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Side-by-side financial comparison of FedEx (FDX) and United Airlines Holdings (UAL). Click either name above to swap in a different company.
FedEx is the larger business by last-quarter revenue ($23.5B vs $14.6B, roughly 1.6× United Airlines Holdings). United Airlines Holdings runs the higher net margin — 4.8% vs 4.1%, a 0.7% gap on every dollar of revenue. On growth, United Airlines Holdings posted the faster year-over-year revenue change (10.6% vs 6.8%). United Airlines Holdings produced more free cash flow last quarter ($2.0B vs $1.2B). Over the past eight quarters, FedEx's revenue compounded faster (3.9% CAGR vs -1.3%).
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.
United Airlines, Inc. is a major airline in the United States headquartered in Chicago, Illinois. It operates an extensive domestic and international route network across the United States and to destinations on six continents. Regional service is provided by independent carriers operating under the United Express brand, and the Star Alliance, of which United was one of the five founding airlines, extends its network throughout the world.
FDX vs UAL — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $23.5B | $14.6B |
| Net Profit | $956.0M | $699.0M |
| Gross Margin | — | — |
| Operating Margin | 5.9% | 6.8% |
| Net Margin | 4.1% | 4.8% |
| Revenue YoY | 6.8% | 10.6% |
| Net Profit YoY | 29.0% | 80.6% |
| EPS (diluted) | $4.04 | $2.14 |
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 | — | $14.6B | ||
| Q4 25 | $23.5B | $15.4B | ||
| Q3 25 | $22.2B | $15.2B | ||
| Q2 25 | $22.2B | $15.2B | ||
| Q1 25 | $22.2B | $13.2B | ||
| Q4 24 | $22.0B | $14.7B | ||
| Q3 24 | $21.6B | $14.8B | ||
| Q2 24 | $22.1B | $15.0B |
| Q1 26 | — | $699.0M | ||
| Q4 25 | $956.0M | $1.0B | ||
| Q3 25 | $824.0M | $949.0M | ||
| Q2 25 | $1.6B | $973.0M | ||
| Q1 25 | $909.0M | $387.0M | ||
| Q4 24 | $741.0M | $985.0M | ||
| Q3 24 | $794.0M | $965.0M | ||
| Q2 24 | $1.5B | $1.3B |
| Q1 26 | — | 6.8% | ||
| Q4 25 | 5.9% | 9.0% | ||
| Q3 25 | 5.3% | 9.2% | ||
| Q2 25 | 8.1% | 8.7% | ||
| Q1 25 | 5.8% | 4.6% | ||
| Q4 24 | 4.8% | 10.2% | ||
| Q3 24 | 5.0% | 10.5% | ||
| Q2 24 | 7.0% | 12.9% |
| Q1 26 | — | 4.8% | ||
| Q4 25 | 4.1% | 6.8% | ||
| Q3 25 | 3.7% | 6.2% | ||
| Q2 25 | 7.4% | 6.4% | ||
| Q1 25 | 4.1% | 2.9% | ||
| Q4 24 | 3.4% | 6.7% | ||
| Q3 24 | 3.7% | 6.5% | ||
| Q2 24 | 6.7% | 8.8% |
| Q1 26 | — | $2.14 | ||
| Q4 25 | $4.04 | $3.17 | ||
| Q3 25 | $3.46 | $2.90 | ||
| Q2 25 | $6.81 | $2.97 | ||
| Q1 25 | $3.76 | $1.16 | ||
| Q4 24 | $3.03 | $2.97 | ||
| Q3 24 | $3.21 | $2.90 | ||
| Q2 24 | $5.92 | $3.96 |
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 | $14.2B |
| Total DebtLower is stronger | $20.3B | — |
| Stockholders' EquityBook value | $28.1B | $15.9B |
| Total Assets | $89.2B | $80.9B |
| Debt / EquityLower = less leverage | 0.72× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $14.2B | ||
| Q4 25 | $6.6B | $12.2B | ||
| Q3 25 | $6.2B | $13.3B | ||
| Q2 25 | $5.5B | $15.6B | ||
| Q1 25 | $5.1B | $15.3B | ||
| Q4 24 | $5.0B | $14.5B | ||
| Q3 24 | $5.9B | $14.2B | ||
| Q2 24 | $6.5B | $15.2B |
| Q1 26 | — | — | ||
| Q4 25 | $20.3B | $20.6B | ||
| Q3 25 | $20.3B | $20.8B | ||
| Q2 25 | $19.2B | $20.9B | ||
| Q1 25 | $19.5B | $24.4B | ||
| Q4 24 | $19.4B | $25.2B | ||
| Q3 24 | $19.7B | — | ||
| Q2 24 | $20.1B | — |
| Q1 26 | — | $15.9B | ||
| Q4 25 | $28.1B | $15.3B | ||
| Q3 25 | $27.8B | $14.3B | ||
| Q2 25 | $28.1B | $13.4B | ||
| Q1 25 | $26.7B | $12.6B | ||
| Q4 24 | $26.5B | $12.7B | ||
| Q3 24 | $27.2B | $11.4B | ||
| Q2 24 | $27.6B | $10.5B |
| Q1 26 | — | $80.9B | ||
| Q4 25 | $89.2B | $76.4B | ||
| Q3 25 | $88.4B | $76.3B | ||
| Q2 25 | $87.6B | $77.2B | ||
| Q1 25 | $85.0B | $76.1B | ||
| Q4 24 | $85.5B | $74.1B | ||
| Q3 24 | $86.7B | $72.6B | ||
| Q2 24 | $87.0B | $73.3B |
| Q1 26 | — | — | ||
| Q4 25 | 0.72× | 1.35× | ||
| Q3 25 | 0.73× | 1.45× | ||
| Q2 25 | 0.68× | 1.56× | ||
| Q1 25 | 0.73× | 1.93× | ||
| Q4 24 | 0.73× | 1.99× | ||
| 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 | $4.8B |
| Free Cash FlowOCF − Capex | $1.2B | $2.0B |
| FCF MarginFCF / Revenue | 5.1% | 13.9% |
| Capex IntensityCapex / Revenue | 3.2% | 13.9% |
| Cash ConversionOCF / Net Profit | 2.04× | 6.87× |
| TTM Free Cash FlowTrailing 4 quarters | $4.3B | $2.1B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $4.8B | ||
| Q4 25 | $2.0B | $1.3B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $2.5B | $2.2B | ||
| Q1 25 | $2.0B | $3.7B | ||
| Q4 24 | $1.3B | $2.2B | ||
| Q3 24 | $1.2B | $1.5B | ||
| Q2 24 | $2.7B | $2.9B |
| Q1 26 | — | $2.0B | ||
| Q4 25 | $1.2B | $-604.0M | ||
| Q3 25 | $1.1B | $-246.0M | ||
| Q2 25 | $1.0B | $930.0M | ||
| Q1 25 | $1.0B | $2.5B | ||
| Q4 24 | $500.0M | $549.0M | ||
| Q3 24 | $420.0M | $88.0M | ||
| Q2 24 | $1.5B | $1.7B |
| Q1 26 | — | 13.9% | ||
| Q4 25 | 5.1% | -3.9% | ||
| Q3 25 | 4.9% | -1.6% | ||
| Q2 25 | 4.7% | 6.1% | ||
| Q1 25 | 4.6% | 18.7% | ||
| Q4 24 | 2.3% | 3.7% | ||
| Q3 24 | 1.9% | 0.6% | ||
| Q2 24 | 6.8% | 11.4% |
| Q1 26 | — | 13.9% | ||
| Q4 25 | 3.2% | 12.3% | ||
| Q3 25 | 2.8% | 9.6% | ||
| Q2 25 | 6.6% | 8.4% | ||
| Q1 25 | 4.5% | 9.3% | ||
| Q4 24 | 3.7% | 11.4% | ||
| Q3 24 | 3.6% | 9.5% | ||
| Q2 24 | 5.4% | 7.8% |
| Q1 26 | — | 6.87× | ||
| Q4 25 | 2.04× | 1.23× | ||
| Q3 25 | 2.08× | 1.28× | ||
| Q2 25 | 1.53× | 2.28× | ||
| Q1 25 | 2.21× | 9.59× | ||
| Q4 24 | 1.78× | 2.26× | ||
| Q3 24 | 1.49× | 1.55× | ||
| Q2 24 | 1.83× | 2.17× |
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% |
UAL
| Passenger revenue | $13.2B | 90% |
| Other | $1.0B | 7% |
| Cargo revenue | $422.0M | 3% |
