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联邦快递（FDX）与Progressive Corporation（PGR）财务数据对比。点击上方公司名可切换其他公司
联邦快递的季度营收约是Progressive Corporation的1.0倍（$23.5B vs $22.7B），Progressive Corporation净利率更高（13.0% vs 4.1%，领先8.9%），Progressive Corporation同比增速更快（12.2% vs 6.8%），Progressive Corporation自由现金流更多（$3.0B vs $1.2B），过去两年Progressive Corporation的营收复合增速更高（14.9% vs 3.9%）
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。
美国Progressive Corporation是1937年由杰克·格林与约瑟夫·M·刘易斯联合创立的保险公司，总部位于俄亥俄州梅菲尔德，是美国第二大汽车保险服务商，仅次于州立农业保险。其业务覆盖乘用车、摩托车、房车、船只、商用车等险种，同时通过合作机构提供家财险、寿险、宠物险等多元保险产品。
FDX vs PGR — 直观对比
营收规模更大
FDX
是对方的1.0倍
$22.7B
营收增速更快
PGR
高出5.3%
6.8%
净利率更高
PGR
高出8.9%
4.1%
自由现金流更多
PGR
多$1.9B
$1.2B
两年增速更快
PGR
近两年复合增速
3.9%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $23.5B | $22.7B |
| 净利润 | $956.0M | $3.0B |
| 毛利率 | — | — |
| 营业利润率 | 5.9% | 16.2% |
| 净利率 | 4.1% | 13.0% |
| 营收同比 | 6.8% | 12.2% |
| 净利润同比 | 29.0% | 25.3% |
| 每股收益（稀释后） | $4.04 | $5.01 |
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FDXPGR
| Q4 25 | $23.5B | $22.7B | ||
| Q3 25 | $22.2B | $22.5B | ||
| Q2 25 | $22.2B | $22.0B | ||
| Q1 25 | $22.2B | $20.4B | ||
| Q4 24 | $22.0B | $20.3B | ||
| Q3 24 | $21.6B | $19.7B | ||
| Q2 24 | $22.1B | $18.1B | ||
| Q1 24 | $21.7B | $17.2B |
净利润FDXPGR
| Q4 25 | $956.0M | $3.0B | ||
| Q3 25 | $824.0M | $2.6B | ||
| Q2 25 | $1.6B | $3.2B | ||
| Q1 25 | $909.0M | $2.6B | ||
| Q4 24 | $741.0M | $2.4B | ||
| Q3 24 | $794.0M | $2.3B | ||
| Q2 24 | $1.5B | $1.5B | ||
| Q1 24 | $879.0M | $2.3B |
营业利润率FDXPGR
| Q4 25 | 5.9% | 16.2% | ||
| Q3 25 | 5.3% | 14.8% | ||
| Q2 25 | 8.1% | 18.1% | ||
| Q1 25 | 5.8% | 15.9% | ||
| Q4 24 | 4.8% | 14.6% | ||
| Q3 24 | 5.0% | 14.9% | ||
| Q2 24 | 7.0% | 10.3% | ||
| Q1 24 | 5.7% | 17.1% |
净利率FDXPGR
| Q4 25 | 4.1% | 13.0% | ||
| Q3 25 | 3.7% | 11.6% | ||
| Q2 25 | 7.4% | 14.4% | ||
| Q1 25 | 4.1% | 12.6% | ||
| Q4 24 | 3.4% | 11.6% | ||
| Q3 24 | 3.7% | 11.8% | ||
| Q2 24 | 6.7% | 8.0% | ||
| Q1 24 | 4.0% | 13.5% |
每股收益（稀释后）FDXPGR
| Q4 25 | $4.04 | $5.01 | ||
| Q3 25 | $3.46 | $4.45 | ||
| Q2 25 | $6.81 | $5.40 | ||
| Q1 25 | $3.76 | $4.37 | ||
| Q4 24 | $3.03 | $4.01 | ||
| Q3 24 | $3.21 | $3.97 | ||
| Q2 24 | $5.92 | $2.48 | ||
| Q1 24 | $3.51 | $3.94 |
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 | $10.0B |
| 总债务越低越好 | $20.3B | — |
| 股东权益账面价值 | $28.1B | $30.3B |
| 总资产 | $89.2B | $123.0B |
| 负债/权益比越低杠杆越低 | 0.72× | — |
8季度趋势，按日历期对齐
现金及短期投资FDXPGR
| Q4 25 | $6.6B | $10.0B | ||
| Q3 25 | $6.2B | $1.5B | ||
| Q2 25 | $5.5B | $2.1B | ||
| Q1 25 | $5.1B | $2.6B | ||
| Q4 24 | $5.0B | $615.0M | ||
| Q3 24 | $5.9B | $757.0M | ||
| Q2 24 | $6.5B | $733.0M | ||
| Q1 24 | $5.6B | $1.3B |
总债务FDXPGR
| Q4 25 | $20.3B | — | ||
| Q3 25 | $20.3B | — | ||
| Q2 25 | $19.2B | — | ||
| Q1 25 | $19.5B | — | ||
| Q4 24 | $19.4B | — | ||
| Q3 24 | $19.7B | — | ||
| Q2 24 | $20.1B | — | ||
| Q1 24 | $20.1B | — |
股东权益FDXPGR
| Q4 25 | $28.1B | $30.3B | ||
| Q3 25 | $27.8B | $35.4B | ||
| Q2 25 | $28.1B | $32.6B | ||
| Q1 25 | $26.7B | $29.0B | ||
| Q4 24 | $26.5B | $25.6B | ||
| Q3 24 | $27.2B | $27.2B | ||
| Q2 24 | $27.6B | $23.3B | ||
| Q1 24 | $26.4B | $21.8B |
总资产FDXPGR
| Q4 25 | $89.2B | $123.0B | ||
| Q3 25 | $88.4B | $121.5B | ||
| Q2 25 | $87.6B | $115.5B | ||
| Q1 25 | $85.0B | $111.4B | ||
| Q4 24 | $85.5B | $105.7B | ||
| Q3 24 | $86.7B | $105.2B | ||
| Q2 24 | $87.0B | $97.9B | ||
| Q1 24 | $86.1B | $94.1B |
负债/权益比FDXPGR
| Q4 25 | 0.72× | — | ||
| Q3 25 | 0.73× | — | ||
| Q2 25 | 0.68× | — | ||
| Q1 25 | 0.73× | — | ||
| Q4 24 | 0.73× | — | ||
| Q3 24 | 0.72× | — | ||
| Q2 24 | 0.73× | — | ||
| Q1 24 | 0.76× | — |
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 | $3.2B |
| 自由现金流经营现金流 - 资本支出 | $1.2B | $3.0B |
| 自由现金流率自由现金流/营收 | 5.1% | 13.4% |
| 资本支出强度资本支出/营收 | 3.2% | 0.5% |
| 现金转化率经营现金流/净利润 | 2.04× | 1.07× |
| 过去12个月自由现金流最近4个季度 | $4.3B | $17.2B |
8季度趋势，按日历期对齐
经营现金流FDXPGR
| Q4 25 | $2.0B | $3.2B | ||
| Q3 25 | $1.7B | $5.2B | ||
| Q2 25 | $2.5B | $4.0B | ||
| Q1 25 | $2.0B | $5.1B | ||
| Q4 24 | $1.3B | $3.0B | ||
| Q3 24 | $1.2B | $4.6B | ||
| Q2 24 | $2.7B | $3.3B | ||
| Q1 24 | $1.6B | $4.2B |
自由现金流FDXPGR
| Q4 25 | $1.2B | $3.0B | ||
| Q3 25 | $1.1B | $5.1B | ||
| Q2 25 | $1.0B | $3.9B | ||
| Q1 25 | $1.0B | $5.1B | ||
| Q4 24 | $500.0M | $2.9B | ||
| Q3 24 | $420.0M | $4.6B | ||
| Q2 24 | $1.5B | $3.2B | ||
| Q1 24 | $231.0M | $4.2B |
自由现金流率FDXPGR
| Q4 25 | 5.1% | 13.4% | ||
| Q3 25 | 4.9% | 22.8% | ||
| Q2 25 | 4.7% | 17.9% | ||
| Q1 25 | 4.6% | 24.9% | ||
| Q4 24 | 2.3% | 14.3% | ||
| Q3 24 | 1.9% | 23.1% | ||
| Q2 24 | 6.8% | 17.6% | ||
| Q1 24 | 1.1% | 24.3% |
资本支出强度FDXPGR
| Q4 25 | 3.2% | 0.5% | ||
| Q3 25 | 2.8% | 0.3% | ||
| Q2 25 | 6.6% | 0.5% | ||
| Q1 25 | 4.5% | 0.3% | ||
| Q4 24 | 3.7% | 0.5% | ||
| Q3 24 | 3.6% | 0.3% | ||
| Q2 24 | 5.4% | 0.4% | ||
| Q1 24 | 6.3% | 0.3% |
现金转化率FDXPGR
| Q4 25 | 2.04× | 1.07× | ||
| Q3 25 | 2.08× | 1.99× | ||
| Q2 25 | 1.53× | 1.27× | ||
| Q1 25 | 2.21× | 2.00× | ||
| Q4 24 | 1.78× | 1.28× | ||
| Q3 24 | 1.49× | 1.97× | ||
| Q2 24 | 1.83× | 2.24× | ||
| Q1 24 | 1.83× | 1.82× |
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% |
PGR
| Other | $11.9B | 52% |
| Commercial Lines Segment | $10.9B | 48% |
| Other Indemnity | $2.0M | 0% |
