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Side-by-side financial comparison of Delta Air Lines (DAL) and FedEx (FDX). Click either name above to swap in a different company.
FedEx is the larger business by last-quarter revenue ($23.5B vs $16.0B, roughly 1.5× Delta Air Lines). On growth, Delta Air Lines posted the faster year-over-year revenue change (14.0% vs 6.8%). Over the past eight quarters, FedEx's revenue compounded faster (3.9% CAGR vs -2.0%).
Delta Air Lines, Inc. is a major airline in the United States headquartered in Atlanta, Georgia, operating nine hubs, with Hartsfield–Jackson Atlanta International Airport being its largest in terms of total passengers and number of departures. With its regional subsidiaries and contractors operating under the brand name Delta Connection, Delta has over 5,400 flights daily and serves 325 destinations in 52 countries on six continents.
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.
DAL vs FDX — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $16.0B | $23.5B |
| Net Profit | — | $956.0M |
| Gross Margin | — | — |
| Operating Margin | 9.2% | 5.9% |
| Net Margin | — | 4.1% |
| Revenue YoY | 14.0% | 6.8% |
| Net Profit YoY | — | 29.0% |
| EPS (diluted) | $1.85 | $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.
| Q1 26 | $16.0B | — | ||
| Q4 25 | $16.0B | $23.5B | ||
| Q3 25 | $16.7B | $22.2B | ||
| Q2 25 | $16.6B | $22.2B | ||
| Q1 25 | $14.0B | $22.2B | ||
| Q4 24 | $15.6B | $22.0B | ||
| Q3 24 | $15.7B | $21.6B | ||
| Q2 24 | $16.7B | $22.1B |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $956.0M | ||
| Q3 25 | $1.4B | $824.0M | ||
| Q2 25 | $2.1B | $1.6B | ||
| Q1 25 | $240.0M | $909.0M | ||
| Q4 24 | $843.0M | $741.0M | ||
| Q3 24 | $1.3B | $794.0M | ||
| Q2 24 | $1.3B | $1.5B |
| Q1 26 | 9.2% | — | ||
| Q4 25 | 9.2% | 5.9% | ||
| Q3 25 | 10.1% | 5.3% | ||
| Q2 25 | 12.6% | 8.1% | ||
| Q1 25 | 4.1% | 5.8% | ||
| Q4 24 | 11.0% | 4.8% | ||
| Q3 24 | 8.9% | 5.0% | ||
| Q2 24 | 13.6% | 7.0% |
| Q1 26 | — | — | ||
| Q4 25 | 7.6% | 4.1% | ||
| Q3 25 | 8.5% | 3.7% | ||
| Q2 25 | 12.8% | 7.4% | ||
| Q1 25 | 1.7% | 4.1% | ||
| Q4 24 | 5.4% | 3.4% | ||
| Q3 24 | 8.1% | 3.7% | ||
| Q2 24 | 7.8% | 6.7% |
| Q1 26 | $1.85 | — | ||
| Q4 25 | $1.85 | $4.04 | ||
| Q3 25 | $2.17 | $3.46 | ||
| Q2 25 | $3.27 | $6.81 | ||
| Q1 25 | $0.37 | $3.76 | ||
| Q4 24 | $1.29 | $3.03 | ||
| Q3 24 | $1.97 | $3.21 | ||
| Q2 24 | $2.01 | $5.92 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.3B | $6.6B |
| Total DebtLower is stronger | $12.5B | $20.3B |
| Stockholders' EquityBook value | $20.9B | $28.1B |
| Total Assets | $81.3B | $89.2B |
| Debt / EquityLower = less leverage | 0.60× | 0.72× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $4.3B | — | ||
| Q4 25 | $4.3B | $6.6B | ||
| Q3 25 | $3.8B | $6.2B | ||
| Q2 25 | $3.3B | $5.5B | ||
| Q1 25 | $3.7B | $5.1B | ||
| Q4 24 | $3.1B | $5.0B | ||
| Q3 24 | $4.0B | $5.9B | ||
| Q2 24 | $4.2B | $6.5B |
| Q1 26 | $12.5B | — | ||
| Q4 25 | $12.5B | $20.3B | ||
| Q3 25 | $12.8B | $20.3B | ||
| Q2 25 | $12.8B | $19.2B | ||
| Q1 25 | $12.9B | $19.5B | ||
| Q4 24 | $14.0B | $19.4B | ||
| Q3 24 | $14.4B | $19.7B | ||
| Q2 24 | $15.0B | $20.1B |
| Q1 26 | $20.9B | — | ||
| Q4 25 | $20.9B | $28.1B | ||
| Q3 25 | $18.8B | $27.8B | ||
| Q2 25 | $17.4B | $28.1B | ||
| Q1 25 | $15.4B | $26.7B | ||
| Q4 24 | $15.3B | $26.5B | ||
| Q3 24 | $13.6B | $27.2B | ||
| Q2 24 | $12.4B | $27.6B |
| Q1 26 | $81.3B | — | ||
| Q4 25 | $81.3B | $89.2B | ||
| Q3 25 | $79.6B | $88.4B | ||
| Q2 25 | $78.4B | $87.6B | ||
| Q1 25 | $77.3B | $85.0B | ||
| Q4 24 | $75.4B | $85.5B | ||
| Q3 24 | $75.4B | $86.7B | ||
| Q2 24 | $75.2B | $87.0B |
| Q1 26 | 0.60× | — | ||
| Q4 25 | 0.60× | 0.72× | ||
| Q3 25 | 0.68× | 0.73× | ||
| Q2 25 | 0.74× | 0.68× | ||
| Q1 25 | 0.83× | 0.73× | ||
| Q4 24 | 0.92× | 0.73× | ||
| Q3 24 | 1.05× | 0.72× | ||
| Q2 24 | 1.21× | 0.73× |
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 | — | $2.0B |
| Free Cash FlowOCF − Capex | — | $1.2B |
| FCF MarginFCF / Revenue | — | 5.1% |
| Capex IntensityCapex / Revenue | — | 3.2% |
| Cash ConversionOCF / Net Profit | — | 2.04× |
| TTM Free Cash FlowTrailing 4 quarters | — | $4.3B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | $2.0B | ||
| Q3 25 | $1.8B | $1.7B | ||
| Q2 25 | $1.9B | $2.5B | ||
| Q1 25 | $2.4B | $2.0B | ||
| Q4 24 | $1.9B | $1.3B | ||
| Q3 24 | $1.3B | $1.2B | ||
| Q2 24 | $2.4B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $1.4B | $1.2B | ||
| Q3 25 | $687.0M | $1.1B | ||
| Q2 25 | $648.0M | $1.0B | ||
| Q1 25 | $1.2B | $1.0B | ||
| Q4 24 | $583.0M | $500.0M | ||
| Q3 24 | $-54.0M | $420.0M | ||
| Q2 24 | $1.1B | $1.5B |
| Q1 26 | — | — | ||
| Q4 25 | 8.5% | 5.1% | ||
| Q3 25 | 4.1% | 4.9% | ||
| Q2 25 | 3.9% | 4.7% | ||
| Q1 25 | 8.2% | 4.6% | ||
| Q4 24 | 3.7% | 2.3% | ||
| Q3 24 | -0.3% | 1.9% | ||
| Q2 24 | 6.8% | 6.8% |
| Q1 26 | — | — | ||
| Q4 25 | 5.7% | 3.2% | ||
| Q3 25 | 7.0% | 2.8% | ||
| Q2 25 | 7.3% | 6.6% | ||
| Q1 25 | 8.7% | 4.5% | ||
| Q4 24 | 8.4% | 3.7% | ||
| Q3 24 | 8.5% | 3.6% | ||
| Q2 24 | 7.9% | 5.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.86× | 2.04× | ||
| Q3 25 | 1.30× | 2.08× | ||
| Q2 25 | 0.87× | 1.53× | ||
| Q1 25 | 9.91× | 2.21× | ||
| Q4 24 | 2.25× | 1.78× | ||
| Q3 24 | 1.00× | 1.49× | ||
| Q2 24 | 1.88× | 1.83× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DAL
| Passenger Air Traffic | $10.8B | 67% |
| Product And Service Other Refinery | $1.7B | 10% |
| Product And Service Other Loyalty Program | $1.2B | 8% |
| Passenger Loyalty Travel Awards | $1.0B | 6% |
| Passenger Travel Related Services | $506.0M | 3% |
| Product And Service Other Ancillary Businesses | $380.0M | 2% |
| Cargo And Freight | $226.0M | 1% |
| Product And Service Other Miscellaneous | $71.0M | 0% |
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% |
