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Side-by-side financial comparison of Southwest Airlines (LUV) and PG&E Corporation (PCG). Click either name above to swap in a different company.
Southwest Airlines is the larger business by last-quarter revenue ($7.2B vs $6.9B, roughly 1.1× PG&E Corporation). PG&E Corporation runs the higher net margin — 12.9% vs 3.1%, a 9.7% gap on every dollar of revenue. On growth, PG&E Corporation posted the faster year-over-year revenue change (15.0% vs 12.8%). Over the past eight quarters, PG&E Corporation's revenue compounded faster (7.2% 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.
Pacific Gas and Electric Company (PG&E) is an American investor-owned utility (IOU). The company is headquartered at Kaiser Center, in Oakland, California. PG&E provides natural gas and electricity to 5.2 million households in the northern two-thirds of California, from Bakersfield and northern Santa Barbara County, almost to the Oregon and Nevada state lines.
LUV vs PCG — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $7.2B | $6.9B |
| Net Profit | $227.0M | $885.0M |
| Gross Margin | — | — |
| Operating Margin | — | 21.4% |
| Net Margin | 3.1% | 12.9% |
| Revenue YoY | 12.8% | 15.0% |
| Net Profit YoY | 252.3% | 39.6% |
| EPS (diluted) | $0.45 | $0.39 |
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 | $6.9B | ||
| Q4 25 | $7.4B | $6.8B | ||
| Q3 25 | $6.9B | $6.3B | ||
| Q2 25 | $7.2B | $5.9B | ||
| Q1 25 | $6.4B | $6.0B | ||
| Q4 24 | $6.9B | $6.6B | ||
| Q3 24 | $6.9B | $5.9B | ||
| Q2 24 | $7.4B | $6.0B |
| Q1 26 | $227.0M | $885.0M | ||
| Q4 25 | $323.0M | $670.0M | ||
| Q3 25 | $54.0M | $850.0M | ||
| Q2 25 | $213.0M | $549.0M | ||
| Q1 25 | $-149.0M | $634.0M | ||
| Q4 24 | $262.0M | $674.0M | ||
| Q3 24 | $67.0M | $579.0M | ||
| Q2 24 | $367.0M | $524.0M |
| Q1 26 | — | 21.4% | ||
| Q4 25 | 5.3% | 18.0% | ||
| Q3 25 | 0.5% | 19.3% | ||
| Q2 25 | 3.1% | 18.6% | ||
| Q1 25 | -3.5% | 20.4% | ||
| Q4 24 | 4.0% | 15.4% | ||
| Q3 24 | 0.6% | 17.3% | ||
| Q2 24 | 5.4% | 18.9% |
| Q1 26 | 3.1% | 12.9% | ||
| Q4 25 | 4.3% | 9.8% | ||
| Q3 25 | 0.8% | 13.6% | ||
| Q2 25 | 2.9% | 9.3% | ||
| Q1 25 | -2.3% | 10.6% | ||
| Q4 24 | 3.8% | 10.2% | ||
| Q3 24 | 1.0% | 9.7% | ||
| Q2 24 | 5.0% | 8.8% |
| Q1 26 | $0.45 | $0.39 | ||
| Q4 25 | $0.56 | $0.29 | ||
| Q3 25 | $0.10 | $0.37 | ||
| Q2 25 | $0.39 | $0.24 | ||
| Q1 25 | $-0.26 | $0.28 | ||
| Q4 24 | $0.46 | $0.30 | ||
| Q3 24 | $0.11 | $0.27 | ||
| Q2 24 | $0.58 | $0.24 |
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 | $5.4B | — |
| Stockholders' EquityBook value | $6.9B | — |
| Total Assets | $20.4B | — |
| Debt / EquityLower = less leverage | 0.78× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.3B | — | ||
| Q4 25 | $3.2B | $713.0M | ||
| Q3 25 | $3.0B | $404.0M | ||
| Q2 25 | $3.8B | $494.0M | ||
| Q1 25 | $8.3B | $2.0B | ||
| Q4 24 | $8.7B | $940.0M | ||
| Q3 24 | $9.4B | $895.0M | ||
| Q2 24 | $10.0B | $1.3B |
| Q1 26 | $5.4B | — | ||
| Q4 25 | $4.6B | $57.4B | ||
| Q3 25 | $4.1B | — | ||
| Q2 25 | $4.1B | — | ||
| Q1 25 | $4.1B | — | ||
| Q4 24 | $5.1B | $53.6B | ||
| Q3 24 | $5.1B | — | ||
| Q2 24 | $5.1B | — |
| Q1 26 | $6.9B | — | ||
| Q4 25 | $8.0B | $32.5B | ||
| Q3 25 | $7.8B | $32.0B | ||
| Q2 25 | $8.0B | $31.2B | ||
| Q1 25 | $9.4B | $30.7B | ||
| Q4 24 | $10.3B | $30.1B | ||
| Q3 24 | $10.4B | $26.8B | ||
| Q2 24 | $10.5B | $26.3B |
| Q1 26 | $20.4B | — | ||
| Q4 25 | $29.1B | $141.6B | ||
| Q3 25 | $28.3B | $138.2B | ||
| Q2 25 | $28.7B | $136.4B | ||
| Q1 25 | $33.2B | $135.4B | ||
| Q4 24 | $33.8B | $133.7B | ||
| Q3 24 | $34.8B | $132.3B | ||
| Q2 24 | $35.6B | $130.8B |
| Q1 26 | 0.78× | — | ||
| Q4 25 | 0.57× | 1.76× | ||
| Q3 25 | 0.52× | — | ||
| Q2 25 | 0.51× | — | ||
| Q1 25 | 0.44× | — | ||
| Q4 24 | 0.49× | 1.78× | ||
| 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 | $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 | $294.0M | $2.0B | ||
| Q3 25 | $287.0M | $2.9B | ||
| Q2 25 | $401.0M | $1.1B | ||
| Q1 25 | $860.0M | $2.8B | ||
| Q4 24 | $476.0M | $1.9B | ||
| Q3 24 | $113.0M | $3.1B | ||
| Q2 24 | $-23.0M | $711.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-565.0M | $-1.2B | ||
| Q3 25 | $-391.0M | $-80.0M | ||
| Q2 25 | $-234.0M | $-2.0B | ||
| Q1 25 | $359.0M | $213.0M | ||
| Q4 24 | $16.0M | $-896.0M | ||
| Q3 24 | $-404.0M | $526.0M | ||
| Q2 24 | $-517.0M | $-1.6B |
| Q1 26 | — | — | ||
| Q4 25 | -7.6% | -17.6% | ||
| Q3 25 | -5.6% | -1.3% | ||
| Q2 25 | -3.2% | -34.0% | ||
| Q1 25 | 5.6% | 3.6% | ||
| Q4 24 | 0.2% | -13.5% | ||
| Q3 24 | -5.9% | 8.9% | ||
| Q2 24 | -7.0% | -26.5% |
| Q1 26 | 8.7% | — | ||
| Q4 25 | 11.5% | 46.4% | ||
| Q3 25 | 9.8% | 46.9% | ||
| Q2 25 | 8.8% | 52.0% | ||
| Q1 25 | 7.8% | 44.0% | ||
| Q4 24 | 6.6% | 42.6% | ||
| Q3 24 | 7.5% | 43.8% | ||
| Q2 24 | 6.7% | 38.4% |
| Q1 26 | 6.25× | — | ||
| Q4 25 | 0.91× | 2.93× | ||
| Q3 25 | 5.31× | 3.35× | ||
| Q2 25 | 1.88× | 1.93× | ||
| Q1 25 | — | 4.49× | ||
| Q4 24 | 1.82× | 2.87× | ||
| Q3 24 | 1.69× | 5.41× | ||
| Q2 24 | -0.06× | 1.36× |
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% |
PCG
| Electric | $5.0B | 72% |
| Other | $1.9B | 28% |
