Burlington vs FedEx: Revenue, Profit and Business Model
Burlington reported $11.6B of revenue in FY2025 and $610.2M of net income. FedEx reported $94.7B of revenue in FY2026 and $4.4B of net income.
Latest financial snapshot
Burlington
- Latest revenue
- $11.6B (FY2025)
- Net income
- $610.2M
- Net margin
- 5.3%
- Revenue growth
- +8.4% a year, FY2016–FY2025
FedEx
- Latest revenue
- $94.7B (FY2026)
- Net income
- $4.4B
- Net margin
- 4.7%
- Revenue growth
- +5.1% a year, FY2017–FY2026
Financial summary
Burlington
Burlington's total revenue roughly doubled from $5.59 billion in fiscal 2016 to $11.57 billion in fiscal 2025. The exception was fiscal 2020, when pandemic store closures cut revenue to $5.76 billion and produced a $216.5 million net loss. Profit has since grown faster than sales: net income went from $230.1 million in fiscal 2022 to $339.6 million, $503.6 million and $610.2 million over the next three years. Heavy store investment limits free cash flow, which was about $172 million in fiscal 2025 after roughly $1.06 billion of capital spending. In the second quarter of fiscal 2026 (to August 1, 2026), total sales rose 11 percent to $2.998 billion and net income was $184 million, including a $41 million after-tax benefit from tariff refunds. The company raised its full-year adjusted EPS guidance to $11.77 to $11.97.
FedEx
FedEx's FY2026 results showed steady growth on a lower cost base. Revenue rose to $94.7 billion and GAAP operating income to $5.46 billion (5.8% margin; 7.0% adjusted). The company said it beat its goal of $1 billion in transformation savings for the year, and capital spending fell 6% to $3.8 billion, or 4.0% of revenue, the lowest ratio in its history. Fourth-quarter revenue was $25.0 billion with adjusted EPS of $6.31. Spin-off costs of $2.46 per share and business optimization costs of $1.19 per share explain most of the gap between GAAP and adjusted earnings.
Revenue and profit by year
Burlington
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $11.6B | $610.2M | 5.3% | +8.8% | Source |
| FY2024 | $10.6B | $503.6M | 4.7% | +9.3% | Source |
| FY2023 | $9.7B | $339.6M | 3.5% | +11.8% | Source |
| FY2022 | $8.7B | $230.1M | 2.6% | -6.6% | Source |
| FY2021 | $9.3B | $408.8M | 4.4% | +61.7% | Source |
| FY2020 | $5.8B | -$216.5M | -3.8% | -20.9% | Source |
| FY2019 | $7.3B | $465.1M | 6.4% | +9.3% | Source |
| FY2018 | $6.7B | $414.7M | 6.2% | +9.1% | Source |
| FY2017 | $6.1B | $384.9M | 6.3% | +9.3% | Source |
| FY2016 | $5.6B | $215.9M | 3.9% | — | Source |
FedEx
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $94.7B | $4.4B | 4.7% | +7.7% | Source |
| FY2025 | $87.9B | $4.1B | 4.7% | +0.3% | Source |
| FY2024 | $87.7B | $4.3B | 4.9% | -2.7% | Source |
| FY2023 | $90.2B | $4B | 4.4% | -3.6% | Source |
| FY2022 | $93.5B | $3.8B | 4.1% | +11.4% | Source |
| FY2021 | $84B | $5.2B | 6.2% | +21.3% | Source |
| FY2020 | $69.2B | $1.3B | 1.9% | -0.7% | Source |
| FY2019 | $69.7B | $540M | 0.8% | +6.5% | Source |
| FY2018 | $65.5B | $4.6B | 7.0% | +8.5% | Source |
| FY2017 | $60.3B | $3B | 5.0% | — | Source |
Where the revenue comes from
Burlington
- In-store net sales99.85%
Net sales of $11.55B in fiscal 2025 from merchandise sold in Burlington stores. There has been no e-commerce channel since March 2020.
- Other revenue0.15%
About $17.3M in fiscal 2025 from sources such as rental income and service fees.
FedEx
- Package Delivery and Express Services
Largest stream
Domestic and international parcel delivery through the integrated Federal Express air-ground network.
- Fuel Surcharges and Yield Management
Variable stream
Pricing mechanisms tied to fuel, shipment mix, base yields, and service levels.
- Logistics, Customs, and Technology Services
Supporting stream
Brokerage, supply-chain management, e-commerce enablement, tracking, and customer technology services.
Business model and strategy
Burlington
How it makes money
Burlington makes nearly all of its money from merchandise sold in its stores. Net sales were $11.55 billion of its $11.57 billion fiscal 2025 total revenue; the remaining $17 million of other revenue comes from sources such as rental income and service fees.
Growth strategy
Burlington grows mainly by opening stores. It added 178 gross and 149 net new stores in the 12 months to August 1, 2026, and plans about 115 net openings in fiscal 2026. New stores use a smaller prototype of about 25,000 square feet instead of the very large boxes of the Coat Factory era, which lowers rent and labor per store.
Competitive advantage
Burlington's edge is cost and flexibility. Because it does not commit to full seasonal assortments months ahead, its buyers can take excess branded inventory when it becomes available and price it below department stores. Selling only in stores, with no e-commerce since March 2020, keeps parcel shipping and online returns out of the cost base.
FedEx
How it makes money
FedEx earns money by charging shippers to move parcels and freight through a high-fixed-cost network of aircraft, hubs, sort facilities, and delivery routes. Prices depend on weight, dimensions, distance, and speed (overnight, two-day, ground, international priority or economy), plus fuel, residential, and peak surcharges that are updated weekly or seasonally.
Growth strategy
FedEx's growth plan has three parts: lower cost to serve by merging Express and Ground routes and facilities under Network 2.0, shrink and modernize the air fleet to match demand, and push into higher-yield segments such as healthcare cold chain, B2B shipping, small and mid-sized business customers, and cross-border e-commerce.
Competitive advantage
FedEx's moat is physical scale that is very hard to copy: one of the world's largest cargo airlines, the Memphis World Hub that sorts packages overnight, and pickup and delivery coverage in more than 220 countries and territories.
Questions about Burlington vs FedEx
Which company has higher revenue — Burlington Stores, Inc. or FedEx Corporation?
Burlington Stores, Inc. reported $11.6B (FY2025), while FedEx Corporation reported $94.7B (FY2026). By last reported revenue, FedEx Corporation is the larger business, with Burlington Stores, Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Burlington Stores, Inc. vs FedEx Corporation?
Burlington Stores, Inc.'s market capitalisation stands at $16.8B, while FedEx Corporation's is $73.0B. FedEx Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Burlington Stores, Inc..
Which is more financially efficient — Burlington Stores, Inc. or FedEx Corporation?
Burlington Stores, Inc. generates $139k / employee in revenue per employee, while FedEx Corporation generates $179k / employee. FedEx Corporation shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Burlington Stores, Inc. and FedEx Corporation make money?
Burlington Stores, Inc. and FedEx Corporation generate revenue in fundamentally different ways. Burlington Stores, Inc.: Burlington makes nearly all of its money from merchandise sold in its stores. FedEx Corporation: FedEx earns money by charging shippers to move parcels and freight through a high-fixed-cost network of aircraft, hubs, sort facilities, and delivery routes.
Which company is valued higher relative to revenue — Burlington Stores, Inc. or FedEx Corporation?
On a price-to-sales (P/S) basis, Burlington Stores, Inc. trades at 1.5x P/S and FedEx Corporation at 0.8x P/S. Burlington Stores, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to FedEx Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Burlington Stores, Inc. bigger than FedEx Corporation?
By last reported revenue, FedEx Corporation ($94.7B (FY2026)) is the larger company compared to Burlington Stores, Inc. ($11.6B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Burlington vs FedEx overview