Stock Analysis on Net
Stock Analysis on Net

FedEx Corp. (NYSE:FDX)

Common-Size Balance Sheet: Assets 
Quarterly Data

FedEx Corp., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Feb 28, 2025 Nov 30, 2024 Aug 31, 2024 May 31, 2024 Feb 29, 2024 Nov 30, 2023 Aug 31, 2023 May 31, 2023 Feb 28, 2023 Nov 30, 2022 Aug 31, 2022 May 31, 2022 Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018
Cash and cash equivalents 6.04 5.88 6.85 7.47 6.55 7.64 8.06 7.87 6.26 5.43 7.98 8.02 7.21 8.11 8.35 8.56 10.70 10.28 8.96 6.64 2.52 2.90 3.49 4.26 5.27 3.98 4.56
Receivables, less allowances 12.03 12.56 11.89 11.59 11.50 12.11 11.66 11.69 12.50 13.60 12.88 13.80 13.87 14.48 13.56 14.58 13.87 14.07 13.53 13.74 13.32 13.88 13.60 16.76 16.59 17.96 16.79
Spare parts, supplies, and fuel, less allowances 0.73 0.73 0.70 0.71 0.74 0.72 0.72 0.69 0.74 0.77 0.75 0.74 0.73 0.71 0.70 0.71 0.70 0.72 0.76 0.78 0.81 0.82 0.84 1.02 1.00 0.98 1.01
Prepaid expenses and other 1.45 1.56 1.42 1.16 1.44 1.24 1.14 1.10 1.42 1.49 1.23 1.13 1.33 1.33 1.21 1.01 0.95 1.14 1.09 1.13 1.26 1.26 1.08 2.02 1.92 2.29 1.99
Current assets 20.24% 20.73% 20.87% 20.93% 20.23% 21.71% 21.57% 21.36% 20.92% 21.28% 22.84% 23.68% 23.14% 24.63% 23.82% 24.86% 26.22% 26.20% 24.34% 22.28% 17.91% 18.87% 19.02% 24.05% 24.79% 25.22% 24.36%
Property and equipment, at cost 101.79 100.21 98.21 96.99 97.71 94.58 93.62 92.52 92.49 91.75 89.38 87.54 88.16 86.62 87.20 84.66 82.98 83.19 85.57 88.42 91.85 89.65 89.75 109.39 106.79 107.90 108.53
Accumulated depreciation and amortization -53.62 -52.24 -50.63 -49.31 -49.49 -47.41 -46.61 -45.82 -46.03 -45.34 -44.17 -43.24 -43.72 -42.52 -42.73 -41.47 -40.72 -40.54 -41.45 -42.72 -44.28 -43.32 -43.57 -53.46 -52.14 -52.76 -53.08
Net property and equipment 48.17% 47.97% 47.58% 47.69% 48.23% 47.17% 47.02% 46.70% 46.46% 46.41% 45.21% 44.29% 44.44% 44.10% 44.46% 43.19% 42.26% 42.65% 44.12% 45.70% 47.57% 46.33% 46.18% 55.93% 54.66% 55.15% 55.45%
Operating lease right-of-use assets, net 19.36 19.68 19.71 19.67 19.67 19.58 19.79 19.91 20.30 20.30 20.06 19.32 19.74 19.01 18.79 18.58 18.07 18.29 18.67 18.93 19.97 20.15 20.19 0.00 0.00 0.00 0.00
Goodwill 7.45 7.36 7.51 7.38 7.46 7.35 7.33 7.38 7.53 7.45 7.36 7.61 8.03 7.96 8.34 8.45 8.43 8.26 8.54 8.67 9.73 9.81 9.96 12.65 12.70 12.96 13.23
Other assets 4.78 4.26 4.33 4.33 4.41 4.19 4.30 4.65 4.80 4.56 4.52 5.09 4.64 4.31 4.59 4.92 5.01 4.60 4.32 4.43 4.82 4.85 4.65 7.36 7.86 6.67 6.96
Other long-term assets 31.59% 31.30% 31.56% 31.39% 31.54% 31.12% 31.42% 31.94% 32.62% 32.31% 31.94% 32.02% 32.42% 31.27% 31.71% 31.95% 31.52% 31.15% 31.53% 32.02% 34.52% 34.81% 34.81% 20.01% 20.56% 19.64% 20.19%
Long-term assets 79.76% 79.27% 79.13% 79.07% 79.77% 78.29% 78.43% 78.64% 79.08% 78.72% 77.16% 76.32% 76.86% 75.37% 76.18% 75.14% 73.78% 73.80% 75.66% 77.72% 82.09% 81.13% 80.98% 75.95% 75.21% 74.78% 75.64%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 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), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).

Cash and cash equivalents
The percentage of cash and cash equivalents relative to total assets shows a notable increase from early 2020, peaking around late 2020 and early 2021, reaching above 10%. After this period, there is a general downward trend with some fluctuations, settling slightly below 7% by early 2025.
Receivables, less allowances
Receivables as a percentage of total assets experienced a decline starting mid-2018 through late 2023, with values falling from nearly 18% to around 11-12%. This trend suggests a reduction in receivables relative to total asset base, stabilizing somewhat in the latter periods.
Spare parts, supplies, and fuel, less allowances
This category remains fairly stable throughout the period, consistently close to 0.7% of total assets with minor variations, indicating steady inventory management relative to asset size.
Prepaid expenses and other
The values for prepaid expenses and other assets fluctuate moderately, generally remaining between 1% and 1.5% of total assets. Peaks occur in late 2021 and early 2025, indicating occasional shifts in prepaid or other current asset allocations.
Current assets
Current assets as a share of total assets declined significantly around mid-2019, falling from about 25% down to near 17-18%, before rebounding strongly in 2020 to over 26%. Following this peak, there is a gradual downward trend stabilizing around 20-21%, reflecting shifting asset composition toward long-term holdings.
Property and equipment, at cost
Property and equipment as a percentage of total assets declined sharply in mid-2019 from approximately 109% to below 90%, then experienced a steady and gradual increase, reaching over 101% by early 2025. This reflects ongoing investment and capital asset growth over the analyzed period.
Accumulated depreciation and amortization
Accumulated depreciation shows a consistent increase in absolute terms, becoming more negative over time as a percentage of total assets, moving from roughly -53% to beyond -53.6%, indicating growing depreciation expense in proportion to assets.
Net property and equipment
Net property and equipment decreased significantly in the 2019 mid-year period, mirroring the trend observed in gross property and equipment, but then gradually recovered and increased steadily from around 44% to over 48% by early 2025, suggesting sustained net investment in fixed assets despite depreciation.
Operating lease right-of-use assets, net
Introduced around mid-2019, the operating lease right-of-use assets remain relatively stable near 19-20% of total assets through the subsequent periods, reflecting the adoption and consistent utilization of operating leases.
Goodwill
Goodwill as a percentage of total assets decreased from about 13% in 2018 to stabilize around 7-8% in later years, representing a decline in goodwill relative to total assets, possibly due to amortization or asset revaluation.
Other assets
Other assets show moderate fluctuations between roughly 4% and 7% without a clear trend, indicating varying levels of miscellaneous assets relative to the total asset base.
Other long-term assets
There was a marked increase in other long-term assets from around 20% to above 34% of total assets by mid-2019, followed by a gradual decline stabilizing near 31-32%, indicating a major reclassification or acquisition event leading up to 2019 and subsequent steady-state afterwards.
Long-term assets
Long-term assets as a percentage of total assets increased from about 75% in 2018 to nearly 80% in early 2025, showing a shift towards a larger proportion of long-term holdings within total assets.
Total assets
All components are expressed as a percentage of total assets, which consistently totals 100%, serving as a stable base for comparing relative asset composition changes over time.