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Side-by-side financial comparison of FedEx (FDX) and Union Pacific Corporation (UNP). Click either name above to swap in a different company.
FedEx is the larger business by last-quarter revenue ($23.5B vs $6.2B, roughly 3.8× Union Pacific Corporation). Union Pacific Corporation runs the higher net margin — 27.4% vs 4.1%, a 23.3% gap on every dollar of revenue. On growth, FedEx posted the faster year-over-year revenue change (6.8% vs 3.2%). FedEx produced more free cash flow last quarter ($1.2B vs $631.0M). Over the past eight quarters, FedEx's revenue compounded faster (3.9% CAGR vs 1.7%).
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.
The Union Pacific Railroad Company is a Class I freight-hauling railroad that operates 8,300 locomotives over 32,200 miles (51,800 km) routes in 23 U.S. states west of Chicago and New Orleans. Union Pacific is the second-largest railroad in the United States after BNSF.
FDX vs UNP — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $23.5B | $6.2B |
| Net Profit | $956.0M | $1.7B |
| Gross Margin | — | — |
| Operating Margin | 5.9% | 39.5% |
| Net Margin | 4.1% | 27.4% |
| Revenue YoY | 6.8% | 3.2% |
| Net Profit YoY | 29.0% | 4.6% |
| EPS (diluted) | $4.04 | $2.87 |
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 | — | $6.2B | ||
| Q4 25 | $23.5B | $6.1B | ||
| Q3 25 | $22.2B | $6.2B | ||
| Q2 25 | $22.2B | $6.2B | ||
| Q1 25 | $22.2B | $6.0B | ||
| Q4 24 | $22.0B | $6.1B | ||
| Q3 24 | $21.6B | $6.1B | ||
| Q2 24 | $22.1B | $6.0B |
| Q1 26 | — | $1.7B | ||
| Q4 25 | $956.0M | $1.8B | ||
| Q3 25 | $824.0M | $1.8B | ||
| Q2 25 | $1.6B | $1.9B | ||
| Q1 25 | $909.0M | $1.6B | ||
| Q4 24 | $741.0M | $1.8B | ||
| Q3 24 | $794.0M | $1.7B | ||
| Q2 24 | $1.5B | $1.7B |
| Q1 26 | — | 39.5% | ||
| Q4 25 | 5.9% | 39.5% | ||
| Q3 25 | 5.3% | 40.8% | ||
| Q2 25 | 8.1% | 41.0% | ||
| Q1 25 | 5.8% | 39.3% | ||
| Q4 24 | 4.8% | 41.3% | ||
| Q3 24 | 5.0% | 39.7% | ||
| Q2 24 | 7.0% | 40.0% |
| Q1 26 | — | 27.4% | ||
| Q4 25 | 4.1% | 30.4% | ||
| Q3 25 | 3.7% | 28.6% | ||
| Q2 25 | 7.4% | 30.5% | ||
| Q1 25 | 4.1% | 27.0% | ||
| Q4 24 | 3.4% | 28.8% | ||
| Q3 24 | 3.7% | 27.4% | ||
| Q2 24 | 6.7% | 27.9% |
| Q1 26 | — | $2.87 | ||
| Q4 25 | $4.04 | $3.12 | ||
| Q3 25 | $3.46 | $3.01 | ||
| Q2 25 | $6.81 | $3.15 | ||
| Q1 25 | $3.76 | $2.70 | ||
| Q4 24 | $3.03 | $2.91 | ||
| Q3 24 | $3.21 | $2.75 | ||
| Q2 24 | $5.92 | $2.74 |
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 | $735.0M |
| Total DebtLower is stronger | $20.3B | — |
| Stockholders' EquityBook value | $28.1B | — |
| Total Assets | $89.2B | $69.6B |
| Debt / EquityLower = less leverage | 0.72× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $735.0M | ||
| Q4 25 | $6.6B | $1.3B | ||
| Q3 25 | $6.2B | $808.0M | ||
| Q2 25 | $5.5B | $1.1B | ||
| Q1 25 | $5.1B | $1.4B | ||
| Q4 24 | $5.0B | $1.0B | ||
| Q3 24 | $5.9B | $947.0M | ||
| Q2 24 | $6.5B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | $20.3B | $30.3B | ||
| Q3 25 | $20.3B | $30.3B | ||
| Q2 25 | $19.2B | $30.3B | ||
| Q1 25 | $19.5B | $30.6B | ||
| Q4 24 | $19.4B | $29.8B | ||
| Q3 24 | $19.7B | $29.8B | ||
| Q2 24 | $20.1B | $31.2B |
| Q1 26 | — | — | ||
| Q4 25 | $28.1B | $18.5B | ||
| Q3 25 | $27.8B | $17.3B | ||
| Q2 25 | $28.1B | $16.3B | ||
| Q1 25 | $26.7B | $16.0B | ||
| Q4 24 | $26.5B | $16.9B | ||
| Q3 24 | $27.2B | $16.6B | ||
| Q2 24 | $27.6B | $16.5B |
| Q1 26 | — | $69.6B | ||
| Q4 25 | $89.2B | $69.7B | ||
| Q3 25 | $88.4B | $68.6B | ||
| Q2 25 | $87.6B | $68.6B | ||
| Q1 25 | $85.0B | $68.5B | ||
| Q4 24 | $85.5B | $67.7B | ||
| Q3 24 | $86.7B | $67.6B | ||
| Q2 24 | $87.0B | $67.8B |
| Q1 26 | — | — | ||
| Q4 25 | 0.72× | 1.64× | ||
| Q3 25 | 0.73× | 1.75× | ||
| Q2 25 | 0.68× | 1.86× | ||
| Q1 25 | 0.73× | 1.91× | ||
| Q4 24 | 0.73× | 1.76× | ||
| Q3 24 | 0.72× | 1.79× | ||
| Q2 24 | 0.73× | 1.89× |
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 | $631.0M |
| FCF MarginFCF / Revenue | 5.1% | 10.1% |
| Capex IntensityCapex / Revenue | 3.2% | — |
| Cash ConversionOCF / Net Profit | 2.04× | — |
| TTM Free Cash FlowTrailing 4 quarters | $4.3B | $4.8B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.0B | $2.2B | ||
| Q3 25 | $1.7B | $2.5B | ||
| Q2 25 | $2.5B | $2.3B | ||
| Q1 25 | $2.0B | $2.2B | ||
| Q4 24 | $1.3B | $2.7B | ||
| Q3 24 | $1.2B | $2.7B | ||
| Q2 24 | $2.7B | $1.9B |
| Q1 26 | — | $631.0M | ||
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.1B | $1.6B | ||
| Q2 25 | $1.0B | $1.4B | ||
| Q1 25 | $1.0B | $1.3B | ||
| Q4 24 | $500.0M | $1.7B | ||
| Q3 24 | $420.0M | $1.8B | ||
| Q2 24 | $1.5B | $1.0B |
| Q1 26 | — | 10.1% | ||
| Q4 25 | 5.1% | 20.1% | ||
| Q3 25 | 4.9% | 25.2% | ||
| Q2 25 | 4.7% | 22.7% | ||
| Q1 25 | 4.6% | 21.6% | ||
| Q4 24 | 2.3% | 28.4% | ||
| Q3 24 | 1.9% | 29.9% | ||
| Q2 24 | 6.8% | 16.8% |
| Q1 26 | — | — | ||
| Q4 25 | 3.2% | 16.4% | ||
| Q3 25 | 2.8% | 15.2% | ||
| Q2 25 | 6.6% | 15.2% | ||
| Q1 25 | 4.5% | 15.0% | ||
| Q4 24 | 3.7% | 15.1% | ||
| Q3 24 | 3.6% | 13.6% | ||
| Q2 24 | 5.4% | 15.0% |
| Q1 26 | — | — | ||
| Q4 25 | 2.04× | 1.20× | ||
| Q3 25 | 2.08× | 1.41× | ||
| Q2 25 | 1.53× | 1.24× | ||
| Q1 25 | 2.21× | 1.36× | ||
| Q4 24 | 1.78× | 1.51× | ||
| Q3 24 | 1.49× | 1.59× | ||
| Q2 24 | 1.83× | 1.14× |
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% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
