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Side-by-side financial comparison of Southwest Airlines (LUV) and Union Pacific Corporation (UNP). Click either name above to swap in a different company.
Southwest Airlines is the larger business by last-quarter revenue ($7.2B vs $6.2B, roughly 1.2× Union Pacific Corporation). Union Pacific Corporation runs the higher net margin — 27.4% vs 3.1%, a 24.2% gap on every dollar of revenue. On growth, Southwest Airlines posted the faster year-over-year revenue change (12.8% vs 3.2%). Over the past eight quarters, Union Pacific Corporation's revenue compounded faster (1.7% 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.
The Union Pacific Railroad Company is a Class I freight-hauling railroad that operates 8,300 locomotives over 32,200 miles (51,800 km) routes in 23 U.S. states west of Chicago and New Orleans. Union Pacific is the second-largest railroad in the United States after BNSF.
LUV vs UNP — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $7.2B | $6.2B |
| Net Profit | $227.0M | $1.7B |
| Gross Margin | — | — |
| Operating Margin | — | 39.5% |
| Net Margin | 3.1% | 27.4% |
| Revenue YoY | 12.8% | 3.2% |
| Net Profit YoY | 252.3% | 4.6% |
| EPS (diluted) | $0.45 | $2.87 |
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 | $6.2B | ||
| Q4 25 | $7.4B | $6.1B | ||
| Q3 25 | $6.9B | $6.2B | ||
| Q2 25 | $7.2B | $6.2B | ||
| Q1 25 | $6.4B | $6.0B | ||
| Q4 24 | $6.9B | $6.1B | ||
| Q3 24 | $6.9B | $6.1B | ||
| Q2 24 | $7.4B | $6.0B |
| Q1 26 | $227.0M | $1.7B | ||
| Q4 25 | $323.0M | $1.8B | ||
| Q3 25 | $54.0M | $1.8B | ||
| Q2 25 | $213.0M | $1.9B | ||
| Q1 25 | $-149.0M | $1.6B | ||
| Q4 24 | $262.0M | $1.8B | ||
| Q3 24 | $67.0M | $1.7B | ||
| Q2 24 | $367.0M | $1.7B |
| Q1 26 | — | 39.5% | ||
| Q4 25 | 5.3% | 39.5% | ||
| Q3 25 | 0.5% | 40.8% | ||
| Q2 25 | 3.1% | 41.0% | ||
| Q1 25 | -3.5% | 39.3% | ||
| Q4 24 | 4.0% | 41.3% | ||
| Q3 24 | 0.6% | 39.7% | ||
| Q2 24 | 5.4% | 40.0% |
| Q1 26 | 3.1% | 27.4% | ||
| Q4 25 | 4.3% | 30.4% | ||
| Q3 25 | 0.8% | 28.6% | ||
| Q2 25 | 2.9% | 30.5% | ||
| Q1 25 | -2.3% | 27.0% | ||
| Q4 24 | 3.8% | 28.8% | ||
| Q3 24 | 1.0% | 27.4% | ||
| Q2 24 | 5.0% | 27.9% |
| Q1 26 | $0.45 | $2.87 | ||
| Q4 25 | $0.56 | $3.12 | ||
| Q3 25 | $0.10 | $3.01 | ||
| Q2 25 | $0.39 | $3.15 | ||
| Q1 25 | $-0.26 | $2.70 | ||
| Q4 24 | $0.46 | $2.91 | ||
| Q3 24 | $0.11 | $2.75 | ||
| Q2 24 | $0.58 | $2.74 |
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 | $735.0M |
| Total DebtLower is stronger | $5.4B | — |
| Stockholders' EquityBook value | $6.9B | — |
| Total Assets | $20.4B | $69.6B |
| Debt / EquityLower = less leverage | 0.78× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.3B | $735.0M | ||
| Q4 25 | $3.2B | $1.3B | ||
| Q3 25 | $3.0B | $808.0M | ||
| Q2 25 | $3.8B | $1.1B | ||
| Q1 25 | $8.3B | $1.4B | ||
| Q4 24 | $8.7B | $1.0B | ||
| Q3 24 | $9.4B | $947.0M | ||
| Q2 24 | $10.0B | $1.1B |
| Q1 26 | $5.4B | — | ||
| Q4 25 | $4.6B | $30.3B | ||
| Q3 25 | $4.1B | $30.3B | ||
| Q2 25 | $4.1B | $30.3B | ||
| Q1 25 | $4.1B | $30.6B | ||
| Q4 24 | $5.1B | $29.8B | ||
| Q3 24 | $5.1B | $29.8B | ||
| Q2 24 | $5.1B | $31.2B |
| Q1 26 | $6.9B | — | ||
| Q4 25 | $8.0B | $18.5B | ||
| Q3 25 | $7.8B | $17.3B | ||
| Q2 25 | $8.0B | $16.3B | ||
| Q1 25 | $9.4B | $16.0B | ||
| Q4 24 | $10.3B | $16.9B | ||
| Q3 24 | $10.4B | $16.6B | ||
| Q2 24 | $10.5B | $16.5B |
| Q1 26 | $20.4B | $69.6B | ||
| Q4 25 | $29.1B | $69.7B | ||
| Q3 25 | $28.3B | $68.6B | ||
| Q2 25 | $28.7B | $68.6B | ||
| Q1 25 | $33.2B | $68.5B | ||
| Q4 24 | $33.8B | $67.7B | ||
| Q3 24 | $34.8B | $67.6B | ||
| Q2 24 | $35.6B | $67.8B |
| Q1 26 | 0.78× | — | ||
| Q4 25 | 0.57× | 1.64× | ||
| Q3 25 | 0.52× | 1.75× | ||
| Q2 25 | 0.51× | 1.86× | ||
| Q1 25 | 0.44× | 1.91× | ||
| Q4 24 | 0.49× | 1.76× | ||
| Q3 24 | 0.49× | 1.79× | ||
| Q2 24 | 0.48× | 1.89× |
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 | — | $631.0M |
| FCF MarginFCF / Revenue | — | 10.1% |
| Capex IntensityCapex / Revenue | 8.7% | — |
| Cash ConversionOCF / Net Profit | 6.25× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $4.8B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.4B | — | ||
| Q4 25 | $294.0M | $2.2B | ||
| Q3 25 | $287.0M | $2.5B | ||
| Q2 25 | $401.0M | $2.3B | ||
| Q1 25 | $860.0M | $2.2B | ||
| Q4 24 | $476.0M | $2.7B | ||
| Q3 24 | $113.0M | $2.7B | ||
| Q2 24 | $-23.0M | $1.9B |
| Q1 26 | — | $631.0M | ||
| Q4 25 | $-565.0M | $1.2B | ||
| Q3 25 | $-391.0M | $1.6B | ||
| Q2 25 | $-234.0M | $1.4B | ||
| Q1 25 | $359.0M | $1.3B | ||
| Q4 24 | $16.0M | $1.7B | ||
| Q3 24 | $-404.0M | $1.8B | ||
| Q2 24 | $-517.0M | $1.0B |
| Q1 26 | — | 10.1% | ||
| Q4 25 | -7.6% | 20.1% | ||
| Q3 25 | -5.6% | 25.2% | ||
| Q2 25 | -3.2% | 22.7% | ||
| Q1 25 | 5.6% | 21.6% | ||
| Q4 24 | 0.2% | 28.4% | ||
| Q3 24 | -5.9% | 29.9% | ||
| Q2 24 | -7.0% | 16.8% |
| Q1 26 | 8.7% | — | ||
| Q4 25 | 11.5% | 16.4% | ||
| Q3 25 | 9.8% | 15.2% | ||
| Q2 25 | 8.8% | 15.2% | ||
| Q1 25 | 7.8% | 15.0% | ||
| Q4 24 | 6.6% | 15.1% | ||
| Q3 24 | 7.5% | 13.6% | ||
| Q2 24 | 6.7% | 15.0% |
| Q1 26 | 6.25× | — | ||
| Q4 25 | 0.91× | 1.20× | ||
| Q3 25 | 5.31× | 1.41× | ||
| Q2 25 | 1.88× | 1.24× | ||
| Q1 25 | — | 1.36× | ||
| Q4 24 | 1.82× | 1.51× | ||
| Q3 24 | 1.69× | 1.59× | ||
| Q2 24 | -0.06× | 1.14× |
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% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
