FedEx
FDX · Air Freight & Logistics
$298.72
1.7%United Parcel Service
UPS · Air Freight & Logistics
$101.06
0.5%The short version
- FedEx is the larger business, with $94.7B of revenue in fiscal 2026 against $88.7B for United Parcel Service.
- FedEx grew revenue faster (7.7%, against −2.7%).
- United Parcel Service kept more of each dollar of sales as operating profit (8.9% operating margin, against 5.8% operating margin).
- United Parcel Service earned a higher return on the capital invested in it (18.4%, against 9.4%).
- Investors pay more for each dollar of United Parcel Service’s earnings: a P/E of 18.8x against 16.1x for FedEx.
| Latest fiscal year | FDX · FY26 | UPS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $71.4B | $86.0B |
| Revenue | $94.7B | $88.7B |
| Free cash flow | $5.1B | $4.8B |
| Net income | $4.4B | $5.6B |
| Growth | ||
| Revenue growth | 7.7% | −2.7% |
| 5-year growth | 2.4% | 0.9% |
| Share count change | −1.7% | −0.7% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 5.8% | 8.9% |
| Net margin | 4.7% | 6.3% |
| FCF margin | 5.4% | 5.4% |
| Return on capital | 9.4% | 18.4% |
| Return on equity | 14.9% | 33.8% |
| Balance sheet | ||
| Net debt | $13.9B | $18.5B |
| Net debt / EBITDA | 1.4x | 1.7x |
| Dividends and buybacks | $2.2B | $6.4B |
| Valuation & quality | ||
| P/E | 16.1x | 18.8x |
| Piotroski F-score | 7 | 5 |
FY17
FDX $60.3B
UPS $65.9B
FY18
FDX $65.5B
UPS $71.9B
FY19
FDX $69.7B
UPS $74.1B
FY20
FDX $69.2B
UPS $84.6B
FY21
FDX $84.0B
UPS $97.3B
FY22
FDX $93.5B
UPS $100.3B
FY23
FDX $90.2B
UPS $91.0B
FY24
FDX $87.7B
UPS $91.1B
FY25
FDX $87.9B
UPS $88.7B
FY26
FDX $94.7B
UPS —
FDX
UPS
FY17
FDX 7.6%
UPS 11.4%
FY18
FDX 6.5%
UPS 9.8%
FY19
FDX 6.4%
UPS 10.5%
FY20
FDX 3.5%
UPS 9.1%
FY21
FDX 7.0%
UPS 13.2%
FY22
FDX 6.7%
UPS 13.1%
FY23
FDX 5.5%
UPS 10.1%
FY24
FDX 6.3%
UPS 9.3%
FY25
FDX 5.9%
UPS 8.9%
FY26
FDX 5.8%
UPS —
FDX
UPS
FY17
FDX −$186M
UPS −$3.7B
FY18
FDX −$989M
UPS $6.4B
FY19
FDX $123M
UPS $2.3B
FY20
FDX −$771M
UPS $5.0B
FY21
FDX $4.3B
UPS $10.8B
FY22
FDX $3.1B
UPS $9.3B
FY23
FDX $2.7B
UPS $5.1B
FY24
FDX $3.1B
UPS $6.2B
FY25
FDX $3.0B
UPS $4.8B
FY26
FDX $5.1B
UPS —
FDX
UPS
FY17
FDX 11.7%
UPS 32.1%
FY18
FDX 14.3%
UPS 27.2%
FY19
FDX 11.2%
UPS 28.3%
FY20
FDX 5.4%
UPS 26.6%
FY21
FDX 12.5%
UPS 44.3%
FY22
FDX 12.8%
UPS 35.3%
FY23
FDX 9.3%
UPS 21.8%
FY24
FDX 10.2%
UPS 20.1%
FY25
FDX 9.2%
UPS 18.4%
FY26
FDX 9.4%
UPS —
FDX
UPS
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.