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Side-by-side financial comparison of Fresenius Medical Care AG (FMS) 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 $5.5B, roughly 1.3× Fresenius Medical Care AG). Fresenius Medical Care AG runs the higher net margin — 7.9% vs 3.1%, a 4.8% gap on every dollar of revenue. On growth, Southwest Airlines posted the faster year-over-year revenue change (12.8% vs -0.3%).
Fresenius Medical Care AG & Co. KGaA is a German healthcare company which provides kidney dialysis services through a network of 4,171 outpatient dialysis centers, serving 345,425 patients. The company primarily treats end-stage renal disease (ESRD), which requires patients to undergo dialysis 3 times per week for the rest of their lives.
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.
FMS vs LUV — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $5.5B | $7.2B |
| Net Profit | $434.2M | $227.0M |
| Gross Margin | 27.4% | — |
| Operating Margin | 11.7% | — |
| Net Margin | 7.9% | 3.1% |
| Revenue YoY | -0.3% | 12.8% |
| Net Profit YoY | 240.4% | 252.3% |
| EPS (diluted) | — | $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 | $5.5B | $7.4B | ||
| Q3 25 | — | $6.9B | ||
| Q2 25 | — | $7.2B | ||
| Q1 25 | — | $6.4B | ||
| Q4 24 | $5.5B | $6.9B | ||
| Q3 24 | — | $6.9B | ||
| Q2 24 | — | $7.4B |
| Q1 26 | — | $227.0M | ||
| Q4 25 | $434.2M | $323.0M | ||
| Q3 25 | — | $54.0M | ||
| Q2 25 | — | $213.0M | ||
| Q1 25 | — | $-149.0M | ||
| Q4 24 | $127.6M | $262.0M | ||
| Q3 24 | — | $67.0M | ||
| Q2 24 | — | $367.0M |
| Q1 26 | — | — | ||
| Q4 25 | 27.4% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 25.0% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | 11.7% | 5.3% | ||
| Q3 25 | — | 0.5% | ||
| Q2 25 | — | 3.1% | ||
| Q1 25 | — | -3.5% | ||
| Q4 24 | 5.1% | 4.0% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 5.4% |
| Q1 26 | — | 3.1% | ||
| Q4 25 | 7.9% | 4.3% | ||
| Q3 25 | — | 0.8% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | -2.3% | ||
| Q4 24 | 2.3% | 3.8% | ||
| Q3 24 | — | 1.0% | ||
| Q2 24 | — | 5.0% |
| Q1 26 | — | $0.45 | ||
| Q4 25 | — | $0.56 | ||
| Q3 25 | — | $0.10 | ||
| Q2 25 | — | $0.39 | ||
| Q1 25 | — | $-0.26 | ||
| Q4 24 | — | $0.46 | ||
| Q3 24 | — | $0.11 | ||
| Q2 24 | — | $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 | $1.7B | $3.3B |
| Total DebtLower is stronger | — | $5.4B |
| Stockholders' EquityBook value | $15.4B | $6.9B |
| Total Assets | $33.5B | $20.4B |
| Debt / EquityLower = less leverage | — | 0.78× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $3.3B | ||
| Q4 25 | $1.7B | $3.2B | ||
| Q3 25 | — | $3.0B | ||
| Q2 25 | — | $3.8B | ||
| Q1 25 | — | $8.3B | ||
| Q4 24 | $1.3B | $8.7B | ||
| Q3 24 | — | $9.4B | ||
| Q2 24 | — | $10.0B |
| Q1 26 | — | $5.4B | ||
| Q4 25 | — | $4.6B | ||
| Q3 25 | — | $4.1B | ||
| Q2 25 | — | $4.1B | ||
| Q1 25 | — | $4.1B | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | $5.1B | ||
| Q2 24 | — | $5.1B |
| Q1 26 | — | $6.9B | ||
| Q4 25 | $15.4B | $8.0B | ||
| Q3 25 | — | $7.8B | ||
| Q2 25 | — | $8.0B | ||
| Q1 25 | — | $9.4B | ||
| Q4 24 | $17.0B | $10.3B | ||
| Q3 24 | — | $10.4B | ||
| Q2 24 | — | $10.5B |
| Q1 26 | — | $20.4B | ||
| Q4 25 | $33.5B | $29.1B | ||
| Q3 25 | — | $28.3B | ||
| Q2 25 | — | $28.7B | ||
| Q1 25 | — | $33.2B | ||
| Q4 24 | $36.3B | $33.8B | ||
| Q3 24 | — | $34.8B | ||
| Q2 24 | — | $35.6B |
| Q1 26 | — | 0.78× | ||
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | 0.52× | ||
| Q2 25 | — | 0.51× | ||
| Q1 25 | — | 0.44× | ||
| Q4 24 | — | 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 | $2.9B | $1.4B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 8.7% |
| Cash ConversionOCF / Net Profit | 6.67× | 6.25× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.4B | ||
| Q4 25 | $2.9B | $294.0M | ||
| Q3 25 | — | $287.0M | ||
| Q2 25 | — | $401.0M | ||
| Q1 25 | — | $860.0M | ||
| Q4 24 | $2.6B | $476.0M | ||
| Q3 24 | — | $113.0M | ||
| Q2 24 | — | $-23.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-565.0M | ||
| Q3 25 | — | $-391.0M | ||
| Q2 25 | — | $-234.0M | ||
| Q1 25 | — | $359.0M | ||
| Q4 24 | — | $16.0M | ||
| Q3 24 | — | $-404.0M | ||
| Q2 24 | — | $-517.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | -7.6% | ||
| Q3 25 | — | -5.6% | ||
| Q2 25 | — | -3.2% | ||
| Q1 25 | — | 5.6% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | -5.9% | ||
| Q2 24 | — | -7.0% |
| Q1 26 | — | 8.7% | ||
| Q4 25 | — | 11.5% | ||
| Q3 25 | — | 9.8% | ||
| Q2 25 | — | 8.8% | ||
| Q1 25 | — | 7.8% | ||
| Q4 24 | — | 6.6% | ||
| Q3 24 | — | 7.5% | ||
| Q2 24 | — | 6.7% |
| Q1 26 | — | 6.25× | ||
| Q4 25 | 6.67× | 0.91× | ||
| Q3 25 | — | 5.31× | ||
| Q2 25 | — | 1.88× | ||
| Q1 25 | — | — | ||
| Q4 24 | 20.20× | 1.82× | ||
| Q3 24 | — | 1.69× | ||
| Q2 24 | — | -0.06× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FMS
Segment breakdown not available.
LUV
| Passenger | $6.6B | 91% |
| Other | $614.0M | 8% |
| Freight | $44.0M | 1% |
