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联邦快递（FDX）与高通（QCOM）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高通的1.9倍（$23.5B vs $12.3B），高通净利率更高（24.5% vs 4.1%，领先20.4%），联邦快递同比增速更快（6.8% vs 5.0%），高通自由现金流更多（$4.4B vs $1.2B），过去两年高通的营收复合增速更高（14.2% 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。
高通是总部位于美国加利福尼亚州圣迭戈、在特拉华州注册的跨国企业，主营无线技术相关的半导体、软件及服务业务，持有5G、4G、CDMA2000、TD-SCDMA、WCDMA等移动通信标准的核心专利，是全球无线通信领域的核心供应商。
FDX vs QCOM — 直观对比
营收规模更大
FDX
是对方的1.9倍
$12.3B
营收增速更快
FDX
高出1.8%
5.0%
净利率更高
QCOM
高出20.4%
4.1%
自由现金流更多
QCOM
多$3.2B
$1.2B
两年增速更快
QCOM
近两年复合增速
3.9%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $23.5B | $12.3B |
| 净利润 | $956.0M | $3.0B |
| 毛利率 | — | 54.6% |
| 营业利润率 | 5.9% | 27.5% |
| 净利率 | 4.1% | 24.5% |
| 营收同比 | 6.8% | 5.0% |
| 净利润同比 | 29.0% | -5.5% |
| 每股收益（稀释后） | $4.04 | $2.78 |
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FDXQCOM
| Q4 25 | $23.5B | $12.3B | ||
| Q3 25 | $22.2B | $11.3B | ||
| Q2 25 | $22.2B | $10.4B | ||
| Q1 25 | $22.2B | $11.0B | ||
| Q4 24 | $22.0B | $11.7B | ||
| Q3 24 | $21.6B | $10.2B | ||
| Q2 24 | $22.1B | $9.4B | ||
| Q1 24 | $21.7B | $9.4B |
净利润FDXQCOM
| Q4 25 | $956.0M | $3.0B | ||
| Q3 25 | $824.0M | $-3.1B | ||
| Q2 25 | $1.6B | $2.7B | ||
| Q1 25 | $909.0M | $2.8B | ||
| Q4 24 | $741.0M | $3.2B | ||
| Q3 24 | $794.0M | $2.9B | ||
| Q2 24 | $1.5B | $2.1B | ||
| Q1 24 | $879.0M | $2.3B |
毛利率FDXQCOM
| Q4 25 | — | 54.6% | ||
| Q3 25 | — | 55.3% | ||
| Q2 25 | — | 55.6% | ||
| Q1 25 | — | 55.0% | ||
| Q4 24 | — | 55.8% | ||
| Q3 24 | — | 56.4% | ||
| Q2 24 | — | 55.6% | ||
| Q1 24 | — | 56.3% |
营业利润率FDXQCOM
| Q4 25 | 5.9% | 27.5% | ||
| Q3 25 | 5.3% | 25.9% | ||
| Q2 25 | 8.1% | 26.6% | ||
| Q1 25 | 5.8% | 28.4% | ||
| Q4 24 | 4.8% | 30.5% | ||
| Q3 24 | 5.0% | 25.2% | ||
| Q2 24 | 7.0% | 23.6% | ||
| Q1 24 | 5.7% | 24.9% |
净利率FDXQCOM
| Q4 25 | 4.1% | 24.5% | ||
| Q3 25 | 3.7% | -27.7% | ||
| Q2 25 | 7.4% | 25.7% | ||
| Q1 25 | 4.1% | 25.6% | ||
| Q4 24 | 3.4% | 27.3% | ||
| Q3 24 | 3.7% | 28.5% | ||
| Q2 24 | 6.7% | 22.7% | ||
| Q1 24 | 4.0% | 24.8% |
每股收益（稀释后）FDXQCOM
| Q4 25 | $4.04 | $2.78 | ||
| Q3 25 | $3.46 | $-2.77 | ||
| Q2 25 | $6.81 | $2.43 | ||
| Q1 25 | $3.76 | $2.52 | ||
| Q4 24 | $3.03 | $2.83 | ||
| Q3 24 | $3.21 | $2.57 | ||
| Q2 24 | $5.92 | $1.88 | ||
| Q1 24 | $3.51 | $2.06 |
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 | $11.8B |
| 总债务越低越好 | $20.3B | $14.8B |
| 股东权益账面价值 | $28.1B | $23.1B |
| 总资产 | $89.2B | $53.0B |
| 负债/权益比越低杠杆越低 | 0.72× | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资FDXQCOM
| Q4 25 | $6.6B | $11.8B | ||
| Q3 25 | $6.2B | $10.2B | ||
| Q2 25 | $5.5B | $10.0B | ||
| Q1 25 | $5.1B | $13.8B | ||
| Q4 24 | $5.0B | $14.3B | ||
| Q3 24 | $5.9B | $13.3B | ||
| Q2 24 | $6.5B | $13.0B | ||
| Q1 24 | $5.6B | $13.9B |
总债务FDXQCOM
| Q4 25 | $20.3B | $14.8B | ||
| Q3 25 | $20.3B | $14.8B | ||
| Q2 25 | $19.2B | $14.8B | ||
| Q1 25 | $19.5B | $13.3B | ||
| Q4 24 | $19.4B | $13.2B | ||
| Q3 24 | $19.7B | $13.3B | ||
| Q2 24 | $20.1B | $13.2B | ||
| Q1 24 | $20.1B | $14.5B |
股东权益FDXQCOM
| Q4 25 | $28.1B | $23.1B | ||
| Q3 25 | $27.8B | $21.2B | ||
| Q2 25 | $28.1B | $27.2B | ||
| Q1 25 | $26.7B | $27.7B | ||
| Q4 24 | $26.5B | $26.9B | ||
| Q3 24 | $27.2B | $26.3B | ||
| Q2 24 | $27.6B | $24.7B | ||
| Q1 24 | $26.4B | $24.5B |
总资产FDXQCOM
| Q4 25 | $89.2B | $53.0B | ||
| Q3 25 | $88.4B | $50.1B | ||
| Q2 25 | $87.6B | $54.9B | ||
| Q1 25 | $85.0B | $55.4B | ||
| Q4 24 | $85.5B | $55.6B | ||
| Q3 24 | $86.7B | $55.2B | ||
| Q2 24 | $87.0B | $52.7B | ||
| Q1 24 | $86.1B | $53.2B |
负债/权益比FDXQCOM
| Q4 25 | 0.72× | 0.64× | ||
| Q3 25 | 0.73× | 0.70× | ||
| Q2 25 | 0.68× | 0.54× | ||
| Q1 25 | 0.73× | 0.48× | ||
| Q4 24 | 0.73× | 0.49× | ||
| Q3 24 | 0.72× | 0.51× | ||
| Q2 24 | 0.73× | 0.53× | ||
| Q1 24 | 0.76× | 0.59× |
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 | $5.0B |
| 自由现金流经营现金流 - 资本支出 | $1.2B | $4.4B |
| 自由现金流率自由现金流/营收 | 5.1% | 36.0% |
| 资本支出强度资本支出/营收 | 3.2% | 4.5% |
| 现金转化率经营现金流/净利润 | 2.04× | 1.65× |
| 过去12个月自由现金流最近4个季度 | $4.3B | $12.9B |
8季度趋势，按日历期对齐
经营现金流FDXQCOM
| Q4 25 | $2.0B | $5.0B | ||
| Q3 25 | $1.7B | $4.0B | ||
| Q2 25 | $2.5B | $2.9B | ||
| Q1 25 | $2.0B | $2.6B | ||
| Q4 24 | $1.3B | $4.6B | ||
| Q3 24 | $1.2B | $2.6B | ||
| Q2 24 | $2.7B | $3.1B | ||
| Q1 24 | $1.6B | $3.6B |
自由现金流FDXQCOM
| Q4 25 | $1.2B | $4.4B | ||
| Q3 25 | $1.1B | $3.6B | ||
| Q2 25 | $1.0B | $2.6B | ||
| Q1 25 | $1.0B | $2.3B | ||
| Q4 24 | $500.0M | $4.3B | ||
| Q3 24 | $420.0M | $2.4B | ||
| Q2 24 | $1.5B | $2.7B | ||
| Q1 24 | $231.0M | $3.4B |
自由现金流率FDXQCOM
| Q4 25 | 5.1% | 36.0% | ||
| Q3 25 | 4.9% | 31.8% | ||
| Q2 25 | 4.7% | 24.9% | ||
| Q1 25 | 4.6% | 21.3% | ||
| Q4 24 | 2.3% | 36.9% | ||
| Q3 24 | 1.9% | 23.3% | ||
| Q2 24 | 6.8% | 28.4% | ||
| Q1 24 | 1.1% | 35.9% |
资本支出强度FDXQCOM
| Q4 25 | 3.2% | 4.5% | ||
| Q3 25 | 2.8% | 3.6% | ||
| Q2 25 | 6.6% | 2.8% | ||
| Q1 25 | 4.5% | 1.9% | ||
| Q4 24 | 3.7% | 2.4% | ||
| Q3 24 | 3.6% | 2.5% | ||
| Q2 24 | 5.4% | 4.1% | ||
| Q1 24 | 6.3% | 2.0% |
现金转化率FDXQCOM
| Q4 25 | 2.04× | 1.65× | ||
| Q3 25 | 2.08× | — | ||
| Q2 25 | 1.53× | 1.08× | ||
| Q1 25 | 2.21× | 0.91× | ||
| Q4 24 | 1.78× | 1.44× | ||
| Q3 24 | 1.49× | 0.91× | ||
| Q2 24 | 1.83× | 1.43× | ||
| Q1 24 | 1.83× | 1.53× |
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% |
QCOM
| Handsets | $7.8B | 64% |
| Io T | $1.7B | 14% |
| Qtl | $1.6B | 13% |
| Automotive | $1.1B | 9% |
