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Side-by-side financial comparison of Duke Energy (DUK) and Southwest Airlines (LUV). Click either name above to swap in a different company.
Duke Energy is the larger business by last-quarter revenue ($7.8B vs $7.2B, roughly 1.1× Southwest Airlines). Duke Energy runs the higher net margin — 15.2% vs 3.1%, a 12.1% gap on every dollar of revenue. On growth, Southwest Airlines posted the faster year-over-year revenue change (12.8% vs 7.4%). Over the past eight quarters, Duke Energy's revenue compounded faster (1.6% CAGR vs -0.7%).
Duke Energy Corporation is an American electric power and natural gas holding company headquartered in Charlotte, North Carolina. The company serves over 7 million customers in the eastern United States. In 2024 it ranked as the 141st largest company in the United States – its highest-ever placement on the Fortune 500 list.
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.
DUK vs LUV — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $7.8B | $7.2B |
| Net Profit | $1.2B | $227.0M |
| Gross Margin | — | — |
| Operating Margin | 27.3% | — |
| Net Margin | 15.2% | 3.1% |
| Revenue YoY | 7.4% | 12.8% |
| Net Profit YoY | -1.7% | 252.3% |
| EPS (diluted) | $1.49 | $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 | $7.8B | $7.4B | ||
| Q3 25 | $8.4B | $6.9B | ||
| Q2 25 | $7.4B | $7.2B | ||
| Q1 25 | $8.2B | $6.4B | ||
| Q4 24 | $7.2B | $6.9B | ||
| Q3 24 | $8.1B | $6.9B | ||
| Q2 24 | $7.2B | $7.4B |
| Q1 26 | — | $227.0M | ||
| Q4 25 | $1.2B | $323.0M | ||
| Q3 25 | $1.4B | $54.0M | ||
| Q2 25 | $984.0M | $213.0M | ||
| Q1 25 | $1.4B | $-149.0M | ||
| Q4 24 | $1.2B | $262.0M | ||
| Q3 24 | $1.3B | $67.0M | ||
| Q2 24 | $900.0M | $367.0M |
| Q1 26 | — | — | ||
| Q4 25 | 27.3% | 5.3% | ||
| Q3 25 | 27.9% | 0.5% | ||
| Q2 25 | 24.8% | 3.1% | ||
| Q1 25 | 28.5% | -3.5% | ||
| Q4 24 | 29.2% | 4.0% | ||
| Q3 24 | 26.4% | 0.6% | ||
| Q2 24 | 23.9% | 5.4% |
| Q1 26 | — | 3.1% | ||
| Q4 25 | 15.2% | 4.3% | ||
| Q3 25 | 17.0% | 0.8% | ||
| Q2 25 | 13.3% | 2.9% | ||
| Q1 25 | 16.8% | -2.3% | ||
| Q4 24 | 16.6% | 3.8% | ||
| Q3 24 | 15.8% | 1.0% | ||
| Q2 24 | 12.6% | 5.0% |
| Q1 26 | — | $0.45 | ||
| Q4 25 | $1.49 | $0.56 | ||
| Q3 25 | $1.81 | $0.10 | ||
| Q2 25 | $1.25 | $0.39 | ||
| Q1 25 | $1.76 | $-0.26 | ||
| Q4 24 | $1.54 | $0.46 | ||
| Q3 24 | $1.60 | $0.11 | ||
| Q2 24 | $1.13 | $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 | $245.0M | $3.3B |
| Total DebtLower is stronger | $80.1B | $5.4B |
| Stockholders' EquityBook value | $51.8B | $6.9B |
| Total Assets | $195.7B | $20.4B |
| Debt / EquityLower = less leverage | 1.55× | 0.78× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $3.3B | ||
| Q4 25 | $245.0M | $3.2B | ||
| Q3 25 | $688.0M | $3.0B | ||
| Q2 25 | $344.0M | $3.8B | ||
| Q1 25 | $475.0M | $8.3B | ||
| Q4 24 | $314.0M | $8.7B | ||
| Q3 24 | $376.0M | $9.4B | ||
| Q2 24 | $390.0M | $10.0B |
| Q1 26 | — | $5.4B | ||
| Q4 25 | $80.1B | $4.6B | ||
| Q3 25 | — | $4.1B | ||
| Q2 25 | — | $4.1B | ||
| Q1 25 | — | $4.1B | ||
| Q4 24 | $76.3B | $5.1B | ||
| Q3 24 | — | $5.1B | ||
| Q2 24 | — | $5.1B |
| Q1 26 | — | $6.9B | ||
| Q4 25 | $51.8B | $8.0B | ||
| Q3 25 | $51.5B | $7.8B | ||
| Q2 25 | $50.9B | $8.0B | ||
| Q1 25 | $50.7B | $9.4B | ||
| Q4 24 | $50.1B | $10.3B | ||
| Q3 24 | $49.1B | $10.4B | ||
| Q2 24 | $49.7B | $10.5B |
| Q1 26 | — | $20.4B | ||
| Q4 25 | $195.7B | $29.1B | ||
| Q3 25 | $192.3B | $28.3B | ||
| Q2 25 | $189.7B | $28.7B | ||
| Q1 25 | $187.5B | $33.2B | ||
| Q4 24 | $186.3B | $33.8B | ||
| Q3 24 | $183.6B | $34.8B | ||
| Q2 24 | $181.6B | $35.6B |
| Q1 26 | — | 0.78× | ||
| Q4 25 | 1.55× | 0.57× | ||
| Q3 25 | — | 0.52× | ||
| Q2 25 | — | 0.51× | ||
| Q1 25 | — | 0.44× | ||
| Q4 24 | 1.52× | 0.49× | ||
| Q3 24 | — | 0.49× | ||
| Q2 24 | — | 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 | $3.7B | $1.4B |
| Free Cash FlowOCF − Capex | $-485.0M | — |
| FCF MarginFCF / Revenue | -6.2% | — |
| Capex IntensityCapex / Revenue | 53.3% | 8.7% |
| Cash ConversionOCF / Net Profit | 3.09× | 6.25× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.7B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.4B | ||
| Q4 25 | $3.7B | $294.0M | ||
| Q3 25 | $3.6B | $287.0M | ||
| Q2 25 | $2.9B | $401.0M | ||
| Q1 25 | $2.2B | $860.0M | ||
| Q4 24 | $3.4B | $476.0M | ||
| Q3 24 | $3.5B | $113.0M | ||
| Q2 24 | $3.0B | $-23.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-485.0M | $-565.0M | ||
| Q3 25 | $179.0M | $-391.0M | ||
| Q2 25 | $-417.0M | $-234.0M | ||
| Q1 25 | $-971.0M | $359.0M | ||
| Q4 24 | $288.0M | $16.0M | ||
| Q3 24 | $537.0M | $-404.0M | ||
| Q2 24 | $-43.0M | $-517.0M |
| Q1 26 | — | — | ||
| Q4 25 | -6.2% | -7.6% | ||
| Q3 25 | 2.1% | -5.6% | ||
| Q2 25 | -5.7% | -3.2% | ||
| Q1 25 | -11.8% | 5.6% | ||
| Q4 24 | 4.0% | 0.2% | ||
| Q3 24 | 6.6% | -5.9% | ||
| Q2 24 | -0.6% | -7.0% |
| Q1 26 | — | 8.7% | ||
| Q4 25 | 53.3% | 11.5% | ||
| Q3 25 | 41.2% | 9.8% | ||
| Q2 25 | 44.5% | 8.8% | ||
| Q1 25 | 38.3% | 7.8% | ||
| Q4 24 | 42.7% | 6.6% | ||
| Q3 24 | 36.8% | 7.5% | ||
| Q2 24 | 41.9% | 6.7% |
| Q1 26 | — | 6.25× | ||
| Q4 25 | 3.09× | 0.91× | ||
| Q3 25 | 2.56× | 5.31× | ||
| Q2 25 | 2.91× | 1.88× | ||
| Q1 25 | 1.58× | — | ||
| Q4 24 | 2.80× | 1.82× | ||
| Q3 24 | 2.75× | 1.69× | ||
| Q2 24 | 3.28× | -0.06× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DUK
| Electric Utilitiesand Infrastructure | $7.0B | 90% |
| Other Revenues | $741.0M | 10% |
LUV
| Passenger | $6.6B | 91% |
| Other | $614.0M | 8% |
| Freight | $44.0M | 1% |
