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Side-by-side financial comparison of Southwest Airlines (LUV) and REINSURANCE GROUP OF AMERICA INC (RGA). Click either name above to swap in a different company.
Southwest Airlines is the larger business by last-quarter revenue ($7.2B vs $6.6B, roughly 1.1× REINSURANCE GROUP OF AMERICA INC). REINSURANCE GROUP OF AMERICA INC runs the higher net margin — 7.0% vs 3.1%, a 3.8% gap on every dollar of revenue. On growth, REINSURANCE GROUP OF AMERICA INC posted the faster year-over-year revenue change (26.6% vs 12.8%). Over the past eight quarters, REINSURANCE GROUP OF AMERICA INC's revenue compounded faster (2.3% 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.
Reinsurance Group of America, Incorporated is a holding company for a global life and health reinsurance entity based in Greater St. Louis within the western suburb of Chesterfield, Missouri, United States. With approximately $3.9 trillion of life reinsurance in force and assets of $118.7 billion as of December 31, 2024, RGA has grown to become the only international company to focus primarily on life and health-related reinsurance.
LUV vs RGA — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.2B | $6.6B |
| Net Profit | $227.0M | $463.0M |
| Gross Margin | — | — |
| Operating Margin | — | 7.7% |
| Net Margin | 3.1% | 7.0% |
| Revenue YoY | 12.8% | 26.6% |
| Net Profit YoY | 252.3% | 212.8% |
| EPS (diluted) | $0.45 | $6.91 |
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 | $6.6B | ||
| Q3 25 | $6.9B | $6.2B | ||
| Q2 25 | $7.2B | $5.6B | ||
| Q1 25 | $6.4B | $5.3B | ||
| Q4 24 | $6.9B | $5.2B | ||
| Q3 24 | $6.9B | $5.7B | ||
| Q2 24 | $7.4B | $4.9B |
| Q1 26 | $227.0M | — | ||
| Q4 25 | $323.0M | $463.0M | ||
| Q3 25 | $54.0M | $253.0M | ||
| Q2 25 | $213.0M | $180.0M | ||
| Q1 25 | $-149.0M | $286.0M | ||
| Q4 24 | $262.0M | $148.0M | ||
| Q3 24 | $67.0M | $156.0M | ||
| Q2 24 | $367.0M | $203.0M |
| Q1 26 | — | — | ||
| Q4 25 | 5.3% | 7.7% | ||
| Q3 25 | 0.5% | 5.2% | ||
| Q2 25 | 3.1% | 6.1% | ||
| Q1 25 | -3.5% | 7.0% | ||
| Q4 24 | 4.0% | 4.3% | ||
| Q3 24 | 0.6% | 3.8% | ||
| Q2 24 | 5.4% | 5.5% |
| Q1 26 | 3.1% | — | ||
| Q4 25 | 4.3% | 7.0% | ||
| Q3 25 | 0.8% | 4.1% | ||
| Q2 25 | 2.9% | 3.2% | ||
| Q1 25 | -2.3% | 5.4% | ||
| Q4 24 | 3.8% | 2.8% | ||
| Q3 24 | 1.0% | 2.8% | ||
| Q2 24 | 5.0% | 4.2% |
| Q1 26 | $0.45 | — | ||
| Q4 25 | $0.56 | $6.91 | ||
| Q3 25 | $0.10 | $3.81 | ||
| Q2 25 | $0.39 | $2.70 | ||
| Q1 25 | $-0.26 | $4.27 | ||
| Q4 24 | $0.46 | $2.21 | ||
| Q3 24 | $0.11 | $2.33 | ||
| Q2 24 | $0.58 | $3.03 |
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 | $4.2B |
| Total DebtLower is stronger | $5.4B | $5.7B |
| Stockholders' EquityBook value | $6.9B | $13.5B |
| Total Assets | $20.4B | $156.6B |
| Debt / EquityLower = less leverage | 0.78× | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.3B | — | ||
| Q4 25 | $3.2B | $4.2B | ||
| Q3 25 | $3.0B | $4.6B | ||
| Q2 25 | $3.8B | $5.4B | ||
| Q1 25 | $8.3B | $5.2B | ||
| Q4 24 | $8.7B | $3.3B | ||
| Q3 24 | $9.4B | $5.2B | ||
| Q2 24 | $10.0B | $4.6B |
| Q1 26 | $5.4B | — | ||
| Q4 25 | $4.6B | $5.7B | ||
| Q3 25 | $4.1B | $5.7B | ||
| Q2 25 | $4.1B | $5.7B | ||
| Q1 25 | $4.1B | $5.7B | ||
| Q4 24 | $5.1B | $5.0B | ||
| Q3 24 | $5.1B | $5.1B | ||
| Q2 24 | $5.1B | $5.1B |
| Q1 26 | $6.9B | — | ||
| Q4 25 | $8.0B | $13.5B | ||
| Q3 25 | $7.8B | $13.0B | ||
| Q2 25 | $8.0B | $12.1B | ||
| Q1 25 | $9.4B | $11.4B | ||
| Q4 24 | $10.3B | $10.8B | ||
| Q3 24 | $10.4B | $11.1B | ||
| Q2 24 | $10.5B | $9.7B |
| Q1 26 | $20.4B | — | ||
| Q4 25 | $29.1B | $156.6B | ||
| Q3 25 | $28.3B | $152.0B | ||
| Q2 25 | $28.7B | $133.5B | ||
| Q1 25 | $33.2B | $128.2B | ||
| Q4 24 | $33.8B | $118.7B | ||
| Q3 24 | $34.8B | $120.3B | ||
| Q2 24 | $35.6B | $109.9B |
| Q1 26 | 0.78× | — | ||
| Q4 25 | 0.57× | 0.42× | ||
| Q3 25 | 0.52× | 0.44× | ||
| Q2 25 | 0.51× | 0.48× | ||
| Q1 25 | 0.44× | 0.50× | ||
| Q4 24 | 0.49× | 0.47× | ||
| Q3 24 | 0.49× | 0.46× | ||
| Q2 24 | 0.48× | 0.52× |
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 | $7.3B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 8.7% | — |
| Cash ConversionOCF / Net Profit | 6.25× | 15.83× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.4B | — | ||
| Q4 25 | $294.0M | $7.3B | ||
| Q3 25 | $287.0M | $-990.0M | ||
| Q2 25 | $401.0M | $-820.0M | ||
| Q1 25 | $860.0M | $-1.4B | ||
| Q4 24 | $476.0M | $17.1B | ||
| Q3 24 | $113.0M | $-1.1B | ||
| Q2 24 | $-23.0M | $-967.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-565.0M | — | ||
| Q3 25 | $-391.0M | — | ||
| Q2 25 | $-234.0M | — | ||
| Q1 25 | $359.0M | — | ||
| Q4 24 | $16.0M | — | ||
| Q3 24 | $-404.0M | — | ||
| Q2 24 | $-517.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | -7.6% | — | ||
| Q3 25 | -5.6% | — | ||
| Q2 25 | -3.2% | — | ||
| Q1 25 | 5.6% | — | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | -5.9% | — | ||
| Q2 24 | -7.0% | — |
| Q1 26 | 8.7% | — | ||
| Q4 25 | 11.5% | — | ||
| Q3 25 | 9.8% | — | ||
| Q2 25 | 8.8% | — | ||
| Q1 25 | 7.8% | — | ||
| Q4 24 | 6.6% | — | ||
| Q3 24 | 7.5% | — | ||
| Q2 24 | 6.7% | — |
| Q1 26 | 6.25× | — | ||
| Q4 25 | 0.91× | 15.83× | ||
| Q3 25 | 5.31× | -3.91× | ||
| Q2 25 | 1.88× | -4.56× | ||
| Q1 25 | — | -5.00× | ||
| Q4 24 | 1.82× | 115.81× | ||
| Q3 24 | 1.69× | -6.84× | ||
| Q2 24 | -0.06× | -4.76× |
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% |
RGA
Segment breakdown not available.
