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Side-by-side financial comparison of FedEx (FDX) and Netflix (NFLX). Click either name above to swap in a different company.
FedEx is the larger business by last-quarter revenue ($23.5B vs $12.2B, roughly 1.9× Netflix). Netflix runs the higher net margin — 43.1% vs 4.1%, a 39.1% gap on every dollar of revenue. On growth, Netflix posted the faster year-over-year revenue change (16.2% vs 6.8%). Netflix produced more free cash flow last quarter ($5.1B vs $1.2B). Over the past eight quarters, Netflix's revenue compounded faster (13.2% 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.
Netflix is an American subscription video on-demand over-the-top streaming service. The service primarily distributes original and acquired films and television shows from various genres. It is available internationally in multiple languages.
FDX vs NFLX — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $23.5B | $12.2B |
| Net Profit | $956.0M | $5.3B |
| Gross Margin | — | 51.9% |
| Operating Margin | 5.9% | 32.3% |
| Net Margin | 4.1% | 43.1% |
| Revenue YoY | 6.8% | 16.2% |
| Net Profit YoY | 29.0% | 82.8% |
| EPS (diluted) | $4.04 | $1.23 |
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 | — | $12.2B | ||
| Q4 25 | $23.5B | $12.1B | ||
| Q3 25 | $22.2B | $11.5B | ||
| Q2 25 | $22.2B | $11.1B | ||
| Q1 25 | $22.2B | $10.5B | ||
| Q4 24 | $22.0B | $10.2B | ||
| Q3 24 | $21.6B | $9.8B | ||
| Q2 24 | $22.1B | $9.6B |
| Q1 26 | — | $5.3B | ||
| Q4 25 | $956.0M | $2.4B | ||
| Q3 25 | $824.0M | $2.5B | ||
| Q2 25 | $1.6B | $3.1B | ||
| Q1 25 | $909.0M | $2.9B | ||
| Q4 24 | $741.0M | $1.9B | ||
| Q3 24 | $794.0M | $2.4B | ||
| Q2 24 | $1.5B | $2.1B |
| Q1 26 | — | 51.9% | ||
| Q4 25 | — | 45.9% | ||
| Q3 25 | — | 46.4% | ||
| Q2 25 | — | 51.9% | ||
| Q1 25 | — | 50.1% | ||
| Q4 24 | — | 43.7% | ||
| Q3 24 | — | 47.9% | ||
| Q2 24 | — | 45.9% |
| Q1 26 | — | 32.3% | ||
| Q4 25 | 5.9% | 24.5% | ||
| Q3 25 | 5.3% | 28.2% | ||
| Q2 25 | 8.1% | 34.1% | ||
| Q1 25 | 5.8% | 31.7% | ||
| Q4 24 | 4.8% | 22.2% | ||
| Q3 24 | 5.0% | 29.6% | ||
| Q2 24 | 7.0% | 27.2% |
| Q1 26 | — | 43.1% | ||
| Q4 25 | 4.1% | 20.1% | ||
| Q3 25 | 3.7% | 22.1% | ||
| Q2 25 | 7.4% | 28.2% | ||
| Q1 25 | 4.1% | 27.4% | ||
| Q4 24 | 3.4% | 18.2% | ||
| Q3 24 | 3.7% | 24.1% | ||
| Q2 24 | 6.7% | 22.5% |
| Q1 26 | — | $1.23 | ||
| Q4 25 | $4.04 | $-17.14 | ||
| Q3 25 | $3.46 | $5.87 | ||
| Q2 25 | $6.81 | $7.19 | ||
| Q1 25 | $3.76 | $0.66 | ||
| Q4 24 | $3.03 | $4.27 | ||
| Q3 24 | $3.21 | $5.40 | ||
| Q2 24 | $5.92 | $4.88 |
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 | $12.3B |
| Total DebtLower is stronger | $20.3B | $13.4B |
| Stockholders' EquityBook value | $28.1B | $31.1B |
| Total Assets | $89.2B | $61.0B |
| Debt / EquityLower = less leverage | 0.72× | 0.43× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $12.3B | ||
| Q4 25 | $6.6B | $9.1B | ||
| Q3 25 | $6.2B | $9.3B | ||
| Q2 25 | $5.5B | $8.4B | ||
| Q1 25 | $5.1B | $8.4B | ||
| Q4 24 | $5.0B | $9.6B | ||
| Q3 24 | $5.9B | $9.2B | ||
| Q2 24 | $6.5B | $6.7B |
| Q1 26 | — | $13.4B | ||
| Q4 25 | $20.3B | $13.5B | ||
| Q3 25 | $20.3B | $14.5B | ||
| Q2 25 | $19.2B | $14.5B | ||
| Q1 25 | $19.5B | $14.0B | ||
| Q4 24 | $19.4B | $13.8B | ||
| Q3 24 | $19.7B | $14.2B | ||
| Q2 24 | $20.1B | $12.2B |
| Q1 26 | — | $31.1B | ||
| Q4 25 | $28.1B | $26.6B | ||
| Q3 25 | $27.8B | $26.0B | ||
| Q2 25 | $28.1B | $25.0B | ||
| Q1 25 | $26.7B | $24.0B | ||
| Q4 24 | $26.5B | $24.7B | ||
| Q3 24 | $27.2B | $22.7B | ||
| Q2 24 | $27.6B | $22.1B |
| Q1 26 | — | $61.0B | ||
| Q4 25 | $89.2B | $55.6B | ||
| Q3 25 | $88.4B | $54.9B | ||
| Q2 25 | $87.6B | $53.1B | ||
| Q1 25 | $85.0B | $52.1B | ||
| Q4 24 | $85.5B | $53.6B | ||
| Q3 24 | $86.7B | $52.3B | ||
| Q2 24 | $87.0B | $49.1B |
| Q1 26 | — | 0.43× | ||
| Q4 25 | 0.72× | 0.51× | ||
| Q3 25 | 0.73× | 0.56× | ||
| Q2 25 | 0.68× | 0.58× | ||
| Q1 25 | 0.73× | 0.58× | ||
| Q4 24 | 0.73× | 0.56× | ||
| Q3 24 | 0.72× | 0.62× | ||
| Q2 24 | 0.73× | 0.55× |
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 | $5.3B |
| Free Cash FlowOCF − Capex | $1.2B | $5.1B |
| FCF MarginFCF / Revenue | 5.1% | 41.6% |
| Capex IntensityCapex / Revenue | 3.2% | 1.6% |
| Cash ConversionOCF / Net Profit | 2.04× | 1.00× |
| TTM Free Cash FlowTrailing 4 quarters | $4.3B | $11.9B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $5.3B | ||
| Q4 25 | $2.0B | $2.1B | ||
| Q3 25 | $1.7B | $2.8B | ||
| Q2 25 | $2.5B | $2.4B | ||
| Q1 25 | $2.0B | $2.8B | ||
| Q4 24 | $1.3B | $1.5B | ||
| Q3 24 | $1.2B | $2.3B | ||
| Q2 24 | $2.7B | $1.3B |
| Q1 26 | — | $5.1B | ||
| Q4 25 | $1.2B | $1.9B | ||
| Q3 25 | $1.1B | $2.7B | ||
| Q2 25 | $1.0B | $2.3B | ||
| Q1 25 | $1.0B | $2.7B | ||
| Q4 24 | $500.0M | $1.4B | ||
| Q3 24 | $420.0M | $2.2B | ||
| Q2 24 | $1.5B | $1.2B |
| Q1 26 | — | 41.6% | ||
| Q4 25 | 5.1% | 15.5% | ||
| Q3 25 | 4.9% | 23.1% | ||
| Q2 25 | 4.7% | 20.5% | ||
| Q1 25 | 4.6% | 25.2% | ||
| Q4 24 | 2.3% | 13.5% | ||
| Q3 24 | 1.9% | 22.3% | ||
| Q2 24 | 6.8% | 12.7% |
| Q1 26 | — | 1.6% | ||
| Q4 25 | 3.2% | 2.0% | ||
| Q3 25 | 2.8% | 1.4% | ||
| Q2 25 | 6.6% | 1.4% | ||
| Q1 25 | 4.5% | 1.2% | ||
| Q4 24 | 3.7% | 1.5% | ||
| Q3 24 | 3.6% | 1.3% | ||
| Q2 24 | 5.4% | 0.8% |
| Q1 26 | — | 1.00× | ||
| Q4 25 | 2.04× | 0.87× | ||
| Q3 25 | 2.08× | 1.11× | ||
| Q2 25 | 1.53× | 0.78× | ||
| Q1 25 | 2.21× | 0.97× | ||
| Q4 24 | 1.78× | 0.82× | ||
| Q3 24 | 1.49× | 0.98× | ||
| Q2 24 | 1.83× | 0.60× |
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% |
NFLX
Segment breakdown not available.
