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Side-by-side financial comparison of FedEx (FDX) and HP Inc. (HPQ). Click either name above to swap in a different company.
FedEx is the larger business by last-quarter revenue ($23.5B vs $14.6B, roughly 1.6× HP Inc.). HP Inc. runs the higher net margin — 5.4% vs 4.1%, a 1.4% gap on every dollar of revenue. On growth, FedEx posted the faster year-over-year revenue change (6.8% vs 4.2%). HP Inc. produced more free cash flow last quarter ($1.4B vs $1.2B). Over the past eight quarters, HP Inc.'s revenue compounded faster (5.4% CAGR vs 3.9%).
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.
The Hewlett-Packard Company, commonly shortened to Hewlett-Packard or HP, was an American multinational information technology company. It was founded by Bill Hewlett and David Packard in 1939 in a one-car garage in Palo Alto, California. Growing to become an influential high-tech powerhouse at the heart of Silicon Valley, the company was known for its progressive business philosophy, deemed the HP Way.
FDX vs HPQ — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $23.5B | $14.6B |
| Net Profit | $956.0M | $795.0M |
| Gross Margin | — | 20.2% |
| Operating Margin | 5.9% | 6.6% |
| Net Margin | 4.1% | 5.4% |
| Revenue YoY | 6.8% | 4.2% |
| Net Profit YoY | 29.0% | -12.3% |
| EPS (diluted) | $4.04 | $0.84 |
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 | $23.5B | $14.6B | ||
| Q3 25 | $22.2B | $13.9B | ||
| Q2 25 | $22.2B | $13.2B | ||
| Q1 25 | $22.2B | $13.5B | ||
| Q4 24 | $22.0B | $14.1B | ||
| Q3 24 | $21.6B | $13.5B | ||
| Q2 24 | $22.1B | $12.8B | ||
| Q1 24 | $21.7B | $13.2B |
| Q4 25 | $956.0M | $795.0M | ||
| Q3 25 | $824.0M | $763.0M | ||
| Q2 25 | $1.6B | $406.0M | ||
| Q1 25 | $909.0M | $565.0M | ||
| Q4 24 | $741.0M | $906.0M | ||
| Q3 24 | $794.0M | $640.0M | ||
| Q2 24 | $1.5B | $607.0M | ||
| Q1 24 | $879.0M | $622.0M |
| Q4 25 | — | 20.2% | ||
| Q3 25 | — | 20.5% | ||
| Q2 25 | — | 20.7% | ||
| Q1 25 | — | 21.0% | ||
| Q4 24 | — | 21.4% | ||
| Q3 24 | — | 21.5% | ||
| Q2 24 | — | 23.6% | ||
| Q1 24 | — | 21.9% |
| Q4 25 | 5.9% | 6.6% | ||
| Q3 25 | 5.3% | 5.1% | ||
| Q2 25 | 8.1% | 4.9% | ||
| Q1 25 | 5.8% | 6.3% | ||
| Q4 24 | 4.8% | 7.1% | ||
| Q3 24 | 5.0% | 7.0% | ||
| Q2 24 | 7.0% | 7.4% | ||
| Q1 24 | 5.7% | 7.1% |
| Q4 25 | 4.1% | 5.4% | ||
| Q3 25 | 3.7% | 5.5% | ||
| Q2 25 | 7.4% | 3.1% | ||
| Q1 25 | 4.1% | 4.2% | ||
| Q4 24 | 3.4% | 6.4% | ||
| Q3 24 | 3.7% | 4.7% | ||
| Q2 24 | 6.7% | 4.7% | ||
| Q1 24 | 4.0% | 4.7% |
| Q4 25 | $4.04 | $0.84 | ||
| Q3 25 | $3.46 | $0.80 | ||
| Q2 25 | $6.81 | $0.42 | ||
| Q1 25 | $3.76 | $0.59 | ||
| Q4 24 | $3.03 | $0.93 | ||
| Q3 24 | $3.21 | $0.65 | ||
| Q2 24 | $5.92 | $0.61 | ||
| Q1 24 | $3.51 | $0.62 |
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 | $3.7B |
| Total DebtLower is stronger | $20.3B | $9.7B |
| Stockholders' EquityBook value | $28.1B | $-346.0M |
| Total Assets | $89.2B | $41.8B |
| Debt / EquityLower = less leverage | 0.72× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $6.6B | $3.7B | ||
| Q3 25 | $6.2B | $2.9B | ||
| Q2 25 | $5.5B | $2.7B | ||
| Q1 25 | $5.1B | $2.9B | ||
| Q4 24 | $5.0B | $3.2B | ||
| Q3 24 | $5.9B | $2.8B | ||
| Q2 24 | $6.5B | $2.4B | ||
| Q1 24 | $5.6B | $2.3B |
| Q4 25 | $20.3B | $9.7B | ||
| Q3 25 | $20.3B | — | ||
| Q2 25 | $19.2B | — | ||
| Q1 25 | $19.5B | — | ||
| Q4 24 | $19.4B | $9.7B | ||
| Q3 24 | $19.7B | — | ||
| Q2 24 | $20.1B | — | ||
| Q1 24 | $20.1B | — |
| Q4 25 | $28.1B | $-346.0M | ||
| Q3 25 | $27.8B | $-901.0M | ||
| Q2 25 | $28.1B | $-1.3B | ||
| Q1 25 | $26.7B | $-1.1B | ||
| Q4 24 | $26.5B | $-1.3B | ||
| Q3 24 | $27.2B | $-1.4B | ||
| Q2 24 | $27.6B | $-916.0M | ||
| Q1 24 | $26.4B | $-1.6B |
| Q4 25 | $89.2B | $41.8B | ||
| Q3 25 | $88.4B | $39.9B | ||
| Q2 25 | $87.6B | $38.8B | ||
| Q1 25 | $85.0B | $38.9B | ||
| Q4 24 | $85.5B | $39.9B | ||
| Q3 24 | $86.7B | $38.1B | ||
| Q2 24 | $87.0B | $37.4B | ||
| Q1 24 | $86.1B | $35.8B |
| Q4 25 | 0.72× | — | ||
| Q3 25 | 0.73× | — | ||
| Q2 25 | 0.68× | — | ||
| Q1 25 | 0.73× | — | ||
| Q4 24 | 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 | $2.0B | $1.6B |
| Free Cash FlowOCF − Capex | $1.2B | $1.4B |
| FCF MarginFCF / Revenue | 5.1% | 9.7% |
| Capex IntensityCapex / Revenue | 3.2% | 1.3% |
| Cash ConversionOCF / Net Profit | 2.04× | 2.04× |
| TTM Free Cash FlowTrailing 4 quarters | $4.3B | $2.8B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $1.6B | ||
| Q3 25 | $1.7B | $1.7B | ||
| Q2 25 | $2.5B | $38.0M | ||
| Q1 25 | $2.0B | $374.0M | ||
| Q4 24 | $1.3B | $1.6B | ||
| Q3 24 | $1.2B | $1.4B | ||
| Q2 24 | $2.7B | $581.0M | ||
| Q1 24 | $1.6B | $121.0M |
| Q4 25 | $1.2B | $1.4B | ||
| Q3 25 | $1.1B | $1.4B | ||
| Q2 25 | $1.0B | $-145.0M | ||
| Q1 25 | $1.0B | $72.0M | ||
| Q4 24 | $500.0M | $1.5B | ||
| Q3 24 | $420.0M | $1.3B | ||
| Q2 24 | $1.5B | $462.0M | ||
| Q1 24 | $231.0M | $-37.0M |
| Q4 25 | 5.1% | 9.7% | ||
| Q3 25 | 4.9% | 10.4% | ||
| Q2 25 | 4.7% | -1.1% | ||
| Q1 25 | 4.6% | 0.5% | ||
| Q4 24 | 2.3% | 10.5% | ||
| Q3 24 | 1.9% | 9.3% | ||
| Q2 24 | 6.8% | 3.6% | ||
| Q1 24 | 1.1% | -0.3% |
| Q4 25 | 3.2% | 1.3% | ||
| Q3 25 | 2.8% | 1.5% | ||
| Q2 25 | 6.6% | 1.4% | ||
| Q1 25 | 4.5% | 2.2% | ||
| Q4 24 | 3.7% | 1.1% | ||
| Q3 24 | 3.6% | 1.2% | ||
| Q2 24 | 5.4% | 0.9% | ||
| Q1 24 | 6.3% | 1.2% |
| Q4 25 | 2.04× | 2.04× | ||
| Q3 25 | 2.08× | 2.18× | ||
| Q2 25 | 1.53× | 0.09× | ||
| Q1 25 | 2.21× | 0.66× | ||
| Q4 24 | 1.78× | 1.79× | ||
| Q3 24 | 1.49× | 2.23× | ||
| Q2 24 | 1.83× | 0.96× | ||
| Q1 24 | 1.83× | 0.19× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
HPQ
| Commercial PS | $7.0B | 48% |
| Consumer PS | $3.4B | 23% |
| Supplies | $2.8B | 19% |
| Commercial Printing | $1.2B | 8% |
| Consumer Printing | $296.0M | 2% |
| Corporate Investments | $19.0M | 0% |
