Analysis of Inventory
Inventory Disclosure
FedEx Corp., balance sheet: inventory
US$ in millions
| May 31, 2026 | May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Spare parts, supplies and fuel, less allowances | 669) | 602) | 614) | 604) | 637) | 587) |
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31).
The inventory levels for spare parts, supplies, and fuel exhibit a period of relative stability followed by a notable increase in the final reported year. Between 2021 and 2025, the balance remained within a range of approximately $587 million to $637 million, indicating a consistent approach to maintaining operational reserves.
- Inventory Stability and Fluctuations (2021-2025)
- A moderate increase was observed from 2021 to 2022, rising from $587 million to $637 million. This was followed by a period of minor oscillations, with values dipping to $604 million in 2023, recovering slightly to $614 million in 2024, and returning to $602 million by 2025. This pattern suggests a controlled inventory cycle aligned with steady operational demands.
- Significant Growth in 2026
- A sharp upward trend occurred in the fiscal year ending May 31, 2026, where inventory rose to $669 million. This represents the highest value in the analyzed period, reflecting an approximately 11.1% increase over the previous year. Such an escalation may be attributed to strategic stockpiling of fuel, an expansion of spare parts inventory to support fleet growth, or adjustments to supply chain risk management.