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Side-by-side financial comparison of FedEx (FDX) and TD SYNNEX CORP (SNX). Click either name above to swap in a different company.
FedEx is the larger business by last-quarter revenue ($23.5B vs $17.2B, roughly 1.4× TD SYNNEX CORP). FedEx runs the higher net margin — 4.1% vs 1.9%, a 2.2% gap on every dollar of revenue. On growth, TD SYNNEX CORP posted the faster year-over-year revenue change (18.1% vs 6.8%). FedEx produced more free cash flow last quarter ($1.2B vs $-929.0M). Over the past eight quarters, TD SYNNEX CORP's revenue compounded faster (10.9% 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.
TD Synnex Corporation is an American IT distribution company with a workforce of 22,000 in over 100 countries. It was formed in 2021 by the merger of Synnex and Tech Data. TD Synnex is led by CEO Patrick Zammit.
FDX vs SNX — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $23.5B | $17.2B |
| Net Profit | $956.0M | $327.0M |
| Gross Margin | — | 7.3% |
| Operating Margin | 5.9% | 2.8% |
| Net Margin | 4.1% | 1.9% |
| Revenue YoY | 6.8% | 18.1% |
| Net Profit YoY | 29.0% | 94.6% |
| EPS (diluted) | $4.04 | $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 | — | $17.2B | ||
| Q4 25 | $23.5B | $17.4B | ||
| Q3 25 | $22.2B | $15.7B | ||
| Q2 25 | $22.2B | $14.9B | ||
| Q1 25 | $22.2B | $14.5B | ||
| Q4 24 | $22.0B | $15.8B | ||
| Q3 24 | $21.6B | $14.7B | ||
| Q2 24 | $22.1B | $13.9B |
| Q1 26 | — | $327.0M | ||
| Q4 25 | $956.0M | $248.4M | ||
| Q3 25 | $824.0M | $226.8M | ||
| Q2 25 | $1.6B | $184.9M | ||
| Q1 25 | $909.0M | $167.5M | ||
| Q4 24 | $741.0M | $194.8M | ||
| Q3 24 | $794.0M | $178.6M | ||
| Q2 24 | $1.5B | $143.6M |
| Q1 26 | — | 7.3% | ||
| Q4 25 | — | 6.9% | ||
| Q3 25 | — | 7.2% | ||
| Q2 25 | — | 7.0% | ||
| Q1 25 | — | 6.9% | ||
| Q4 24 | — | 6.6% | ||
| Q3 24 | — | 6.5% | ||
| Q2 24 | — | 7.0% |
| Q1 26 | — | 2.8% | ||
| Q4 25 | 5.9% | 2.3% | ||
| Q3 25 | 5.3% | 2.5% | ||
| Q2 25 | 8.1% | 2.2% | ||
| Q1 25 | 5.8% | 2.1% | ||
| Q4 24 | 4.8% | 2.0% | ||
| Q3 24 | 5.0% | 2.1% | ||
| Q2 24 | 7.0% | 1.9% |
| Q1 26 | — | 1.9% | ||
| Q4 25 | 4.1% | 1.4% | ||
| Q3 25 | 3.7% | 1.4% | ||
| Q2 25 | 7.4% | 1.2% | ||
| Q1 25 | 4.1% | 1.2% | ||
| Q4 24 | 3.4% | 1.2% | ||
| Q3 24 | 3.7% | 1.2% | ||
| Q2 24 | 6.7% | 1.0% |
| Q1 26 | — | $4.04 | ||
| Q4 25 | $4.04 | $3.02 | ||
| Q3 25 | $3.46 | $2.74 | ||
| Q2 25 | $6.81 | $2.21 | ||
| Q1 25 | $3.76 | $1.98 | ||
| Q4 24 | $3.03 | $2.28 | ||
| Q3 24 | $3.21 | $2.08 | ||
| Q2 24 | $5.92 | $1.66 |
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 | $1.6B |
| Total DebtLower is stronger | $20.3B | $3.6B |
| Stockholders' EquityBook value | $28.1B | $8.8B |
| Total Assets | $89.2B | $35.1B |
| Debt / EquityLower = less leverage | 0.72× | 0.41× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.6B | ||
| Q4 25 | $6.6B | $2.4B | ||
| Q3 25 | $6.2B | $874.4M | ||
| Q2 25 | $5.5B | $767.1M | ||
| Q1 25 | $5.1B | $541.9M | ||
| Q4 24 | $5.0B | $1.1B | ||
| Q3 24 | $5.9B | $853.9M | ||
| Q2 24 | $6.5B | $1.2B |
| Q1 26 | — | $3.6B | ||
| Q4 25 | $20.3B | $3.6B | ||
| Q3 25 | $20.3B | $3.0B | ||
| Q2 25 | $19.2B | $3.7B | ||
| Q1 25 | $19.5B | $3.7B | ||
| Q4 24 | $19.4B | $3.7B | ||
| Q3 24 | $19.7B | $3.7B | ||
| Q2 24 | $20.1B | $3.7B |
| Q1 26 | — | $8.8B | ||
| Q4 25 | $28.1B | $8.5B | ||
| Q3 25 | $27.8B | $8.5B | ||
| Q2 25 | $28.1B | $8.3B | ||
| Q1 25 | $26.7B | $8.1B | ||
| Q4 24 | $26.5B | $8.0B | ||
| Q3 24 | $27.2B | $8.2B | ||
| Q2 24 | $27.6B | $8.0B |
| Q1 26 | — | $35.1B | ||
| Q4 25 | $89.2B | $34.3B | ||
| Q3 25 | $88.4B | $31.7B | ||
| Q2 25 | $87.6B | $30.5B | ||
| Q1 25 | $85.0B | $28.8B | ||
| Q4 24 | $85.5B | $30.3B | ||
| Q3 24 | $86.7B | $29.2B | ||
| Q2 24 | $87.0B | $27.7B |
| Q1 26 | — | 0.41× | ||
| Q4 25 | 0.72× | 0.43× | ||
| Q3 25 | 0.73× | 0.36× | ||
| Q2 25 | 0.68× | 0.45× | ||
| Q1 25 | 0.73× | 0.46× | ||
| Q4 24 | 0.73× | 0.46× | ||
| Q3 24 | 0.72× | 0.46× | ||
| Q2 24 | 0.73× | 0.47× |
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 | $-895.9M |
| Free Cash FlowOCF − Capex | $1.2B | $-929.0M |
| FCF MarginFCF / Revenue | 5.1% | -5.4% |
| Capex IntensityCapex / Revenue | 3.2% | — |
| Cash ConversionOCF / Net Profit | 2.04× | -2.74× |
| TTM Free Cash FlowTrailing 4 quarters | $4.3B | $1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-895.9M | ||
| Q4 25 | $2.0B | $1.5B | ||
| Q3 25 | $1.7B | $246.1M | ||
| Q2 25 | $2.5B | $573.2M | ||
| Q1 25 | $2.0B | $-748.0M | ||
| Q4 24 | $1.3B | $561.9M | ||
| Q3 24 | $1.2B | $385.8M | ||
| Q2 24 | $2.7B | $-114.7M |
| Q1 26 | — | $-929.0M | ||
| Q4 25 | $1.2B | $1.4B | ||
| Q3 25 | $1.1B | $213.9M | ||
| Q2 25 | $1.0B | $542.9M | ||
| Q1 25 | $1.0B | $-789.5M | ||
| Q4 24 | $500.0M | $512.9M | ||
| Q3 24 | $420.0M | $338.6M | ||
| Q2 24 | $1.5B | $-152.5M |
| Q1 26 | — | -5.4% | ||
| Q4 25 | 5.1% | 8.2% | ||
| Q3 25 | 4.9% | 1.4% | ||
| Q2 25 | 4.7% | 3.6% | ||
| Q1 25 | 4.6% | -5.4% | ||
| Q4 24 | 2.3% | 3.2% | ||
| Q3 24 | 1.9% | 2.3% | ||
| Q2 24 | 6.8% | -1.1% |
| Q1 26 | — | — | ||
| Q4 25 | 3.2% | 0.2% | ||
| Q3 25 | 2.8% | 0.2% | ||
| Q2 25 | 6.6% | 0.2% | ||
| Q1 25 | 4.5% | 0.3% | ||
| Q4 24 | 3.7% | 0.3% | ||
| Q3 24 | 3.6% | 0.3% | ||
| Q2 24 | 5.4% | 0.3% |
| Q1 26 | — | -2.74× | ||
| Q4 25 | 2.04× | 5.88× | ||
| Q3 25 | 2.08× | 1.09× | ||
| Q2 25 | 1.53× | 3.10× | ||
| Q1 25 | 2.21× | -4.46× | ||
| Q4 24 | 1.78× | 2.88× | ||
| Q3 24 | 1.49× | 2.16× | ||
| Q2 24 | 1.83× | -0.80× |
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% |
SNX
Segment breakdown not available.
