FDXFedEx

Industrials · Air Freight & Delivery · NYSE

FedEx Corporation (“FedEx”) was incorporated in Delaware on October 2, 1997 to serve as the parent holding company and provide strategic direction to the FedEx portfolio of companies. 10-K, Item 1

Employees: 12,000
Headquarters: Memphis, TN
CEO: Rajesh Subramaniam
Next results: around Dec 17, 2026

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FDX and 9 peers, year by year

The 9 Industrials companies closest to FDX in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
FDX FedEx	FY2026	$94.7B	+7.7%	-	5.8%	4.7%	5.4%	14.0%	0.76
RTX RTX Corporation	FY2025	$88.6B	+9.7%	-	10.5%	7.6%	9.0%	10.3%	0.58
BA Boeing	FY2025	$89.5B	+34.5%	4.8%	4.8%	2.5%	−2.1%	41.0%	11.42
UPS United Parcel Service	FY2025	$88.7B	−2.6%	-	8.9%	6.3%	5.4%	34.3%	1.49
LMT Lockheed Martin	FY2025	$75.0B	+5.6%	10.2%	10.3%	6.7%	9.2%	74.6%	3.23
CAT Caterpillar Inc.	FY2025	$67.6B	+4.3%	-	16.5%	13.1%	13.2%	41.7%	1.70
DAL Delta Air Lines	FY2025	$63.4B	+2.8%	-	9.2%	7.9%	6.1%	24.0%	0.64
UAL United Airlines Holdings	FY2025	$59.1B	+3.5%	-	8.0%	5.7%	4.3%	21.9%	1.61
UBER Uber	FY2025	$52.0B	+18.3%	-	10.7%	19.3%	18.8%	37.2%	0.39
GD General Dynamics	FY2025	$52.5B	+10.1%	-	10.2%	8.0%	7.5%	16.4%	0.35

Revenuepeer median $67.6B

Sales growthpeer median +5.6%

Gross margin

LMT 10.2%
BA 4.8%
FDX -
RTX -
UPS -
CAT -
DAL -
UAL -
UBER -
GD -

Operating marginpeer median 10.2%

Net marginpeer median 7.6%

UBER 19.3%
CAT 13.1%
GD 8.0%
DAL 7.9%
RTX 7.6%
LMT 6.7%
UPS 6.3%
UAL 5.7%
FDX 4.7%
BA 2.5%

FCF marginpeer median 7.5%

Return on equitypeer median 34.3%

Debt / equitypeer median 1.49

BA 11.42
LMT 3.23
CAT 1.70
UAL 1.61
UPS 1.49
FDX 0.76
DAL 0.64
RTX 0.58
UBER 0.39
GD 0.35

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2017 to FY2026

Revenue as reported in the 10-K.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
FDX May	$60.3B	$65.5B	$69.7B	$69.2B	$84.0B	$93.5B	$90.2B	$87.7B	$87.9B	$94.7B
RTX Dec	$59.8B	$34.7B	$45.3B	$56.6B	$64.4B	$67.1B	$68.9B	$80.7B	$88.6B	-
BA Dec	$94.0B	$101.1B	$76.6B	$58.2B	$62.3B	$66.6B	$77.8B	$66.5B	$89.5B	-
UPS Dec	$66.6B	$71.9B	$74.1B	$84.6B	$97.3B	$100.3B	$91.0B	$91.1B	$88.7B	-
LMT Dec	$51.0B	$53.8B	$59.8B	$65.4B	$67.0B	$66.0B	$67.6B	$71.0B	$75.0B	-
CAT Dec	$45.5B	$54.7B	$53.8B	$41.7B	$51.0B	$59.4B	$67.1B	$64.8B	$67.6B	-
DAL Dec	$41.2B	$44.4B	$47.0B	$17.1B	$29.9B	$50.6B	$58.0B	$61.6B	$63.4B	-
UAL Dec	$37.8B	$41.3B	$43.3B	$15.4B	$24.6B	$45.0B	$53.7B	$57.1B	$59.1B	-
UBER Dec	$7.9B	$10.4B	$13.0B	$11.1B	$17.5B	$31.9B	$37.3B	$44.0B	$52.0B	-
GD Dec	$31.0B	$36.2B	$39.4B	$37.9B	$38.5B	$39.4B	$42.3B	$47.7B	$52.5B	-
Peer median	$45.5B	$44.4B	$47.0B	$41.7B	$51.0B	$59.4B	$67.1B	$64.8B	$67.6B	-

Sales growth, FY2017 to FY2026

Revenue against the fiscal year before.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
FDX May	+19.8%	+8.5%	+6.5%	−0.7%	+21.3%	+11.4%	−3.6%	−2.7%	+0.3%	+7.7%
RTX Dec	+4.5%	+11.1%	+30.7%	+24.8%	+13.8%	+4.2%	+2.8%	+17.1%	+9.7%	-
BA Dec	+0.5%	+7.6%	−24.3%	−24.0%	+7.1%	+6.9%	+16.8%	−14.5%	+34.5%	-
UPS Dec	+8.1%	+7.9%	+3.1%	+14.2%	+15.0%	+3.1%	−9.3%	+0.1%	−2.6%	-
LMT Dec	+5.6%	+7.6%	+11.3%	+9.3%	+2.5%	−1.6%	+2.4%	+5.1%	+5.6%	-
CAT Dec	+18.0%	+20.4%	−1.7%	−22.4%	+22.1%	+16.6%	+12.8%	−3.4%	+4.3%	-
DAL Dec	+4.3%	+8.0%	+5.8%	−63.6%	+74.9%	+69.2%	+14.8%	+6.2%	+2.8%	-
UAL Dec	+3.4%	+9.3%	+4.7%	−64.5%	+60.4%	+82.5%	+19.5%	+6.2%	+3.5%	-
UBER Dec	-	+42.1%	+24.6%	−14.3%	+56.7%	+82.6%	+17.0%	+18.0%	+18.3%	-
GD Dec	+1.3%	+16.9%	+8.7%	−3.6%	+1.4%	+2.4%	+7.3%	+12.9%	+10.1%	-
Peer median	+4.4%	+9.3%	+5.8%	−14.3%	+15.0%	+6.9%	+12.8%	+6.2%	+5.6%	-

Gross margin, FY2017 to FY2026

Gross profit / revenue.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
FDX May	-	-	-	-	-	-	-	-	-	-
RTX Dec	-	-	-	-	-	-	-	-	-	-
BA Dec	18.5%	19.4%	5.8%	−9.8%	4.9%	5.3%	9.9%	−3.0%	4.8%	-
UPS Dec	-	-	-	-	-	-	-	-	-	-
LMT Dec	12.5%	13.5%	14.0%	13.2%	13.5%	12.6%	12.5%	9.8%	10.2%	-
CAT Dec	-	-	-	-	-	-	-	-	-	-
DAL Dec	-	-	-	-	-	-	-	-	-	-
UAL Dec	-	-	-	-	-	-	-	-	-	-
UBER Dec	-	-	-	-	-	-	-	-	-	-
GD Dec	-	-	-	-	-	-	-	-	-	-
Peer median	-	-	-	-	-	-	-	-	-	-

Operating margin, FY2017 to FY2026

Operating income / revenue.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
FDX May	7.6%	6.5%	6.4%	3.5%	7.0%	6.7%	5.4%	6.3%	5.9%	5.8%
RTX Dec	13.6%	8.3%	10.8%	−3.3%	8.0%	8.2%	5.2%	8.1%	10.5%	-
BA Dec	11.0%	11.9%	−2.6%	−22.0%	−4.6%	−5.3%	−1.0%	−16.1%	4.8%	-
UPS Dec	11.3%	9.8%	10.5%	9.1%	13.2%	13.0%	10.0%	9.3%	8.9%	-
LMT Dec	13.2%	13.6%	14.3%	13.2%	13.6%	12.7%	12.6%	9.9%	10.3%	-
CAT Dec	9.8%	15.2%	15.4%	10.9%	13.5%	13.3%	19.3%	20.2%	16.5%	-
DAL Dec	14.5%	11.8%	14.1%	−72.9%	6.3%	7.2%	9.5%	9.7%	9.2%	-
UAL Dec	9.6%	7.8%	9.9%	−41.4%	−4.1%	5.2%	7.8%	8.9%	8.0%	-
UBER Dec	−51.4%	−29.1%	−66.1%	−43.7%	−22.0%	−5.7%	3.0%	6.4%	10.7%	-
GD Dec	13.7%	12.1%	11.6%	10.9%	10.8%	10.7%	10.0%	10.1%	10.2%	-
Peer median	11.3%	11.8%	10.8%	−3.3%	8.0%	8.2%	9.5%	9.3%	10.2%	-

Net margin, FY2017 to FY2026

Net income / revenue.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
FDX May	5.0%	7.0%	0.8%	1.9%	6.2%	4.1%	4.4%	4.9%	4.7%	4.7%
RTX Dec	7.6%	15.2%	12.2%	−6.2%	6.0%	7.7%	4.6%	5.9%	7.6%	-
BA Dec	9.0%	10.3%	−0.8%	−20.4%	−6.7%	−7.4%	−2.9%	−17.8%	2.5%	-
UPS Dec	7.4%	6.7%	6.0%	1.6%	13.2%	11.5%	7.4%	6.3%	6.3%	-
LMT Dec	3.8%	9.4%	10.4%	10.4%	9.4%	8.7%	10.2%	7.5%	6.7%	-
CAT Dec	1.7%	11.2%	11.3%	7.2%	12.7%	11.3%	15.4%	16.7%	13.1%	-
DAL Dec	7.8%	8.9%	10.1%	−72.4%	0.9%	2.6%	7.9%	5.6%	7.9%	-
UAL Dec	5.7%	5.1%	7.0%	−46.0%	−8.0%	1.6%	4.9%	5.5%	5.7%	-
UBER Dec	−50.8%	9.6%	−65.4%	−60.8%	−2.8%	−28.7%	5.1%	22.4%	19.3%	-
GD Dec	9.4%	9.2%	8.9%	8.4%	8.5%	8.6%	7.8%	7.9%	8.0%	-
Peer median	7.4%	9.4%	8.9%	−6.2%	6.0%	7.7%	7.4%	6.3%	7.6%	-

Free cash flow, FY2017 to FY2026

Cash from operations minus capital spending.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
FDX May	−$186.0M	−$989.0M	$123.0M	−$771.0M	$4.3B	$3.1B	$2.7B	$3.1B	$3.0B	$5.1B
RTX Dec	$3.6B	$1.2B	$4.0B	$2.5B	$5.0B	$4.9B	$5.5B	$4.5B	$7.9B	-
BA Dec	$11.6B	$13.6B	−$4.3B	−$19.7B	−$4.4B	$2.3B	$4.4B	−$14.3B	−$1.9B	-
UPS Dec	−$3.7B	$6.4B	$2.3B	$5.0B	$10.8B	$9.3B	$5.1B	$6.2B	$4.8B	-
LMT Dec	$5.3B	$1.9B	$5.8B	$6.4B	$7.7B	$6.1B	$6.2B	$5.3B	$6.9B	-
CAT Dec	$4.8B	$5.3B	$5.9B	$5.3B	$6.1B	$6.5B	$11.3B	$10.0B	$8.9B	-
DAL Dec	$1.1B	$1.8B	$3.5B	−$5.7B	$17.0M	−$3.0M	$1.1B	$2.9B	$3.8B	-
UAL Dec	−$396.0M	$2.1B	$2.4B	−$5.9B	−$40.0M	$1.2B	−$260.0M	$3.8B	$2.6B	-
UBER Dec	−$2.2B	−$2.1B	−$4.9B	−$3.4B	−$743.0M	$390.0M	$3.4B	$6.9B	$9.8B	-
GD Dec	$3.4B	$2.5B	$2.0B	$2.9B	$3.4B	$3.5B	$3.8B	$3.2B	$4.0B	-
Peer median	$3.4B	$2.1B	$2.4B	$2.5B	$3.4B	$3.5B	$4.4B	$4.5B	$4.8B	-

FCF margin, FY2017 to FY2026

Free cash flow / revenue.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
FDX May	−0.3%	−1.5%	0.2%	−1.1%	5.1%	3.3%	3.0%	3.6%	3.4%	5.4%
RTX Dec	6.0%	3.5%	8.7%	4.5%	7.8%	7.3%	7.9%	5.6%	9.0%	-
BA Dec	12.3%	13.4%	−5.6%	−33.9%	−7.1%	3.4%	5.7%	−21.5%	−2.1%	-
UPS Dec	−5.6%	8.9%	3.0%	6.0%	11.1%	9.3%	5.6%	6.8%	5.4%	-
LMT Dec	10.4%	3.5%	9.7%	9.8%	11.5%	9.3%	9.2%	7.4%	9.2%	-
CAT Dec	10.6%	9.7%	10.9%	12.8%	12.0%	10.9%	16.8%	15.5%	13.2%	-
DAL Dec	2.7%	4.2%	7.4%	−33.3%	0.1%	0.0%	2.0%	4.7%	6.1%	-
UAL Dec	−1.0%	5.1%	5.5%	−38.2%	−0.2%	2.8%	−0.5%	6.7%	4.3%	-
UBER Dec	−28.2%	−20.1%	−37.8%	−30.2%	−4.3%	1.2%	9.0%	15.7%	18.8%	-
GD Dec	11.1%	6.8%	5.1%	7.6%	8.8%	8.8%	9.0%	6.7%	7.5%	-
Peer median	6.0%	5.1%	5.5%	4.5%	7.8%	7.3%	7.9%	6.7%	7.5%	-

Return on equity, FY2017 to FY2026

Net income / shareholders' equity at the year end.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
FDX May	18.6%	23.5%	3.0%	7.0%	21.6%	15.3%	15.2%	15.7%	14.6%	14.0%
RTX Dec	15.4%	13.7%	13.3%	−4.9%	5.3%	7.2%	5.3%	7.9%	10.3%	-
BA Dec	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	41.0%	-
UPS Dec	n/m	158.6%	135.9%	n/m	90.4%	58.4%	38.8%	34.6%	34.3%	-
LMT Dec	n/m	n/m	199.2%	113.6%	57.6%	61.9%	101.2%	84.3%	74.6%	-
CAT Dec	5.5%	43.7%	41.7%	19.5%	39.3%	42.2%	53.0%	55.4%	41.7%	-
DAL Dec	25.6%	28.7%	31.0%	n/m	7.2%	20.0%	41.5%	22.6%	24.0%	-
UAL Dec	24.4%	21.1%	26.1%	−118.6%	−39.1%	10.7%	28.1%	24.8%	21.9%	-
UBER Dec	n/m	n/m	−59.9%	−55.2%	−3.4%	−124.5%	16.8%	45.7%	37.2%	-
GD Dec	24.7%	27.6%	24.9%	20.2%	18.5%	18.3%	15.6%	17.1%	16.4%	-
Peer median	24.4%	28.2%	28.6%	7.3%	12.8%	19.1%	33.4%	29.7%	34.3%	-

Debt / equity, FY2017 to FY2026

Total debt / shareholders' equity at the year end.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
FDX May	0.93	0.85	0.99	1.18	0.80	0.79	0.76	0.72	0.71	0.76
RTX Dec	0.93	1.17	0.98	0.44	0.43	0.44	0.73	0.68	0.58	-
BA Dec	6.27	n/m	n/m	n/m	n/m	n/m	n/m	n/m	11.42	-
UPS Dec	n/m	7.40	8.67	n/m	1.52	0.98	1.46	1.37	1.49	-
LMT Dec	n/m	10.55	4.05	2.02	1.07	1.68	2.55	3.20	3.23	-
CAT Dec	2.08	2.18	2.15	1.82	1.90	1.99	1.49	1.63	1.70	-
DAL Dec	0.67	0.68	0.66	18.24	6.45	3.25	1.68	1.00	0.64	-
UAL Dec	1.51	1.34	1.26	4.49	6.63	4.52	3.37	2.22	1.61	-
UBER Dec	-	n/m	0.41	0.65	0.65	1.28	0.85	0.44	0.39	-
GD Dec	0.34	1.11	1.07	1.03	0.71	0.64	0.46	0.47	0.35	-
Peer median	1.22	1.34	1.16	1.82	1.29	1.48	1.48	1.19	1.49	-

EPS (diluted), FY2017 to FY2026

Diluted earnings per share, on today's share count after splits.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
FDX May	$11.07	$16.79	$2.03	$4.90	$19.45	$14.33	$15.48	$17.21	$16.81	$18.55
RTX Dec	$5.70	$6.50	$6.41	−$2.59	$2.56	$3.50	$2.23	$3.55	$4.96	-
BA Dec	$13.85	$17.85	−$1.12	−$20.88	−$7.15	−$8.30	−$3.67	−$18.36	$2.48	-
UPS Dec	$5.61	$5.51	$5.11	$1.54	$14.68	$13.20	$7.80	$6.75	$6.56	-
LMT Dec	$6.75	$17.59	$21.95	$24.30	$22.76	$21.66	$27.55	$22.31	$21.49	-
CAT Dec	$1.26	$10.26	$10.74	$5.46	$11.83	$12.64	$20.12	$22.05	$18.81	-
DAL Dec	$4.43	$5.67	$7.30	−$19.49	$0.44	$2.06	$7.17	$5.33	$7.66	-
UAL Dec	$7.06	$7.67	$11.58	−$25.30	−$6.10	$2.23	$7.89	$9.45	$10.20	-
UBER Dec	−$9.46	$0.00	−$6.81	−$3.86	−$0.29	−$4.65	$0.87	$4.56	$4.73	-
GD Dec	$9.56	$11.18	$11.98	$11.00	$11.55	$12.19	$12.02	$13.63	$15.45	-
Peer median	$5.70	$7.67	$7.30	−$2.59	$2.56	$3.50	$7.80	$6.75	$7.66	-

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out FDX and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

Work on FDX in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/FDX/export.csv") into a cell.