American Airlines Group vs Southwest Airlines (AAL vs LUV)
Side by side from their SEC filings: revenue, margins, growth, returns and valuation, plus short interest, insider activity and institutional ownership.
American Airlines Group is the larger company by revenue ($54.6B vs $28.1B). Southwest Airlines carries the larger market value ($20.0B vs $8.4B). American Airlines Group has grown revenue faster over the last 4 fiscal years (+82.8% cumulative vs +77.7%). American Airlines Group runs the higher operating margin (2.7% vs 1.5%).
About American Airlines Group
American Airlines Group Inc. operates a major network air carrier providing scheduled passenger and cargo air transportation through hubs in multiple U.S. cities and partner gateways worldwide. Its services include mainline flights and regional flights under the American Eagle brand, serving over 350 destinations globally. The company also offers cargo freight and mail services and participates in airline alliances and joint business agreements to expand its network and customer offerings.
About Southwest Airlines
Southwest Airlines Co operates as an airline company providing passenger air transportation services. It offers flights primarily within North America and serves individual travelers and businesses. The company also generates revenue from cargo and freight services.
Head to head (AAL FY2025 vs LUV FY2025)
| Metric | AALFY2025 | LUVFY2025 |
|---|---|---|
| Revenue | $54.63B | $28.06B |
| Revenue growth (YoY) | 0.8% | 2.1% |
| Gross margin | — | — |
| Operating margin | 2.7% | 1.5% |
| Net margin | 0.2% | 1.6% |
| Net income | $111.0M | $441.0M |
| Diluted EPS | $0.17 | $0.79 |
| FCF margin | -1.2% | -3.0% |
| ROE | — | 5.5% |
| Long-term debt / equity | — | 0.57× |
| Market cap | $8.45B | $19.97B |
| P/E | — | 25.4× |
Fundamentals are from each company’s SEC filings (AAL FY2025, LUV FY2025). ROE is net income over fiscal-year-end equity; long-term debt / equity counts non-current term debt only. P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
Five-year trend (as reported)
| Revenue | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| AAL | $29.88B | $48.97B | $52.79B | $54.21B | $54.63B |
| LUV | $15.79B | $23.81B | $26.09B | $27.48B | $28.06B |
Peer standing
Where each company ranks among the 669 Industrials companies, on the same scale. Each figure is ranked only against peers that report it. Percentiles describe position in the distribution, not a rating.
| Metric | AAL | LUV |
|---|---|---|
| Operating margin | 2.7%39th percentile of 599 | 1.5%35th percentile of 599 |
| Net margin | 0.2%33rd percentile of 631 | 1.6%40th percentile of 631 |
| FCF margin | -1.2%24th percentile of 547 | -3.0%21st percentile of 547 |
| Revenue growth (YoY) | +0.8%36th percentile of 653 | +2.1%39th percentile of 653 |
| Short interest (days to cover) | 1.06d18th percentile of 662 | 3.49d54th percentile of 662 |
Short interest
| FINRA settlement data | AAL | LUV |
|---|---|---|
| Shares sold short | 78.6M | 24.5M |
| Change vs prior settlement | -14.2% | +11.2% |
| Days to cover | 1.06 | 3.49 |
| As of settlement | 2026-09-30 | 2026-09-30 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data; republishing or redistributing it is not permitted. Not presented as a percentage of float. No FINRA endorsement of this product is implied.
Insider activity (last 90 days)
| Form 4 activity (codes P/S) | AAL | LUV |
|---|---|---|
| Buys | 0 | — |
| Sells | 7 ($3.5M) | — |
Non-derivative purchases (code P) and sales (code S) reported on SEC Form 4, which may be open-market or private (grants, exercises and tax withholding excluded). For context, about 15% of covered companies saw any reported insider purchase (code P) in a 90-day window.
Held by the same investors
7 tracked 13F managers hold both American Airlines Group and Southwest Airlines as of their latest quarterly filings: AQR Capital Management, Bridgewater Associates, Citadel Advisors, D. E. Shaw, Gotham Asset Management, Millennium Management, Two Sigma Investments. See which superinvestors hold your own portfolio with the smart money checker.
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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filings before relying on them. Comparisons are descriptive (higher or lower on a reported figure), not a rating or a recommendation. Informational only. Not investment advice.