FedEx vs Volkswagen: Revenue, Profit and Business Model
FedEx reported $94.7B of revenue in FY2026 and $4.4B of net income. Volkswagen reported ~$363.8B of revenue in FY2025 and ~$7.5B of net income.
Latest financial snapshot
FedEx
- Latest revenue
- $94.7B (FY2026)
- Net income
- $4.4B
- Net margin
- 4.7%
- Revenue growth
- +5.1% a year, FY2017–FY2026
Volkswagen
- Latest revenue
- ~$363.8B (FY2025)
- Net income
- ~$7.5B
- Net margin
- 2.1%
- Revenue growth
- +6.5% a year, FY2021–FY2025
Financial summary
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.
Volkswagen
Volkswagen Group reported ~$364 billion (EUR 321.9 billion) in 2025 sales revenue, slightly below ~$367 billion (EUR 324.7 billion) in 2024, and an operating result of ~$10.1 billion (EUR 8.9 billion), a 2.8% margin. Earnings were held down by U.S. tariffs, restructuring provisions, the cost of Porsche's product strategy change, and weaker results from the Chinese joint ventures. Deliveries were broadly stable at 8.984 million vehicles. The December 2024 agreement with IG Metall for the Volkswagen brand in Germany avoids compulsory redundancies but plans to cut more than 35,000 jobs by 2030 through attrition and early retirement, and to reduce German plant capacity. In the first half of 2026 sales revenue was about $179 billion (EUR 158.1 billion), roughly flat, while the operating result fell 11.6% to about $6.67 billion (EUR 5.9 billion) (3.8% margin). In September 2026 Volkswagen cut its full-year forecast to about $356 billion (EUR 315 billion) in sales revenue and an operating margin of up to 1%, citing China, a faster shift to EVs, a roughly $6.78 billion (EUR 6 billion) goodwill impairment on the Porsche segment, and extra restructuring and China impairments.
Revenue and profit by year
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 |
Volkswagen
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$363.8B | ~$7.5B | 2.1% | -0.8% | Source |
| FY2024 | ~$366.9B | ~$12.1B | 3.3% | +0.7% | Source |
| FY2023 | ~$364.2B | ~$18B | 4.9% | +15.5% | Source |
| FY2022 | ~$315.3B | ~$16.8B | 5.3% | +11.5% | Source |
| FY2021 | ~$282.7B | ~$16.8B | 5.9% | — | Source |
Where the revenue comes from
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.
Volkswagen
- Passenger vehicle sales
- Premium and luxury vehicle sales
- Commercial vehicles
- Parts and aftersales
- Financial services
- Leasing and fleet services
- Software and mobility services
Business model and strategy
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.
Volkswagen
How it makes money
Volkswagen earns most of its revenue by selling new cars, vans, trucks and buses through brand groups: Core (Volkswagen, Skoda, SEAT/CUPRA, Volkswagen Commercial Vehicles), Progressive (Audi, Bentley, Lamborghini, Ducati), Sport Luxury (Porsche) and TRATON (Scania, MAN, International, Volkswagen Truck & Bus).
Growth strategy
Volkswagen's growth strategy centers on cost reduction, platform simplification, brand accountability, premium profitability, China-specific EV development, battery and software investment, hybrid and combustion optimization where demand remains strong, and selective partnerships such as Rivian and XPeng.
Competitive advantage
Volkswagen's advantage is industrial scale plus brand breadth. Few competitors can cover entry-level European cars, global volume SUVs, Audi premium vehicles, Porsche sports cars, Lamborghini supercars, Bentley luxury cars, Ducati motorcycles, Scania and MAN trucks, and a major financial services arm. The purchasing leverage and installed dealer base are hard to replicate.
Questions about FedEx vs Volkswagen
Which company has higher revenue — FedEx Corporation or Volkswagen Aktiengesellschaft?
FedEx Corporation reported $94.7B (FY2026), while Volkswagen Aktiengesellschaft reported ~$363.8B (FY2025). By last reported revenue, Volkswagen Aktiengesellschaft is the larger business, with FedEx Corporation 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 FedEx Corporation vs Volkswagen Aktiengesellschaft?
FedEx Corporation's market capitalisation stands at $73.0B, while Volkswagen Aktiengesellschaft's is $35.5B. FedEx Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Volkswagen Aktiengesellschaft.
Which is more financially efficient — FedEx Corporation or Volkswagen Aktiengesellschaft?
FedEx Corporation generates $179k / employee in revenue per employee, while Volkswagen Aktiengesellschaft generates $549k / employee. Volkswagen Aktiengesellschaft 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 FedEx Corporation and Volkswagen Aktiengesellschaft make money?
FedEx Corporation and Volkswagen Aktiengesellschaft generate revenue in fundamentally different ways. 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. Volkswagen Aktiengesellschaft: Volkswagen earns most of its revenue by selling new cars, vans, trucks and buses through brand groups: Core (Volkswagen, Skoda, SEAT/CUPRA, Volkswagen Commercial Vehicles), Progressive (Audi, Bentley, Lamborghini, Ducati), Sport Luxury (Porsche) and TRATON (Scania, MAN, International, Volkswagen Truck & Bus).
Which company is valued higher relative to revenue — FedEx Corporation or Volkswagen Aktiengesellschaft?
On a price-to-sales (P/S) basis, FedEx Corporation trades at 0.8x P/S and Volkswagen Aktiengesellschaft at 0.1x P/S. FedEx Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Volkswagen Aktiengesellschaft. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is FedEx Corporation bigger than Volkswagen Aktiengesellschaft?
By last reported revenue, Volkswagen Aktiengesellschaft (~$363.8B (FY2025)) is the larger company compared to FedEx Corporation ($94.7B (FY2026)). 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 FedEx vs Volkswagen overview