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Side-by-side financial comparison of Southwest Airlines (LUV) and Old Dominion (ODFL). Click either name above to swap in a different company.
Southwest Airlines is the larger business by last-quarter revenue ($7.2B vs $1.3B, roughly 5.5× Old Dominion). Old Dominion runs the higher net margin — 17.6% vs 3.1%, a 14.4% gap on every dollar of revenue. On growth, Southwest Airlines posted the faster year-over-year revenue change (12.8% vs -5.7%). Over the past eight quarters, Southwest Airlines's revenue compounded faster (-0.7% CAGR vs -5.4%).
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.
Old Dominion Freight Line, Inc. (ODFL) is an American regional, inter-regional and national less than truckload shipping (LTL) company. In addition to its core LTL services, the company offers expedited, logistics and household moving services.
LUV vs ODFL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.2B | $1.3B |
| Net Profit | $227.0M | $229.5M |
| Gross Margin | — | — |
| Operating Margin | — | 23.3% |
| Net Margin | 3.1% | 17.6% |
| Revenue YoY | 12.8% | -5.7% |
| Net Profit YoY | 252.3% | -12.8% |
| EPS (diluted) | $0.45 | $1.10 |
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 | $7.4B | $1.3B | ||
| Q3 25 | $6.9B | $1.4B | ||
| Q2 25 | $7.2B | $1.4B | ||
| Q1 25 | $6.4B | $1.4B | ||
| Q4 24 | $6.9B | $1.4B | ||
| Q3 24 | $6.9B | $1.5B | ||
| Q2 24 | $7.4B | $1.5B |
| Q1 26 | $227.0M | — | ||
| Q4 25 | $323.0M | $229.5M | ||
| Q3 25 | $54.0M | $270.9M | ||
| Q2 25 | $213.0M | $268.6M | ||
| Q1 25 | $-149.0M | $254.7M | ||
| Q4 24 | $262.0M | $263.1M | ||
| Q3 24 | $67.0M | $308.6M | ||
| Q2 24 | $367.0M | $322.0M |
| Q1 26 | — | — | ||
| Q4 25 | 5.3% | 23.3% | ||
| Q3 25 | 0.5% | 25.7% | ||
| Q2 25 | 3.1% | 25.4% | ||
| Q1 25 | -3.5% | 24.6% | ||
| Q4 24 | 4.0% | 24.1% | ||
| Q3 24 | 0.6% | 27.3% | ||
| Q2 24 | 5.4% | 28.1% |
| Q1 26 | 3.1% | — | ||
| Q4 25 | 4.3% | 17.6% | ||
| Q3 25 | 0.8% | 19.3% | ||
| Q2 25 | 2.9% | 19.1% | ||
| Q1 25 | -2.3% | 18.5% | ||
| Q4 24 | 3.8% | 19.0% | ||
| Q3 24 | 1.0% | 21.0% | ||
| Q2 24 | 5.0% | 21.5% |
| Q1 26 | $0.45 | — | ||
| Q4 25 | $0.56 | $1.10 | ||
| Q3 25 | $0.10 | $1.28 | ||
| Q2 25 | $0.39 | $1.27 | ||
| Q1 25 | $-0.26 | $1.19 | ||
| Q4 24 | $0.46 | $1.23 | ||
| Q3 24 | $0.11 | $1.43 | ||
| Q2 24 | $0.58 | $1.48 |
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 | $120.1M |
| Total DebtLower is stronger | $5.4B | $20.0M |
| Stockholders' EquityBook value | $6.9B | $4.3B |
| Total Assets | $20.4B | $5.5B |
| Debt / EquityLower = less leverage | 0.78× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.3B | — | ||
| Q4 25 | $3.2B | $120.1M | ||
| Q3 25 | $3.0B | $46.6M | ||
| Q2 25 | $3.8B | $24.1M | ||
| Q1 25 | $8.3B | $97.2M | ||
| Q4 24 | $8.7B | $108.7M | ||
| Q3 24 | $9.4B | $74.2M | ||
| Q2 24 | $10.0B | $104.6M |
| Q1 26 | $5.4B | — | ||
| Q4 25 | $4.6B | $20.0M | ||
| Q3 25 | $4.1B | $65.0M | ||
| Q2 25 | $4.1B | $150.0M | ||
| Q1 25 | $4.1B | $40.0M | ||
| Q4 24 | $5.1B | $40.0M | ||
| Q3 24 | $5.1B | $40.0M | ||
| Q2 24 | $5.1B | $40.0M |
| Q1 26 | $6.9B | — | ||
| Q4 25 | $8.0B | $4.3B | ||
| Q3 25 | $7.8B | $4.3B | ||
| Q2 25 | $8.0B | $4.2B | ||
| Q1 25 | $9.4B | $4.2B | ||
| Q4 24 | $10.3B | $4.2B | ||
| Q3 24 | $10.4B | $4.2B | ||
| Q2 24 | $10.5B | $4.1B |
| Q1 26 | $20.4B | — | ||
| Q4 25 | $29.1B | $5.5B | ||
| Q3 25 | $28.3B | $5.5B | ||
| Q2 25 | $28.7B | $5.6B | ||
| Q1 25 | $33.2B | $5.5B | ||
| Q4 24 | $33.8B | $5.5B | ||
| Q3 24 | $34.8B | $5.4B | ||
| Q2 24 | $35.6B | $5.3B |
| Q1 26 | 0.78× | — | ||
| Q4 25 | 0.57× | 0.00× | ||
| Q3 25 | 0.52× | 0.02× | ||
| Q2 25 | 0.51× | 0.04× | ||
| Q1 25 | 0.44× | 0.01× | ||
| Q4 24 | 0.49× | 0.01× | ||
| Q3 24 | 0.49× | 0.01× | ||
| Q2 24 | 0.48× | 0.01× |
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 | $310.3M |
| Free Cash FlowOCF − Capex | — | $264.5M |
| FCF MarginFCF / Revenue | — | 20.2% |
| Capex IntensityCapex / Revenue | 8.7% | 3.5% |
| Cash ConversionOCF / Net Profit | 6.25× | 1.35× |
| TTM Free Cash FlowTrailing 4 quarters | — | $955.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.4B | — | ||
| Q4 25 | $294.0M | $310.3M | ||
| Q3 25 | $287.0M | $437.5M | ||
| Q2 25 | $401.0M | $285.8M | ||
| Q1 25 | $860.0M | $336.5M | ||
| Q4 24 | $476.0M | $401.1M | ||
| Q3 24 | $113.0M | $446.5M | ||
| Q2 24 | $-23.0M | $387.9M |
| Q1 26 | — | — | ||
| Q4 25 | $-565.0M | $264.5M | ||
| Q3 25 | $-391.0M | $343.5M | ||
| Q2 25 | $-234.0M | $98.7M | ||
| Q1 25 | $359.0M | $248.4M | ||
| Q4 24 | $16.0M | $230.1M | ||
| Q3 24 | $-404.0M | $203.7M | ||
| Q2 24 | $-517.0M | $149.7M |
| Q1 26 | — | — | ||
| Q4 25 | -7.6% | 20.2% | ||
| Q3 25 | -5.6% | 24.4% | ||
| Q2 25 | -3.2% | 7.0% | ||
| Q1 25 | 5.6% | 18.1% | ||
| Q4 24 | 0.2% | 16.6% | ||
| Q3 24 | -5.9% | 13.9% | ||
| Q2 24 | -7.0% | 10.0% |
| Q1 26 | 8.7% | — | ||
| Q4 25 | 11.5% | 3.5% | ||
| Q3 25 | 9.8% | 6.7% | ||
| Q2 25 | 8.8% | 13.3% | ||
| Q1 25 | 7.8% | 6.4% | ||
| Q4 24 | 6.6% | 12.3% | ||
| Q3 24 | 7.5% | 16.5% | ||
| Q2 24 | 6.7% | 15.9% |
| Q1 26 | 6.25× | — | ||
| Q4 25 | 0.91× | 1.35× | ||
| Q3 25 | 5.31× | 1.61× | ||
| Q2 25 | 1.88× | 1.06× | ||
| Q1 25 | — | 1.32× | ||
| Q4 24 | 1.82× | 1.52× | ||
| Q3 24 | 1.69× | 1.45× | ||
| Q2 24 | -0.06× | 1.20× |
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% |
ODFL
| LTL Service Revenue | $1.3B | 99% |
| Other Service Revenue | $11.4M | 1% |
