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:
- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Return on Assets (ROA) since 2005
- Price to Book Value (P/BV) since 2005
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FedEx Corp., consolidated balance sheet: assets (quarterly data)
US$ in millions
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 cash balance fluctuated significantly over the periods, with a notable peak in the mid-2020 quarters reaching as high as approximately $8.3 billion. Following this peak, the cash levels generally trended downward with some recovery attempts, settling near $5.1 billion by early 2025. This pattern suggests a substantial buildup of liquidity around mid-2020 followed by gradual deployment.
- Receivables, Less Allowances
- Receivables showed a gradual increasing trend from about $8.7 billion in late 2018 to highs near $12.2 billion towards late 2021. Thereafter, values fluctuated but exhibited a slight declining tendency, averaging around $10.2 billion by early 2025. This indicates periods of both expansion and consolidation in credit extended to customers.
- Spare Parts, Supplies, and Fuel, Less Allowances
- This inventory category remained relatively stable throughout the timeline, slowly increasing from approximately $520 million to just over $650 million by late 2022, before modestly tapering off toward the end of the period. The limited variation reflects consistent management of these operational materials.
- Prepaid Expenses and Other Current Assets
- Prepaid expenses and related assets displayed moderate variability, rising from roughly $1.0 billion in 2018 to a peak above $1.3 billion in late 2024, with occasional dips. This suggests changes in advance payments possibly related to contract terms or operational needs.
- Current Assets
- Current assets experienced overall growth from about $12.6 billion in 2018 to peak levels exceeding $21 billion around late 2020, followed by a general decline and stabilization near $17.2 billion by early 2025. This pattern aligns with the cash and receivables trends, indicating shifting short-term asset compositions.
- Property and Equipment, at Cost
- Property and equipment cost steadily increased from approximately $56.3 billion in 2018 to nearly $86.6 billion in early 2025, reflecting ongoing investment in long-term assets. The steady growth suggests a continuous capital expenditure commitment.
- Accumulated Depreciation and Amortization
- Accumulated depreciation rose consistently from around $27.5 billion negative in 2018 to approximately $45.6 billion negative by early 2025, indicating systematic asset aging and amortization aligned with asset base growth.
- Net Property and Equipment
- Net property and equipment increased gradually from about $28.8 billion to a plateau near $41.0 billion toward the end of the period, reflecting the balance of new asset acquisition less depreciation. The monthly incremental growth rates slowed in the final quarters.
- Operating Lease Right-of-Use Assets, Net
- Data for this asset category appeared from mid-2019, showing an increase from approximately $13.8 billion to a peak around $17.4 billion by mid-2023, followed by a gradual decline to approximately $16.5 billion by early 2025. This trend indicates evolving lease arrangements and management of lease liabilities.
- Goodwill
- Goodwill values fluctuated moderately between approximately $6.3 billion to $7.0 billion, peaking in early 2021 and subsequently showing a declining trend, stabilizing near $6.3 billion in the final quarters. These variations could be related to impairments or adjustments from acquisitions.
- Other Assets
- Other assets experienced fluctuation, initially dropping from $3.6 billion to about $3.3 billion, then increasing back to nearly $4.4 billion mid-period before settling near $4.0 billion by the end. The variance illustrates changing miscellaneous asset balances.
- Other Long-Term Assets
- Other long-term assets showed a sharp increase from roughly $10.5 billion up to above $27 billion by mid-2022, maintaining levels near that mark with minor variations through early 2025. This considerable increase suggests significant additions or reevaluations of these assets starting around 2019.
- Long-Term Assets
- Long-term assets overall grew substantially from about $39.3 billion in 2018 to near $68.0 billion by early 2025. The trajectory reflects persistent additions despite minor fluctuations, consistent with capital expansion and asset reclassifications.
- Total Assets
- Total assets showed substantial growth, rising from approximately $51.9 billion in 2018 to levels above $87 billion during 2023. Toward the final periods, assets slightly tapered off to near $85 billion by early 2025, suggesting a maturing asset base with minor consolidations.