Southwest Airlines vs United Airlines
United Airlines is the larger business, with $59.07bn of revenue in fiscal 2025 against $28.06bn for Southwest Airlines (2.1 times as much). United Airlines grew faster (3.5% against 2.1%). United Airlines kept more of each dollar of sales as profit: a net margin of 5.7% against 1.6%. Southwest Airlines carries less debt relative to equity (61.8% against 163.5%).
| Latest fiscal year | Southwest AirlinesLUV, 2025 | United AirlinesUAL, 2025 |
|---|---|---|
| Revenue | $28.06bn | $59.07bn |
| Revenue growth | 2.1% | 3.5% |
| Net income | $441m | $3.35bn |
| Operating margin | 1.5% | 8.0% |
| Net margin | 1.6% | 5.7% |
| Return on equity | 4.8% | 24.0% |
| Free cash flow | −$831m | $2.56bn |
| Cash | $3.23bn | $5.94bn |
| Total debt | $4.93bn | $24.99bn |
| Debt to equity | 61.8% | 163.5% |
| Dividend per share | $0.72 | — |
| Dividend yield | 1.6% | — |
| Share buybacks | $2.55bn | $637m |
| Employees | — | 113,200 |
| Market value | $21.72bn | $35.49bn |
| Price vs our value range | — | Above our value range |
| Moat score | 33 (Weak) | 36 (Weak) |
| Insider trades, 12 months | 0 buys, 2 sales | 0 buys, 14 sales |