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Side-by-side financial comparison of Ecolab (ECL) 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 $4.1B, roughly 1.8× Ecolab). Ecolab runs the higher net margin — 10.6% vs 3.1%, a 7.5% gap on every dollar of revenue. On growth, Southwest Airlines posted the faster year-over-year revenue change (12.8% vs 10.0%). Over the past eight quarters, Ecolab's revenue compounded faster (1.0% CAGR vs -0.7%).
Ecolab Inc., headquartered in Saint Paul, Minnesota, provides products related to water treatment, sanitation, and hygiene, primarily to commercial and industrial customers.
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.
ECL vs LUV — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $4.1B | $7.2B |
| Net Profit | $432.6M | $227.0M |
| Gross Margin | — | — |
| Operating Margin | 15.3% | — |
| Net Margin | 10.6% | 3.1% |
| Revenue YoY | 10.0% | 12.8% |
| Net Profit YoY | 1.3% | 252.3% |
| EPS (diluted) | $1.52 | $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.
| Q2 26 | $4.1B | — | ||
| Q1 26 | — | $7.2B | ||
| Q4 25 | $4.2B | $7.4B | ||
| Q3 25 | $4.2B | $6.9B | ||
| Q2 25 | $4.0B | $7.2B | ||
| Q1 25 | $3.7B | $6.4B | ||
| Q4 24 | $4.0B | $6.9B | ||
| Q3 24 | $4.0B | $6.9B |
| Q2 26 | $432.6M | — | ||
| Q1 26 | — | $227.0M | ||
| Q4 25 | $563.9M | $323.0M | ||
| Q3 25 | $585.0M | $54.0M | ||
| Q2 25 | $524.2M | $213.0M | ||
| Q1 25 | $402.5M | $-149.0M | ||
| Q4 24 | $472.9M | $262.0M | ||
| Q3 24 | $736.5M | $67.0M |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | 44.0% | — | ||
| Q3 25 | 44.8% | — | ||
| Q2 25 | 44.8% | — | ||
| Q1 25 | 44.2% | — | ||
| Q4 24 | 43.3% | — | ||
| Q3 24 | 43.4% | — |
| Q2 26 | 15.3% | — | ||
| Q1 26 | — | — | ||
| Q4 25 | 17.0% | 5.3% | ||
| Q3 25 | 18.3% | 0.5% | ||
| Q2 25 | 17.6% | 3.1% | ||
| Q1 25 | 15.0% | -3.5% | ||
| Q4 24 | 14.6% | 4.0% | ||
| Q3 24 | 26.1% | 0.6% |
| Q2 26 | 10.6% | — | ||
| Q1 26 | — | 3.1% | ||
| Q4 25 | 13.4% | 4.3% | ||
| Q3 25 | 14.0% | 0.8% | ||
| Q2 25 | 13.0% | 2.9% | ||
| Q1 25 | 10.9% | -2.3% | ||
| Q4 24 | 11.8% | 3.8% | ||
| Q3 24 | 18.4% | 1.0% |
| Q2 26 | $1.52 | — | ||
| Q1 26 | — | $0.45 | ||
| Q4 25 | $1.98 | $0.56 | ||
| Q3 25 | $2.05 | $0.10 | ||
| Q2 25 | $1.84 | $0.39 | ||
| Q1 25 | $1.41 | $-0.26 | ||
| Q4 24 | $1.65 | $0.46 | ||
| Q3 24 | $2.58 | $0.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $519.8K | $3.3B |
| Total DebtLower is stronger | $8.5M | $5.4B |
| Stockholders' EquityBook value | $10.0M | $6.9B |
| Total Assets | $25.0M | $20.4B |
| Debt / EquityLower = less leverage | 0.85× | 0.78× |
8-quarter trend — quarters aligned by calendar period.
| Q2 26 | $519.8K | — | ||
| Q1 26 | — | $3.3B | ||
| Q4 25 | $646.2M | $3.2B | ||
| Q3 25 | $2.0B | $3.0B | ||
| Q2 25 | $1.9B | $3.8B | ||
| Q1 25 | $1.2B | $8.3B | ||
| Q4 24 | $1.3B | $8.7B | ||
| Q3 24 | $1.3B | $9.4B |
| Q2 26 | $8.5M | — | ||
| Q1 26 | — | $5.4B | ||
| Q4 25 | $7.4B | $4.6B | ||
| Q3 25 | $8.1B | $4.1B | ||
| Q2 25 | $7.5B | $4.1B | ||
| Q1 25 | $7.0B | $4.1B | ||
| Q4 24 | $6.9B | $5.1B | ||
| Q3 24 | $7.0B | $5.1B |
| Q2 26 | $10.0M | — | ||
| Q1 26 | — | $6.9B | ||
| Q4 25 | $9.8B | $8.0B | ||
| Q3 25 | $9.7B | $7.8B | ||
| Q2 25 | $9.3B | $8.0B | ||
| Q1 25 | $8.9B | $9.4B | ||
| Q4 24 | $8.8B | $10.3B | ||
| Q3 24 | $8.5B | $10.4B |
| Q2 26 | $25.0M | — | ||
| Q1 26 | — | $20.4B | ||
| Q4 25 | $24.7B | $29.1B | ||
| Q3 25 | $23.9B | $28.3B | ||
| Q2 25 | $23.7B | $28.7B | ||
| Q1 25 | $22.4B | $33.2B | ||
| Q4 24 | $22.4B | $33.8B | ||
| Q3 24 | $22.1B | $34.8B |
| Q2 26 | 0.85× | — | ||
| Q1 26 | — | 0.78× | ||
| Q4 25 | 0.75× | 0.57× | ||
| Q3 25 | 0.83× | 0.52× | ||
| Q2 25 | 0.81× | 0.51× | ||
| Q1 25 | 0.79× | 0.44× | ||
| Q4 24 | 0.79× | 0.49× | ||
| Q3 24 | 0.82× | 0.49× |
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 | — | $1.4B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 8.7% |
| Cash ConversionOCF / Net Profit | — | 6.25× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q2 26 | — | — | ||
| Q1 26 | — | $1.4B | ||
| Q4 25 | $1.1B | $294.0M | ||
| Q3 25 | $791.3M | $287.0M | ||
| Q2 25 | $701.8M | $401.0M | ||
| Q1 25 | $369.4M | $860.0M | ||
| Q4 24 | $766.7M | $476.0M | ||
| Q3 24 | $786.7M | $113.0M |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | $758.0M | $-565.0M | ||
| Q3 25 | $529.7M | $-391.0M | ||
| Q2 25 | $485.1M | $-234.0M | ||
| Q1 25 | $131.5M | $359.0M | ||
| Q4 24 | $407.0M | $16.0M | ||
| Q3 24 | $550.3M | $-404.0M |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | 18.1% | -7.6% | ||
| Q3 25 | 12.7% | -5.6% | ||
| Q2 25 | 12.1% | -3.2% | ||
| Q1 25 | 3.6% | 5.6% | ||
| Q4 24 | 10.2% | 0.2% | ||
| Q3 24 | 13.8% | -5.9% |
| Q2 26 | — | — | ||
| Q1 26 | — | 8.7% | ||
| Q4 25 | 7.9% | 11.5% | ||
| Q3 25 | 6.3% | 9.8% | ||
| Q2 25 | 5.4% | 8.8% | ||
| Q1 25 | 6.4% | 7.8% | ||
| Q4 24 | 9.0% | 6.6% | ||
| Q3 24 | 5.9% | 7.5% |
| Q2 26 | — | — | ||
| Q1 26 | — | 6.25× | ||
| Q4 25 | 1.93× | 0.91× | ||
| Q3 25 | 1.35× | 5.31× | ||
| Q2 25 | 1.34× | 1.88× | ||
| Q1 25 | 0.92× | — | ||
| Q4 24 | 1.62× | 1.82× | ||
| Q3 24 | 1.07× | 1.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ECL
| Product and equipment sales | $3.2B | 78% |
| Service and lease sales | $891.5M | 22% |
LUV
| Passenger | $6.6B | 91% |
| Other | $614.0M | 8% |
| Freight | $44.0M | 1% |
