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FedEx Corp. (NYSE:FDX)

Common-Size Balance Sheet: Assets

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

Microsoft Excel
May 31, 2026 May 31, 2025 May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021
Cash and cash equivalents 13.45 6.28 7.47 7.87 8.02 8.56
Receivables, less allowances 12.81 12.97 11.59 11.69 13.80 14.58
Spare parts, supplies, and fuel, less allowances 0.68 0.69 0.71 0.69 0.74 0.71
Prepaid expenses and other 1.26 1.04 1.16 1.10 1.13 1.01
Current assets 28.20% 20.98% 20.93% 21.36% 23.68% 24.86%
Net property and equipment 42.50 47.52 47.69 46.70 44.29 43.19
Operating lease right-of-use assets, net 17.00 18.78 19.67 19.91 19.32 18.58
Goodwill 6.81 7.54 7.38 7.38 7.61 8.45
Other assets 5.49 5.18 4.33 4.65 5.09 4.92
Other long-term assets 29.30% 31.50% 31.39% 31.94% 32.02% 31.95%
Long-term assets 71.80% 79.02% 79.07% 78.64% 76.32% 75.14%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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 asset composition shows a strategic shift toward long-term investments between 2021 and 2025, followed by a significant reallocation toward liquidity in 2026. While the organization maintained a predominantly long-term asset base throughout the period, the relative weight of these assets peaked in 2024 before a sharp correction occurred in the final year of the analyzed period.

Current Asset Trends
A gradual contraction in current assets was observed from 24.86% of total assets in 2021 to a low of 20.93% in 2024. This trend was primarily driven by a steady decline in cash and cash equivalents, which fell from 8.56% to 7.47% over that span, and a reduction in receivables from 14.58% to 11.59%. However, 2026 marked a reversal of this trend, with current assets surging to 28.20%. This spike is almost entirely attributable to a substantial increase in cash and cash equivalents, which rose to 13.45%, the highest level in the reported period.
Long-term Asset Evolution
Long-term assets grew from 75.14% in 2021 to a peak of 79.07% in 2024. This growth was largely propelled by net property and equipment, which increased from 43.19% to 47.69%, indicating a period of intensified capital expenditure. Operating lease right-of-use assets also saw a moderate increase, peaking at 19.91% in 2023 before beginning a gradual decline. By 2026, the total weight of long-term assets dropped to 71.80%, coinciding with a decrease in net property and equipment to 42.50% and right-of-use assets to 17.00%.
Intangible and Other Asset Stability
Goodwill and other assets remained relatively stable as a percentage of the total balance sheet. Goodwill experienced a slight downward trend, moving from 8.45% in 2021 to 6.81% in 2026. Other long-term assets maintained a consistent presence, hovering around 31-32% for most of the period before settling at 29.30% in 2026. These components exerted minimal influence on the overall volatility of the asset mix compared to the fluctuations in cash and physical infrastructure.

The overall trajectory indicates a cycle of capital intensification that concluded by 2025, transitioning into a high-liquidity posture by 2026. The sharp increase in the cash position relative to the reduction in property and equipment suggests a shift in financial priority from infrastructure expansion toward liquidity preservation or the accumulation of capital for future strategic initiatives.

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