Filing Flows › Comparisons › LUV vs ALK
Southwest Airlines vs Alaska Air Group: LUV and ALK compared
Southwest Airlines is the larger company: $8.4B of revenue in its latest quarter (Q3 2026) against $4.3B for Alaska Air Group (Q3 2026). Southwest Airlines is growing faster (+21% against +14% a year earlier). Southwest Airlines is more profitable, with an operating margin of 4.5% against 1.9%.
Where the money goes: LUV and ALK
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.
Alaska Air Group (ALK) · Q3 2026
Alaska Air Group, Q3 2026: revenue $4.3B (+14% year over year), operating margin 1.9%, net loss $147M, operating cash flow $149M. The chart follows the revenue to costs, profit and cash.
| Southwest Airlines (LUV) | Alaska Air Group (ALK) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $8.4B | $4.3B |
| Revenue growth, Y/Y | +21% | +14% |
| Operating margin | 4.5% | 1.9% |
| Net earnings | $270M | −$147M |
| Net margin | 3.2% | -3.4% |
| Operating cash flow | $513M | $149M |
| Free cash flow | — | $82.0M |
| Market value | $22.0B | $4.3B |
| P/E | 21.9× | — |
| Analysts’ mean target | $49.89 | $51.69 |
Where the revenue comes from
Southwest Airlines
- Passenger: $7.8B (92%)
- Other: $621M (7%)
- Freight: $48.0M (1%)
Questions
Which is bigger, Southwest Airlines or Alaska Air Group?
Southwest Airlines is the larger company: $8.4B of revenue in its latest quarter (Q3 2026) against $4.3B for Alaska Air Group (Q3 2026).
Is Southwest Airlines or Alaska Air Group growing faster?
Southwest Airlines is growing faster (+21% against +14% a year earlier).
Which is more profitable, Southwest Airlines or Alaska Air Group?
Southwest Airlines is more profitable, with an operating margin of 4.5% against 1.9%.
More: Southwest Airlines earnings · how Southwest Airlines makes money · Alaska Air Group earnings · how Alaska Air Group makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 22, 2026; 10-Q filed Nov 6, 2026). Fiscal quarters can end on different dates. Not investment advice.