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Side-by-side financial comparison of FedEx (FDX) and AT&T (T). Click either name above to swap in a different company.
AT&T is the larger business by last-quarter revenue ($31.5B vs $23.5B, roughly 1.3× FedEx). AT&T runs the higher net margin — 13.3% vs 4.1%, a 9.2% gap on every dollar of revenue. On growth, FedEx posted the faster year-over-year revenue change (6.8% vs 2.9%). AT&T produced more free cash flow last quarter ($2.5B vs $1.2B). Over the past eight quarters, FedEx's revenue compounded faster (3.9% CAGR vs 2.8%).
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.
AT&T Inc., an abbreviation of its predecessor's original name, the American Telephone and Telegraph Company, is an American multinational telecommunications conglomerate headquartered at the Whitacre Tower in Downtown Dallas, Texas. AT&T is the world’s third-largest telecommunications company by revenue, the third largest wireless carrier in the United States behind T-Mobile and Verizon, and the nation's biggest fiber internet provider.
FDX vs T — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $23.5B | $31.5B |
| Net Profit | $956.0M | $4.2B |
| Gross Margin | — | — |
| Operating Margin | 5.9% | 21.1% |
| Net Margin | 4.1% | 13.3% |
| Revenue YoY | 6.8% | 2.9% |
| Net Profit YoY | 29.0% | -10.9% |
| EPS (diluted) | $4.04 | $0.54 |
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 | — | $31.5B | ||
| Q4 25 | $23.5B | $33.5B | ||
| Q3 25 | $22.2B | $30.7B | ||
| Q2 25 | $22.2B | $30.8B | ||
| Q1 25 | $22.2B | $30.6B | ||
| Q4 24 | $22.0B | $32.3B | ||
| Q3 24 | $21.6B | $30.2B | ||
| Q2 24 | $22.1B | $29.8B |
| Q1 26 | — | $4.2B | ||
| Q4 25 | $956.0M | $3.8B | ||
| Q3 25 | $824.0M | $9.3B | ||
| Q2 25 | $1.6B | $4.5B | ||
| Q1 25 | $909.0M | $4.4B | ||
| Q4 24 | $741.0M | $4.1B | ||
| Q3 24 | $794.0M | $-174.0M | ||
| Q2 24 | $1.5B | $3.6B |
| Q1 26 | — | 21.1% | ||
| Q4 25 | 5.9% | 17.3% | ||
| Q3 25 | 5.3% | 19.9% | ||
| Q2 25 | 8.1% | 21.1% | ||
| Q1 25 | 5.8% | 18.8% | ||
| Q4 24 | 4.8% | 16.5% | ||
| Q3 24 | 5.0% | 7.0% | ||
| Q2 24 | 7.0% | 19.3% |
| Q1 26 | — | 13.3% | ||
| Q4 25 | 4.1% | 11.3% | ||
| Q3 25 | 3.7% | 30.3% | ||
| Q2 25 | 7.4% | 14.6% | ||
| Q1 25 | 4.1% | 14.2% | ||
| Q4 24 | 3.4% | 12.6% | ||
| Q3 24 | 3.7% | -0.6% | ||
| Q2 24 | 6.7% | 12.1% |
| Q1 26 | — | $0.54 | ||
| Q4 25 | $4.04 | $0.52 | ||
| Q3 25 | $3.46 | $1.29 | ||
| Q2 25 | $6.81 | $0.62 | ||
| Q1 25 | $3.76 | $0.61 | ||
| Q4 24 | $3.03 | $0.56 | ||
| Q3 24 | $3.21 | $-0.03 | ||
| Q2 24 | $5.92 | $0.49 |
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 | $12.0B |
| Total DebtLower is stronger | $20.3B | $131.6B |
| Stockholders' EquityBook value | $28.1B | $125.6B |
| Total Assets | $89.2B | $421.2B |
| Debt / EquityLower = less leverage | 0.72× | 1.05× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $12.0B | ||
| Q4 25 | $6.6B | $18.2B | ||
| Q3 25 | $6.2B | $20.3B | ||
| Q2 25 | $5.5B | $10.5B | ||
| Q1 25 | $5.1B | $6.9B | ||
| Q4 24 | $5.0B | $3.3B | ||
| Q3 24 | $5.9B | $2.6B | ||
| Q2 24 | $6.5B | $3.1B |
| Q1 26 | — | $131.6B | ||
| Q4 25 | $20.3B | $127.1B | ||
| Q3 25 | $20.3B | $128.1B | ||
| Q2 25 | $19.2B | $123.1B | ||
| Q1 25 | $19.5B | $117.3B | ||
| Q4 24 | $19.4B | $118.4B | ||
| Q3 24 | $19.7B | $126.4B | ||
| Q2 24 | $20.1B | $125.4B |
| Q1 26 | — | $125.6B | ||
| Q4 25 | $28.1B | $126.5B | ||
| Q3 25 | $27.8B | $126.8B | ||
| Q2 25 | $28.1B | $121.4B | ||
| Q1 25 | $26.7B | $119.9B | ||
| Q4 24 | $26.5B | $118.2B | ||
| Q3 24 | $27.2B | $116.3B | ||
| Q2 24 | $27.6B | $119.3B |
| Q1 26 | — | $421.2B | ||
| Q4 25 | $89.2B | $420.2B | ||
| Q3 25 | $88.4B | $423.2B | ||
| Q2 25 | $87.6B | $405.5B | ||
| Q1 25 | $85.0B | $397.5B | ||
| Q4 24 | $85.5B | $394.8B | ||
| Q3 24 | $86.7B | $393.7B | ||
| Q2 24 | $87.0B | $398.0B |
| Q1 26 | — | 1.05× | ||
| Q4 25 | 0.72× | 1.00× | ||
| Q3 25 | 0.73× | 1.01× | ||
| Q2 25 | 0.68× | 1.01× | ||
| Q1 25 | 0.73× | 0.98× | ||
| Q4 24 | 0.73× | 1.00× | ||
| Q3 24 | 0.72× | 1.09× | ||
| Q2 24 | 0.73× | 1.05× |
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 | $7.6B |
| Free Cash FlowOCF − Capex | $1.2B | $2.5B |
| FCF MarginFCF / Revenue | 5.1% | 8.0% |
| Capex IntensityCapex / Revenue | 3.2% | 15.5% |
| Cash ConversionOCF / Net Profit | 2.04× | 1.82× |
| TTM Free Cash FlowTrailing 4 quarters | $4.3B | $17.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $7.6B | ||
| Q4 25 | $2.0B | $11.3B | ||
| Q3 25 | $1.7B | $10.2B | ||
| Q2 25 | $2.5B | $9.8B | ||
| Q1 25 | $2.0B | $9.0B | ||
| Q4 24 | $1.3B | $11.9B | ||
| Q3 24 | $1.2B | $10.2B | ||
| Q2 24 | $2.7B | $9.1B |
| Q1 26 | — | $2.5B | ||
| Q4 25 | $1.2B | $4.5B | ||
| Q3 25 | $1.1B | $5.3B | ||
| Q2 25 | $1.0B | $4.9B | ||
| Q1 25 | $1.0B | $4.8B | ||
| Q4 24 | $500.0M | $5.1B | ||
| Q3 24 | $420.0M | $4.9B | ||
| Q2 24 | $1.5B | $4.7B |
| Q1 26 | — | 8.0% | ||
| Q4 25 | 5.1% | 13.6% | ||
| Q3 25 | 4.9% | 17.1% | ||
| Q2 25 | 4.7% | 15.8% | ||
| Q1 25 | 4.6% | 15.6% | ||
| Q4 24 | 2.3% | 15.6% | ||
| Q3 24 | 1.9% | 16.3% | ||
| Q2 24 | 6.8% | 15.9% |
| Q1 26 | — | 15.5% | ||
| Q4 25 | 3.2% | 20.3% | ||
| Q3 25 | 2.8% | 15.9% | ||
| Q2 25 | 6.6% | 15.9% | ||
| Q1 25 | 4.5% | 14.0% | ||
| Q4 24 | 3.7% | 21.2% | ||
| Q3 24 | 3.6% | 17.5% | ||
| Q2 24 | 5.4% | 14.6% |
| Q1 26 | — | 1.82× | ||
| Q4 25 | 2.04× | 2.99× | ||
| Q3 25 | 2.08× | 1.09× | ||
| Q2 25 | 1.53× | 2.17× | ||
| Q1 25 | 2.21× | 2.08× | ||
| Q4 24 | 1.78× | 2.92× | ||
| Q3 24 | 1.49× | — | ||
| Q2 24 | 1.83× | 2.53× |
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% |
T
| Service | $25.5B | 81% |
| Equipment | $6.0B | 19% |
