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Side-by-side financial comparison of Lennar (LEN) and Southwest Airlines (LUV). Click either name above to swap in a different company.
Lennar is the larger business by last-quarter revenue ($9.4B vs $7.2B, roughly 1.3× Southwest Airlines). Lennar runs the higher net margin — 5.2% vs 3.1%, a 2.1% gap on every dollar of revenue. On growth, Southwest Airlines posted the faster year-over-year revenue change (12.8% vs -5.8%). Over the past eight quarters, Lennar's revenue compounded faster (13.2% CAGR vs -0.7%).
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.
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.
LEN vs LUV — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $9.4B | $7.2B |
| Net Profit | $490.2M | $227.0M |
| Gross Margin | — | — |
| Operating Margin | 7.3% | — |
| Net Margin | 5.2% | 3.1% |
| Revenue YoY | -5.8% | 12.8% |
| Net Profit YoY | -55.3% | 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 | $9.4B | $7.4B | ||
| Q3 25 | $8.8B | $6.9B | ||
| Q2 25 | $8.4B | $7.2B | ||
| Q1 25 | $7.6B | $6.4B | ||
| Q4 24 | $9.9B | $6.9B | ||
| Q3 24 | $9.4B | $6.9B | ||
| Q2 24 | $8.8B | $7.4B |
| Q1 26 | — | $227.0M | ||
| Q4 25 | $490.2M | $323.0M | ||
| Q3 25 | $591.0M | $54.0M | ||
| Q2 25 | $477.4M | $213.0M | ||
| Q1 25 | $519.5M | $-149.0M | ||
| Q4 24 | $1.1B | $262.0M | ||
| Q3 24 | $1.2B | $67.0M | ||
| Q2 24 | $954.3M | $367.0M |
| Q1 26 | — | — | ||
| Q4 25 | 7.3% | 5.3% | ||
| Q3 25 | 9.0% | 0.5% | ||
| Q2 25 | 7.7% | 3.1% | ||
| Q1 25 | 9.1% | -3.5% | ||
| Q4 24 | 14.7% | 4.0% | ||
| Q3 24 | 16.3% | 0.6% | ||
| Q2 24 | 14.4% | 5.4% |
| Q1 26 | — | 3.1% | ||
| Q4 25 | 5.2% | 4.3% | ||
| Q3 25 | 6.7% | 0.8% | ||
| Q2 25 | 5.7% | 2.9% | ||
| Q1 25 | 6.8% | -2.3% | ||
| Q4 24 | 11.0% | 3.8% | ||
| Q3 24 | 12.3% | 1.0% | ||
| Q2 24 | 10.9% | 5.0% |
| Q1 26 | — | $0.45 | ||
| Q4 25 | — | $0.56 | ||
| Q3 25 | $2.29 | $0.10 | ||
| Q2 25 | $1.81 | $0.39 | ||
| Q1 25 | $1.96 | $-0.26 | ||
| Q4 24 | $4.03 | $0.46 | ||
| Q3 24 | $4.26 | $0.11 | ||
| Q2 24 | $3.45 | $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 | $3.8B | $3.3B |
| Total DebtLower is stronger | $5.9B | $5.4B |
| Stockholders' EquityBook value | $22.0B | $6.9B |
| Total Assets | $34.4B | $20.4B |
| Debt / EquityLower = less leverage | 0.27× | 0.78× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $3.3B | ||
| Q4 25 | $3.8B | $3.2B | ||
| Q3 25 | — | $3.0B | ||
| Q2 25 | — | $3.8B | ||
| Q1 25 | — | $8.3B | ||
| Q4 24 | $4.9B | $8.7B | ||
| Q3 24 | — | $9.4B | ||
| Q2 24 | — | $10.0B |
| Q1 26 | — | $5.4B | ||
| Q4 25 | $5.9B | $4.6B | ||
| Q3 25 | — | $4.1B | ||
| Q2 25 | — | $4.1B | ||
| Q1 25 | — | $4.1B | ||
| Q4 24 | $4.2B | $5.1B | ||
| Q3 24 | — | $5.1B | ||
| Q2 24 | — | $5.1B |
| Q1 26 | — | $6.9B | ||
| Q4 25 | $22.0B | $8.0B | ||
| Q3 25 | $22.6B | $7.8B | ||
| Q2 25 | $22.6B | $8.0B | ||
| Q1 25 | $22.7B | $9.4B | ||
| Q4 24 | $27.9B | $10.3B | ||
| Q3 24 | $27.4B | $10.4B | ||
| Q2 24 | $26.9B | $10.5B |
| Q1 26 | — | $20.4B | ||
| Q4 25 | $34.4B | $29.1B | ||
| Q3 25 | $34.9B | $28.3B | ||
| Q2 25 | $34.4B | $28.7B | ||
| Q1 25 | $35.0B | $33.2B | ||
| Q4 24 | $41.3B | $33.8B | ||
| Q3 24 | $39.7B | $34.8B | ||
| Q2 24 | $38.7B | $35.6B |
| Q1 26 | — | 0.78× | ||
| Q4 25 | 0.27× | 0.57× | ||
| Q3 25 | — | 0.52× | ||
| Q2 25 | — | 0.51× | ||
| Q1 25 | — | 0.44× | ||
| Q4 24 | 0.15× | 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 | $1.8B | $1.4B |
| Free Cash FlowOCF − Capex | $1.7B | — |
| FCF MarginFCF / Revenue | 17.9% | — |
| Capex IntensityCapex / Revenue | 0.9% | 8.7% |
| Cash ConversionOCF / Net Profit | 3.59× | 6.25× |
| TTM Free Cash FlowTrailing 4 quarters | $28.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.4B | ||
| Q4 25 | $1.8B | $294.0M | ||
| Q3 25 | $-158.6M | $287.0M | ||
| Q2 25 | $-1.1B | $401.0M | ||
| Q1 25 | $-289.0M | $860.0M | ||
| Q4 24 | $974.5M | $476.0M | ||
| Q3 24 | $819.2M | $113.0M | ||
| Q2 24 | $241.8M | $-23.0M |
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $-565.0M | ||
| Q3 25 | $-190.8M | $-391.0M | ||
| Q2 25 | $-1.1B | $-234.0M | ||
| Q1 25 | $-345.1M | $359.0M | ||
| Q4 24 | $933.1M | $16.0M | ||
| Q3 24 | $800.8M | $-404.0M | ||
| Q2 24 | $203.0M | $-517.0M |
| Q1 26 | — | — | ||
| Q4 25 | 17.9% | -7.6% | ||
| Q3 25 | -2.2% | -5.6% | ||
| Q2 25 | -13.3% | -3.2% | ||
| Q1 25 | -4.5% | 5.6% | ||
| Q4 24 | 9.4% | 0.2% | ||
| Q3 24 | 8.5% | -5.9% | ||
| Q2 24 | 2.3% | -7.0% |
| Q1 26 | — | 8.7% | ||
| Q4 25 | 0.9% | 11.5% | ||
| Q3 25 | 0.4% | 9.8% | ||
| Q2 25 | 0.2% | 8.8% | ||
| Q1 25 | 0.7% | 7.8% | ||
| Q4 24 | 0.4% | 6.6% | ||
| Q3 24 | 0.2% | 7.5% | ||
| Q2 24 | 0.4% | 6.7% |
| Q1 26 | — | 6.25× | ||
| Q4 25 | 3.59× | 0.91× | ||
| Q3 25 | -0.27× | 5.31× | ||
| Q2 25 | -2.29× | 1.88× | ||
| Q1 25 | -0.56× | — | ||
| Q4 24 | 0.89× | 1.82× | ||
| Q3 24 | 0.70× | 1.69× | ||
| Q2 24 | 0.25× | -0.06× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
LUV
| Passenger | $6.6B | 91% |
| Other | $614.0M | 8% |
| Freight | $44.0M | 1% |
