Common-Size Balance Sheet: Assets
Quarterly Data
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- Statement of Comprehensive Income
- Cash Flow Statement
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
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FedEx Corp., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-K (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 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).
An analysis of the asset structure reveals a notable shift in capital allocation, moving from a period of aggressive expansion in fixed assets toward an increase in current asset liquidity in the final quarters of the observed period. The overall composition of the balance sheet transitioned from a high concentration of long-term assets, which peaked near 80% of total assets, to a more liquid posture where current assets reached their highest levels at the end of the series.
- Liquidity and Current Asset Trends
- Current assets exhibited a U-shaped trend, starting at 24.34% in August 2020, declining to a low of 20.23% by February 2024, and subsequently rising to 28.20% by May 2026. This late-stage increase is primarily driven by a sharp rise in cash and cash equivalents, which climbed from 6.04% in February 2025 to 13.45% by May 2026. Receivables remained relatively stable, generally fluctuating between 11% and 14% of total assets, though a slight contraction in their relative weight was observed over the long term.
- Fixed Asset Dynamics and Depreciation
- Property and equipment at cost showed a sustained upward trajectory for several years, rising from 85.57% in August 2020 to a peak of 101.79% in February 2025. This suggests an intensive period of capital investment relative to the growth of the total asset base. Simultaneously, accumulated depreciation and amortization deepened from -41.45% to -53.62% over the same period, reflecting the aging of these assets. However, in the final quarters, there was a corrective shift: gross property and equipment fell to 91.90% and net property and equipment declined to 42.50% by May 2026, indicating either asset disposals, impairments, or a dilution caused by the increase in other asset categories.
- Long-Term Asset Composition
- Long-term assets as a percentage of the total base increased from 75.66% in 2020 to a peak of 79.76% in February 2025, before falling sharply to 71.80% by May 2026. Operating lease right-of-use assets remained remarkably consistent, hovering between 17% and 20%. Goodwill demonstrated a gradual downward trend, decreasing from 8.54% to 6.81%, suggesting a reduction in the relative impact of acquired intangibles on the total balance sheet.
The data indicates a strategic pivot in the final year of the period. The combination of declining net property and equipment and a significant surge in cash and cash equivalents suggests a transition from a capital-intensive growth phase toward a phase of increased liquidity and balance sheet flexibility.