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联邦快递（FDX）与联合太平洋（UNP）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联合太平洋的3.8倍（$23.5B vs $6.2B），联合太平洋净利率更高（27.4% vs 4.1%，领先23.3%），联邦快递同比增速更快（6.8% vs 3.2%），联邦快递自由现金流更多（$1.2B vs $631.0M），过去两年联邦快递的营收复合增速更高（3.9% vs 1.7%）
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。
联合太平洋是美国一级货运铁路运营商，共运营8300台机车，线路总长超5.18万公里，覆盖芝加哥、新奥尔良以西的23个美国州，是全美规模仅次于BNSF的第二大铁路企业。
FDX vs UNP — 直观对比
营收规模更大
FDX
是对方的3.8倍
$6.2B
营收增速更快
FDX
高出3.7%
3.2%
净利率更高
UNP
高出23.3%
4.1%
自由现金流更多
FDX
多$563.0M
$631.0M
两年增速更快
FDX
近两年复合增速
1.7%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $23.5B | $6.2B |
| 净利润 | $956.0M | $1.7B |
| 毛利率 | — | — |
| 营业利润率 | 5.9% | 39.5% |
| 净利率 | 4.1% | 27.4% |
| 营收同比 | 6.8% | 3.2% |
| 净利润同比 | 29.0% | 4.6% |
| 每股收益（稀释后） | $4.04 | $2.87 |
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FDXUNP
| 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 |
净利润FDXUNP
| 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 |
营业利润率FDXUNP
| 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% |
净利率FDXUNP
| 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% |
每股收益（稀释后）FDXUNP
| 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 |
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 | $735.0M |
| 总债务越低越好 | $20.3B | — |
| 股东权益账面价值 | $28.1B | — |
| 总资产 | $89.2B | $69.6B |
| 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FDXUNP
| 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 |
总债务FDXUNP
| 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 |
股东权益FDXUNP
| 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 |
总资产FDXUNP
| 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 |
负债/权益比FDXUNP
| 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× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $1.2B | $631.0M |
| 自由现金流率自由现金流/营收 | 5.1% | 10.1% |
| 资本支出强度资本支出/营收 | 3.2% | — |
| 现金转化率经营现金流/净利润 | 2.04× | — |
| 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FDXUNP
| 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 |
自由现金流FDXUNP
| 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 |
自由现金流率FDXUNP
| 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% |
资本支出强度FDXUNP
| 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% |
现金转化率FDXUNP
| 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× |
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% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
