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Side-by-side financial comparison of Amphenol (APH) and Southwest Airlines (LUV). Click either name above to swap in a different company.
Southwest Airlines is the larger business by last-quarter revenue ($7.2B vs $6.4B, roughly 1.1× Amphenol). Amphenol runs the higher net margin — 18.6% vs 3.1%, a 15.4% gap on every dollar of revenue. On growth, Amphenol posted the faster year-over-year revenue change (49.1% vs 12.8%). Over the past eight quarters, Amphenol's revenue compounded faster (40.6% CAGR vs -0.7%).
Amphenol Corporation is an American producer of electronic and fiber optic connectors, cable and interconnect systems such as coaxial cables. Amphenol is a portmanteau from the corporation's original name, American Phenolic Corp.
Southwest Airlines is a major low-cost airline of the United States. It is headquartered in the Love Field neighborhood of Dallas, Texas. It is the fourth-largest airline in North America when measured by passengers carried, as of 2024. With its all-Boeing 737 fleet, Southwest serves over 100 destinations in 42 states, Washington, D.C.
APH vs LUV — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $6.4B | $7.2B |
| Net Profit | $1.2B | $227.0M |
| Gross Margin | 38.2% | — |
| Operating Margin | 26.8% | — |
| Net Margin | 18.6% | 3.1% |
| Revenue YoY | 49.1% | 12.8% |
| Net Profit YoY | 60.2% | 252.3% |
| EPS (diluted) | $0.93 | $0.45 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $7.2B | ||
| Q4 25 | $6.4B | $7.4B | ||
| Q3 25 | $6.2B | $6.9B | ||
| Q2 25 | $5.7B | $7.2B | ||
| Q1 25 | $4.8B | $6.4B | ||
| Q4 24 | $4.3B | $6.9B | ||
| Q3 24 | $4.0B | $6.9B | ||
| Q2 24 | $3.6B | $7.4B |
| Q1 26 | — | $227.0M | ||
| Q4 25 | $1.2B | $323.0M | ||
| Q3 25 | $1.2B | $54.0M | ||
| Q2 25 | $1.1B | $213.0M | ||
| Q1 25 | $737.8M | $-149.0M | ||
| Q4 24 | $746.1M | $262.0M | ||
| Q3 24 | $604.4M | $67.0M | ||
| Q2 24 | $524.8M | $367.0M |
| Q1 26 | — | — | ||
| Q4 25 | 38.2% | — | ||
| Q3 25 | 38.1% | — | ||
| Q2 25 | 36.3% | — | ||
| Q1 25 | 34.2% | — | ||
| Q4 24 | 34.3% | — | ||
| Q3 24 | 33.6% | — | ||
| Q2 24 | 33.6% | — |
| Q1 26 | — | — | ||
| Q4 25 | 26.8% | 5.3% | ||
| Q3 25 | 27.5% | 0.5% | ||
| Q2 25 | 25.1% | 3.1% | ||
| Q1 25 | 21.3% | -3.5% | ||
| Q4 24 | 22.1% | 4.0% | ||
| Q3 24 | 20.3% | 0.6% | ||
| Q2 24 | 19.4% | 5.4% |
| Q1 26 | — | 3.1% | ||
| Q4 25 | 18.6% | 4.3% | ||
| Q3 25 | 20.1% | 0.8% | ||
| Q2 25 | 19.3% | 2.9% | ||
| Q1 25 | 15.3% | -2.3% | ||
| Q4 24 | 17.3% | 3.8% | ||
| Q3 24 | 15.0% | 1.0% | ||
| Q2 24 | 14.5% | 5.0% |
| Q1 26 | — | $0.45 | ||
| Q4 25 | $0.93 | $0.56 | ||
| Q3 25 | $0.97 | $0.10 | ||
| Q2 25 | $0.86 | $0.39 | ||
| Q1 25 | $0.58 | $-0.26 | ||
| Q4 24 | $0.16 | $0.46 | ||
| Q3 24 | $0.48 | $0.11 | ||
| Q2 24 | $0.41 | $0.58 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $11.4B | $3.3B |
| Total DebtLower is stronger | $14.6B | $5.4B |
| Stockholders' EquityBook value | $13.4B | $6.9B |
| Total Assets | $36.2B | $20.4B |
| Debt / EquityLower = less leverage | 1.09× | 0.78× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $3.3B | ||
| Q4 25 | $11.4B | $3.2B | ||
| Q3 25 | $3.9B | $3.0B | ||
| Q2 25 | $3.2B | $3.8B | ||
| Q1 25 | $1.7B | $8.3B | ||
| Q4 24 | $3.3B | $8.7B | ||
| Q3 24 | $1.6B | $9.4B | ||
| Q2 24 | $1.3B | $10.0B |
| Q1 26 | — | $5.4B | ||
| Q4 25 | $14.6B | $4.6B | ||
| Q3 25 | $7.1B | $4.1B | ||
| Q2 25 | $7.1B | $4.1B | ||
| Q1 25 | $6.8B | $4.1B | ||
| Q4 24 | $6.5B | $5.1B | ||
| Q3 24 | $5.1B | $5.1B | ||
| Q2 24 | $5.0B | $5.1B |
| Q1 26 | — | $6.9B | ||
| Q4 25 | $13.4B | $8.0B | ||
| Q3 25 | $12.5B | $7.8B | ||
| Q2 25 | $11.5B | $8.0B | ||
| Q1 25 | $10.3B | $9.4B | ||
| Q4 24 | $9.8B | $10.3B | ||
| Q3 24 | $9.5B | $10.4B | ||
| Q2 24 | $9.0B | $10.5B |
| Q1 26 | — | $20.4B | ||
| Q4 25 | $36.2B | $29.1B | ||
| Q3 25 | $27.1B | $28.3B | ||
| Q2 25 | $25.7B | $28.7B | ||
| Q1 25 | $22.9B | $33.2B | ||
| Q4 24 | $21.4B | $33.8B | ||
| Q3 24 | $19.6B | $34.8B | ||
| Q2 24 | $18.6B | $35.6B |
| Q1 26 | — | 0.78× | ||
| Q4 25 | 1.09× | 0.57× | ||
| Q3 25 | 0.57× | 0.52× | ||
| Q2 25 | 0.62× | 0.51× | ||
| Q1 25 | 0.66× | 0.44× | ||
| Q4 24 | 0.66× | 0.49× | ||
| Q3 24 | 0.54× | 0.49× | ||
| Q2 24 | 0.56× | 0.48× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.7B | $1.4B |
| Free Cash FlowOCF − Capex | $1.5B | — |
| FCF MarginFCF / Revenue | 22.8% | — |
| Capex IntensityCapex / Revenue | 3.9% | 8.7% |
| Cash ConversionOCF / Net Profit | 1.44× | 6.25× |
| TTM Free Cash FlowTrailing 4 quarters | $4.4B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.4B | ||
| Q4 25 | $1.7B | $294.0M | ||
| Q3 25 | $1.5B | $287.0M | ||
| Q2 25 | $1.4B | $401.0M | ||
| Q1 25 | $764.9M | $860.0M | ||
| Q4 24 | $847.1M | $476.0M | ||
| Q3 24 | $704.0M | $113.0M | ||
| Q2 24 | $664.1M | $-23.0M |
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $-565.0M | ||
| Q3 25 | $1.2B | $-391.0M | ||
| Q2 25 | $1.1B | $-234.0M | ||
| Q1 25 | $576.3M | $359.0M | ||
| Q4 24 | $647.3M | $16.0M | ||
| Q3 24 | $474.0M | $-404.0M | ||
| Q2 24 | $522.8M | $-517.0M |
| Q1 26 | — | — | ||
| Q4 25 | 22.8% | -7.6% | ||
| Q3 25 | 19.6% | -5.6% | ||
| Q2 25 | 19.8% | -3.2% | ||
| Q1 25 | 12.0% | 5.6% | ||
| Q4 24 | 15.0% | 0.2% | ||
| Q3 24 | 11.7% | -5.9% | ||
| Q2 24 | 14.5% | -7.0% |
| Q1 26 | — | 8.7% | ||
| Q4 25 | 3.9% | 11.5% | ||
| Q3 25 | 4.2% | 9.8% | ||
| Q2 25 | 5.3% | 8.8% | ||
| Q1 25 | 3.9% | 7.8% | ||
| Q4 24 | 4.6% | 6.6% | ||
| Q3 24 | 5.7% | 7.5% | ||
| Q2 24 | 3.9% | 6.7% |
| Q1 26 | — | 6.25× | ||
| Q4 25 | 1.44× | 0.91× | ||
| Q3 25 | 1.18× | 5.31× | ||
| Q2 25 | 1.30× | 1.88× | ||
| Q1 25 | 1.04× | — | ||
| Q4 24 | 1.14× | 1.82× | ||
| Q3 24 | 1.16× | 1.69× | ||
| Q2 24 | 1.27× | -0.06× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APH
| Communications Solutions Segment | $3.5B | 54% |
| Harsh Environment Solutions Segment | $1.7B | 26% |
| Sales Channel Through Intermediary | $1.4B | 21% |
LUV
| Passenger | $6.6B | 91% |
| Other | $614.0M | 8% |
| Freight | $44.0M | 1% |
