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Side-by-side financial comparison of Southwest Airlines (LUV) and Smurfit Westrock (SW). Click either name above to swap in a different company.
Smurfit Westrock is the larger business by last-quarter revenue ($7.7B vs $7.2B, roughly 1.1× Southwest Airlines). Southwest Airlines runs the higher net margin — 3.1% vs 0.8%, a 2.3% gap on every dollar of revenue. On growth, Southwest Airlines posted the faster year-over-year revenue change (12.8% vs 0.7%). Over the past eight quarters, Smurfit Westrock's revenue compounded faster (61.2% 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.
Smurfit Westrock plc is an Irish company based in Dublin, Ireland that manufactures corrugated and paper-based packaging. Its stock is listed on the New York Stock Exchange and the London Stock Exchange.
LUV vs SW — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $7.2B | $7.7B |
| Net Profit | $227.0M | $63.0M |
| Gross Margin | — | 16.4% |
| Operating Margin | 4.6% | 3.3% |
| Net Margin | 3.1% | 0.8% |
| Revenue YoY | 12.8% | 0.7% |
| Net Profit YoY | — | 0.0% |
| EPS (diluted) | $0.45 | $0.12 |
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 | $7.7B | ||
| Q4 25 | $7.4B | $7.6B | ||
| Q3 25 | $6.9B | $8.0B | ||
| Q2 25 | $7.2B | $7.9B | ||
| Q1 25 | $6.4B | $7.7B | ||
| Q4 24 | $6.9B | $7.5B | ||
| Q3 24 | $6.9B | $7.7B | ||
| Q2 24 | $7.4B | $3.0B |
| Q1 26 | $227.0M | $63.0M | ||
| Q4 25 | $323.0M | $97.0M | ||
| Q3 25 | $54.0M | $246.0M | ||
| Q2 25 | $213.0M | $-28.0M | ||
| Q1 25 | $-149.0M | $384.0M | ||
| Q4 24 | $262.0M | $146.0M | ||
| Q3 24 | $67.0M | $-150.0M | ||
| Q2 24 | $367.0M | $132.0M |
| Q1 26 | — | 16.4% | ||
| Q4 25 | — | 18.2% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | 19.1% | ||
| Q1 25 | — | 20.6% | ||
| Q4 24 | — | 19.1% | ||
| Q3 24 | — | 17.6% | ||
| Q2 24 | — | 23.3% |
| Q1 26 | 4.6% | 3.3% | ||
| Q4 25 | 5.3% | 5.1% | ||
| Q3 25 | 0.5% | 6.6% | ||
| Q2 25 | 3.1% | 3.2% | ||
| Q1 25 | -3.5% | 7.2% | ||
| Q4 24 | 4.0% | 5.3% | ||
| Q3 24 | 0.6% | 0.7% | ||
| Q2 24 | 5.4% | 8.2% |
| Q1 26 | 3.1% | 0.8% | ||
| Q4 25 | 4.3% | 1.3% | ||
| Q3 25 | 0.8% | 3.1% | ||
| Q2 25 | 2.9% | -0.4% | ||
| Q1 25 | -2.3% | 5.0% | ||
| Q4 24 | 3.8% | 1.9% | ||
| Q3 24 | 1.0% | -2.0% | ||
| Q2 24 | 5.0% | 4.4% |
| Q1 26 | $0.45 | $0.12 | ||
| Q4 25 | $0.56 | $0.18 | ||
| Q3 25 | $0.10 | $0.47 | ||
| Q2 25 | $0.39 | $-0.05 | ||
| Q1 25 | $-0.26 | $0.73 | ||
| Q4 24 | $0.46 | $-0.12 | ||
| Q3 24 | $0.11 | $-0.30 | ||
| Q2 24 | $0.58 | $0.51 |
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 | $980.0M |
| Stockholders' EquityBook value | $6.9B | $18.1B |
| Total Assets | $20.4B | $45.2B |
| Debt / EquityLower = less leverage | 0.78× | 0.05× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.3B | — | ||
| Q4 25 | $3.2B | $892.0M | ||
| Q3 25 | $3.0B | $851.0M | ||
| Q2 25 | $3.8B | $778.0M | ||
| Q1 25 | $8.3B | $797.0M | ||
| Q4 24 | $8.7B | $855.0M | ||
| Q3 24 | $9.4B | — | ||
| Q2 24 | $10.0B | $26.8K |
| Q1 26 | $5.4B | $980.0M | ||
| Q4 25 | $4.6B | $13.4B | ||
| Q3 25 | $4.1B | $13.3B | ||
| Q2 25 | $4.1B | $13.3B | ||
| Q1 25 | $4.1B | $12.9B | ||
| Q4 24 | $5.1B | $12.5B | ||
| Q3 24 | $5.1B | $13.2B | ||
| Q2 24 | $5.1B | — |
| Q1 26 | $6.9B | $18.1B | ||
| Q4 25 | $8.0B | $18.3B | ||
| Q3 25 | $7.8B | $18.4B | ||
| Q2 25 | $8.0B | $18.3B | ||
| Q1 25 | $9.4B | $17.9B | ||
| Q4 24 | $10.3B | $17.4B | ||
| Q3 24 | $10.4B | $18.0B | ||
| Q2 24 | $10.5B | $14.5K |
| Q1 26 | $20.4B | $45.2B | ||
| Q4 25 | $29.1B | $45.2B | ||
| Q3 25 | $28.3B | $45.6B | ||
| Q2 25 | $28.7B | $45.7B | ||
| Q1 25 | $33.2B | $44.6B | ||
| Q4 24 | $33.8B | $43.8B | ||
| Q3 24 | $34.8B | $45.0B | ||
| Q2 24 | $35.6B | $26.8K |
| Q1 26 | 0.78× | 0.05× | ||
| Q4 25 | 0.57× | 0.73× | ||
| Q3 25 | 0.52× | 0.72× | ||
| Q2 25 | 0.51× | 0.73× | ||
| Q1 25 | 0.44× | 0.72× | ||
| Q4 24 | 0.49× | 0.72× | ||
| Q3 24 | 0.49× | 0.73× | ||
| 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 | $204.0M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 8.7% | — |
| Cash ConversionOCF / Net Profit | 6.25× | 3.24× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.4B | $204.0M | ||
| Q4 25 | $294.0M | $1.2B | ||
| Q3 25 | $287.0M | $1.1B | ||
| Q2 25 | $401.0M | $829.0M | ||
| Q1 25 | $860.0M | $235.0M | ||
| Q4 24 | $476.0M | $781.0M | ||
| Q3 24 | $113.0M | $320.0M | ||
| Q2 24 | $-23.0M | $340.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-565.0M | $612.0M | ||
| Q3 25 | $-391.0M | $523.0M | ||
| Q2 25 | $-234.0M | $307.0M | ||
| Q1 25 | $359.0M | $-242.0M | ||
| Q4 24 | $16.0M | $212.0M | ||
| Q3 24 | $-404.0M | $-192.0M | ||
| Q2 24 | $-517.0M | $163.0M |
| Q1 26 | — | — | ||
| Q4 25 | -7.6% | 8.1% | ||
| Q3 25 | -5.6% | 6.5% | ||
| Q2 25 | -3.2% | 3.9% | ||
| Q1 25 | 5.6% | -3.2% | ||
| Q4 24 | 0.2% | 2.8% | ||
| Q3 24 | -5.9% | -2.5% | ||
| Q2 24 | -7.0% | 5.5% |
| Q1 26 | 8.7% | — | ||
| Q4 25 | 11.5% | 7.7% | ||
| Q3 25 | 9.8% | 7.6% | ||
| Q2 25 | 8.8% | 6.6% | ||
| Q1 25 | 7.8% | 6.2% | ||
| Q4 24 | 6.6% | 7.5% | ||
| Q3 24 | 7.5% | 6.7% | ||
| Q2 24 | 6.7% | 6.0% |
| Q1 26 | 6.25× | 3.24× | ||
| Q4 25 | 0.91× | 12.32× | ||
| Q3 25 | 5.31× | 4.61× | ||
| Q2 25 | 1.88× | — | ||
| Q1 25 | — | 0.61× | ||
| Q4 24 | 1.82× | 5.35× | ||
| Q3 24 | 1.69× | — | ||
| Q2 24 | -0.06× | 2.58× |
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% |
SW
Segment breakdown not available.
