Stock Analysis on Net
Stock Analysis on Net

FedEx Corp. (NYSE:FDX)

Common-Size Balance Sheet: Assets 

FedEx Corp., common-size consolidated balance sheet: assets

Microsoft Excel
May 31, 2025 May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020
Cash and cash equivalents 6.28 7.47 7.87 8.02 8.56 6.64
Receivables, less allowances 12.97 11.59 11.69 13.80 14.58 13.74
Spare parts, supplies, and fuel, less allowances 0.69 0.71 0.69 0.74 0.71 0.78
Prepaid expenses and other 1.04 1.16 1.10 1.13 1.01 1.13
Current assets 20.98% 20.93% 21.36% 23.68% 24.86% 22.28%
Net property and equipment 47.52 47.69 46.70 44.29 43.19 45.70
Operating lease right-of-use assets, net 18.78 19.67 19.91 19.32 18.58 18.93
Goodwill 7.54 7.38 7.38 7.61 8.45 8.67
Other assets 5.18 4.33 4.65 5.09 4.92 4.43
Other long-term assets 31.50% 31.39% 31.94% 32.02% 31.95% 32.02%
Long-term assets 79.02% 79.07% 78.64% 76.32% 75.14% 77.72%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 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), 10-K (reporting date: 2020-05-31).

Cash and cash equivalents
The proportion of cash and cash equivalents relative to total assets exhibits a fluctuating downward trend, peaking at 8.56% in 2021 before gradually declining to 6.28% by 2025. This indicates a reduction in liquidity reserves over the observed period.
Receivables, less allowances
This category shows a slight increase from 13.74% in 2020 to 14.58% in 2021, followed by a decline reaching 11.59% in 2024, and a rebound to 12.97% in 2025. The variability suggests changes in credit management or sales volume impacting receivables composition.
Spare parts, supplies, and fuel, less allowances
The percentage allocation to spare parts, supplies, and fuel remains relatively stable with minor fluctuations within a narrow range of approximately 0.69% to 0.78%, indicating consistent inventory management over time.
Prepaid expenses and other
The share of prepaid expenses and other current assets stays fairly constant, fluctuating marginally between 1.01% and 1.16%, signaling steady operational prepayments.
Current assets
Current assets as a percentage of total assets show a declining trend from a high of 24.86% in 2021 down to around 20.93%–20.98% in 2024 and 2025. This suggests a gradual shift away from short-term asset holdings toward more long-term asset structures.
Net property and equipment
Net property and equipment increase proportionally from 43.19% in 2021 to a peak of 47.69% in 2024, with a slight decrease to 47.52% in 2025. This trend reflects ongoing investment or appreciation in tangible fixed assets.
Operating lease right-of-use assets, net
The allocation to operating lease right-of-use assets remains relatively stable, hovering close to 19%, with a slight decrease toward 18.78% by 2025, indicating consistent leasing commitments over the period.
Goodwill
The goodwill percentage declines from 8.67% in 2020 to 7.38% in 2023 and 2024, followed by a minor increase to 7.54% in 2025. This reflects some amortization or impairment activity, with relatively modest fluctuations overall.
Other assets
Other assets show slight growth from 4.43% in 2020 to 5.18% in 2025, with minor fluctuations in interim years, indicating a small but gradual increase in miscellaneous asset components.
Other long-term assets
The proportion of other long-term assets remains stable, near 31.5% across all periods, showing consistency in long-term asset holdings aside from the main categories.
Long-term assets
Long-term assets as a whole increase from 75.14% in 2021 to a peak of 79.07% in 2024 before slightly decreasing to 79.02% in 2025. This confirms an overall strategic emphasis on long-term asset accumulations relative to current assets.
Total assets
Total assets are normalized at 100% across all periods, serving as the baseline for percentage comparisons.