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Side-by-side financial comparison of American Express (AXP) 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 $18.9M, roughly 383.4× American Express). American Express runs the higher net margin — 15.7% vs 3.1%, a 12.6% gap on every dollar of revenue. On growth, Southwest Airlines posted the faster year-over-year revenue change (12.8% vs 11.4%). Over the past eight quarters, Southwest Airlines's revenue compounded faster (-0.7% CAGR vs -95.6%).
American Express Company, together with its subsidiaries, provides charge and credit payment card products, and travel-related services worldwide. The company operates through three segments: Global Consumer Services Group, Global Commercial Services, and Global Merchant and Network Services. Its products and services include payment and financing products; network services; accounts payable expense management products and services; and travel and lifestyle services. The company's products an...
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.
AXP vs LUV — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $18.9M | $7.2B |
| Net Profit | $3.0M | $227.0M |
| Gross Margin | — | — |
| Operating Margin | — | 4.6% |
| Net Margin | 15.7% | 3.1% |
| Revenue YoY | 11.4% | 12.8% |
| Net Profit YoY | 15.0% | — |
| 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 | $18.9M | $7.2B | ||
| Q4 25 | $10.9B | $7.4B | ||
| Q3 25 | $10.4B | $6.9B | ||
| Q2 25 | $10.3B | $7.2B | ||
| Q1 25 | $9.6B | $6.4B | ||
| Q4 24 | $10.0B | $6.9B | ||
| Q3 24 | $9.7B | $6.9B | ||
| Q2 24 | $9.8B | $7.4B |
| Q1 26 | $3.0M | $227.0M | ||
| Q4 25 | $2.5B | $323.0M | ||
| Q3 25 | $2.9B | $54.0M | ||
| Q2 25 | $2.9B | $213.0M | ||
| Q1 25 | $2.6B | $-149.0M | ||
| Q4 24 | $2.2B | $262.0M | ||
| Q3 24 | $2.5B | $67.0M | ||
| Q2 24 | $3.0B | $367.0M |
| Q1 26 | — | 4.6% | ||
| Q4 25 | 28.2% | 5.3% | ||
| Q3 25 | 36.7% | 0.5% | ||
| Q2 25 | 34.4% | 3.1% | ||
| Q1 25 | 34.6% | -3.5% | ||
| Q4 24 | 27.7% | 4.0% | ||
| Q3 24 | 33.0% | 0.6% | ||
| Q2 24 | 38.6% | 5.4% |
| Q1 26 | 15.7% | 3.1% | ||
| Q4 25 | 22.5% | 4.3% | ||
| Q3 25 | 27.9% | 0.8% | ||
| Q2 25 | 28.0% | 2.9% | ||
| Q1 25 | 26.8% | -2.3% | ||
| Q4 24 | 21.8% | 3.8% | ||
| Q3 24 | 25.8% | 1.0% | ||
| Q2 24 | 30.7% | 5.0% |
| Q1 26 | — | $0.45 | ||
| Q4 25 | $3.52 | $0.56 | ||
| Q3 25 | $4.14 | $0.10 | ||
| Q2 25 | $4.08 | $0.39 | ||
| Q1 25 | $3.64 | $-0.26 | ||
| Q4 24 | $3.04 | $0.46 | ||
| Q3 24 | $3.49 | $0.11 | ||
| Q2 24 | $4.15 | $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 | — | $3.3B |
| Total DebtLower is stronger | $60.4M | $5.4B |
| Stockholders' EquityBook value | $34.0M | $6.9B |
| Total Assets | $308.9M | $20.4B |
| Debt / EquityLower = less leverage | 1.78× | 0.78× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $3.3B | ||
| Q4 25 | $742.0M | $3.2B | ||
| Q3 25 | $1.3B | $3.0B | ||
| Q2 25 | $197.0M | $3.8B | ||
| Q1 25 | $261.0M | $8.3B | ||
| Q4 24 | $221.0M | $8.7B | ||
| Q3 24 | $120.0M | $9.4B | ||
| Q2 24 | $188.0M | $10.0B |
| Q1 26 | $60.4M | $5.4B | ||
| Q4 25 | $56.4B | $4.6B | ||
| Q3 25 | $57.8B | $4.1B | ||
| Q2 25 | $58.2B | $4.1B | ||
| Q1 25 | $51.2B | $4.1B | ||
| Q4 24 | $49.7B | $5.1B | ||
| Q3 24 | $53.5B | $5.1B | ||
| Q2 24 | $51.5B | $5.1B |
| Q1 26 | $34.0M | $6.9B | ||
| Q4 25 | $33.5B | $8.0B | ||
| Q3 25 | $32.4B | $7.8B | ||
| Q2 25 | $32.3B | $8.0B | ||
| Q1 25 | $31.2B | $9.4B | ||
| Q4 24 | $30.3B | $10.3B | ||
| Q3 24 | $29.7B | $10.4B | ||
| Q2 24 | $29.5B | $10.5B |
| Q1 26 | $308.9M | $20.4B | ||
| Q4 25 | $300.1B | $29.1B | ||
| Q3 25 | $297.6B | $28.3B | ||
| Q2 25 | $295.6B | $28.7B | ||
| Q1 25 | $282.2B | $33.2B | ||
| Q4 24 | $271.5B | $33.8B | ||
| Q3 24 | $271.0B | $34.8B | ||
| Q2 24 | $272.2B | $35.6B |
| Q1 26 | 1.78× | 0.78× | ||
| Q4 25 | 1.68× | 0.57× | ||
| Q3 25 | 1.78× | 0.52× | ||
| Q2 25 | 1.80× | 0.51× | ||
| Q1 25 | 1.64× | 0.44× | ||
| Q4 24 | 1.64× | 0.49× | ||
| Q3 24 | 1.80× | 0.49× | ||
| Q2 24 | 1.74× | 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 | — | $1.4B |
| 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.
| Q1 26 | — | $1.4B | ||
| Q4 25 | $3.1B | $294.0M | ||
| Q3 25 | $6.2B | $287.0M | ||
| Q2 25 | $4.4B | $401.0M | ||
| Q1 25 | $4.8B | $860.0M | ||
| Q4 24 | $5.8B | $476.0M | ||
| Q3 24 | $-1.8B | $113.0M | ||
| Q2 24 | $4.5B | $-23.0M |
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | $-565.0M | ||
| Q3 25 | $5.6B | $-391.0M | ||
| Q2 25 | $3.7B | $-234.0M | ||
| Q1 25 | $4.3B | $359.0M | ||
| Q4 24 | $5.3B | $16.0M | ||
| Q3 24 | $-2.3B | $-404.0M | ||
| Q2 24 | $4.0B | $-517.0M |
| Q1 26 | — | — | ||
| Q4 25 | 21.4% | -7.6% | ||
| Q3 25 | 53.6% | -5.6% | ||
| Q2 25 | 36.3% | -3.2% | ||
| Q1 25 | 45.0% | 5.6% | ||
| Q4 24 | 53.1% | 0.2% | ||
| Q3 24 | -23.3% | -5.9% | ||
| Q2 24 | 40.4% | -7.0% |
| Q1 26 | — | 8.7% | ||
| Q4 25 | 6.6% | 11.5% | ||
| Q3 25 | 6.3% | 9.8% | ||
| Q2 25 | 6.0% | 8.8% | ||
| Q1 25 | 4.5% | 7.8% | ||
| Q4 24 | 5.0% | 6.6% | ||
| Q3 24 | 4.7% | 7.5% | ||
| Q2 24 | 5.8% | 6.7% |
| Q1 26 | — | 6.25× | ||
| Q4 25 | 1.25× | 0.91× | ||
| Q3 25 | 2.15× | 5.31× | ||
| Q2 25 | 1.51× | 1.88× | ||
| Q1 25 | 1.84× | — | ||
| Q4 24 | 2.66× | 1.82× | ||
| Q3 24 | -0.72× | 1.69× | ||
| Q2 24 | 1.50× | -0.06× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AXP
| Discount revenue | $9.5M | 50% |
| Other | $8.9M | 47% |
| Deposits with banks and other | $512.0K | 3% |
LUV
| Passenger | $6.6B | 91% |
| Other | $614.0M | 8% |
| Freight | $44.0M | 1% |
