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Side-by-side financial comparison of FedEx (FDX) and Southwest Airlines (LUV). Click either name above to swap in a different company.
FedEx is the larger business by last-quarter revenue ($23.5B vs $7.2B, roughly 3.2× Southwest Airlines). FedEx runs the higher net margin — 4.1% vs 3.1%, a 0.9% gap on every dollar of revenue. On growth, Southwest Airlines posted the faster year-over-year revenue change (12.8% vs 6.8%). Over the past eight quarters, FedEx's revenue compounded faster (3.9% CAGR vs -0.7%).
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.
Southwest Airlines is a major low-cost airline of the United States. It is headquartered in the Love Field neighborhood of Dallas, Texas. It is the fourth-largest airline in North America when measured by passengers carried, as of 2024. With its all-Boeing 737 fleet, Southwest serves over 100 destinations in 42 states, Washington, D.C.
FDX vs LUV — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $23.5B | $7.2B |
| Net Profit | $956.0M | $227.0M |
| Gross Margin | — | — |
| Operating Margin | 5.9% | 4.6% |
| Net Margin | 4.1% | 3.1% |
| Revenue YoY | 6.8% | 12.8% |
| Net Profit YoY | 29.0% | — |
| EPS (diluted) | $4.04 | $0.45 |
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 | — | $7.2B | ||
| Q4 25 | $23.5B | $7.4B | ||
| Q3 25 | $22.2B | $6.9B | ||
| Q2 25 | $22.2B | $7.2B | ||
| Q1 25 | $22.2B | $6.4B | ||
| Q4 24 | $22.0B | $6.9B | ||
| Q3 24 | $21.6B | $6.9B | ||
| Q2 24 | $22.1B | $7.4B |
| Q1 26 | — | $227.0M | ||
| Q4 25 | $956.0M | $323.0M | ||
| Q3 25 | $824.0M | $54.0M | ||
| Q2 25 | $1.6B | $213.0M | ||
| Q1 25 | $909.0M | $-149.0M | ||
| Q4 24 | $741.0M | $262.0M | ||
| Q3 24 | $794.0M | $67.0M | ||
| Q2 24 | $1.5B | $367.0M |
| Q1 26 | — | 4.6% | ||
| Q4 25 | 5.9% | 5.3% | ||
| Q3 25 | 5.3% | 0.5% | ||
| Q2 25 | 8.1% | 3.1% | ||
| Q1 25 | 5.8% | -3.5% | ||
| Q4 24 | 4.8% | 4.0% | ||
| Q3 24 | 5.0% | 0.6% | ||
| Q2 24 | 7.0% | 5.4% |
| Q1 26 | — | 3.1% | ||
| Q4 25 | 4.1% | 4.3% | ||
| Q3 25 | 3.7% | 0.8% | ||
| Q2 25 | 7.4% | 2.9% | ||
| Q1 25 | 4.1% | -2.3% | ||
| Q4 24 | 3.4% | 3.8% | ||
| Q3 24 | 3.7% | 1.0% | ||
| Q2 24 | 6.7% | 5.0% |
| Q1 26 | — | $0.45 | ||
| Q4 25 | $4.04 | $0.56 | ||
| Q3 25 | $3.46 | $0.10 | ||
| Q2 25 | $6.81 | $0.39 | ||
| Q1 25 | $3.76 | $-0.26 | ||
| Q4 24 | $3.03 | $0.46 | ||
| Q3 24 | $3.21 | $0.11 | ||
| Q2 24 | $5.92 | $0.58 |
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 | $3.3B |
| Total DebtLower is stronger | $20.3B | $5.4B |
| Stockholders' EquityBook value | $28.1B | $6.9B |
| Total Assets | $89.2B | $20.4B |
| Debt / EquityLower = less leverage | 0.72× | 0.78× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $3.3B | ||
| Q4 25 | $6.6B | $3.2B | ||
| Q3 25 | $6.2B | $3.0B | ||
| Q2 25 | $5.5B | $3.8B | ||
| Q1 25 | $5.1B | $8.3B | ||
| Q4 24 | $5.0B | $8.7B | ||
| Q3 24 | $5.9B | $9.4B | ||
| Q2 24 | $6.5B | $10.0B |
| Q1 26 | — | $5.4B | ||
| Q4 25 | $20.3B | $4.6B | ||
| Q3 25 | $20.3B | $4.1B | ||
| Q2 25 | $19.2B | $4.1B | ||
| Q1 25 | $19.5B | $4.1B | ||
| Q4 24 | $19.4B | $5.1B | ||
| Q3 24 | $19.7B | $5.1B | ||
| Q2 24 | $20.1B | $5.1B |
| Q1 26 | — | $6.9B | ||
| Q4 25 | $28.1B | $8.0B | ||
| Q3 25 | $27.8B | $7.8B | ||
| Q2 25 | $28.1B | $8.0B | ||
| Q1 25 | $26.7B | $9.4B | ||
| Q4 24 | $26.5B | $10.3B | ||
| Q3 24 | $27.2B | $10.4B | ||
| Q2 24 | $27.6B | $10.5B |
| Q1 26 | — | $20.4B | ||
| Q4 25 | $89.2B | $29.1B | ||
| Q3 25 | $88.4B | $28.3B | ||
| Q2 25 | $87.6B | $28.7B | ||
| Q1 25 | $85.0B | $33.2B | ||
| Q4 24 | $85.5B | $33.8B | ||
| Q3 24 | $86.7B | $34.8B | ||
| Q2 24 | $87.0B | $35.6B |
| Q1 26 | — | 0.78× | ||
| Q4 25 | 0.72× | 0.57× | ||
| Q3 25 | 0.73× | 0.52× | ||
| Q2 25 | 0.68× | 0.51× | ||
| Q1 25 | 0.73× | 0.44× | ||
| Q4 24 | 0.73× | 0.49× | ||
| Q3 24 | 0.72× | 0.49× | ||
| Q2 24 | 0.73× | 0.48× |
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 | $1.4B |
| Free Cash FlowOCF − Capex | $1.2B | — |
| FCF MarginFCF / Revenue | 5.1% | — |
| Capex IntensityCapex / Revenue | 3.2% | 8.7% |
| Cash ConversionOCF / Net Profit | 2.04× | 6.25× |
| TTM Free Cash FlowTrailing 4 quarters | $4.3B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.4B | ||
| Q4 25 | $2.0B | $294.0M | ||
| Q3 25 | $1.7B | $287.0M | ||
| Q2 25 | $2.5B | $401.0M | ||
| Q1 25 | $2.0B | $860.0M | ||
| Q4 24 | $1.3B | $476.0M | ||
| Q3 24 | $1.2B | $113.0M | ||
| Q2 24 | $2.7B | $-23.0M |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $-565.0M | ||
| Q3 25 | $1.1B | $-391.0M | ||
| Q2 25 | $1.0B | $-234.0M | ||
| Q1 25 | $1.0B | $359.0M | ||
| Q4 24 | $500.0M | $16.0M | ||
| Q3 24 | $420.0M | $-404.0M | ||
| Q2 24 | $1.5B | $-517.0M |
| Q1 26 | — | — | ||
| Q4 25 | 5.1% | -7.6% | ||
| Q3 25 | 4.9% | -5.6% | ||
| Q2 25 | 4.7% | -3.2% | ||
| Q1 25 | 4.6% | 5.6% | ||
| Q4 24 | 2.3% | 0.2% | ||
| Q3 24 | 1.9% | -5.9% | ||
| Q2 24 | 6.8% | -7.0% |
| Q1 26 | — | 8.7% | ||
| Q4 25 | 3.2% | 11.5% | ||
| Q3 25 | 2.8% | 9.8% | ||
| Q2 25 | 6.6% | 8.8% | ||
| Q1 25 | 4.5% | 7.8% | ||
| Q4 24 | 3.7% | 6.6% | ||
| Q3 24 | 3.6% | 7.5% | ||
| Q2 24 | 5.4% | 6.7% |
| Q1 26 | — | 6.25× | ||
| Q4 25 | 2.04× | 0.91× | ||
| Q3 25 | 2.08× | 5.31× | ||
| Q2 25 | 1.53× | 1.88× | ||
| Q1 25 | 2.21× | — | ||
| Q4 24 | 1.78× | 1.82× | ||
| Q3 24 | 1.49× | 1.69× | ||
| Q2 24 | 1.83× | -0.06× |
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% |
LUV
| Passenger | $6.6B | 91% |
| Other | $614.0M | 8% |
| Freight | $44.0M | 1% |
