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Side-by-side financial comparison of Chevron Corporation (CVX) and FedEx (FDX). Click either name above to swap in a different company.
Chevron Corporation is the larger business by last-quarter revenue ($45.8B vs $23.5B, roughly 2.0× FedEx). Chevron Corporation runs the higher net margin — 6.0% vs 4.1%, a 2.0% gap on every dollar of revenue. On growth, FedEx posted the faster year-over-year revenue change (6.8% vs -5.3%). Chevron Corporation produced more free cash flow last quarter ($5.5B vs $1.2B). Over the past eight quarters, FedEx's revenue compounded faster (3.9% CAGR vs -0.9%).
Chevron Corporation is an American multinational energy corporation predominantly specializing in oil and gas. The second-largest direct descendant of Standard Oil, and originally known as the Standard Oil Company of California, it is active in more than 180 countries.
FedEx Corporation, originally known as Federal Express Corporation, is an American multinational conglomerate holding company specializing in transportation, e-commerce, and business services. The company is headquartered in Memphis, Tennessee. The name "FedEx" is a syllabic abbreviation of its original air division, Federal Express, which operated under this name from 1973 until 1994.
CVX vs FDX — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $45.8B | $23.5B |
| Net Profit | $2.8B | $956.0M |
| Gross Margin | 44.6% | — |
| Operating Margin | 10.0% | 5.9% |
| Net Margin | 6.0% | 4.1% |
| Revenue YoY | -5.3% | 6.8% |
| Net Profit YoY | -14.5% | 29.0% |
| EPS (diluted) | $1.36 | $4.04 |
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.
| Q4 25 | $45.8B | $23.5B | ||
| Q3 25 | $48.2B | $22.2B | ||
| Q2 25 | $44.4B | $22.2B | ||
| Q1 25 | $46.1B | $22.2B | ||
| Q4 24 | $48.3B | $22.0B | ||
| Q3 24 | $48.9B | $21.6B | ||
| Q2 24 | $49.6B | $22.1B | ||
| Q1 24 | $46.6B | $21.7B |
| Q4 25 | $2.8B | $956.0M | ||
| Q3 25 | $3.5B | $824.0M | ||
| Q2 25 | $2.5B | $1.6B | ||
| Q1 25 | $3.5B | $909.0M | ||
| Q4 24 | $3.2B | $741.0M | ||
| Q3 24 | $4.5B | $794.0M | ||
| Q2 24 | $4.4B | $1.5B | ||
| Q1 24 | $5.5B | $879.0M |
| Q4 25 | 44.6% | — | ||
| Q3 25 | 43.1% | — | ||
| Q2 25 | 39.5% | — | ||
| Q1 25 | 37.9% | — | ||
| Q4 24 | 37.6% | — | ||
| Q3 24 | 37.8% | — | ||
| Q2 24 | 37.7% | — | ||
| Q1 24 | 40.4% | — |
| Q4 25 | 10.0% | 5.9% | ||
| Q3 25 | 11.2% | 5.3% | ||
| Q2 25 | 9.3% | 8.1% | ||
| Q1 25 | 12.1% | 5.8% | ||
| Q4 24 | 12.5% | 4.8% | ||
| Q3 24 | 13.3% | 5.0% | ||
| Q2 24 | 14.2% | 7.0% | ||
| Q1 24 | 17.0% | 5.7% |
| Q4 25 | 6.0% | 4.1% | ||
| Q3 25 | 7.3% | 3.7% | ||
| Q2 25 | 5.6% | 7.4% | ||
| Q1 25 | 7.6% | 4.1% | ||
| Q4 24 | 6.7% | 3.4% | ||
| Q3 24 | 9.2% | 3.7% | ||
| Q2 24 | 8.9% | 6.7% | ||
| Q1 24 | 11.8% | 4.0% |
| Q4 25 | $1.36 | $4.04 | ||
| Q3 25 | $1.82 | $3.46 | ||
| Q2 25 | $1.45 | $6.81 | ||
| Q1 25 | $2.00 | $3.76 | ||
| Q4 24 | $1.84 | $3.03 | ||
| Q3 24 | $2.48 | $3.21 | ||
| Q2 24 | $2.43 | $5.92 | ||
| Q1 24 | $2.97 | $3.51 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $6.6B |
| Total DebtLower is stronger | $39.8B | $20.3B |
| Stockholders' EquityBook value | $186.4B | $28.1B |
| Total Assets | $324.0B | $89.2B |
| Debt / EquityLower = less leverage | 0.21× | 0.72× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $6.6B | ||
| Q3 25 | — | $6.2B | ||
| Q2 25 | — | $5.5B | ||
| Q1 25 | — | $5.1B | ||
| Q4 24 | — | $5.0B | ||
| Q3 24 | — | $5.9B | ||
| Q2 24 | $4.0B | $6.5B | ||
| Q1 24 | $6.3B | $5.6B |
| Q4 25 | $39.8B | $20.3B | ||
| Q3 25 | — | $20.3B | ||
| Q2 25 | — | $19.2B | ||
| Q1 25 | — | $19.5B | ||
| Q4 24 | $20.1B | $19.4B | ||
| Q3 24 | — | $19.7B | ||
| Q2 24 | — | $20.1B | ||
| Q1 24 | — | $20.1B |
| Q4 25 | $186.4B | $28.1B | ||
| Q3 25 | $189.8B | $27.8B | ||
| Q2 25 | $146.4B | $28.1B | ||
| Q1 25 | $149.2B | $26.7B | ||
| Q4 24 | $152.3B | $26.5B | ||
| Q3 24 | $156.2B | $27.2B | ||
| Q2 24 | $159.2B | $27.6B | ||
| Q1 24 | $160.6B | $26.4B |
| Q4 25 | $324.0B | $89.2B | ||
| Q3 25 | $326.5B | $88.4B | ||
| Q2 25 | $250.8B | $87.6B | ||
| Q1 25 | $256.4B | $85.0B | ||
| Q4 24 | $256.9B | $85.5B | ||
| Q3 24 | $259.2B | $86.7B | ||
| Q2 24 | $260.6B | $87.0B | ||
| Q1 24 | $261.7B | $86.1B |
| Q4 25 | 0.21× | 0.72× | ||
| Q3 25 | — | 0.73× | ||
| Q2 25 | — | 0.68× | ||
| Q1 25 | — | 0.73× | ||
| Q4 24 | 0.13× | 0.73× | ||
| Q3 24 | — | 0.72× | ||
| Q2 24 | — | 0.73× | ||
| Q1 24 | — | 0.76× |
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 | $10.8B | $2.0B |
| Free Cash FlowOCF − Capex | $5.5B | $1.2B |
| FCF MarginFCF / Revenue | 12.1% | 5.1% |
| Capex IntensityCapex / Revenue | 11.5% | 3.2% |
| Cash ConversionOCF / Net Profit | 3.89× | 2.04× |
| TTM Free Cash FlowTrailing 4 quarters | $16.6B | $4.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $10.8B | $2.0B | ||
| Q3 25 | $9.4B | $1.7B | ||
| Q2 25 | $8.6B | $2.5B | ||
| Q1 25 | $5.2B | $2.0B | ||
| Q4 24 | $8.7B | $1.3B | ||
| Q3 24 | $9.7B | $1.2B | ||
| Q2 24 | $6.3B | $2.7B | ||
| Q1 24 | $6.8B | $1.6B |
| Q4 25 | $5.5B | $1.2B | ||
| Q3 25 | $4.9B | $1.1B | ||
| Q2 25 | $4.9B | $1.0B | ||
| Q1 25 | $1.3B | $1.0B | ||
| Q4 24 | $4.4B | $500.0M | ||
| Q3 24 | $5.6B | $420.0M | ||
| Q2 24 | $2.3B | $1.5B | ||
| Q1 24 | $2.7B | $231.0M |
| Q4 25 | 12.1% | 5.1% | ||
| Q3 25 | 10.3% | 4.9% | ||
| Q2 25 | 11.0% | 4.7% | ||
| Q1 25 | 2.7% | 4.6% | ||
| Q4 24 | 9.0% | 2.3% | ||
| Q3 24 | 11.5% | 1.9% | ||
| Q2 24 | 4.7% | 6.8% | ||
| Q1 24 | 5.9% | 1.1% |
| Q4 25 | 11.5% | 3.2% | ||
| Q3 25 | 9.2% | 2.8% | ||
| Q2 25 | 8.4% | 6.6% | ||
| Q1 25 | 8.5% | 4.5% | ||
| Q4 24 | 9.0% | 3.7% | ||
| Q3 24 | 8.3% | 3.6% | ||
| Q2 24 | 8.0% | 5.4% | ||
| Q1 24 | 8.8% | 6.3% |
| Q4 25 | 3.89× | 2.04× | ||
| Q3 25 | 2.65× | 2.08× | ||
| Q2 25 | 3.44× | 1.53× | ||
| Q1 25 | 1.48× | 2.21× | ||
| Q4 24 | 2.68× | 1.78× | ||
| Q3 24 | 2.16× | 1.49× | ||
| Q2 24 | 1.42× | 1.83× | ||
| Q1 24 | 1.24× | 1.83× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CVX
| Other | $17.5B | 38% |
| Downstream Segment | $16.8B | 37% |
| Upstream Segment | $11.5B | 25% |
FDX
| United States Ground | $9.2B | 39% |
| United States Priority | $2.8B | 12% |
| Other | $2.2B | 9% |
| Fedex Freight Segment | $2.1B | 9% |
| International Economy | $1.5B | 6% |
| Freight Revenue | $1.5B | 6% |
| United States Deferred | $1.4B | 6% |
| International Domestic | $1.3B | 5% |
| International Economy Freight | $582.0M | 2% |
| United States Freight | $304.0M | 1% |
| Other International Revenue | $240.0M | 1% |
