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Side-by-side financial comparison of FedEx (FDX) and Merck & Co. (MRK). Click either name above to swap in a different company.
FedEx is the larger business by last-quarter revenue ($23.5B vs $16.3B, roughly 1.4× Merck & Co.). FedEx runs the higher net margin — 4.1% vs 0.9%, a 3.2% gap on every dollar of revenue. On growth, FedEx posted the faster year-over-year revenue change (6.8% vs 4.9%). Over the past eight quarters, FedEx's revenue compounded faster (3.9% CAGR vs 0.5%).
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.
Merck & Co., Inc. is an American multinational pharmaceutical company headquartered in Rahway, New Jersey. The company does business as Merck Sharp & Dohme or MSD outside the United States and Canada. The company is ranked fourth on the list of largest biomedical companies by revenue.
FDX vs MRK — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $23.5B | $16.3B |
| Net Profit | $956.0M | $141.0M |
| Gross Margin | — | 74.2% |
| Operating Margin | 5.9% | — |
| Net Margin | 4.1% | 0.9% |
| Revenue YoY | 6.8% | 4.9% |
| Net Profit YoY | 29.0% | -9.5% |
| EPS (diluted) | $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 | — | $16.3B | ||
| Q4 25 | $23.5B | $16.4B | ||
| Q3 25 | $22.2B | $17.3B | ||
| Q2 25 | $22.2B | $15.8B | ||
| Q1 25 | $22.2B | $15.5B | ||
| Q4 24 | $22.0B | $15.6B | ||
| Q3 24 | $21.6B | $16.7B | ||
| Q2 24 | $22.1B | $16.1B |
| Q1 26 | — | $141.0M | ||
| Q4 25 | $956.0M | $3.0B | ||
| Q3 25 | $824.0M | $5.8B | ||
| Q2 25 | $1.6B | $4.4B | ||
| Q1 25 | $909.0M | $5.1B | ||
| Q4 24 | $741.0M | $3.7B | ||
| Q3 24 | $794.0M | $3.2B | ||
| Q2 24 | $1.5B | $5.5B |
| Q1 26 | — | 74.2% | ||
| Q4 25 | — | 66.2% | ||
| Q3 25 | — | 77.7% | ||
| Q2 25 | — | 77.5% | ||
| Q1 25 | — | 78.0% | ||
| Q4 24 | — | 75.5% | ||
| Q3 24 | — | 75.5% | ||
| Q2 24 | — | 76.8% |
| Q1 26 | — | — | ||
| Q4 25 | 5.9% | 20.9% | ||
| Q3 25 | 5.3% | 39.0% | ||
| Q2 25 | 8.1% | 31.6% | ||
| Q1 25 | 5.8% | 38.0% | ||
| Q4 24 | 4.8% | 26.7% | ||
| Q3 24 | 5.0% | 24.6% | ||
| Q2 24 | 7.0% | 37.3% |
| Q1 26 | — | 0.9% | ||
| Q4 25 | 4.1% | 18.1% | ||
| Q3 25 | 3.7% | 33.5% | ||
| Q2 25 | 7.4% | 28.0% | ||
| Q1 25 | 4.1% | 32.7% | ||
| Q4 24 | 3.4% | 24.0% | ||
| Q3 24 | 3.7% | 19.0% | ||
| Q2 24 | 6.7% | 33.9% |
| Q1 26 | — | — | ||
| Q4 25 | $4.04 | $1.19 | ||
| Q3 25 | $3.46 | $2.32 | ||
| Q2 25 | $6.81 | $1.76 | ||
| Q1 25 | $3.76 | $2.01 | ||
| Q4 24 | $3.03 | $1.49 | ||
| Q3 24 | $3.21 | $1.24 | ||
| Q2 24 | $5.92 | $2.14 |
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 | $20.3B | — |
| Stockholders' EquityBook value | $28.1B | — |
| Total Assets | $89.2B | — |
| Debt / EquityLower = less leverage | 0.72× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $6.6B | $14.6B | ||
| Q3 25 | $6.2B | $18.2B | ||
| Q2 25 | $5.5B | $8.6B | ||
| Q1 25 | $5.1B | $9.2B | ||
| Q4 24 | $5.0B | $13.7B | ||
| Q3 24 | $5.9B | $14.6B | ||
| Q2 24 | $6.5B | $11.4B |
| Q1 26 | — | — | ||
| Q4 25 | $20.3B | — | ||
| Q3 25 | $20.3B | — | ||
| Q2 25 | $19.2B | — | ||
| Q1 25 | $19.5B | — | ||
| Q4 24 | $19.4B | — | ||
| Q3 24 | $19.7B | — | ||
| Q2 24 | $20.1B | — |
| Q1 26 | — | — | ||
| Q4 25 | $28.1B | $52.6B | ||
| Q3 25 | $27.8B | $51.9B | ||
| Q2 25 | $28.1B | $49.0B | ||
| Q1 25 | $26.7B | $48.3B | ||
| Q4 24 | $26.5B | $46.3B | ||
| Q3 24 | $27.2B | $44.5B | ||
| Q2 24 | $27.6B | $43.6B |
| Q1 26 | — | — | ||
| Q4 25 | $89.2B | $136.9B | ||
| Q3 25 | $88.4B | $129.5B | ||
| Q2 25 | $87.6B | $117.5B | ||
| Q1 25 | $85.0B | $115.1B | ||
| Q4 24 | $85.5B | $117.1B | ||
| Q3 24 | $86.7B | $117.5B | ||
| Q2 24 | $87.0B | $112.6B |
| Q1 26 | — | — | ||
| 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× | — |
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 | $2.0B | $2.9B | ||
| Q3 25 | $1.7B | $7.8B | ||
| Q2 25 | $2.5B | $3.3B | ||
| Q1 25 | $2.0B | $2.5B | ||
| Q4 24 | $1.3B | $3.5B | ||
| Q3 24 | $1.2B | $9.3B | ||
| Q2 24 | $2.7B | $5.6B |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $1.8B | ||
| Q3 25 | $1.1B | $6.8B | ||
| Q2 25 | $1.0B | $2.5B | ||
| Q1 25 | $1.0B | $1.2B | ||
| Q4 24 | $500.0M | $2.5B | ||
| Q3 24 | $420.0M | $8.5B | ||
| Q2 24 | $1.5B | $4.8B |
| Q1 26 | — | — | ||
| Q4 25 | 5.1% | 11.1% | ||
| Q3 25 | 4.9% | 39.6% | ||
| Q2 25 | 4.7% | 16.0% | ||
| Q1 25 | 4.6% | 7.5% | ||
| Q4 24 | 2.3% | 16.1% | ||
| Q3 24 | 1.9% | 51.1% | ||
| Q2 24 | 6.8% | 30.1% |
| Q1 26 | — | — | ||
| Q4 25 | 3.2% | 6.3% | ||
| Q3 25 | 2.8% | 5.7% | ||
| Q2 25 | 6.6% | 4.8% | ||
| Q1 25 | 4.5% | 8.6% | ||
| Q4 24 | 3.7% | 6.0% | ||
| Q3 24 | 3.6% | 4.7% | ||
| Q2 24 | 5.4% | 4.9% |
| Q1 26 | — | — | ||
| Q4 25 | 2.04× | 0.96× | ||
| Q3 25 | 2.08× | 1.35× | ||
| Q2 25 | 1.53× | 0.74× | ||
| Q1 25 | 2.21× | 0.49× | ||
| Q4 24 | 1.78× | 0.92× | ||
| Q3 24 | 1.49× | 2.94× | ||
| Q2 24 | 1.83× | 1.03× |
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% |
MRK
Segment breakdown not available.
