Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

FedEx Corp., consolidated balance sheet: assets

US$ in millions

	May 31, 2026	May 31, 2025	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021
Cash and cash equivalents	13,311)	5,502)	6,501)	6,856)	6,897)	7,087)
Receivables, less allowances	12,672)	11,368)	10,087)	10,188)	11,863)	12,069)
Spare parts, supplies, and fuel, less allowances	669)	602)	614)	604)	637)	587)
Prepaid expenses and other	1,251)	914)	1,005)	962)	968)	837)
Current assets	27,903)	18,386)	18,207)	18,610)	20,365)	20,580)
Net property and equipment	42,044)	41,642)	41,491)	40,698)	38,091)	35,752)
Operating lease right-of-use assets, net	16,822)	16,453)	17,115)	17,347)	16,613)	15,383)
Goodwill	6,733)	6,603)	6,423)	6,435)	6,544)	6,992)
Other assets	5,435)	4,543)	3,771)	4,053)	4,381)	4,070)
Other long-term assets	28,990)	27,599)	27,309)	27,835)	27,538)	26,445)
Long-term assets	71,034)	69,241)	68,800)	68,533)	65,629)	62,197)
Total assets	98,937)	87,627)	87,007)	87,143)	85,994)	82,777)

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).

Total assets experienced an overall upward trajectory, increasing from $82,777 million in 2021 to $98,937 million in 2026. The growth pattern is characterized by a period of moderate expansion between 2021 and 2025, followed by a significant acceleration in total asset value during the 2026 fiscal year.

Liquidity and Current Asset Dynamics: Current assets exhibited a period of contraction from 2021 ($20,580 million) through 2024 ($18,207 million) before expanding sharply to $27,903 million in 2026. This volatility is primarily attributed to cash and cash equivalents, which declined steadily from $7,087 million in 2021 to a low of $5,502 million in 2025, only to surge to $13,311 million in 2026. Receivables followed a similar U-shaped pattern, dipping to $10,087 million in 2024 before recovering to $12,672 million by 2026.
Fixed Asset Investment and Infrastructure: Net property and equipment demonstrated consistent growth throughout the period, rising from $35,752 million in 2021 to $42,044 million in 2026. This steady increase indicates a sustained commitment to capital expenditure and the expansion of physical operational capacity. Operating lease right-of-use assets remained relatively stable, peaking in 2023 at $17,347 million and ending the period at $16,822 million.
Long-Term Asset Composition: Long-term assets grew from $62,197 million in 2021 to $71,034 million in 2026. While net property and equipment was a primary driver, other long-term assets also showed a gradual increase, reaching $28,990 million in 2026. In contrast, goodwill remained remarkably stable, fluctuating within a narrow range between $6,423 million and $6,992 million over the six-year duration.
Asset Structure Shift: The composition of the balance sheet shifted toward a higher concentration of current assets in 2026, driven by the substantial increase in cash reserves. Prior to 2026, the asset base was more heavily weighted toward long-term investments and fixed assets, with long-term assets consistently representing the majority of the total asset value.

FedEx Corp. (NYSE:FDX)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items