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American Airlines Group vs Southwest Airlines: AAL and LUV compared
American Airlines Group is the larger company: $16.3B of revenue in its latest quarter (Q3 2026) against $8.4B for Southwest Airlines (Q3 2026). Southwest Airlines is growing faster (+21% against +19% a year earlier). Southwest Airlines is more profitable, with an operating margin of 4.5% against 0.7%.
Where the money goes: AAL and LUV
American Airlines Group (AAL) · Q3 2026
American Airlines Group, Q3 2026: revenue $16.3B (+19% year over year), operating margin 0.7%, net loss $269M, operating cash flow −$153M. The chart follows the revenue to costs, profit and cash.
Southwest Airlines (LUV) · Q3 2026
Southwest Airlines, Q3 2026: revenue $8.4B (+21% year over year), operating margin 4.5%, net earnings $270M, operating cash flow $513M. The chart follows the revenue to costs, profit and cash.
| American Airlines Group (AAL) | Southwest Airlines (LUV) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $16.3B | $8.4B |
| Revenue growth, Y/Y | +19% | +21% |
| Operating margin | 0.7% | 4.5% |
| Net earnings | −$269M | $270M |
| Net margin | -1.6% | 3.2% |
| Operating cash flow | −$153M | $513M |
| Market value | $8.7B | $22.0B |
| P/E | — | 21.9× |
| Analysts’ mean target | $15.40 | $49.89 |
Where the revenue comes from
American Airlines Group
- Passenger: $14.9B (91%)
- Loyalty revenue - marketing services: $983M (6%)
- Cargo: $274M (2%)
- Other revenue: $178M (1%)
Southwest Airlines
- Passenger: $7.8B (92%)
- Other: $621M (7%)
- Freight: $48.0M (1%)
Questions
Which is bigger, American Airlines Group or Southwest Airlines?
American Airlines Group is the larger company: $16.3B of revenue in its latest quarter (Q3 2026) against $8.4B for Southwest Airlines (Q3 2026).
Is American Airlines Group or Southwest Airlines growing faster?
Southwest Airlines is growing faster (+21% against +19% a year earlier).
Which is more profitable, American Airlines Group or Southwest Airlines?
Southwest Airlines is more profitable, with an operating margin of 4.5% against 0.7%.
More: American Airlines Group earnings · how American Airlines Group makes money · Southwest Airlines earnings · how Southwest Airlines makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 22, 2026; 10-Q filed Oct 22, 2026). Fiscal quarters can end on different dates. Not investment advice.