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Side-by-side financial comparison of American Express (AXP) and United Parcel Service (UPS). Click either name above to swap in a different company.
United Parcel Service is the larger business by last-quarter revenue ($21.2B vs $10.9B, roughly 1.9× American Express). American Express runs the higher net margin — 22.5% vs 4.1%, a 18.4% gap on every dollar of revenue. On growth, American Express posted the faster year-over-year revenue change (9.9% vs -1.6%). American Express produced more free cash flow last quarter ($2.3B vs $1.3B). Over the past eight quarters, American Express's revenue compounded faster (8.2% CAGR vs -1.4%).
American Express Company, together with its subsidiaries, provides charge and credit payment card products, and travel-related services worldwide. The company operates through three segments: Global Consumer Services Group, Global Commercial Services, and Global Merchant and Network Services. Its products and services include payment and financing products; network services; accounts payable expense management products and services; and travel and lifestyle services. The company's products an...
United Parcel Service, Inc. (UPS) is an American multinational shipping & receiving and supply chain management company founded in 1907. Originally known as the American Messenger Company specializing in telegraphs, UPS has expanded to become a Fortune 500 company and one of the world's largest shipping couriers. UPS today is primarily known for its ground shipping services as well as the UPS Store, a retail chain which assists UPS shipments and provides tools for small businesses.
AXP vs UPS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $10.9B | $21.2B |
| Net Profit | $2.5B | $864.0M |
| Gross Margin | — | — |
| Operating Margin | 28.2% | — |
| Net Margin | 22.5% | 4.1% |
| Revenue YoY | 9.9% | -1.6% |
| Net Profit YoY | 13.5% | -27.2% |
| EPS (diluted) | $3.52 | $1.02 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $21.2B | ||
| Q4 25 | $10.9B | $24.5B | ||
| Q3 25 | $10.4B | $21.4B | ||
| Q2 25 | $10.3B | $21.2B | ||
| Q1 25 | $9.6B | $21.5B | ||
| Q4 24 | $10.0B | $25.3B | ||
| Q3 24 | $9.7B | $22.2B | ||
| Q2 24 | $9.8B | $21.8B |
| Q1 26 | — | $864.0M | ||
| Q4 25 | $2.5B | $1.8B | ||
| Q3 25 | $2.9B | $1.3B | ||
| Q2 25 | $2.9B | $1.3B | ||
| Q1 25 | $2.6B | $1.2B | ||
| Q4 24 | $2.2B | $1.7B | ||
| Q3 24 | $2.5B | $1.5B | ||
| Q2 24 | $3.0B | $1.4B |
| Q1 26 | — | — | ||
| Q4 25 | 28.2% | 10.5% | ||
| Q3 25 | 36.7% | 8.4% | ||
| Q2 25 | 34.4% | 8.6% | ||
| Q1 25 | 34.6% | 7.7% | ||
| Q4 24 | 27.7% | 11.6% | ||
| Q3 24 | 33.0% | 8.9% | ||
| Q2 24 | 38.6% | 8.9% |
| Q1 26 | — | 4.1% | ||
| Q4 25 | 22.5% | 7.3% | ||
| Q3 25 | 27.9% | 6.1% | ||
| Q2 25 | 28.0% | 6.0% | ||
| Q1 25 | 26.8% | 5.5% | ||
| Q4 24 | 21.8% | 6.8% | ||
| Q3 24 | 25.8% | 6.9% | ||
| Q2 24 | 30.7% | 6.5% |
| Q1 26 | — | $1.02 | ||
| Q4 25 | $3.52 | $2.10 | ||
| Q3 25 | $4.14 | $1.55 | ||
| Q2 25 | $4.08 | $1.51 | ||
| Q1 25 | $3.64 | $1.40 | ||
| Q4 24 | $3.04 | $2.00 | ||
| Q3 24 | $3.49 | $1.80 | ||
| Q2 24 | $4.15 | $1.65 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $742.0M | $5.8B |
| Total DebtLower is stronger | $56.4B | $23.7B |
| Stockholders' EquityBook value | $33.5B | — |
| Total Assets | $300.1B | $71.8B |
| Debt / EquityLower = less leverage | 1.68× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $5.8B | ||
| Q4 25 | $742.0M | $5.9B | ||
| Q3 25 | $1.3B | $6.8B | ||
| Q2 25 | $197.0M | $6.3B | ||
| Q1 25 | $261.0M | $5.1B | ||
| Q4 24 | $221.0M | $6.3B | ||
| Q3 24 | $120.0M | $6.1B | ||
| Q2 24 | $188.0M | $6.5B |
| Q1 26 | — | $23.7B | ||
| Q4 25 | $56.4B | $23.5B | ||
| Q3 25 | $57.8B | $23.9B | ||
| Q2 25 | $58.2B | $23.8B | ||
| Q1 25 | $51.2B | $19.5B | ||
| Q4 24 | $49.7B | $19.4B | ||
| Q3 24 | $53.5B | $20.3B | ||
| Q2 24 | $51.5B | $20.2B |
| Q1 26 | — | — | ||
| Q4 25 | $33.5B | $16.2B | ||
| Q3 25 | $32.4B | $15.8B | ||
| Q2 25 | $32.3B | $15.8B | ||
| Q1 25 | $31.2B | $15.7B | ||
| Q4 24 | $30.3B | $16.7B | ||
| Q3 24 | $29.7B | $16.9B | ||
| Q2 24 | $29.5B | $17.0B |
| Q1 26 | — | $71.8B | ||
| Q4 25 | $300.1B | $73.1B | ||
| Q3 25 | $297.6B | $71.4B | ||
| Q2 25 | $295.6B | $70.9B | ||
| Q1 25 | $282.2B | $68.5B | ||
| Q4 24 | $271.5B | $70.1B | ||
| Q3 24 | $271.0B | $68.3B | ||
| Q2 24 | $272.2B | $69.4B |
| Q1 26 | — | — | ||
| Q4 25 | 1.68× | 1.45× | ||
| Q3 25 | 1.78× | 1.51× | ||
| Q2 25 | 1.80× | 1.51× | ||
| Q1 25 | 1.64× | 1.25× | ||
| Q4 24 | 1.64× | 1.16× | ||
| Q3 24 | 1.80× | 1.21× | ||
| Q2 24 | 1.74× | 1.19× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.1B | — |
| Free Cash FlowOCF − Capex | $2.3B | $1.3B |
| FCF MarginFCF / Revenue | 21.4% | 6.0% |
| Capex IntensityCapex / Revenue | 6.6% | 4.9% |
| Cash ConversionOCF / Net Profit | 1.25× | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.0B | $4.6B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $3.1B | $3.3B | ||
| Q3 25 | $6.2B | $2.5B | ||
| Q2 25 | $4.4B | $348.0M | ||
| Q1 25 | $4.8B | $2.3B | ||
| Q4 24 | $5.8B | $3.3B | ||
| Q3 24 | $-1.8B | $1.5B | ||
| Q2 24 | $4.5B | $2.0B |
| Q1 26 | — | $1.3B | ||
| Q4 25 | $2.3B | $2.6B | ||
| Q3 25 | $5.6B | $1.5B | ||
| Q2 25 | $3.7B | $-775.0M | ||
| Q1 25 | $4.3B | $1.4B | ||
| Q4 24 | $5.3B | $2.2B | ||
| Q3 24 | $-2.3B | $655.0M | ||
| Q2 24 | $4.0B | $1.1B |
| Q1 26 | — | 6.0% | ||
| Q4 25 | 21.4% | 10.6% | ||
| Q3 25 | 53.6% | 7.1% | ||
| Q2 25 | 36.3% | -3.7% | ||
| Q1 25 | 45.0% | 6.7% | ||
| Q4 24 | 53.1% | 8.8% | ||
| Q3 24 | -23.3% | 2.9% | ||
| Q2 24 | 40.4% | 4.9% |
| Q1 26 | — | 4.9% | ||
| Q4 25 | 6.6% | 2.9% | ||
| Q3 25 | 6.3% | 4.5% | ||
| Q2 25 | 6.0% | 5.3% | ||
| Q1 25 | 4.5% | 4.1% | ||
| Q4 24 | 5.0% | 4.3% | ||
| Q3 24 | 4.7% | 3.8% | ||
| Q2 24 | 5.8% | 4.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.25× | 1.84× | ||
| Q3 25 | 2.15× | 1.89× | ||
| Q2 25 | 1.51× | 0.27× | ||
| Q1 25 | 1.84× | 1.95× | ||
| Q4 24 | 2.66× | 1.93× | ||
| Q3 24 | -0.72× | 0.97× | ||
| Q2 24 | 1.50× | 1.41× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AXP
| US Consumer Services Segment | $4.2B | 38% |
| Commercial Services Segment | $3.1B | 28% |
| International Card Services Segment | $2.1B | 19% |
| Global Merchant And Network Services Segment | $1.7B | 15% |
| Financial Service Other | $471.0M | 4% |
UPS
| U.S. Domestic Package | $14.1B | 67% |
| International Package | $4.5B | 21% |
| Supply Chain Solutions | $2.5B | 12% |
