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Side-by-side financial comparison of Southwest Airlines (LUV) and Royal Caribbean Group (RCL). Click either name above to swap in a different company.
Southwest Airlines is the larger business by last-quarter revenue ($7.2B vs $4.3B, roughly 1.7× Royal Caribbean Group). Royal Caribbean Group runs the higher net margin — 17.9% vs 3.1%, a 14.8% gap on every dollar of revenue. On growth, Royal Caribbean Group posted the faster year-over-year revenue change (13.2% vs 12.8%). Over the past eight quarters, Royal Caribbean Group's revenue compounded faster (1.8% 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.
Royal Caribbean Group, formerly known as Royal Caribbean Cruises Ltd., is a cruise holding company headquartered in Miami, Florida, United States and incorporated in Liberia. It is the world's second-largest cruise line operator, after Carnival Corporation & plc. As of September 2025, Royal Caribbean Group fully owns three cruise lines: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises. It also holds a 50% stake in TUI Cruises, which operates Mein Schiff and Hapag-Lloyd ...
LUV vs RCL — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $7.2B | $4.3B |
| Net Profit | $227.0M | $762.0M |
| Gross Margin | — | — |
| Operating Margin | 4.6% | 21.9% |
| Net Margin | 3.1% | 17.9% |
| Revenue YoY | 12.8% | 13.2% |
| Net Profit YoY | — | 36.3% |
| EPS (diluted) | $0.45 | $2.76 |
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 | $4.3B | ||
| Q4 25 | $7.4B | $4.3B | ||
| Q3 25 | $6.9B | $5.1B | ||
| Q2 25 | $7.2B | $4.5B | ||
| Q1 25 | $6.4B | $4.0B | ||
| Q4 24 | $6.9B | $3.8B | ||
| Q3 24 | $6.9B | $4.9B | ||
| Q2 24 | $7.4B | $4.1B |
| Q1 26 | $227.0M | $762.0M | ||
| Q4 25 | $323.0M | $753.0M | ||
| Q3 25 | $54.0M | $1.6B | ||
| Q2 25 | $213.0M | $1.2B | ||
| Q1 25 | $-149.0M | $730.0M | ||
| Q4 24 | $262.0M | $552.0M | ||
| Q3 24 | $67.0M | $1.1B | ||
| Q2 24 | $367.0M | $854.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 47.4% | ||
| Q3 25 | — | 51.8% | ||
| Q2 25 | — | 49.7% | ||
| Q1 25 | — | 48.0% | ||
| Q4 24 | — | 45.4% | ||
| Q3 24 | — | 51.1% | ||
| Q2 24 | — | 47.6% |
| Q1 26 | 4.6% | 21.9% | ||
| Q4 25 | 5.3% | 21.9% | ||
| Q3 25 | 0.5% | 33.1% | ||
| Q2 25 | 3.1% | 29.3% | ||
| Q1 25 | -3.5% | 23.6% | ||
| Q4 24 | 4.0% | 16.6% | ||
| Q3 24 | 0.6% | 33.4% | ||
| Q2 24 | 5.4% | 26.7% |
| Q1 26 | 3.1% | 17.9% | ||
| Q4 25 | 4.3% | 17.7% | ||
| Q3 25 | 0.8% | 30.6% | ||
| Q2 25 | 2.9% | 26.7% | ||
| Q1 25 | -2.3% | 18.3% | ||
| Q4 24 | 3.8% | 14.7% | ||
| Q3 24 | 1.0% | 22.7% | ||
| Q2 24 | 5.0% | 20.8% |
| Q1 26 | $0.45 | $2.76 | ||
| Q4 25 | $0.56 | $2.76 | ||
| Q3 25 | $0.10 | $5.74 | ||
| Q2 25 | $0.39 | $4.41 | ||
| Q1 25 | $-0.26 | $2.70 | ||
| Q4 24 | $0.46 | $2.27 | ||
| Q3 24 | $0.11 | $4.21 | ||
| Q2 24 | $0.58 | $3.11 |
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 | $825.0M |
| Total DebtLower is stronger | $5.4B | $21.3B |
| Stockholders' EquityBook value | $6.9B | $10.2B |
| Total Assets | $20.4B | $41.6B |
| Debt / EquityLower = less leverage | 0.78× | 2.08× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.3B | $825.0M | ||
| Q4 25 | $3.2B | $825.0M | ||
| Q3 25 | $3.0B | $432.0M | ||
| Q2 25 | $3.8B | $735.0M | ||
| Q1 25 | $8.3B | $386.0M | ||
| Q4 24 | $8.7B | $388.0M | ||
| Q3 24 | $9.4B | $418.0M | ||
| Q2 24 | $10.0B | $391.0M |
| Q1 26 | $5.4B | $21.3B | ||
| Q4 25 | $4.6B | $18.2B | ||
| Q3 25 | $4.1B | $17.2B | ||
| Q2 25 | $4.1B | $17.6B | ||
| Q1 25 | $4.1B | $18.0B | ||
| Q4 24 | $5.1B | $18.5B | ||
| Q3 24 | $5.1B | $19.0B | ||
| Q2 24 | $5.1B | $19.8B |
| Q1 26 | $6.9B | $10.2B | ||
| Q4 25 | $8.0B | $10.0B | ||
| Q3 25 | $7.8B | $10.1B | ||
| Q2 25 | $8.0B | $9.2B | ||
| Q1 25 | $9.4B | $8.0B | ||
| Q4 24 | $10.3B | $7.6B | ||
| Q3 24 | $10.4B | $7.0B | ||
| Q2 24 | $10.5B | $6.0B |
| Q1 26 | $20.4B | $41.6B | ||
| Q4 25 | $29.1B | $41.6B | ||
| Q3 25 | $28.3B | $40.1B | ||
| Q2 25 | $28.7B | $38.5B | ||
| Q1 25 | $33.2B | $37.5B | ||
| Q4 24 | $33.8B | $37.1B | ||
| Q3 24 | $34.8B | $37.1B | ||
| Q2 24 | $35.6B | $37.0B |
| Q1 26 | 0.78× | 2.08× | ||
| Q4 25 | 0.57× | 1.81× | ||
| Q3 25 | 0.52× | 1.70× | ||
| Q2 25 | 0.51× | 1.92× | ||
| Q1 25 | 0.44× | 2.26× | ||
| Q4 24 | 0.49× | 2.44× | ||
| Q3 24 | 0.49× | 2.69× | ||
| Q2 24 | 0.48× | 3.29× |
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 | $6.5B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 8.7% | — |
| Cash ConversionOCF / Net Profit | 6.25× | 8.48× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.4B | $6.5B | ||
| Q4 25 | $294.0M | $1.6B | ||
| Q3 25 | $287.0M | $1.5B | ||
| Q2 25 | $401.0M | $1.7B | ||
| Q1 25 | $860.0M | $1.6B | ||
| Q4 24 | $476.0M | $1.5B | ||
| Q3 24 | $113.0M | $897.0M | ||
| Q2 24 | $-23.0M | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | $-565.0M | $116.0M | ||
| Q3 25 | $-391.0M | $-989.0M | ||
| Q2 25 | $-234.0M | $910.0M | ||
| Q1 25 | $359.0M | $1.2B | ||
| Q4 24 | $16.0M | $915.0M | ||
| Q3 24 | $-404.0M | $563.0M | ||
| Q2 24 | $-517.0M | $-567.0M |
| Q1 26 | — | — | ||
| Q4 25 | -7.6% | 2.7% | ||
| Q3 25 | -5.6% | -19.2% | ||
| Q2 25 | -3.2% | 20.1% | ||
| Q1 25 | 5.6% | 30.0% | ||
| Q4 24 | 0.2% | 24.3% | ||
| Q3 24 | -5.9% | 11.5% | ||
| Q2 24 | -7.0% | -13.8% |
| Q1 26 | 8.7% | — | ||
| Q4 25 | 11.5% | 35.4% | ||
| Q3 25 | 9.8% | 47.8% | ||
| Q2 25 | 8.8% | 18.4% | ||
| Q1 25 | 7.8% | 10.7% | ||
| Q4 24 | 6.6% | 14.7% | ||
| Q3 24 | 7.5% | 6.8% | ||
| Q2 24 | 6.7% | 52.1% |
| Q1 26 | 6.25× | 8.48× | ||
| Q4 25 | 0.91× | 2.16× | ||
| Q3 25 | 5.31× | 0.93× | ||
| Q2 25 | 1.88× | 1.44× | ||
| Q1 25 | — | 2.23× | ||
| Q4 24 | 1.82× | 2.66× | ||
| Q3 24 | 1.69× | 0.81× | ||
| Q2 24 | -0.06× | 1.84× |
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% |
RCL
Segment breakdown not available.
