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Side-by-side financial comparison of Automatic Data Processing (ADP) and Southwest Airlines (LUV), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Southwest Airlines is the larger business by last-quarter revenue ($7.4B vs $5.4B, roughly 1.4× Automatic Data Processing). Automatic Data Processing runs the higher net margin — 19.8% vs 4.3%, a 15.5% gap on every dollar of revenue. On growth, Southwest Airlines posted the faster year-over-year revenue change (7.4% vs 6.2%). Over the past eight quarters, Southwest Airlines's revenue compounded faster (8.4% CAGR vs 1.0%).
Automatic Data Processing, Inc. (ADP) is an American multinational provider of cloud-based human resources management, payroll processing, and professional employer organization (PEO) services, headquartered in Roseland, New Jersey.
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.
ADP vs LUV — Head-to-Head
Income Statement — Q2 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $5.4B | $7.4B |
| Net Profit | $1.1B | $323.0M |
| Gross Margin | 46.1% | — |
| Operating Margin | 25.8% | 5.3% |
| Net Margin | 19.8% | 4.3% |
| Revenue YoY | 6.2% | 7.4% |
| Net Profit YoY | 10.3% | 23.3% |
| EPS (diluted) | $2.62 | $0.56 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $5.4B | $7.4B | ||
| Q3 25 | $5.2B | $6.9B | ||
| Q2 25 | $5.1B | $7.2B | ||
| Q1 25 | $5.6B | $6.4B | ||
| Q4 24 | $5.0B | $6.9B | ||
| Q3 24 | $4.8B | $6.9B | ||
| Q2 24 | $4.8B | $7.4B | ||
| Q1 24 | $5.3B | $6.3B |
| Q4 25 | $1.1B | $323.0M | ||
| Q3 25 | $1.0B | $54.0M | ||
| Q2 25 | $910.7M | $213.0M | ||
| Q1 25 | $1.2B | $-149.0M | ||
| Q4 24 | $963.2M | $262.0M | ||
| Q3 24 | $956.3M | $67.0M | ||
| Q2 24 | $829.3M | $367.0M | ||
| Q1 24 | $1.2B | $-231.0M |
| Q4 25 | 46.1% | — | ||
| Q3 25 | 45.2% | — | ||
| Q2 25 | 45.1% | — | ||
| Q1 25 | 47.7% | — | ||
| Q4 24 | 45.7% | — | ||
| Q3 24 | 45.5% | — | ||
| Q2 24 | 44.8% | — | ||
| Q1 24 | 47.3% | — |
| Q4 25 | 25.8% | 5.3% | ||
| Q3 25 | 25.3% | 0.5% | ||
| Q2 25 | 23.2% | 3.1% | ||
| Q1 25 | 29.2% | -3.5% | ||
| Q4 24 | 25.0% | 4.0% | ||
| Q3 24 | 25.6% | 0.6% | ||
| Q2 24 | 22.8% | 5.4% | ||
| Q1 24 | 29.4% | -6.2% |
| Q4 25 | 19.8% | 4.3% | ||
| Q3 25 | 19.6% | 0.8% | ||
| Q2 25 | 17.8% | 2.9% | ||
| Q1 25 | 22.5% | -2.3% | ||
| Q4 24 | 19.1% | 3.8% | ||
| Q3 24 | 19.8% | 1.0% | ||
| Q2 24 | 17.4% | 5.0% | ||
| Q1 24 | 22.6% | -3.6% |
| Q4 25 | $2.62 | $0.56 | ||
| Q3 25 | $2.49 | $0.10 | ||
| Q2 25 | $2.23 | $0.39 | ||
| Q1 25 | $3.06 | $-0.26 | ||
| Q4 24 | $2.35 | $0.46 | ||
| Q3 24 | $2.34 | $0.11 | ||
| Q2 24 | $2.01 | $0.58 | ||
| Q1 24 | $2.88 | $-0.39 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.5B | $3.2B |
| Total DebtLower is stronger | — | $4.6B |
| Stockholders' EquityBook value | $6.4B | $8.0B |
| Total Assets | $84.6B | $29.1B |
| Debt / EquityLower = less leverage | — | 0.57× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $2.5B | $3.2B | ||
| Q3 25 | $7.9B | $3.0B | ||
| Q2 25 | $7.8B | $3.8B | ||
| Q1 25 | $2.7B | $8.3B | ||
| Q4 24 | $2.2B | $8.7B | ||
| Q3 24 | $7.3B | $9.4B | ||
| Q2 24 | $3.3B | $10.0B | ||
| Q1 24 | $3.3B | $10.5B |
| Q4 25 | — | $4.6B | ||
| Q3 25 | — | $4.1B | ||
| Q2 25 | — | $4.1B | ||
| Q1 25 | — | $4.1B | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | $5.1B | ||
| Q2 24 | — | $5.1B | ||
| Q1 24 | — | $8.0B |
| Q4 25 | $6.4B | $8.0B | ||
| Q3 25 | $6.4B | $7.8B | ||
| Q2 25 | $6.2B | $8.0B | ||
| Q1 25 | $5.9B | $9.4B | ||
| Q4 24 | $5.1B | $10.3B | ||
| Q3 24 | $5.3B | $10.4B | ||
| Q2 24 | $4.5B | $10.5B | ||
| Q1 24 | $4.6B | $10.2B |
| Q4 25 | $84.6B | $29.1B | ||
| Q3 25 | $54.3B | $28.3B | ||
| Q2 25 | $53.4B | $28.7B | ||
| Q1 25 | $56.4B | $33.2B | ||
| Q4 24 | $64.1B | $33.8B | ||
| Q3 24 | $49.5B | $34.8B | ||
| Q2 24 | $54.4B | $35.6B | ||
| Q1 24 | $64.2B | $36.0B |
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | 0.52× | ||
| Q2 25 | — | 0.51× | ||
| Q1 25 | — | 0.44× | ||
| Q4 24 | — | 0.49× | ||
| Q3 24 | — | 0.49× | ||
| Q2 24 | — | 0.48× | ||
| Q1 24 | — | 0.78× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.1B | $294.0M |
| Free Cash FlowOCF − Capex | — | $-565.0M |
| FCF MarginFCF / Revenue | — | -7.6% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | — | 11.5% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 1.07× | 0.91× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-831.0M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $1.1B | $294.0M | ||
| Q3 25 | $642.3M | $287.0M | ||
| Q2 25 | $1.4B | $401.0M | ||
| Q1 25 | $1.5B | $860.0M | ||
| Q4 24 | $1.2B | $476.0M | ||
| Q3 24 | $824.4M | $113.0M | ||
| Q2 24 | $1.3B | $-23.0M | ||
| Q1 24 | $1.5B | $-104.0M |
| 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 24 | — | $-687.0M |
| 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 24 | — | -10.9% |
| 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 24 | — | 9.2% |
| Q4 25 | 1.07× | 0.91× | ||
| Q3 25 | 0.63× | 5.31× | ||
| Q2 25 | 1.58× | 1.88× | ||
| Q1 25 | 1.22× | — | ||
| Q4 24 | 1.19× | 1.82× | ||
| Q3 24 | 0.86× | 1.69× | ||
| Q2 24 | 1.57× | -0.06× | ||
| Q1 24 | 1.26× | — |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
ADP
| HCM | $2.2B | 42% |
| PEO Zero Margin Benefits Pass Throughs | $1.1B | 21% |
| HRO | $979.3M | 18% |
| Global | $709.3M | 13% |
| Interest On Funds Held For Clients | $308.6M | 6% |
LUV
| Passenger Revenue Non Loyalty | $5.3B | 72% |
| Passenger Loyalty Air Transportation | $784.0M | 11% |
| Passenger Ancillary Sold Separately | $669.0M | 9% |
| Other | $614.0M | 8% |
| Cargo And Freight | $44.0M | 1% |
| Other Customer | $35.0M | 0% |
