Compare · FDX and UPS
FedEx vs. UPS
Revenue, growth, margins, cash flow and cash returned, side by side from each company's latest annual report.
Both deliver packages in the US and abroad. FedEx also includes FedEx Freight, a less-than-truckload business; UPS reports U.S. Domestic Package, International Package and Supply Chain Solutions. Below are the figures each one reported in its latest annual report (Form 10-K), side by side, with links to the filing behind every number. UPS's fiscal year ends on December 31 and FedEx's on May 31, so the two years overlap by seven months. Why fiscal years differ.
Comparing FedEx fiscal 2026 (ended May 31, 2026) with UPS fiscal 2025 (ended Dec 31, 2025)
FedExUPS
Each pair of bars shows both companies on one scale. Their fiscal years end on different dates, so the periods overlap but aren't identical.
Revenue and growth
| Company | Prior year | Latest year | Change |
|---|---|---|---|
| FedEx (FY2025 to FY2026) | $87.9B | $94.7B | +7.7% |
| UPS (FY2024 to FY2025) | $91.1B | $88.7B | −2.6% |
FedEx reports revenue: fees for express and ground package delivery, less-than-truckload freight and related services. UPS reports revenue: fees for delivering packages and freight in the US and abroad, plus logistics and forwarding services.
Margins
| Company | Revenue | Operating income | Operating margin | Net income | Net margin |
|---|---|---|---|---|---|
| FedEx FY2026 | $94.7B | $5.5B | 5.8% | $4.4B | 4.7% |
| UPS FY2025 | $88.7B | $7.9B | 8.9% | $5.6B | 6.3% |
Margin is the profit line divided by revenue, worked out by Ticker Sage from the linked figures. What profit margins measure.
Cash flow and cash returned
| Company | Cash from operations | Capital spending | Free cash flow | Buybacks | Dividends paid |
|---|---|---|---|---|---|
| FedEx FY2026 | $8.9B | $3.8B | $5.1B | $796M | $1.4B |
| UPS FY2025 | $8.4B | $3.7B | $4.8B | $1.0B | $5.4B |
Capital spending is the capital expenditures line for FedEx, and property and equipment for UPS, as each company labels it in the cash flow statement. Free cash flow isn't a GAAP line; Ticker Sage works it out the same way for both. How free cash flow works · How buybacks work · How dividends work.
How each one makes money
FedEx
Federal Express delivers express air and ground packages in the US and internationally. FedEx Freight moves less-than-truckload shipments, which fill part of a truck, mainly in North America.
Its fiscal year ends May 31.
UPS
U.S. Domestic Package delivers ground and air packages within the US. International Package delivers packages to, from and outside the US. Supply Chain Solutions provides forwarding, logistics and health care logistics.
Its fiscal year is the calendar year.
Main risks each one lists
FedEx
- Shipping volumes fall when industrial and consumer demand weakens.
- It competes with UPS, the US Postal Service, Amazon and others.
- Tariffs and trade policy affect international shipments.
- Jet fuel and diesel prices affect costs.
- Changes to its network may not save as much as planned.
UPS
- Package volumes fall when consumers and businesses spend less.
- It competes with FedEx, the US Postal Service, Amazon's own delivery network and others.
- Most US employees are unionized, so labor contracts drive costs.
- Changes in volume from its largest customers affect revenue and network use.
- Tariffs and trade policy affect international shipments.
How they differ
- Size. FedEx reported $94.7B of revenue for fiscal 2026, and UPS $88.7B for fiscal 2025.
- Growth. FedEx's revenue grew 7.7% in its latest year and UPS's fell 2.6%.
- Margins. UPS kept 6.3% of revenue as net income and FedEx 4.7%.
- Fiscal calendar. UPS's year ends in December, FedEx's in May, so news in one company's latest 10-K can be up to five months newer than in the other's.
- Freight and logistics. FedEx Freight moves less-than-truckload shipments, mainly in North America. UPS's Supply Chain Solutions provides forwarding and logistics, including health care logistics.
- Where the money goes. In the latest year UPS spent $1.0B on buybacks and $5.4B on dividends, and FedEx $796M and $1.4B.
Differences in size, growth or margin describe the past year only. None of this says which business will do better.
Sources
- FedEx Form 10-K for fiscal 2026, filed Jul 20, 2026
- UPS Form 10-K for fiscal 2025, filed Feb 17, 2026
FedEx company file → · UPS company file →
Common questions
Which is bigger by revenue, UPS or FedEx?
FedEx reported $94.7B of revenue for fiscal 2026 and UPS $88.7B for fiscal 2025. Their fiscal years end on different dates.
Do FedEx and UPS have the same fiscal year?
No. FedEx's fiscal year ends May 31; UPS uses the calendar year.
How do their profit margins compare?
In the latest fiscal year UPS's net margin was 6.3% and FedEx's was 4.7%, worked out from the net income and revenue in each 10-K.
Where do these numbers come from?
From each company's latest Form 10-K filed with the SEC. Every figure on this page links to the filing it came from.
Disclosures
- Editor holdings
- The editor holds no position in any company named on this page. As of Oct 25, 2026.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- Each company's own SEC filings, linked next to each number.
- Last updated
- Oct 26, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold any security, and it doesn't consider your situation.
More in Learn · Methodology & Disclosures explains where every number comes from.