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Side-by-side financial comparison of Lennar (LEN) and Union Pacific Corporation (UNP). Click either name above to swap in a different company.
Lennar is the larger business by last-quarter revenue ($9.4B vs $6.2B, roughly 1.5× Union Pacific Corporation). Union Pacific Corporation runs the higher net margin — 27.4% vs 5.2%, a 22.1% gap on every dollar of revenue. On growth, Union Pacific Corporation posted the faster year-over-year revenue change (3.2% vs -5.8%). Lennar produced more free cash flow last quarter ($1.7B vs $631.0M). Over the past eight quarters, Lennar's revenue compounded faster (13.2% CAGR vs 1.7%).
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.
The Union Pacific Railroad Company is a Class I freight-hauling railroad that operates 8,300 locomotives over 32,200 miles (51,800 km) routes in 23 U.S. states west of Chicago and New Orleans. Union Pacific is the second-largest railroad in the United States after BNSF.
LEN vs UNP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $9.4B | $6.2B |
| Net Profit | $490.2M | $1.7B |
| Gross Margin | — | — |
| Operating Margin | 7.3% | 39.5% |
| Net Margin | 5.2% | 27.4% |
| Revenue YoY | -5.8% | 3.2% |
| Net Profit YoY | -55.3% | 4.6% |
| EPS (diluted) | — | $2.87 |
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 | — | $6.2B | ||
| Q4 25 | $9.4B | $6.1B | ||
| Q3 25 | $8.8B | $6.2B | ||
| Q2 25 | $8.4B | $6.2B | ||
| Q1 25 | $7.6B | $6.0B | ||
| Q4 24 | $9.9B | $6.1B | ||
| Q3 24 | $9.4B | $6.1B | ||
| Q2 24 | $8.8B | $6.0B |
| Q1 26 | — | $1.7B | ||
| Q4 25 | $490.2M | $1.8B | ||
| Q3 25 | $591.0M | $1.8B | ||
| Q2 25 | $477.4M | $1.9B | ||
| Q1 25 | $519.5M | $1.6B | ||
| Q4 24 | $1.1B | $1.8B | ||
| Q3 24 | $1.2B | $1.7B | ||
| Q2 24 | $954.3M | $1.7B |
| Q1 26 | — | 39.5% | ||
| Q4 25 | 7.3% | 39.5% | ||
| Q3 25 | 9.0% | 40.8% | ||
| Q2 25 | 7.7% | 41.0% | ||
| Q1 25 | 9.1% | 39.3% | ||
| Q4 24 | 14.7% | 41.3% | ||
| Q3 24 | 16.3% | 39.7% | ||
| Q2 24 | 14.4% | 40.0% |
| Q1 26 | — | 27.4% | ||
| Q4 25 | 5.2% | 30.4% | ||
| Q3 25 | 6.7% | 28.6% | ||
| Q2 25 | 5.7% | 30.5% | ||
| Q1 25 | 6.8% | 27.0% | ||
| Q4 24 | 11.0% | 28.8% | ||
| Q3 24 | 12.3% | 27.4% | ||
| Q2 24 | 10.9% | 27.9% |
| Q1 26 | — | $2.87 | ||
| Q4 25 | — | $3.12 | ||
| Q3 25 | $2.29 | $3.01 | ||
| Q2 25 | $1.81 | $3.15 | ||
| Q1 25 | $1.96 | $2.70 | ||
| Q4 24 | $4.03 | $2.91 | ||
| Q3 24 | $4.26 | $2.75 | ||
| Q2 24 | $3.45 | $2.74 |
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 | $735.0M |
| Total DebtLower is stronger | $5.9B | — |
| Stockholders' EquityBook value | $22.0B | — |
| Total Assets | $34.4B | $69.6B |
| Debt / EquityLower = less leverage | 0.27× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $735.0M | ||
| Q4 25 | $3.8B | $1.3B | ||
| Q3 25 | — | $808.0M | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | $4.9B | $1.0B | ||
| Q3 24 | — | $947.0M | ||
| Q2 24 | — | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | $5.9B | $30.3B | ||
| Q3 25 | — | $30.3B | ||
| Q2 25 | — | $30.3B | ||
| Q1 25 | — | $30.6B | ||
| Q4 24 | $4.2B | $29.8B | ||
| Q3 24 | — | $29.8B | ||
| Q2 24 | — | $31.2B |
| Q1 26 | — | — | ||
| Q4 25 | $22.0B | $18.5B | ||
| Q3 25 | $22.6B | $17.3B | ||
| Q2 25 | $22.6B | $16.3B | ||
| Q1 25 | $22.7B | $16.0B | ||
| Q4 24 | $27.9B | $16.9B | ||
| Q3 24 | $27.4B | $16.6B | ||
| Q2 24 | $26.9B | $16.5B |
| Q1 26 | — | $69.6B | ||
| Q4 25 | $34.4B | $69.7B | ||
| Q3 25 | $34.9B | $68.6B | ||
| Q2 25 | $34.4B | $68.6B | ||
| Q1 25 | $35.0B | $68.5B | ||
| Q4 24 | $41.3B | $67.7B | ||
| Q3 24 | $39.7B | $67.6B | ||
| Q2 24 | $38.7B | $67.8B |
| Q1 26 | — | — | ||
| Q4 25 | 0.27× | 1.64× | ||
| Q3 25 | — | 1.75× | ||
| Q2 25 | — | 1.86× | ||
| Q1 25 | — | 1.91× | ||
| Q4 24 | 0.15× | 1.76× | ||
| Q3 24 | — | 1.79× | ||
| Q2 24 | — | 1.89× |
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 | — |
| Free Cash FlowOCF − Capex | $1.7B | $631.0M |
| FCF MarginFCF / Revenue | 17.9% | 10.1% |
| Capex IntensityCapex / Revenue | 0.9% | — |
| Cash ConversionOCF / Net Profit | 3.59× | — |
| TTM Free Cash FlowTrailing 4 quarters | $28.2M | $4.8B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | $2.2B | ||
| Q3 25 | $-158.6M | $2.5B | ||
| Q2 25 | $-1.1B | $2.3B | ||
| Q1 25 | $-289.0M | $2.2B | ||
| Q4 24 | $974.5M | $2.7B | ||
| Q3 24 | $819.2M | $2.7B | ||
| Q2 24 | $241.8M | $1.9B |
| Q1 26 | — | $631.0M | ||
| Q4 25 | $1.7B | $1.2B | ||
| Q3 25 | $-190.8M | $1.6B | ||
| Q2 25 | $-1.1B | $1.4B | ||
| Q1 25 | $-345.1M | $1.3B | ||
| Q4 24 | $933.1M | $1.7B | ||
| Q3 24 | $800.8M | $1.8B | ||
| Q2 24 | $203.0M | $1.0B |
| Q1 26 | — | 10.1% | ||
| Q4 25 | 17.9% | 20.1% | ||
| Q3 25 | -2.2% | 25.2% | ||
| Q2 25 | -13.3% | 22.7% | ||
| Q1 25 | -4.5% | 21.6% | ||
| Q4 24 | 9.4% | 28.4% | ||
| Q3 24 | 8.5% | 29.9% | ||
| Q2 24 | 2.3% | 16.8% |
| Q1 26 | — | — | ||
| Q4 25 | 0.9% | 16.4% | ||
| Q3 25 | 0.4% | 15.2% | ||
| Q2 25 | 0.2% | 15.2% | ||
| Q1 25 | 0.7% | 15.0% | ||
| Q4 24 | 0.4% | 15.1% | ||
| Q3 24 | 0.2% | 13.6% | ||
| Q2 24 | 0.4% | 15.0% |
| Q1 26 | — | — | ||
| Q4 25 | 3.59× | 1.20× | ||
| Q3 25 | -0.27× | 1.41× | ||
| Q2 25 | -2.29× | 1.24× | ||
| Q1 25 | -0.56× | 1.36× | ||
| Q4 24 | 0.89× | 1.51× | ||
| Q3 24 | 0.70× | 1.59× | ||
| Q2 24 | 0.25× | 1.14× |
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% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
