vs
Side-by-side financial comparison of Southwest Airlines (LUV) and Block, Inc. (XYZ). Click either name above to swap in a different company.
Southwest Airlines is the larger business by last-quarter revenue ($7.2B vs $6.3B, roughly 1.2× Block, Inc.). Southwest Airlines runs the higher net margin — 3.1% vs 1.9%, a 1.3% gap on every dollar of revenue. On growth, Southwest Airlines posted the faster year-over-year revenue change (12.8% vs 3.6%). Over the past eight quarters, Block, Inc.'s revenue compounded faster (2.4% 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.
Block, Inc. is an American technology company and a financial services provider for consumers and merchants. Founded in 2009 by Jack Dorsey, it is the U.S. market leader in point-of-sale systems. As of 2024, Block serves 57 million users and 4 million sellers, processing $241 billion in payments annually.
LUV vs XYZ — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.2B | $6.3B |
| Net Profit | $227.0M | $115.8M |
| Gross Margin | — | 45.9% |
| Operating Margin | — | 7.8% |
| Net Margin | 3.1% | 1.9% |
| Revenue YoY | 12.8% | 3.6% |
| Net Profit YoY | 252.3% | -94.1% |
| EPS (diluted) | $0.45 | $0.19 |
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 | $6.3B | ||
| Q3 25 | $6.9B | $6.1B | ||
| Q2 25 | $7.2B | $6.1B | ||
| Q1 25 | $6.4B | $5.8B | ||
| Q4 24 | $6.9B | $6.0B | ||
| Q3 24 | $6.9B | $6.0B | ||
| Q2 24 | $7.4B | $6.2B |
| Q1 26 | $227.0M | — | ||
| Q4 25 | $323.0M | $115.8M | ||
| Q3 25 | $54.0M | $461.5M | ||
| Q2 25 | $213.0M | $538.5M | ||
| Q1 25 | $-149.0M | $189.9M | ||
| Q4 24 | $262.0M | $1.9B | ||
| Q3 24 | $67.0M | $283.8M | ||
| Q2 24 | $367.0M | $195.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 45.9% | ||
| Q3 25 | — | 43.5% | ||
| Q2 25 | — | 41.9% | ||
| Q1 25 | — | 39.7% | ||
| Q4 24 | — | 38.3% | ||
| Q3 24 | — | 37.6% | ||
| Q2 24 | — | 36.3% |
| Q1 26 | — | — | ||
| Q4 25 | 5.3% | 7.8% | ||
| Q3 25 | 0.5% | 6.7% | ||
| Q2 25 | 3.1% | 8.0% | ||
| Q1 25 | -3.5% | 5.7% | ||
| Q4 24 | 4.0% | 0.2% | ||
| Q3 24 | 0.6% | 5.4% | ||
| Q2 24 | 5.4% | 5.0% |
| Q1 26 | 3.1% | — | ||
| Q4 25 | 4.3% | 1.9% | ||
| Q3 25 | 0.8% | 7.5% | ||
| Q2 25 | 2.9% | 8.9% | ||
| Q1 25 | -2.3% | 3.3% | ||
| Q4 24 | 3.8% | 32.3% | ||
| Q3 24 | 1.0% | 4.7% | ||
| Q2 24 | 5.0% | 3.2% |
| Q1 26 | $0.45 | — | ||
| Q4 25 | $0.56 | $0.19 | ||
| Q3 25 | $0.10 | $0.74 | ||
| Q2 25 | $0.39 | $0.87 | ||
| Q1 25 | $-0.26 | $0.30 | ||
| Q4 24 | $0.46 | $3.06 | ||
| Q3 24 | $0.11 | $0.45 | ||
| Q2 24 | $0.58 | $0.31 |
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 | $6.6B |
| Total DebtLower is stronger | $5.4B | — |
| Stockholders' EquityBook value | $6.9B | $22.2B |
| Total Assets | $20.4B | $39.5B |
| Debt / EquityLower = less leverage | 0.78× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.3B | — | ||
| Q4 25 | $3.2B | $6.6B | ||
| Q3 25 | $3.0B | $8.3B | ||
| Q2 25 | $3.8B | $6.4B | ||
| Q1 25 | $8.3B | $7.1B | ||
| Q4 24 | $8.7B | $8.1B | ||
| Q3 24 | $9.4B | $8.3B | ||
| Q2 24 | $10.0B | $7.8B |
| Q1 26 | $5.4B | — | ||
| Q4 25 | $4.6B | — | ||
| Q3 25 | $4.1B | $7.3B | ||
| Q2 25 | $4.1B | $5.1B | ||
| Q1 25 | $4.1B | $5.1B | ||
| Q4 24 | $5.1B | $6.1B | ||
| Q3 24 | $5.1B | $6.1B | ||
| Q2 24 | $5.1B | $6.1B |
| Q1 26 | $6.9B | — | ||
| Q4 25 | $8.0B | $22.2B | ||
| Q3 25 | $7.8B | $22.5B | ||
| Q2 25 | $8.0B | $22.2B | ||
| Q1 25 | $9.4B | $21.5B | ||
| Q4 24 | $10.3B | $21.3B | ||
| Q3 24 | $10.4B | $19.9B | ||
| Q2 24 | $10.5B | $19.3B |
| Q1 26 | $20.4B | — | ||
| Q4 25 | $29.1B | $39.5B | ||
| Q3 25 | $28.3B | $39.2B | ||
| Q2 25 | $28.7B | $36.9B | ||
| Q1 25 | $33.2B | $36.4B | ||
| Q4 24 | $33.8B | $36.8B | ||
| Q3 24 | $34.8B | $36.4B | ||
| Q2 24 | $35.6B | $37.5B |
| Q1 26 | 0.78× | — | ||
| Q4 25 | 0.57× | — | ||
| Q3 25 | 0.52× | 0.32× | ||
| Q2 25 | 0.51× | 0.23× | ||
| Q1 25 | 0.44× | 0.24× | ||
| Q4 24 | 0.49× | 0.29× | ||
| Q3 24 | 0.49× | 0.31× | ||
| Q2 24 | 0.48× | 0.32× |
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 | $621.0M |
| Free Cash FlowOCF − Capex | — | $579.8M |
| FCF MarginFCF / Revenue | — | 9.3% |
| Capex IntensityCapex / Revenue | 8.7% | 0.7% |
| Cash ConversionOCF / Net Profit | 6.25× | 5.36× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.4B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.4B | — | ||
| Q4 25 | $294.0M | $621.0M | ||
| Q3 25 | $287.0M | $1.5B | ||
| Q2 25 | $401.0M | $374.3M | ||
| Q1 25 | $860.0M | $133.3M | ||
| Q4 24 | $476.0M | $13.8M | ||
| Q3 24 | $113.0M | $684.8M | ||
| Q2 24 | $-23.0M | $519.4M |
| Q1 26 | — | — | ||
| Q4 25 | $-565.0M | $579.8M | ||
| Q3 25 | $-391.0M | $1.4B | ||
| Q2 25 | $-234.0M | $343.0M | ||
| Q1 25 | $359.0M | $101.5M | ||
| Q4 24 | $16.0M | $-13.2M | ||
| Q3 24 | $-404.0M | $628.2M | ||
| Q2 24 | $-517.0M | $481.0M |
| Q1 26 | — | — | ||
| Q4 25 | -7.6% | 9.3% | ||
| Q3 25 | -5.6% | 22.9% | ||
| Q2 25 | -3.2% | 5.7% | ||
| Q1 25 | 5.6% | 1.8% | ||
| Q4 24 | 0.2% | -0.2% | ||
| Q3 24 | -5.9% | 10.5% | ||
| Q2 24 | -7.0% | 7.8% |
| Q1 26 | 8.7% | — | ||
| Q4 25 | 11.5% | 0.7% | ||
| Q3 25 | 9.8% | 0.8% | ||
| Q2 25 | 8.8% | 0.5% | ||
| Q1 25 | 7.8% | 0.6% | ||
| Q4 24 | 6.6% | 0.4% | ||
| Q3 24 | 7.5% | 0.9% | ||
| Q2 24 | 6.7% | 0.6% |
| Q1 26 | 6.25× | — | ||
| Q4 25 | 0.91× | 5.36× | ||
| Q3 25 | 5.31× | 3.14× | ||
| Q2 25 | 1.88× | 0.70× | ||
| Q1 25 | — | 0.70× | ||
| Q4 24 | 1.82× | 0.01× | ||
| Q3 24 | 1.69× | 2.41× | ||
| Q2 24 | -0.06× | 2.66× |
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% |
XYZ
| US | $5.7B | 91% |
| Non Us | $560.9M | 9% |
