Common-Size Balance Sheet: Assets
Quarterly Data
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FedEx Corp. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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FedEx Corp., common-size consolidated balance sheet: assets (quarterly data)
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).
The composition of assets at the company exhibits several notable trends over the observed period. Current assets, as a percentage of total assets, demonstrate considerable fluctuation. Initially, they represent approximately 19% of total assets, declining to a low of 17.91% before rising to a peak of 26.20% and subsequently decreasing again to around 20-21% in the later periods. This suggests potential shifts in working capital management or short-term investment strategies.
A significant portion of the company’s assets consistently resides in property and equipment, net of accumulated depreciation. This component generally accounts for between 42% and 49% of total assets throughout the period, with a slight upward trend observed in the later years, peaking around 48%. The corresponding accumulated depreciation consistently represents a substantial offset, ranging from approximately 41% to 53% of total assets, indicating a significant investment in depreciating assets.
Operating lease right-of-use assets, net, maintain a relatively stable presence, consistently comprising between 17% and 20% of total assets. This suggests a consistent reliance on leased assets within the company’s operations. Goodwill also represents a notable portion of assets, fluctuating between approximately 7% and 10% of the total, with a slight downward trend observed towards the end of the period.
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents to total assets shows substantial volatility. Beginning at 3.49%, it declines to 2.52% before experiencing a significant increase, peaking at 10.28%. Subsequently, it decreases and stabilizes around 6-8% in the later periods, with a recent increase to 8.45% as of February 2026. This suggests active cash management and potentially strategic responses to changing financial conditions.
- Receivables
- Receivables, net of allowances, consistently represent a significant portion of assets, generally ranging between 11% and 15%. There is a slight upward trend in the earlier part of the period, followed by a stabilization and then a slight decline towards the end of the observed timeframe. This indicates a relatively consistent level of credit extension and collection activity.
- Long-Term Assets
- Long-term assets consistently constitute the majority of the company’s asset base, generally accounting for over 75% of total assets. This proportion fluctuates between approximately 73% and 82%, with a slight downward trend observed in the most recent periods. This indicates a substantial investment in long-lived assets and a long-term strategic focus.
- Other Assets & Prepaid Expenses
- The combined percentage of "Other assets" and "Prepaid expenses and other" demonstrates a moderate level of fluctuation, generally ranging between 5% and 15% of total assets. "Prepaid expenses and other" shows a notable increase in later periods, suggesting a potential shift in expense recognition or an increase in deferred costs. "Other assets" remains relatively stable.
Overall, the asset composition reflects a capital-intensive business model with a significant reliance on property and equipment, complemented by operating leases. The fluctuations in current assets and cash equivalents suggest active management of working capital and liquidity. The slight downward trend in long-term assets towards the end of the period warrants further investigation to understand potential strategic shifts or asset disposal activities.