Balance Sheet: Assets
Quarterly Data
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.
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FedEx Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Analysis of Revenues
- Analysis of Debt
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FedEx Corp., consolidated balance sheet: assets (quarterly data)
US$ in millions
Based on: 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), 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).
Over the analyzed period, from August 2019 through November 2025, a general upward trend in total assets is observed, although with notable fluctuations. Initial growth accelerates significantly in the fiscal year ending in May 2021, followed by a period of relative stabilization before another phase of expansion towards the end of the observed timeframe. Several key asset categories contribute to this overall pattern, exhibiting distinct behaviors.
- Cash and Cash Equivalents
- Cash and cash equivalents demonstrate considerable volatility. A substantial increase is evident between February 2020 and November 2020, peaking at US$8.339 billion. Subsequently, levels decline, stabilizing around US$6-7 billion for several quarters before a further increase in late 2025, reaching US$8.008 billion in February 2026. The presence of restricted cash begins to be reported in February 2026, reaching US$3.680 billion.
- Receivables
- Receivables exhibit a consistent upward trend throughout most of the period, increasing from US$9.312 billion in August 2019 to US$12.159 billion in August 2021. Growth moderates in subsequent periods, with fluctuations between approximately US$9.9 billion and US$11.6 billion. A slight increase is observed towards the end of the period, reaching US$11.807 billion in November 2023, before stabilizing.
- Spare Parts, Supplies, and Fuel
- This category shows a relatively stable pattern, fluctuating within a narrow range between US$568 million and US$655 million. A gradual increase is observed over the entire period, but the changes are modest compared to other asset categories.
- Prepaid Expenses and Other
- Prepaid expenses and other current assets display a more pronounced increase, particularly between August 2019 and November 2021, rising from US$742 million to US$1,123 million. Subsequent periods show fluctuations, with a decrease in early 2023, followed by a rebound and a peak of US$1,351 million in February 2026.
- Current Assets
- Driven by the trends in its components, current assets increase significantly from US$13.017 billion in August 2019 to US$21.265 billion in November 2020. While fluctuating, current assets generally remain above US$17 billion throughout the analyzed period, reaching US$25.477 billion in February 2026.
- Net Property and Equipment
- Net property and equipment demonstrate a steady, albeit gradual, increase over the period. Starting at US$31.610 billion in August 2019, it rises to US$41.539 billion by February 2026. This growth is consistent with ongoing investment in long-term assets.
- Operating Lease Right-of-Use Assets
- Operating lease right-of-use assets exhibit a moderate upward trend, increasing from US$13.819 billion in August 2019 to US$16.391 billion in February 2026. The growth is relatively consistent, suggesting a stable approach to leasing arrangements.
- Goodwill
- Goodwill remains relatively stable throughout the period, fluctuating within a narrow range between US$6.316 billion and US$6.992 billion. This indicates limited significant acquisitions or impairments affecting goodwill.
- Other Assets & Long-Term Assets
- Both "Other Assets" and "Other Long-Term Assets" show a general increasing trend, contributing to the overall growth in total assets. Long-term assets demonstrate a more substantial increase, rising from US$55.435 billion to US$69.256 billion over the analyzed timeframe.
In summary, the asset base demonstrates a pattern of expansion, driven primarily by increases in current assets and net property and equipment. The volatility in cash and cash equivalents, coupled with the stable trends in other asset categories, suggests a dynamic financial position with ongoing investment and operational activity.