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联邦快递（FDX）与马拉松石油（MPC）财务数据对比。点击上方公司名可切换其他公司
马拉松石油的季度营收约是联邦快递的1.4倍（$32.6B vs $23.5B），马拉松石油净利率更高（4.7% vs 4.1%，领先0.6%），联邦快递同比增速更快（6.8% vs -1.7%），马拉松石油自由现金流更多（$1.9B vs $1.2B），过去两年联邦快递的营收复合增速更高（3.9% vs -0.2%）
联邦快递（FedEx）是总部位于美国田纳西州孟菲斯的跨国集团控股企业，主营业务覆盖运输、电子商务及商业服务领域。其品牌名FedEx源自原航空业务板块Federal Express的音节缩写，该原名自1973年启用，1994年集团正式统一使用FedEx作为品牌名称。
马拉松石油是总部位于美国俄亥俄州芬德利的能源企业，核心业务覆盖石油炼制、销售与运输全链条。该公司此前为马拉松石油集团的全资子公司，于2011年完成分拆后独立运营。
FDX vs MPC — 直观对比
营收规模更大
MPC
是对方的1.4倍
$23.5B
营收增速更快
FDX
高出8.5%
-1.7%
净利率更高
MPC
高出0.6%
4.1%
自由现金流更多
MPC
多$694.0M
$1.2B
两年增速更快
FDX
近两年复合增速
-0.2%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $23.5B | $32.6B |
| 净利润 | $956.0M | $1.5B |
| 毛利率 | — | 11.4% |
| 营业利润率 | 5.9% | 8.3% |
| 净利率 | 4.1% | 4.7% |
| 营收同比 | 6.8% | -1.7% |
| 净利润同比 | 29.0% | 313.7% |
| 每股收益（稀释后） | $4.04 | $4.99 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收FDXMPC
| Q4 25 | $23.5B | $32.6B | ||
| Q3 25 | $22.2B | $34.8B | ||
| Q2 25 | $22.2B | $33.8B | ||
| Q1 25 | $22.2B | $31.5B | ||
| Q4 24 | $22.0B | $33.1B | ||
| Q3 24 | $21.6B | $35.1B | ||
| Q2 24 | $22.1B | $37.9B | ||
| Q1 24 | $21.7B | $32.7B |
净利润FDXMPC
| Q4 25 | $956.0M | $1.5B | ||
| Q3 25 | $824.0M | $1.4B | ||
| Q2 25 | $1.6B | $1.2B | ||
| Q1 25 | $909.0M | $-74.0M | ||
| Q4 24 | $741.0M | $371.0M | ||
| Q3 24 | $794.0M | $622.0M | ||
| Q2 24 | $1.5B | $1.5B | ||
| Q1 24 | $879.0M | $937.0M |
毛利率FDXMPC
| Q4 25 | — | 11.4% | ||
| Q3 25 | — | 10.4% | ||
| Q2 25 | — | 11.2% | ||
| Q1 25 | — | 6.8% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | — | 8.4% | ||
| Q2 24 | — | 10.5% | ||
| Q1 24 | — | 9.5% |
营业利润率FDXMPC
| Q4 25 | 5.9% | 8.3% | ||
| Q3 25 | 5.3% | 7.8% | ||
| Q2 25 | 8.1% | 6.5% | ||
| Q1 25 | 5.8% | 2.2% | ||
| Q4 24 | 4.8% | 3.4% | ||
| Q3 24 | 5.0% | 3.8% | ||
| Q2 24 | 7.0% | 6.7% | ||
| Q1 24 | 5.7% | 5.5% |
净利率FDXMPC
| Q4 25 | 4.1% | 4.7% | ||
| Q3 25 | 3.7% | 3.9% | ||
| Q2 25 | 7.4% | 3.6% | ||
| Q1 25 | 4.1% | -0.2% | ||
| Q4 24 | 3.4% | 1.1% | ||
| Q3 24 | 3.7% | 1.8% | ||
| Q2 24 | 6.7% | 4.0% | ||
| Q1 24 | 4.0% | 2.9% |
每股收益（稀释后）FDXMPC
| Q4 25 | $4.04 | $4.99 | ||
| Q3 25 | $3.46 | $4.51 | ||
| Q2 25 | $6.81 | $3.96 | ||
| Q1 25 | $3.76 | $-0.24 | ||
| Q4 24 | $3.03 | $1.30 | ||
| Q3 24 | $3.21 | $1.87 | ||
| Q2 24 | $5.92 | $4.33 | ||
| Q1 24 | $3.51 | $2.58 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $6.6B | $3.7B |
| 总债务越低越好 | $20.3B | $30.5B |
| 股东权益账面价值 | $28.1B | $17.3B |
| 总资产 | $89.2B | $84.0B |
| 负债/权益比越低杠杆越低 | 0.72× | 1.76× |
8季度趋势，按日历期对齐
现金及短期投资FDXMPC
| Q4 25 | $6.6B | $3.7B | ||
| Q3 25 | $6.2B | $2.7B | ||
| Q2 25 | $5.5B | $1.7B | ||
| Q1 25 | $5.1B | $3.8B | ||
| Q4 24 | $5.0B | $3.2B | ||
| Q3 24 | $5.9B | $5.1B | ||
| Q2 24 | $6.5B | $8.5B | ||
| Q1 24 | $5.6B | $7.6B |
总债务FDXMPC
| Q4 25 | $20.3B | $30.5B | ||
| Q3 25 | $20.3B | $31.2B | ||
| Q2 25 | $19.2B | $26.8B | ||
| Q1 25 | $19.5B | $26.8B | ||
| Q4 24 | $19.4B | $24.4B | ||
| Q3 24 | $19.7B | $24.1B | ||
| Q2 24 | $20.1B | $24.0B | ||
| Q1 24 | $20.1B | $24.8B |
股东权益FDXMPC
| Q4 25 | $28.1B | $17.3B | ||
| Q3 25 | $27.8B | $17.1B | ||
| Q2 25 | $28.1B | $16.6B | ||
| Q1 25 | $26.7B | $16.4B | ||
| Q4 24 | $26.5B | $17.7B | ||
| Q3 24 | $27.2B | $18.9B | ||
| Q2 24 | $27.6B | $21.3B | ||
| Q1 24 | $26.4B | $22.9B |
总资产FDXMPC
| Q4 25 | $89.2B | $84.0B | ||
| Q3 25 | $88.4B | $83.2B | ||
| Q2 25 | $87.6B | $78.5B | ||
| Q1 25 | $85.0B | $81.6B | ||
| Q4 24 | $85.5B | $78.9B | ||
| Q3 24 | $86.7B | $79.8B | ||
| Q2 24 | $87.0B | $85.2B | ||
| Q1 24 | $86.1B | $85.5B |
负债/权益比FDXMPC
| Q4 25 | 0.72× | 1.76× | ||
| Q3 25 | 0.73× | 1.83× | ||
| Q2 25 | 0.68× | 1.61× | ||
| Q1 25 | 0.73× | 1.64× | ||
| Q4 24 | 0.73× | 1.38× | ||
| Q3 24 | 0.72× | 1.27× | ||
| Q2 24 | 0.73× | 1.13× | ||
| Q1 24 | 0.76× | 1.08× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $2.0B | $3.1B |
| 自由现金流经营现金流 - 资本支出 | $1.2B | $1.9B |
| 自由现金流率自由现金流/营收 | 5.1% | 5.8% |
| 资本支出强度资本支出/营收 | 3.2% | 3.6% |
| 现金转化率经营现金流/净利润 | 2.04× | 2.00× |
| 过去12个月自由现金流最近4个季度 | $4.3B | $4.8B |
8季度趋势，按日历期对齐
经营现金流FDXMPC
| Q4 25 | $2.0B | $3.1B | ||
| Q3 25 | $1.7B | $2.6B | ||
| Q2 25 | $2.5B | $2.6B | ||
| Q1 25 | $2.0B | $-64.0M | ||
| Q4 24 | $1.3B | $2.2B | ||
| Q3 24 | $1.2B | $1.7B | ||
| Q2 24 | $2.7B | $3.2B | ||
| Q1 24 | $1.6B | $1.5B |
自由现金流FDXMPC
| Q4 25 | $1.2B | $1.9B | ||
| Q3 25 | $1.1B | $1.7B | ||
| Q2 25 | $1.0B | $1.9B | ||
| Q1 25 | $1.0B | $-727.0M | ||
| Q4 24 | $500.0M | $1.4B | ||
| Q3 24 | $420.0M | $1.0B | ||
| Q2 24 | $1.5B | $2.8B | ||
| Q1 24 | $231.0M | $947.0M |
自由现金流率FDXMPC
| Q4 25 | 5.1% | 5.8% | ||
| Q3 25 | 4.9% | 4.8% | ||
| Q2 25 | 4.7% | 5.8% | ||
| Q1 25 | 4.6% | -2.3% | ||
| Q4 24 | 2.3% | 4.2% | ||
| Q3 24 | 1.9% | 2.9% | ||
| Q2 24 | 6.8% | 7.3% | ||
| Q1 24 | 1.1% | 2.9% |
资本支出强度FDXMPC
| Q4 25 | 3.2% | 3.6% | ||
| Q3 25 | 2.8% | 2.7% | ||
| Q2 25 | 6.6% | 2.1% | ||
| Q1 25 | 4.5% | 2.1% | ||
| Q4 24 | 3.7% | 2.4% | ||
| Q3 24 | 3.6% | 1.9% | ||
| Q2 24 | 5.4% | 1.3% | ||
| Q1 24 | 6.3% | 1.8% |
现金转化率FDXMPC
| Q4 25 | 2.04× | 2.00× | ||
| Q3 25 | 2.08× | 1.90× | ||
| Q2 25 | 1.53× | 2.17× | ||
| Q1 25 | 2.21× | — | ||
| Q4 24 | 1.78× | 5.95× | ||
| Q3 24 | 1.49× | 2.71× | ||
| Q2 24 | 1.83× | 2.14× | ||
| Q1 24 | 1.83× | 1.64× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
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% |
MPC
| Refined Products | $28.6B | 88% |
| Midstream | $1.4B | 4% |
| Crude Oil | $1.2B | 4% |
| Renewable Diesel | $851.0M | 3% |
| Related Party | $536.0M | 2% |
| Services & Other | $466.0M | 1% |
