FDX debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FDX balance sheet
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $13.31B | $5.57B | $6.50B | $6.86B | $6.90B | $7.09B | $4.88B | $2.32B | $3.27B | $3.97B |
| Cash & equivalents | $13.31B | $5.50B | $6.50B | $6.86B | $6.90B | $7.09B | $4.88B | $2.32B | $3.27B | $3.97B |
| Short-term investments | — | $70.0M | $360.0M | $302.0M | — | $24.17B | — | — | $0 | $0 |
| Receivables | $12.67B | $11.37B | $10.09B | $10.19B | $11.86B | $12.07B | $10.10B | $9.12B | $8.48B | $7.60B |
| Inventory | $669.0M | $602.0M | $614.0M | $604.0M | $637.0M | $587.0M | $572.0M | $553.0M | $525.0M | $514.0M |
| Other current assets | $1.25B | $844.0M | $1.00B | $929.0M | $968.0M | $837.0M | $828.0M | $1.10B | $1.07B | $546.0M |
| Total current assets | $27.90B | $18.39B | $18.21B | $18.58B | $20.36B | $20.58B | $16.38B | $13.09B | $13.34B | $12.63B |
| Property, plant & equipment (net) | $58.87B | $58.09B | $58.61B | $58.05B | $54.70B | $51.13B | $47.52B | $30.43B | $28.15B | $25.98B |
| Goodwill & intangible assets | $6.73B | $6.81B | $6.60B | $6.67B | $6.84B | $7.34B | $6.69B | $7.30B | $7.45B | $7.68B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $5.43B | $4.34B | $3.59B | $3.82B | $4.08B | $3.72B | $2.94B | $3.59B | $3.38B | $2.26B |
| Total assets | $98.94B | $87.63B | $87.01B | $87.11B | $85.99B | $82.78B | $73.54B | $54.40B | $52.33B | $48.55B |
| Liabilities | ||||||||||
| Accounts payable | $4.33B | $3.69B | $3.19B | $3.85B | $4.03B | $3.84B | $3.27B | $3.03B | $2.98B | $2.75B |
| Short-term debt | $5.10B | $3.99B | $2.53B | $2.52B | $2.52B | $2.35B | $1.97B | $964.0M | $1.34B | $22.0M |
| Deferred revenue | — | — | — | — | $4.09B | — | — | — | $334.0M | $285.0M |
| Total current liabilities | $18.91B | $15.41B | $13.36B | $13.59B | $14.27B | $13.66B | $10.34B | $9.01B | $9.63B | $7.92B |
| Long-term debt | $23.29B | $19.15B | $20.14B | $20.45B | $20.18B | $20.73B | $21.95B | $16.62B | $15.24B | $14.91B |
| Lease obligations | $17.23B | $16.84B | $17.52B | $17.75B | $16.93B | $15.58B | $14.60B | — | — | — |
| Other long-term liabilities | $25.09B | $24.99B | $25.93B | $27.02B | $26.60B | $24.22B | $22.95B | $11.02B | $8.04B | $9.65B |
| Total liabilities | $67.29B | $59.55B | $59.42B | $61.05B | $61.05B | $58.61B | $55.24B | $36.65B | $32.91B | $32.48B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $32.0M | $32.0M | $32.0M | $32.0M | $32.0M | $32.0M | $32.0M | $32.0M | $32.0M | $32.0M |
| Retained earnings (deficit) | $44.46B | $41.40B | $38.65B | $35.26B | $32.78B | $29.82B | $25.22B | $24.65B | $24.82B | $20.83B |
| Treasury stock | — | — | — | −$11.64B | −$10.48B | −$8.43B | −$9.16B | −$9.29B | −$7.98B | −$7.38B |
| Accumulated other comprehensive income | −$1.23B | −$1.36B | −$1.36B | −$1.33B | −$1.10B | −$732.0M | −$1.15B | −$865.0M | −$578.0M | −$415.0M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $31.65B | $28.07B | $27.58B | $26.09B | $24.94B | $24.17B | $18.30B | $17.76B | $19.42B | $16.07B |
| Key figures | ||||||||||
| Total debt | $42.94B | $37.42B | $37.72B | $38.33B | $37.19B | $36.46B | $36.12B | $17.58B | $16.59B | $14.93B |
| Net cash (debt) | −$29.63B | −$31.84B | −$31.22B | −$31.48B | −$30.30B | −$29.38B | −$31.24B | −$15.26B | −$13.32B | −$10.96B |
| Working capital | $8.99B | $2.98B | $4.85B | $4.99B | $6.09B | $6.92B | $6.04B | $4.07B | $3.71B | $4.71B |
| Tangible book value | $24.91B | $21.27B | $20.98B | $19.42B | $18.09B | $16.82B | $11.60B | $10.46B | $11.96B | $8.39B |
| Book value per share | $132.41 | $115.53 | $109.89 | $101.91 | $93.76 | $90.18 | $69.83 | $67.01 | $71.38 | $59.53 |
| Shares outstanding | 239.0M | 243.0M | 251.0M | 256.0M | 266.0M | 268.0M | 262.0M | 265.0M | 272.0M | 270.0M |
| Current ratio | 1.48 | 1.19 | 1.36 | 1.37 | 1.43 | 1.51 | 1.58 | 1.45 | 1.39 | 1.59 |
| Quick ratio | 1.37 | 1.10 | 1.24 | 1.25 | 1.31 | 1.40 | 1.45 | 1.27 | 1.22 | 1.46 |
| Debt / equity | 1.36 | 1.33 | 1.37 | 1.47 | 1.49 | 1.51 | 1.97 | 0.99 | 0.85 | 0.93 |
| Equity / assets | 32.0% | 32.0% | 31.7% | 29.9% | 29.0% | 29.2% | 24.9% | 32.6% | 37.1% | 33.1% |
| May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | Aug '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $13.31B | $8.01B | $6.57B | $6.24B | $5.57B | $5.21B | $5.03B | $6.02B | $6.50B | $5.64B | $6.73B | $7.05B |
| Cash & equivalents | $13.31B | $8.01B | $6.57B | $6.17B | $5.50B | $5.13B | $5.03B | $5.94B | $6.50B | $5.64B | $6.73B | $7.05B |
| Short-term investments | — | — | — | $71.0M | $70.0M | $72.0M | $77.0M | $76.0M | $360.0M | — | — | — |
| Receivables | $12.67B | $11.81B | $12.16B | $11.52B | $11.37B | $10.23B | $10.74B | $10.31B | $10.09B | $9.90B | $10.66B | $10.21B |
| Inventory | $669.0M | $631.0M | $631.0M | $604.0M | $602.0M | $617.0M | $620.0M | $611.0M | $614.0M | $640.0M | $632.0M | $631.0M |
| Other current assets | $1.25B | $5.03B | $1.29B | $987.0M | $844.0M | $1.16B | $1.33B | $1.15B | $1.00B | $1.24B | $1.09B | $994.0M |
| Total current assets | $27.90B | $25.48B | $20.65B | $19.34B | $18.39B | $17.21B | $17.72B | $18.09B | $18.21B | $17.42B | $19.12B | $18.89B |
| Property, plant & equipment (net) | $58.87B | $41.54B | $41.32B | $57.75B | $58.09B | $57.43B | $57.83B | $58.35B | $58.61B | $58.46B | $58.77B | $58.50B |
| Goodwill & intangible assets | $6.73B | $6.76B | $6.63B | $6.67B | $6.81B | $6.33B | $6.29B | $6.51B | $6.60B | $6.42B | $6.47B | $6.42B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $5.43B | $20.96B | $20.58B | $4.65B | $4.34B | $4.07B | $3.64B | $3.76B | $3.59B | $3.80B | $3.69B | $3.77B |
| Total assets | $98.94B | $94.73B | $89.18B | $88.42B | $87.63B | $85.04B | $85.48B | $86.71B | $87.01B | $86.11B | $88.05B | $87.58B |
| Liabilities | ||||||||||||
| Accounts payable | $4.33B | $4.15B | $4.66B | $4.22B | $3.69B | $3.60B | $3.90B | $3.74B | $3.19B | $3.78B | $4.00B | $3.79B |
| Short-term debt | $5.10B | $5.05B | $3.52B | $3.47B | $3.99B | $3.13B | $3.13B | $3.13B | $2.53B | $2.51B | $2.77B | $2.73B |
| Total current liabilities | $18.91B | $17.29B | $16.21B | $15.52B | $15.41B | $13.90B | $14.39B | $14.11B | $13.36B | $13.31B | $14.25B | $13.81B |
| Long-term debt | $23.29B | $22.83B | $20.29B | $20.29B | $19.15B | $19.53B | $19.43B | $19.66B | $20.14B | $20.12B | $20.19B | $20.14B |
| Lease obligations | $17.23B | $16.77B | $16.57B | $16.73B | $16.84B | $16.89B | $17.25B | $17.48B | $17.52B | $17.32B | $17.66B | $17.72B |
| Other long-term liabilities | $25.09B | $24.81B | $24.53B | $24.83B | $24.99B | $24.91B | $0 | $25.76B | $25.93B | $26.31B | $26.84B | $27.09B |
| Total liabilities | $67.29B | $64.93B | $61.04B | $60.65B | $59.55B | $58.34B | $59.02B | $59.53B | $59.42B | $59.74B | $61.28B | $61.04B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $32.0M | $32.0M | $32.0M | $32.0M | $32.0M | $32.0M | $26.49B | $32.0M | $32.0M | $32.0M | $32.0M | $32.0M |
| Retained earnings (deficit) | $44.46B | $42.86B | $42.15B | $41.54B | $41.40B | $39.75B | $39.17B | $38.77B | $38.65B | $37.17B | $36.60B | $36.02B |
| Accumulated other comprehensive income | −$1.23B | −$1.22B | −$1.41B | −$1.37B | −$1.36B | −$1.50B | −$1.51B | −$1.33B | −$1.36B | −$1.33B | −$1.29B | −$1.36B |
| Total shareholders' equity | $31.65B | $29.80B | $28.14B | $27.77B | $28.07B | $26.71B | $26.46B | $27.18B | $27.58B | $26.38B | $26.77B | $26.53B |
| Key figures | ||||||||||||
| Total debt | $42.94B | $42.02B | $37.77B | $37.91B | $37.42B | $37.03B | $17.84B | $37.77B | $37.72B | $37.51B | $38.18B | $38.22B |
| Net cash (debt) | −$29.63B | −$34.01B | −$31.20B | −$31.67B | −$31.84B | −$31.82B | −$12.81B | −$31.75B | −$31.22B | −$31.87B | −$31.45B | −$31.16B |
| Working capital | $8.99B | $8.19B | $4.44B | $3.82B | $2.98B | $3.32B | $3.33B | $3.98B | $4.85B | $4.12B | $4.87B | $5.08B |
| Tangible book value | $24.91B | $23.05B | $21.51B | $21.10B | $21.27B | $20.38B | $20.17B | $20.66B | $20.98B | $19.95B | $20.30B | $20.11B |
| Book value per share | $131.32 | $122.65 | $115.80 | $114.28 | $117.96 | $109.46 | $108.44 | $109.87 | $111.22 | $105.50 | $105.79 | $104.46 |
| Shares outstanding | 241.0M | 243.0M | 243.0M | 243.0M | 238.0M | 244.0M | 244.0M | 247.4M | 248.0M | 250.0M | 253.0M | 254.0M |
| Current ratio | 1.48 | 1.47 | 1.27 | 1.25 | 1.19 | 1.24 | 1.23 | 1.28 | 1.36 | 1.31 | 1.34 | 1.37 |
| Quick ratio | 1.37 | 1.15 | 1.16 | 1.14 | 1.10 | 1.11 | 1.10 | 1.16 | 1.24 | 1.17 | 1.22 | 1.25 |
| Debt / equity | 1.36 | 1.41 | 1.34 | 1.36 | 1.33 | 1.39 | 0.67 | 1.39 | 1.37 | 1.42 | 1.43 | 1.44 |
| Equity / assets | 32.0% | 31.5% | 31.6% | 31.4% | 32.0% | 31.4% | 31.0% | 31.3% | 31.7% | 30.6% | 30.4% | 30.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed July 20, 2026); data from EODHD.
FDX financial position
At the end of fiscal 2026 (May 31, 2026), FedEx had total assets of $98.9 billion (up 12.9% from a year earlier), total liabilities of $67.3 billion and shareholders' equity of $31.6 billion. It held $13.3 billion in cash and short-term investments against $42.9 billion of debt, net debt of $29.6 billion. Its current ratio was 1.48.
Related: FDX income statement, FDX cash flow statement, FDX key metrics. See the FDX stock overview for the latest quote and news.
FDX balance sheet FAQ
What are FedEx's total assets?
FedEx reported total assets of $98.9 billion at the end of fiscal 2026 (May 31, 2026), compared with $87.6 billion a year earlier.
How much debt does FedEx have?
FedEx had $42.9 billion of total debt at the end of fiscal 2026, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.36.
How much cash does FedEx have?
FedEx held $13.3 billion in cash and short-term investments at the end of fiscal 2026; with $42.9 billion of debt that is net debt of $29.6 billion.
What is FedEx's book value?
FedEx's shareholders' equity (book value) was $31.6 billion at the end of fiscal 2026, or $132.41 per share.
What is FedEx's current ratio?
FedEx had current assets of $27.9 billion and current liabilities of $18.9 billion, a current ratio of 1.48 (it can cover its short-term obligations).
How much goodwill does FedEx have?
FedEx carried $6.7 billion of goodwill and intangible assets, 6.8% of total assets, at the end of fiscal 2026.