LUV vs UAL
Southwest Airlines Co. and United Airlines Holdings, Inc., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
At a glance
Most recent reported year
| Metric | LUV | UAL |
|---|---|---|
| Revenue | $28.1B | $59.1B |
| Net income | $441.0M | $3.4B |
| Gross margin | — | — |
| Net margin | 1.6% | 5.7% |
| Return on equity | 4.8% | 24.0% |
| Diluted EPS | $0.79 | $10.20 |
| Dividend / share | $0.72 | — |
| Payout ratio | 90.5% | — |
| Free cash flow | $-831.0M | $2.6B |
| Equity | $8.0B | $15.3B |
| Net debt / equity | 0.21× | 1.00× |
| Current ratio | 0.52× | 0.65× |
| Revenue CAGR 5y | 25.4% | 30.9% |
| Profit CAGR 5y | — | — |
UAL bills 2.1× the revenue of LUV, and keeps more of each dollar of revenue as profit (5.7% against 1.6%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner.
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Revenue by year
10 years side by side
| Fiscal year | LUV | UAL |
|---|---|---|
| FY2025 | $28.1B | $59.1B |
| FY2024 | $27.5B | $57.1B |
| FY2023 | $26.1B | $53.7B |
| FY2022 | $23.8B | $45.0B |
| FY2021 | $15.8B | $24.6B |
| FY2020 | $9.0B | $15.4B |
| FY2019 | $22.4B | $43.3B |
| FY2018 | $22.0B | $41.3B |
| FY2017 | $21.1B | $37.8B |
| FY2016 | $20.3B | $36.6B |
Net income by year
Bottom line
| Fiscal year | LUV | UAL |
|---|---|---|
| FY2025 | $441.0M | $3.4B |
| FY2024 | $465.0M | $3.1B |
| FY2023 | $465.0M | $2.6B |
| FY2022 | $539.0M | $737.0M |
| FY2021 | $977.0M | $-2.0B |
| FY2020 | $-3.1B | $-7.1B |
| FY2019 | $2.3B | $3.0B |
| FY2018 | $2.5B | $2.1B |
| FY2017 | $3.4B | $2.1B |
| FY2016 | $2.2B | $2.2B |
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