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
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Current Ratio since 2005
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FedEx Corp., consolidated balance sheet: assets (quarterly data)
US$ in millions
Based on: 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).
- Cash and cash equivalents
- The cash position exhibited significant volatility, starting at $2,389 million in August 2019 and peaking at $8,856 million in February 2021. Following this peak, there was a gradual decline with intermittent recoveries, resulting in a value around $5,502 million by May 2025. This pattern suggests periods of strong cash inflows followed by usage or investment of cash resources.
- Receivables, less allowances
- Receivables showed an overall upward trend from $9,312 million in August 2019, reaching highs above $12,000 million at several points between late 2020 and early 2022. After that, values fluctuated slightly but remained relatively stable around the $10,000 to $11,000 million range through May 2025, indicating consistent credit sales and collections management.
- Spare parts, supplies, and fuel, less allowances
- This inventory category remained relatively stable, fluctuating narrowly between $568 million and $655 million across the analysis period, with no significant upward or downward trend, suggesting stable operational needs and inventory management.
- Prepaid expenses and other
- Prepaid expenses grew from $742 million in August 2019 to a peak of $1,335 million in November 2024, before declining to $914 million by May 2025. This increase may reflect advance payments or other current asset increases, followed by a reduction toward the end of the period.
- Current assets
- Current assets showed growth from $13,017 million in August 2019 to peak values exceeding $21,000 million in late 2020. After a peak, there was a gradual decline with some fluctuations, stabilizing around $18,000 million in the final periods. This pattern aligns with changes in cash, receivables, and prepaid expenses.
- Property and equipment, at cost
- The cost of property and equipment steadily increased from $61,436 million in August 2019 to $87,622 million by May 2025, indicating ongoing capital expenditures and asset acquisitions over the period under review.
- Accumulated depreciation and amortization
- Accumulated depreciation consistently increased from -$29,826 million to nearly -$45,980 million, reflecting systematic expensing of long-term assets over time, aligned with asset growth but at a slower absolute rate.
- Net property and equipment
- The net value showed a steady upward trajectory, rising from $31,610 million in August 2019 to a peak around $41,532 million by August 2021 before marginal decreases and fluctuations, ending near $41,642 million in May 2025. This suggests sustained investment balanced by depreciation.
- Operating lease right-of-use assets, net
- These assets increased moderately from $13,819 million to about $17,373 million in late 2022, after which a slow decline occurred, ending near $16,453 million by May 2025. This reflects lease activity trends and possibly lease terminations or revaluations.
- Goodwill
- Goodwill values fluctuated between $6,290 million and $6,821 million, with no clear long-term trend, indicating occasional impairments or adjustments but overall maintenance of intangible goodwill assets.
- Other assets
- Other assets rose from $3,185 million to a peak over $4,543 million by May 2025, showing moderate growth and variability, likely linked to non-core or miscellaneous asset components.
- Other long-term assets
- This category held relatively stable, ranging from $23,825 million to a high of $27,599 million with minor fluctuations, suggesting steady holdings in various long-term asset classifications.
- Long-term assets
- Long-term assets increased gradually from $55,435 million to $69,241 million by May 2025. The trend embodies asset base expansion, driven primarily by capital expenditures and accumulated assets over time.
- Total assets
- Total assets grew overall from $68,452 million in August 2019 to just over $87,627 million in May 2025, reflecting a company expansion in asset holdings. The rise was steady with small fluctuations, indicative of ongoing investment and asset management activities.