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Side-by-side financial comparison of JETBLUE AIRWAYS CORP (JBLU) 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 $2.2B, roughly 3.2× JETBLUE AIRWAYS CORP). Southwest Airlines runs the higher net margin — 3.1% vs -14.2%, a 17.4% gap on every dollar of revenue. On growth, Southwest Airlines posted the faster year-over-year revenue change (12.8% vs 4.7%). Over the past eight quarters, Southwest Airlines's revenue compounded faster (-0.7% CAGR vs -3.9%).
JetBlue Airways Corporation, stylized as jetBlue, is an American low-cost airline headquartered in Long Island City, in Queens, New York City. Primarily a point-to-point carrier, JetBlue's network features six focus cities including its main hub at New York City's John F. Kennedy International Airport, with destinations across the Americas and Europe. Although not a member of any global airline alliances, JetBlue has codeshare agreements with airlines from Oneworld, SkyTeam, and Star Alliance.
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.
JBLU vs LUV — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.2B | $7.2B |
| Net Profit | $-319.0M | $227.0M |
| Gross Margin | — | — |
| Operating Margin | — | — |
| Net Margin | -14.2% | 3.1% |
| Revenue YoY | 4.7% | 12.8% |
| Net Profit YoY | -53.4% | 252.3% |
| EPS (diluted) | $-0.86 | $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 | $2.2B | $7.2B | ||
| Q4 25 | $2.2B | $7.4B | ||
| Q3 25 | $2.3B | $6.9B | ||
| Q2 25 | $2.4B | $7.2B | ||
| Q1 25 | $2.1B | $6.4B | ||
| Q4 24 | $2.3B | $6.9B | ||
| Q3 24 | $2.4B | $6.9B | ||
| Q2 24 | $2.4B | $7.4B |
| Q1 26 | $-319.0M | $227.0M | ||
| Q4 25 | $-177.0M | $323.0M | ||
| Q3 25 | $-143.0M | $54.0M | ||
| Q2 25 | $-74.0M | $213.0M | ||
| Q1 25 | $-208.0M | $-149.0M | ||
| Q4 24 | $-44.0M | $262.0M | ||
| Q3 24 | $-60.0M | $67.0M | ||
| Q2 24 | $25.0M | $367.0M |
| Q1 26 | — | — | ||
| Q4 25 | -4.5% | 5.3% | ||
| Q3 25 | -4.3% | 0.5% | ||
| Q2 25 | 0.3% | 3.1% | ||
| Q1 25 | -8.1% | -3.5% | ||
| Q4 24 | 0.7% | 4.0% | ||
| Q3 24 | -1.6% | 0.6% | ||
| Q2 24 | 2.3% | 5.4% |
| Q1 26 | -14.2% | 3.1% | ||
| Q4 25 | -7.9% | 4.3% | ||
| Q3 25 | -6.2% | 0.8% | ||
| Q2 25 | -3.1% | 2.9% | ||
| Q1 25 | -9.7% | -2.3% | ||
| Q4 24 | -1.9% | 3.8% | ||
| Q3 24 | -2.5% | 1.0% | ||
| Q2 24 | 1.0% | 5.0% |
| Q1 26 | $-0.86 | $0.45 | ||
| Q4 25 | $-0.47 | $0.56 | ||
| Q3 25 | $-0.39 | $0.10 | ||
| Q2 25 | $-0.21 | $0.39 | ||
| Q1 25 | $-0.59 | $-0.26 | ||
| Q4 24 | $-0.09 | $0.46 | ||
| Q3 24 | $-0.17 | $0.11 | ||
| Q2 24 | $0.07 | $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 | $1.9B | $3.3B |
| Total DebtLower is stronger | — | $5.4B |
| Stockholders' EquityBook value | $1.8B | $6.9B |
| Total Assets | $16.6B | $20.4B |
| Debt / EquityLower = less leverage | — | 0.78× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.9B | $3.3B | ||
| Q4 25 | $2.2B | $3.2B | ||
| Q3 25 | $2.6B | $3.0B | ||
| Q2 25 | $3.1B | $3.8B | ||
| Q1 25 | $3.5B | $8.3B | ||
| Q4 24 | $3.6B | $8.7B | ||
| Q3 24 | $4.0B | $9.4B | ||
| Q2 24 | $1.5B | $10.0B |
| Q1 26 | — | $5.4B | ||
| Q4 25 | $7.7B | $4.6B | ||
| Q3 25 | $7.8B | $4.1B | ||
| Q2 25 | $7.7B | $4.1B | ||
| Q1 25 | $8.1B | $4.1B | ||
| Q4 24 | $8.1B | $5.1B | ||
| Q3 24 | $7.9B | $5.1B | ||
| Q2 24 | $5.0B | $5.1B |
| Q1 26 | $1.8B | $6.9B | ||
| Q4 25 | $2.1B | $8.0B | ||
| Q3 25 | $2.3B | $7.8B | ||
| Q2 25 | $2.4B | $8.0B | ||
| Q1 25 | $2.4B | $9.4B | ||
| Q4 24 | $2.6B | $10.3B | ||
| Q3 24 | $2.6B | $10.4B | ||
| Q2 24 | $2.7B | $10.5B |
| Q1 26 | $16.6B | $20.4B | ||
| Q4 25 | $16.6B | $29.1B | ||
| Q3 25 | $16.6B | $28.3B | ||
| Q2 25 | $16.9B | $28.7B | ||
| Q1 25 | $17.1B | $33.2B | ||
| Q4 24 | $16.8B | $33.8B | ||
| Q3 24 | $16.6B | $34.8B | ||
| Q2 24 | $14.0B | $35.6B |
| Q1 26 | — | 0.78× | ||
| Q4 25 | 3.65× | 0.57× | ||
| Q3 25 | 3.42× | 0.52× | ||
| Q2 25 | 3.21× | 0.51× | ||
| Q1 25 | 3.31× | 0.44× | ||
| Q4 24 | 3.08× | 0.49× | ||
| Q3 24 | 2.98× | 0.49× | ||
| Q2 24 | 1.86× | 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 | 6.3% | 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 | $49.0M | $294.0M | ||
| Q3 25 | $-142.0M | $287.0M | ||
| Q2 25 | $-115.0M | $401.0M | ||
| Q1 25 | $114.0M | $860.0M | ||
| Q4 24 | $-17.0M | $476.0M | ||
| Q3 24 | $-29.0M | $113.0M | ||
| Q2 24 | $-14.0M | $-23.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-287.0M | $-565.0M | ||
| Q3 25 | $-411.0M | $-391.0M | ||
| Q2 25 | $-412.0M | $-234.0M | ||
| Q1 25 | $-62.0M | $359.0M | ||
| Q4 24 | $-368.0M | $16.0M | ||
| Q3 24 | $-302.0M | $-404.0M | ||
| Q2 24 | $-441.0M | $-517.0M |
| Q1 26 | — | — | ||
| Q4 25 | -12.8% | -7.6% | ||
| Q3 25 | -17.7% | -5.6% | ||
| Q2 25 | -17.5% | -3.2% | ||
| Q1 25 | -2.9% | 5.6% | ||
| Q4 24 | -16.2% | 0.2% | ||
| Q3 24 | -12.8% | -5.9% | ||
| Q2 24 | -18.2% | -7.0% |
| Q1 26 | 6.3% | 8.7% | ||
| Q4 25 | 15.0% | 11.5% | ||
| Q3 25 | 11.6% | 9.8% | ||
| Q2 25 | 12.6% | 8.8% | ||
| Q1 25 | 8.2% | 7.8% | ||
| Q4 24 | 15.4% | 6.6% | ||
| Q3 24 | 11.5% | 7.5% | ||
| Q2 24 | 17.6% | 6.7% |
| Q1 26 | — | 6.25× | ||
| Q4 25 | — | 0.91× | ||
| Q3 25 | — | 5.31× | ||
| Q2 25 | — | 1.88× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.82× | ||
| Q3 24 | — | 1.69× | ||
| Q2 24 | -0.56× | -0.06× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
JBLU
Segment breakdown not available.
LUV
| Passenger | $6.6B | 91% |
| Other | $614.0M | 8% |
| Freight | $44.0M | 1% |
