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Side-by-side financial comparison of Southwest Airlines (LUV) and Netflix (NFLX). Click either name above to swap in a different company.
Netflix is the larger business by last-quarter revenue ($12.2B vs $7.2B, roughly 1.7× Southwest Airlines). Netflix runs the higher net margin — 43.1% vs 3.1%, a 40.0% gap on every dollar of revenue. On growth, Netflix posted the faster year-over-year revenue change (16.2% vs 12.8%). Over the past eight quarters, Netflix's revenue compounded faster (13.2% CAGR vs -0.7%).
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.
Netflix is an American subscription video on-demand over-the-top streaming service. The service primarily distributes original and acquired films and television shows from various genres. It is available internationally in multiple languages.
LUV vs NFLX — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $7.2B | $12.2B |
| Net Profit | $227.0M | $5.3B |
| Gross Margin | — | 51.9% |
| Operating Margin | — | 32.3% |
| Net Margin | 3.1% | 43.1% |
| Revenue YoY | 12.8% | 16.2% |
| Net Profit YoY | 252.3% | 82.8% |
| EPS (diluted) | $0.45 | $1.23 |
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 | $12.2B | ||
| Q4 25 | $7.4B | $12.1B | ||
| Q3 25 | $6.9B | $11.5B | ||
| Q2 25 | $7.2B | $11.1B | ||
| Q1 25 | $6.4B | $10.5B | ||
| Q4 24 | $6.9B | $10.2B | ||
| Q3 24 | $6.9B | $9.8B | ||
| Q2 24 | $7.4B | $9.6B |
| Q1 26 | $227.0M | $5.3B | ||
| Q4 25 | $323.0M | $2.4B | ||
| Q3 25 | $54.0M | $2.5B | ||
| Q2 25 | $213.0M | $3.1B | ||
| Q1 25 | $-149.0M | $2.9B | ||
| Q4 24 | $262.0M | $1.9B | ||
| Q3 24 | $67.0M | $2.4B | ||
| Q2 24 | $367.0M | $2.1B |
| Q1 26 | — | 51.9% | ||
| Q4 25 | — | 45.9% | ||
| Q3 25 | — | 46.4% | ||
| Q2 25 | — | 51.9% | ||
| Q1 25 | — | 50.1% | ||
| Q4 24 | — | 43.7% | ||
| Q3 24 | — | 47.9% | ||
| Q2 24 | — | 45.9% |
| Q1 26 | — | 32.3% | ||
| Q4 25 | 5.3% | 24.5% | ||
| Q3 25 | 0.5% | 28.2% | ||
| Q2 25 | 3.1% | 34.1% | ||
| Q1 25 | -3.5% | 31.7% | ||
| Q4 24 | 4.0% | 22.2% | ||
| Q3 24 | 0.6% | 29.6% | ||
| Q2 24 | 5.4% | 27.2% |
| Q1 26 | 3.1% | 43.1% | ||
| Q4 25 | 4.3% | 20.1% | ||
| Q3 25 | 0.8% | 22.1% | ||
| Q2 25 | 2.9% | 28.2% | ||
| Q1 25 | -2.3% | 27.4% | ||
| Q4 24 | 3.8% | 18.2% | ||
| Q3 24 | 1.0% | 24.1% | ||
| Q2 24 | 5.0% | 22.5% |
| Q1 26 | $0.45 | $1.23 | ||
| Q4 25 | $0.56 | $-17.14 | ||
| Q3 25 | $0.10 | $5.87 | ||
| Q2 25 | $0.39 | $7.19 | ||
| Q1 25 | $-0.26 | $0.66 | ||
| Q4 24 | $0.46 | $4.27 | ||
| Q3 24 | $0.11 | $5.40 | ||
| Q2 24 | $0.58 | $4.88 |
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 | $12.3B |
| Total DebtLower is stronger | $5.4B | $13.4B |
| Stockholders' EquityBook value | $6.9B | $31.1B |
| Total Assets | $20.4B | $61.0B |
| Debt / EquityLower = less leverage | 0.78× | 0.43× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.3B | $12.3B | ||
| Q4 25 | $3.2B | $9.1B | ||
| Q3 25 | $3.0B | $9.3B | ||
| Q2 25 | $3.8B | $8.4B | ||
| Q1 25 | $8.3B | $8.4B | ||
| Q4 24 | $8.7B | $9.6B | ||
| Q3 24 | $9.4B | $9.2B | ||
| Q2 24 | $10.0B | $6.7B |
| Q1 26 | $5.4B | $13.4B | ||
| Q4 25 | $4.6B | $13.5B | ||
| Q3 25 | $4.1B | $14.5B | ||
| Q2 25 | $4.1B | $14.5B | ||
| Q1 25 | $4.1B | $14.0B | ||
| Q4 24 | $5.1B | $13.8B | ||
| Q3 24 | $5.1B | $14.2B | ||
| Q2 24 | $5.1B | $12.2B |
| Q1 26 | $6.9B | $31.1B | ||
| Q4 25 | $8.0B | $26.6B | ||
| Q3 25 | $7.8B | $26.0B | ||
| Q2 25 | $8.0B | $25.0B | ||
| Q1 25 | $9.4B | $24.0B | ||
| Q4 24 | $10.3B | $24.7B | ||
| Q3 24 | $10.4B | $22.7B | ||
| Q2 24 | $10.5B | $22.1B |
| Q1 26 | $20.4B | $61.0B | ||
| Q4 25 | $29.1B | $55.6B | ||
| Q3 25 | $28.3B | $54.9B | ||
| Q2 25 | $28.7B | $53.1B | ||
| Q1 25 | $33.2B | $52.1B | ||
| Q4 24 | $33.8B | $53.6B | ||
| Q3 24 | $34.8B | $52.3B | ||
| Q2 24 | $35.6B | $49.1B |
| Q1 26 | 0.78× | 0.43× | ||
| Q4 25 | 0.57× | 0.51× | ||
| Q3 25 | 0.52× | 0.56× | ||
| Q2 25 | 0.51× | 0.58× | ||
| Q1 25 | 0.44× | 0.58× | ||
| Q4 24 | 0.49× | 0.56× | ||
| Q3 24 | 0.49× | 0.62× | ||
| Q2 24 | 0.48× | 0.55× |
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 | $5.3B |
| Free Cash FlowOCF − Capex | — | $5.1B |
| FCF MarginFCF / Revenue | — | 41.6% |
| Capex IntensityCapex / Revenue | 8.7% | 1.6% |
| Cash ConversionOCF / Net Profit | 6.25× | 1.00× |
| TTM Free Cash FlowTrailing 4 quarters | — | $11.9B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.4B | $5.3B | ||
| Q4 25 | $294.0M | $2.1B | ||
| Q3 25 | $287.0M | $2.8B | ||
| Q2 25 | $401.0M | $2.4B | ||
| Q1 25 | $860.0M | $2.8B | ||
| Q4 24 | $476.0M | $1.5B | ||
| Q3 24 | $113.0M | $2.3B | ||
| Q2 24 | $-23.0M | $1.3B |
| Q1 26 | — | $5.1B | ||
| Q4 25 | $-565.0M | $1.9B | ||
| Q3 25 | $-391.0M | $2.7B | ||
| Q2 25 | $-234.0M | $2.3B | ||
| Q1 25 | $359.0M | $2.7B | ||
| Q4 24 | $16.0M | $1.4B | ||
| Q3 24 | $-404.0M | $2.2B | ||
| Q2 24 | $-517.0M | $1.2B |
| Q1 26 | — | 41.6% | ||
| Q4 25 | -7.6% | 15.5% | ||
| Q3 25 | -5.6% | 23.1% | ||
| Q2 25 | -3.2% | 20.5% | ||
| Q1 25 | 5.6% | 25.2% | ||
| Q4 24 | 0.2% | 13.5% | ||
| Q3 24 | -5.9% | 22.3% | ||
| Q2 24 | -7.0% | 12.7% |
| Q1 26 | 8.7% | 1.6% | ||
| Q4 25 | 11.5% | 2.0% | ||
| Q3 25 | 9.8% | 1.4% | ||
| Q2 25 | 8.8% | 1.4% | ||
| Q1 25 | 7.8% | 1.2% | ||
| Q4 24 | 6.6% | 1.5% | ||
| Q3 24 | 7.5% | 1.3% | ||
| Q2 24 | 6.7% | 0.8% |
| Q1 26 | 6.25× | 1.00× | ||
| Q4 25 | 0.91× | 0.87× | ||
| Q3 25 | 5.31× | 1.11× | ||
| Q2 25 | 1.88× | 0.78× | ||
| Q1 25 | — | 0.97× | ||
| Q4 24 | 1.82× | 0.82× | ||
| Q3 24 | 1.69× | 0.98× | ||
| Q2 24 | -0.06× | 0.60× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LUV
| Passenger | $6.6B | 91% |
| Other | $614.0M | 8% |
| Freight | $44.0M | 1% |
NFLX
Segment breakdown not available.
