Delta Air Lines
DAL · Passenger Airlines
$76.78
3.1%FedEx
FDX · Air Freight & Logistics
$298.72
1.7%The short version
- FedEx is the larger business, with $94.7B of revenue in fiscal 2026 against $63.4B for Delta Air Lines.
- FedEx grew revenue faster (7.7%, against 2.8%).
- Delta Air Lines kept more of each dollar of sales as operating profit (9.2% operating margin, against 5.8% operating margin).
- Delta Air Lines turned more of its sales into free cash flow (6.1% FCF margin, against 5.4% FCF margin).
- Delta Air Lines earned a higher return on the capital invested in it (16.0%, against 9.4%).
- Investors pay more for each dollar of FedEx’s earnings: a P/E of 16.1x against 15.3x for Delta Air Lines.
| Latest fiscal year | DAL · FY25 | FDX · FY26 |
|---|---|---|
| Size | ||
| Market cap | $50.6B | $71.4B |
| Revenue | $63.4B | $94.7B |
| Free cash flow | $3.8B | $5.1B |
| Net income | $5.0B | $4.4B |
| Growth | ||
| Revenue growth | 2.8% | 7.7% |
| 5-year growth | 30.0% | 2.4% |
| Share count change | 0.9% | −1.7% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 9.2% | 5.8% |
| Net margin | 7.9% | 4.7% |
| FCF margin | 6.1% | 5.4% |
| Return on capital | 16.0% | 9.4% |
| Return on equity | 27.7% | 14.9% |
| Balance sheet | ||
| Net debt | $9.8B | $13.9B |
| Net debt / EBITDA | 1.2x | 1.4x |
| Dividends and buybacks | $440M | $2.2B |
| Valuation & quality | ||
| P/E | 15.3x | 16.1x |
| Piotroski F-score | 7 | 7 |
FY17
DAL $41.2B
FDX $60.3B
FY18
DAL $44.4B
FDX $65.5B
FY19
DAL $47.0B
FDX $69.7B
FY20
DAL $17.1B
FDX $69.2B
FY21
DAL $29.9B
FDX $84.0B
FY22
DAL $50.6B
FDX $93.5B
FY23
DAL $58.0B
FDX $90.2B
FY24
DAL $61.6B
FDX $87.7B
FY25
DAL $63.4B
FDX $87.9B
FY26
DAL —
FDX $94.7B
DAL
FDX
FY17
DAL 14.5%
FDX 7.6%
FY18
DAL 11.9%
FDX 6.5%
FY19
DAL 14.1%
FDX 6.4%
FY20
DAL −72.9%
FDX 3.5%
FY21
DAL 6.3%
FDX 7.0%
FY22
DAL 7.2%
FDX 6.7%
FY23
DAL 9.5%
FDX 5.5%
FY24
DAL 9.7%
FDX 6.3%
FY25
DAL 9.2%
FDX 5.9%
FY26
DAL —
FDX 5.8%
DAL
FDX
FY17
DAL $1.1B
FDX −$186M
FY18
DAL $1.8B
FDX −$989M
FY19
DAL $3.5B
FDX $123M
FY20
DAL −$5.7B
FDX −$771M
FY21
DAL $17.0M
FDX $4.3B
FY22
DAL −$3.0M
FDX $3.1B
FY23
DAL $1.1B
FDX $2.7B
FY24
DAL $2.9B
FDX $3.1B
FY25
DAL $3.8B
FDX $3.0B
FY26
DAL —
FDX $5.1B
DAL
FDX
FY17
DAL 20.8%
FDX 11.7%
FY18
DAL 20.1%
FDX 14.3%
FY19
DAL 22.5%
FDX 11.2%
FY20
DAL −49.0%
FDX 5.4%
FY21
DAL 7.4%
FDX 12.5%
FY22
DAL 11.9%
FDX 12.8%
FY23
DAL 18.0%
FDX 9.3%
FY24
DAL 16.0%
FDX 10.2%
FY25
DAL 16.0%
FDX 9.2%
FY26
DAL —
FDX 9.4%
DAL
FDX
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