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Side-by-side financial comparison of IBM (IBM) and Lennar (LEN). Click either name above to swap in a different company.
IBM is the larger business by last-quarter revenue ($15.9B vs $9.4B, roughly 1.7× Lennar). IBM runs the higher net margin — 7.6% vs 5.2%, a 2.4% gap on every dollar of revenue. On growth, IBM posted the faster year-over-year revenue change (9.5% vs -5.8%). IBM produced more free cash flow last quarter ($2.2B vs $1.7B). Over the past eight quarters, Lennar's revenue compounded faster (13.2% CAGR vs 0.5%).
International Business Machines Corporation, doing business as IBM, is an American multinational technology company headquartered in Armonk, New York, and present in over 175 countries. It is a publicly traded company and one of the 30 companies in the Dow Jones Industrial Average. IBM is the largest industrial research organization in the world, with 19 research facilities across a dozen countries; for 29 consecutive years, from 1993 to 2021, it held the record for most annual U.S.
Lennar Corporation is an American home construction company based in Miami-Dade County, Florida. As of 2025, it is the second-largest home construction company in the United States based on the number of homes sold. Lennar has investments in multifamily and single-family residential rental properties, luxury development, property technology with LenX, and mortgage lending from Lennar Mortgage.
IBM vs LEN — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $15.9B | $9.4B |
| Net Profit | $1.2B | $490.2M |
| Gross Margin | 56.2% | — |
| Operating Margin | — | 7.3% |
| Net Margin | 7.6% | 5.2% |
| Revenue YoY | 9.5% | -5.8% |
| Net Profit YoY | 15.3% | -55.3% |
| EPS (diluted) | $1.28 | — |
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 | $15.9B | — | ||
| Q4 25 | $19.7B | $9.4B | ||
| Q3 25 | $16.3B | $8.8B | ||
| Q2 25 | $17.0B | $8.4B | ||
| Q1 25 | $14.5B | $7.6B | ||
| Q4 24 | $17.6B | $9.9B | ||
| Q3 24 | $15.0B | $9.4B | ||
| Q2 24 | $15.8B | $8.8B |
| Q1 26 | $1.2B | — | ||
| Q4 25 | $5.6B | $490.2M | ||
| Q3 25 | $1.7B | $591.0M | ||
| Q2 25 | $2.2B | $477.4M | ||
| Q1 25 | $1.1B | $519.5M | ||
| Q4 24 | $2.9B | $1.1B | ||
| Q3 24 | $-330.0M | $1.2B | ||
| Q2 24 | $1.8B | $954.3M |
| Q1 26 | 56.2% | — | ||
| Q4 25 | 60.6% | — | ||
| Q3 25 | 57.3% | — | ||
| Q2 25 | 58.8% | — | ||
| Q1 25 | 55.2% | — | ||
| Q4 24 | 59.5% | — | ||
| Q3 24 | 56.3% | — | ||
| Q2 24 | 56.8% | — |
| Q1 26 | — | — | ||
| Q4 25 | 21.0% | 7.3% | ||
| Q3 25 | 14.9% | 9.0% | ||
| Q2 25 | 15.3% | 7.7% | ||
| Q1 25 | 8.0% | 9.1% | ||
| Q4 24 | 18.8% | 14.7% | ||
| Q3 24 | -5.4% | 16.3% | ||
| Q2 24 | 14.1% | 14.4% |
| Q1 26 | 7.6% | — | ||
| Q4 25 | 28.4% | 5.2% | ||
| Q3 25 | 10.7% | 6.7% | ||
| Q2 25 | 12.9% | 5.7% | ||
| Q1 25 | 7.3% | 6.8% | ||
| Q4 24 | 16.6% | 11.0% | ||
| Q3 24 | -2.2% | 12.3% | ||
| Q2 24 | 11.6% | 10.9% |
| Q1 26 | $1.28 | — | ||
| Q4 25 | $5.90 | — | ||
| Q3 25 | $1.84 | $2.29 | ||
| Q2 25 | $2.31 | $1.81 | ||
| Q1 25 | $1.12 | $1.96 | ||
| Q4 24 | $3.11 | $4.03 | ||
| Q3 24 | $-0.36 | $4.26 | ||
| Q2 24 | $1.96 | $3.45 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $10.8B | $3.8B |
| Total DebtLower is stronger | $66.4B | $5.9B |
| Stockholders' EquityBook value | $33.1B | $22.0B |
| Total Assets | $156.2B | $34.4B |
| Debt / EquityLower = less leverage | 2.01× | 0.27× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $10.8B | — | ||
| Q4 25 | $13.6B | $3.8B | ||
| Q3 25 | $11.6B | — | ||
| Q2 25 | $11.9B | — | ||
| Q1 25 | $11.0B | — | ||
| Q4 24 | $13.9B | $4.9B | ||
| Q3 24 | $13.2B | — | ||
| Q2 24 | $12.2B | — |
| Q1 26 | $66.4B | — | ||
| Q4 25 | $54.8B | $5.9B | ||
| Q3 25 | $55.2B | — | ||
| Q2 25 | $55.2B | — | ||
| Q1 25 | $56.4B | — | ||
| Q4 24 | $49.9B | $4.2B | ||
| Q3 24 | $53.0B | — | ||
| Q2 24 | $52.9B | — |
| Q1 26 | $33.1B | — | ||
| Q4 25 | $32.6B | $22.0B | ||
| Q3 25 | $27.9B | $22.6B | ||
| Q2 25 | $27.5B | $22.6B | ||
| Q1 25 | $26.9B | $22.7B | ||
| Q4 24 | $27.3B | $27.9B | ||
| Q3 24 | $24.4B | $27.4B | ||
| Q2 24 | $24.0B | $26.9B |
| Q1 26 | $156.2B | — | ||
| Q4 25 | $151.9B | $34.4B | ||
| Q3 25 | $146.3B | $34.9B | ||
| Q2 25 | $148.6B | $34.4B | ||
| Q1 25 | $145.7B | $35.0B | ||
| Q4 24 | $137.2B | $41.3B | ||
| Q3 24 | $134.3B | $39.7B | ||
| Q2 24 | $133.8B | $38.7B |
| Q1 26 | 2.01× | — | ||
| Q4 25 | 1.68× | 0.27× | ||
| Q3 25 | 1.98× | — | ||
| Q2 25 | 2.01× | — | ||
| Q1 25 | 2.10× | — | ||
| Q4 24 | 1.83× | 0.15× | ||
| Q3 24 | 2.17× | — | ||
| Q2 24 | 2.20× | — |
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 | $5.2B | $1.8B |
| Free Cash FlowOCF − Capex | $2.2B | $1.7B |
| FCF MarginFCF / Revenue | 13.9% | 17.9% |
| Capex IntensityCapex / Revenue | 2.4% | 0.9% |
| Cash ConversionOCF / Net Profit | 4.25× | 3.59× |
| TTM Free Cash FlowTrailing 4 quarters | $10.2B | $28.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $5.2B | — | ||
| Q4 25 | $4.0B | $1.8B | ||
| Q3 25 | $3.1B | $-158.6M | ||
| Q2 25 | $1.7B | $-1.1B | ||
| Q1 25 | $4.4B | $-289.0M | ||
| Q4 24 | $4.3B | $974.5M | ||
| Q3 24 | $2.9B | $819.2M | ||
| Q2 24 | $2.1B | $241.8M |
| Q1 26 | $2.2B | — | ||
| Q4 25 | $3.7B | $1.7B | ||
| Q3 25 | $2.8B | $-190.8M | ||
| Q2 25 | $1.5B | $-1.1B | ||
| Q1 25 | $4.1B | $-345.1M | ||
| Q4 24 | $4.0B | $933.1M | ||
| Q3 24 | $2.6B | $800.8M | ||
| Q2 24 | $1.8B | $203.0M |
| Q1 26 | 13.9% | — | ||
| Q4 25 | 18.6% | 17.9% | ||
| Q3 25 | 17.3% | -2.2% | ||
| Q2 25 | 8.8% | -13.3% | ||
| Q1 25 | 28.4% | -4.5% | ||
| Q4 24 | 22.9% | 9.4% | ||
| Q3 24 | 17.3% | 8.5% | ||
| Q2 24 | 11.7% | 2.3% |
| Q1 26 | 2.4% | — | ||
| Q4 25 | 1.9% | 0.9% | ||
| Q3 25 | 1.6% | 0.4% | ||
| Q2 25 | 1.2% | 0.2% | ||
| Q1 25 | 1.7% | 0.7% | ||
| Q4 24 | 1.7% | 0.4% | ||
| Q3 24 | 1.9% | 0.2% | ||
| Q2 24 | 1.4% | 0.4% |
| Q1 26 | 4.25× | — | ||
| Q4 25 | 0.72× | 3.59× | ||
| Q3 25 | 1.77× | -0.27× | ||
| Q2 25 | 0.78× | -2.29× | ||
| Q1 25 | 4.14× | -0.56× | ||
| Q4 24 | 1.49× | 0.89× | ||
| Q3 24 | — | 0.70× | ||
| Q2 24 | 1.13× | 0.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IBM
| Software | $7.1B | 44% |
| Consulting | $5.3B | 33% |
| Infrastructure | $3.3B | 21% |
| Financing | $220.0M | 1% |
LEN
| Lennar Homebuilding East Central West Houstonand Other | $8.9B | 95% |
| Lennar Financial Services | $308.8M | 3% |
| Lennar Multifamily | $158.7M | 2% |
| Lennar Other | $14.8M | 0% |
| Homebuilding Other Regions | $3.9M | 0% |
