Updated April 2026 · SEC DEF 14A data
FedEx vs UPS, CEO Pay Comparison
Carol Tome, UPS's CEO, earns $4.0M more in reported total compensation than Raj Subramaniam at FedEx, based on the most recent SEC DEF 14A proxy filings. FedEx earns a Pay-for-Performance Grade of B; UPS earns a B.
Raj Subramaniam at FedEx ($8.0M) and Carol Tome at UPS ($12.0M) are close on total compensation. With pay close, the more interesting comparison is on performance: TSR ran 17.8% versus 13.9% over the three-year window.
CEO compensation comparisons require peer-group context. Compensation committees explicitly select peer groups for setting CEO pay; two companies may use different peer groups even when they appear in similar industries. The full per-company pages surface the disclosed peer-group context.
Side-by-Side Comparison
| Metric | FedExFDX | UPSUPS |
|---|---|---|
| CEO | Raj Subramaniam | Carol Tome |
| Industry | Logistics | Logistics |
| Total Compensation | $8.0M | $12.0M |
| Base Salary | $800K | $1.2M |
| Stock Awards | $4.0M | $6.0M |
| Option Awards | $960K | $1.4M |
| Non-Equity Incentive | $1.2M | $1.8M |
| Pay-for-Performance Grade | B (77/100) | B (68/100) |
| CEO-Worker Pay Ratio | 145:1 | 218:1 |
| Median Worker Pay | $55K | $55K |
| Say-on-Pay Approval | 93.2% | 87.3% |
| 3yr Total Shareholder Return | +17.8% | +13.9% |
| Revenue | $87.7B | $91.1B |
| Market Cap | $70.0B | $100.0B |
| Employees | 530,000 | 500,000 |
Reading the Comparison
Carol Tome (UPS) earns $4.0M more than Raj Subramaniam (FedEx) — a meaningful gap reflecting both pay-package design and the size of the most recent equity grant under FASB ASC 718 grant-date fair value accounting.
On Pay-for-Performance Grade, FedEx edges UPS 77/100 (B) to 68/100 (B). The 9-point gap usually reflects one or two factors moving in opposite directions — typically say-on-pay vote share or relative TSR.
CEO-to-worker pay ratios diverge meaningfully: 218:1 at UPS versus 145:1 at FedEx. The gap usually reflects workforce composition — UPS likely has a larger share of part-time or hourly employees pushing down median worker pay under the SEC Item 402(u) calculation. FedEx's pay package received 93.2% shareholder approval, ahead of UPS's 87.3%. Both votes are above the 70% scrutiny threshold but the 5.9-point gap indicates somewhat different shareholder views on pay structure.
How These Numbers Are Sourced
Every metric in the comparison table comes from a primary public source. Total compensation, salary, stock awards, option awards, and non-equity incentive figures come from the Summary Compensation Table of each company's most recent DEF 14A — the table the SEC requires every U.S. public company to file annually under Regulation S-K Item 402. CEO-to-worker pay ratio comes from the Item 402(u) disclosure required since 2018. Say-on-pay vote share comes from the 8-K filed within four business days of each annual meeting. 3-year total shareholder return is computed from split-adjusted, dividend-reinvested price data over the most recent 36 months.
The Pay-for-Performance Grade is the four-factor composite documented at methodology: relative TSR (35%), revenue versus compensation growth (25%), say-on-pay vote (25%), and pay ratio versus peers (15%). Authoritative governance frameworks come from Institutional Shareholder Services (ISS) and Glass Lewis. Underlying SEC filings for both FedEx and UPS are available on the EDGAR system.
Frequently Asked Questions
How much do the CEOs of FedEx and UPS earn?
Raj Subramaniam, CEO of FedEx, earned $8.0M in reported total compensation in the most recently disclosed fiscal year. Carol Tome at UPS earned $12.0M. Both figures come from the Summary Compensation Table inside each company's most recent DEF 14A proxy statement.
Which company has better Pay-for-Performance alignment?
On Pay-for-Performance Grade, FedEx edges UPS 77/100 (B) to 68/100 (B). The 9-point gap usually reflects one or two factors moving in opposite directions — typically say-on-pay vote share or relative TSR. The grade is computed from a four-factor composite: 3-year relative TSR (35%), revenue versus compensation growth (25%), say-on-pay vote (25%), and CEO-to-worker pay ratio versus peers (15%).
How do CEO-to-worker pay ratios compare?
FedEx reports a CEO-to-median-worker pay ratio of 145:1 on its most recent Item 402(u) disclosure; UPS reports 218:1. CEO-to-worker pay ratios diverge meaningfully: 218:1 at UPS versus 145:1 at FedEx. The gap usually reflects workforce composition — UPS likely has a larger share of part-time or hourly employees pushing down median worker pay under the SEC Item 402(u) calculation.
Did shareholders approve each pay package?
FedEx's pay package received 93.2% shareholder approval, ahead of UPS's 87.3%. Both votes are above the 70% scrutiny threshold but the 5.9-point gap indicates somewhat different shareholder views on pay structure. Say-on-pay is an advisory vote required by Section 951 of the Dodd-Frank Act and conducted at each annual shareholder meeting.
Where does this comparison data come from?
Every figure on this page is sourced from public SEC filings: the DEF 14A proxy statement for compensation under Regulation S-K Item 402, the same proxy's Item 402(u) disclosure for pay ratio, the 8-K filed within four business days of each annual meeting for say-on-pay vote share, and the 10-K for revenue, market cap, and employee count. All filings are available on the SEC EDGAR system at https://www.sec.gov/edgar.shtml.
FedEx CEO Pay Details
Full compensation breakdown, history, and peer comparison
UPS CEO Pay Details
Full compensation breakdown, history, and peer comparison
Source: U.S. Securities and Exchange Commission, DEF 14A and 8-K filings via EDGAR. Public domain.
Last updated 2026-04-06 · comparing FedEx (FDX) and UPS (UPS).