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Side-by-side financial comparison of Southwest Airlines (LUV) and PayPal (PYPL). Click either name above to swap in a different company.
PayPal is the larger business by last-quarter revenue ($8.7B vs $7.2B, roughly 1.2× Southwest Airlines). PayPal runs the higher net margin — 16.6% vs 3.1%, a 13.4% gap on every dollar of revenue. On growth, Southwest Airlines posted the faster year-over-year revenue change (12.8% vs 3.7%). Over the past eight quarters, PayPal's revenue compounded faster (6.2% 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.
PayPalPYPLEarnings & Financial Report
PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers; it serves as an electronic alternative to traditional paper methods such as checks and money orders. The company operates as a payment processor for online vendors, auction sites and many other commercial and company users.
LUV vs PYPL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.2B | $8.7B |
| Net Profit | $227.0M | $1.4B |
| Gross Margin | — | — |
| Operating Margin | — | 17.4% |
| Net Margin | 3.1% | 16.6% |
| Revenue YoY | 12.8% | 3.7% |
| Net Profit YoY | 252.3% | 28.2% |
| EPS (diluted) | $0.45 | $1.53 |
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 | $8.7B | ||
| Q3 25 | $6.9B | $8.4B | ||
| Q2 25 | $7.2B | $8.3B | ||
| Q1 25 | $6.4B | $7.8B | ||
| Q4 24 | $6.9B | $8.4B | ||
| Q3 24 | $6.9B | $7.8B | ||
| Q2 24 | $7.4B | $7.9B |
| Q1 26 | $227.0M | — | ||
| Q4 25 | $323.0M | $1.4B | ||
| Q3 25 | $54.0M | $1.2B | ||
| Q2 25 | $213.0M | $1.3B | ||
| Q1 25 | $-149.0M | $1.3B | ||
| Q4 24 | $262.0M | $1.1B | ||
| Q3 24 | $67.0M | $1.0B | ||
| Q2 24 | $367.0M | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 5.3% | 17.4% | ||
| Q3 25 | 0.5% | 18.1% | ||
| Q2 25 | 3.1% | 18.1% | ||
| Q1 25 | -3.5% | 19.6% | ||
| Q4 24 | 4.0% | 17.2% | ||
| Q3 24 | 0.6% | 17.7% | ||
| Q2 24 | 5.4% | 16.8% |
| Q1 26 | 3.1% | — | ||
| Q4 25 | 4.3% | 16.6% | ||
| Q3 25 | 0.8% | 14.8% | ||
| Q2 25 | 2.9% | 15.2% | ||
| Q1 25 | -2.3% | 16.5% | ||
| Q4 24 | 3.8% | 13.4% | ||
| Q3 24 | 1.0% | 12.9% | ||
| Q2 24 | 5.0% | 14.3% |
| Q1 26 | $0.45 | — | ||
| Q4 25 | $0.56 | $1.53 | ||
| Q3 25 | $0.10 | $1.30 | ||
| Q2 25 | $0.39 | $1.29 | ||
| Q1 25 | $-0.26 | $1.29 | ||
| Q4 24 | $0.46 | $1.09 | ||
| Q3 24 | $0.11 | $0.99 | ||
| Q2 24 | $0.58 | $1.08 |
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 | $10.4B |
| Total DebtLower is stronger | $5.4B | — |
| Stockholders' EquityBook value | $6.9B | $20.3B |
| Total Assets | $20.4B | $80.2B |
| Debt / EquityLower = less leverage | 0.78× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.3B | — | ||
| Q4 25 | $3.2B | $10.4B | ||
| Q3 25 | $3.0B | $10.8B | ||
| Q2 25 | $3.8B | $10.0B | ||
| Q1 25 | $8.3B | $11.2B | ||
| Q4 24 | $8.7B | $10.8B | ||
| Q3 24 | $9.4B | $11.9B | ||
| Q2 24 | $10.0B | $13.6B |
| 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 | $8.0B | $20.3B | ||
| Q3 25 | $7.8B | $20.2B | ||
| Q2 25 | $8.0B | $20.2B | ||
| Q1 25 | $9.4B | $20.3B | ||
| Q4 24 | $10.3B | $20.4B | ||
| Q3 24 | $10.4B | $20.2B | ||
| Q2 24 | $10.5B | $20.6B |
| Q1 26 | $20.4B | — | ||
| Q4 25 | $29.1B | $80.2B | ||
| Q3 25 | $28.3B | $79.8B | ||
| Q2 25 | $28.7B | $79.8B | ||
| Q1 25 | $33.2B | $81.3B | ||
| Q4 24 | $33.8B | $81.6B | ||
| Q3 24 | $34.8B | $83.5B | ||
| Q2 24 | $35.6B | $84.0B |
| 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 | $1.4B | $2.4B |
| Free Cash FlowOCF − Capex | — | $2.2B |
| FCF MarginFCF / Revenue | — | 25.2% |
| Capex IntensityCapex / Revenue | 8.7% | 2.2% |
| Cash ConversionOCF / Net Profit | 6.25× | 1.66× |
| TTM Free Cash FlowTrailing 4 quarters | — | $5.6B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.4B | — | ||
| Q4 25 | $294.0M | $2.4B | ||
| Q3 25 | $287.0M | $2.0B | ||
| Q2 25 | $401.0M | $898.0M | ||
| Q1 25 | $860.0M | $1.2B | ||
| Q4 24 | $476.0M | $2.4B | ||
| Q3 24 | $113.0M | $1.6B | ||
| Q2 24 | $-23.0M | $1.5B |
| Q1 26 | — | — | ||
| Q4 25 | $-565.0M | $2.2B | ||
| Q3 25 | $-391.0M | $1.7B | ||
| Q2 25 | $-234.0M | $692.0M | ||
| Q1 25 | $359.0M | $964.0M | ||
| Q4 24 | $16.0M | $2.2B | ||
| Q3 24 | $-404.0M | $1.4B | ||
| Q2 24 | $-517.0M | $1.4B |
| Q1 26 | — | — | ||
| Q4 25 | -7.6% | 25.2% | ||
| Q3 25 | -5.6% | 20.4% | ||
| Q2 25 | -3.2% | 8.3% | ||
| Q1 25 | 5.6% | 12.4% | ||
| Q4 24 | 0.2% | 26.2% | ||
| Q3 24 | -5.9% | 18.4% | ||
| Q2 24 | -7.0% | 17.3% |
| Q1 26 | 8.7% | — | ||
| Q4 25 | 11.5% | 2.2% | ||
| Q3 25 | 9.8% | 3.0% | ||
| Q2 25 | 8.8% | 2.5% | ||
| Q1 25 | 7.8% | 2.5% | ||
| Q4 24 | 6.6% | 2.4% | ||
| Q3 24 | 7.5% | 2.2% | ||
| Q2 24 | 6.7% | 2.0% |
| Q1 26 | 6.25× | — | ||
| Q4 25 | 0.91× | 1.66× | ||
| Q3 25 | 5.31× | 1.58× | ||
| Q2 25 | 1.88× | 0.71× | ||
| Q1 25 | — | 0.90× | ||
| Q4 24 | 1.82× | 2.14× | ||
| Q3 24 | 1.69× | 1.60× | ||
| Q2 24 | -0.06× | 1.35× |
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% |
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
