Filing Flows › Comparisons › DAL vs LUV
Delta Air Lines vs Southwest Airlines: DAL and LUV compared
Delta Air Lines is the larger company: $20.2B of revenue in its latest quarter (Q3 2026) against $8.4B for Southwest Airlines (Q3 2026). Southwest Airlines is growing faster (+21% against +21% a year earlier). Delta Air Lines is more profitable, with an operating margin of 7.2% against 4.5%.
Where the money goes: DAL and LUV
Delta Air Lines (DAL) · Q3 2026
Delta Air Lines, Q3 2026: revenue $20.2B (+21% year over year), operating margin 7.2%, net earnings $756M, operating cash flow $1.7B. 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.
| Delta Air Lines (DAL) | Southwest Airlines (LUV) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $20.2B | $8.4B |
| Revenue growth, Y/Y | +21% | +21% |
| Operating margin | 7.2% | 4.5% |
| Net earnings | $756M | $270M |
| Net margin | 3.7% | 3.2% |
| Operating cash flow | $1.7B | $513M |
| Free cash flow | $464M | — |
| Market value | $57.5B | $22.0B |
| P/E | 17.4× | 21.9× |
| Analysts’ mean target | $100.78 | $49.89 |
Where the revenue comes from
Delta Air Lines
- Passenger: $15.6B (77%)
- Refinery: $2.6B (13%)
- Loyalty travel awards: $1.3B (6%)
- Cargo: $301M (1%)
Southwest Airlines
- Passenger: $7.8B (92%)
- Other: $621M (7%)
- Freight: $48.0M (1%)
Questions
Which is bigger, Delta Air Lines or Southwest Airlines?
Delta Air Lines is the larger company: $20.2B of revenue in its latest quarter (Q3 2026) against $8.4B for Southwest Airlines (Q3 2026).
Is Delta Air Lines or Southwest Airlines growing faster?
Southwest Airlines is growing faster (+21% against +21% a year earlier).
Which is more profitable, Delta Air Lines or Southwest Airlines?
Delta Air Lines is more profitable, with an operating margin of 7.2% against 4.5%.
More: Delta Air Lines earnings · how Delta Air Lines 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 9, 2026; 10-Q filed Oct 22, 2026). Fiscal quarters can end on different dates. Not investment advice.