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Side-by-side financial comparison of Expeditors International (EXPD) 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 $2.9B, roughly 2.5× Expeditors International). Expeditors International runs the higher net margin — 7.0% vs 3.1%, a 3.9% gap on every dollar of revenue. On growth, Southwest Airlines posted the faster year-over-year revenue change (12.8% vs -3.3%). Over the past eight quarters, Expeditors International's revenue compounded faster (13.8% CAGR vs -0.7%).
Expeditors International of Washington, Inc. is an American Fortune 500 service-based logistics company with headquarters in Bellevue, Washington. Expeditors generates highly optimized and customized supply chain solutions for clients with unified technology systems integrated through a global network of over 340+ locations in 100+ countries on six continents.
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.
EXPD vs LUV — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.9B | $7.2B |
| Net Profit | $200.7M | $227.0M |
| Gross Margin | — | — |
| Operating Margin | 8.8% | — |
| Net Margin | 7.0% | 3.1% |
| Revenue YoY | -3.3% | 12.8% |
| Net Profit YoY | -14.9% | 252.3% |
| EPS (diluted) | $1.50 | $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 | $2.9B | $7.4B | ||
| Q3 25 | $2.9B | $6.9B | ||
| Q2 25 | $2.7B | $7.2B | ||
| Q1 25 | $2.7B | $6.4B | ||
| Q4 24 | $3.0B | $6.9B | ||
| Q3 24 | $3.0B | $6.9B | ||
| Q2 24 | $2.4B | $7.4B |
| Q1 26 | — | $227.0M | ||
| Q4 25 | $200.7M | $323.0M | ||
| Q3 25 | $222.3M | $54.0M | ||
| Q2 25 | $183.6M | $213.0M | ||
| Q1 25 | $203.8M | $-149.0M | ||
| Q4 24 | $235.9M | $262.0M | ||
| Q3 24 | $229.6M | $67.0M | ||
| Q2 24 | $175.5M | $367.0M |
| Q1 26 | — | — | ||
| Q4 25 | 8.8% | 5.3% | ||
| Q3 25 | 10.0% | 0.5% | ||
| Q2 25 | 9.3% | 3.1% | ||
| Q1 25 | 10.0% | -3.5% | ||
| Q4 24 | 10.2% | 4.0% | ||
| Q3 24 | 10.1% | 0.6% | ||
| Q2 24 | 9.2% | 5.4% |
| Q1 26 | — | 3.1% | ||
| Q4 25 | 7.0% | 4.3% | ||
| Q3 25 | 7.7% | 0.8% | ||
| Q2 25 | 6.9% | 2.9% | ||
| Q1 25 | 7.6% | -2.3% | ||
| Q4 24 | 8.0% | 3.8% | ||
| Q3 24 | 7.7% | 1.0% | ||
| Q2 24 | 7.2% | 5.0% |
| Q1 26 | — | $0.45 | ||
| Q4 25 | $1.50 | $0.56 | ||
| Q3 25 | $1.64 | $0.10 | ||
| Q2 25 | $1.34 | $0.39 | ||
| Q1 25 | $1.47 | $-0.26 | ||
| Q4 24 | $1.68 | $0.46 | ||
| Q3 24 | $1.63 | $0.11 | ||
| Q2 24 | $1.24 | $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 | $1.3B | $3.3B |
| Total DebtLower is stronger | — | $5.4B |
| Stockholders' EquityBook value | $2.4B | $6.9B |
| Total Assets | $4.9B | $20.4B |
| Debt / EquityLower = less leverage | — | 0.78× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $3.3B | ||
| Q4 25 | $1.3B | $3.2B | ||
| Q3 25 | $1.2B | $3.0B | ||
| Q2 25 | $1.2B | $3.8B | ||
| Q1 25 | $1.3B | $8.3B | ||
| Q4 24 | $1.1B | $8.7B | ||
| Q3 24 | $1.3B | $9.4B | ||
| Q2 24 | $1.3B | $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 | $2.4B | $8.0B | ||
| Q3 25 | $2.3B | $7.8B | ||
| Q2 25 | $2.2B | $8.0B | ||
| Q1 25 | $2.3B | $9.4B | ||
| Q4 24 | $2.2B | $10.3B | ||
| Q3 24 | $2.4B | $10.4B | ||
| Q2 24 | $2.2B | $10.5B |
| Q1 26 | — | $20.4B | ||
| Q4 25 | $4.9B | $29.1B | ||
| Q3 25 | $4.8B | $28.3B | ||
| Q2 25 | $4.8B | $28.7B | ||
| Q1 25 | $4.8B | $33.2B | ||
| Q4 24 | $4.8B | $33.8B | ||
| Q3 24 | $5.2B | $34.8B | ||
| Q2 24 | $4.8B | $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 | $283.3M | $1.4B |
| Free Cash FlowOCF − Capex | $270.3M | — |
| FCF MarginFCF / Revenue | 9.5% | — |
| Capex IntensityCapex / Revenue | 0.5% | 8.7% |
| Cash ConversionOCF / Net Profit | 1.41× | 6.25× |
| TTM Free Cash FlowTrailing 4 quarters | $953.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.4B | ||
| Q4 25 | $283.3M | $294.0M | ||
| Q3 25 | $201.4M | $287.0M | ||
| Q2 25 | $179.2M | $401.0M | ||
| Q1 25 | $342.6M | $860.0M | ||
| Q4 24 | $249.7M | $476.0M | ||
| Q3 24 | $90.0M | $113.0M | ||
| Q2 24 | $126.8M | $-23.0M |
| Q1 26 | — | — | ||
| Q4 25 | $270.3M | $-565.0M | ||
| Q3 25 | $190.3M | $-391.0M | ||
| Q2 25 | $163.3M | $-234.0M | ||
| Q1 25 | $329.5M | $359.0M | ||
| Q4 24 | $239.7M | $16.0M | ||
| Q3 24 | $77.7M | $-404.0M | ||
| Q2 24 | $118.8M | $-517.0M |
| Q1 26 | — | — | ||
| Q4 25 | 9.5% | -7.6% | ||
| Q3 25 | 6.6% | -5.6% | ||
| Q2 25 | 6.2% | -3.2% | ||
| Q1 25 | 12.4% | 5.6% | ||
| Q4 24 | 8.1% | 0.2% | ||
| Q3 24 | 2.6% | -5.9% | ||
| Q2 24 | 4.9% | -7.0% |
| Q1 26 | — | 8.7% | ||
| Q4 25 | 0.5% | 11.5% | ||
| Q3 25 | 0.4% | 9.8% | ||
| Q2 25 | 0.6% | 8.8% | ||
| Q1 25 | 0.5% | 7.8% | ||
| Q4 24 | 0.3% | 6.6% | ||
| Q3 24 | 0.4% | 7.5% | ||
| Q2 24 | 0.3% | 6.7% |
| Q1 26 | — | 6.25× | ||
| Q4 25 | 1.41× | 0.91× | ||
| Q3 25 | 0.91× | 5.31× | ||
| Q2 25 | 0.98× | 1.88× | ||
| Q1 25 | 1.68× | — | ||
| Q4 24 | 1.06× | 1.82× | ||
| Q3 24 | 0.39× | 1.69× | ||
| Q2 24 | 0.72× | -0.06× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EXPD
| Customs Brokerage And Other Services | $1.1B | 40% |
| Airfreight Services | $1.1B | 39% |
| Ocean Freight And Ocean Services | $611.4M | 21% |
LUV
| Passenger | $6.6B | 91% |
| Other | $614.0M | 8% |
| Freight | $44.0M | 1% |
