Delta Air Lines vs Southwest Airlines (DAL vs LUV)
Side by side from their SEC filings: revenue, margins, growth, returns and valuation, plus short interest, insider activity and institutional ownership.
Delta Air Lines is the larger company by revenue ($63.4B vs $28.1B) and market value ($49.6B vs $19.3B). Delta Air Lines has grown revenue faster over the last 4 fiscal years (+111.9% cumulative vs +77.7%). Delta Air Lines runs the higher operating margin (9.2% vs 1.5%). Delta Air Lines trades at the lower trailing P/E (15.0x vs 24.7x).
About Delta Air Lines
Delta Air Lines, Inc. is a global airline based in the United States that provides passenger air transportation services across a network of over 300 destinations in more than 150 countries. The company operates a fleet of 1,314 aircraft and offers a range of premium and main cabin products, serving both domestic and international travelers. Delta also operates a loyalty program called SkyMiles and generates additional revenue through partnerships, cargo operations, maintenance services, and co-branded credit card agreements.
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 (DAL FY2025 vs LUV FY2025)
| Metric | DALFY2025 | LUVFY2025 |
|---|---|---|
| Revenue | $63.36B | $28.06B |
| Revenue growth (YoY) | 2.8% | 2.1% |
| Gross margin | — | — |
| Operating margin | 9.2% | 1.5% |
| Net margin | 7.9% | 1.6% |
| Net income | $5.00B | $441.0M |
| Diluted EPS | $7.66 | $0.79 |
| FCF margin | 6.1% | -3.0% |
| ROE | 24.0% | 5.5% |
| Long-term debt / equity | 0.57× | 0.57× |
| Market cap | $49.59B | $19.32B |
| P/E | 15.0× | 24.7× |
Fundamentals are from each company’s SEC filings (DAL 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 |
|---|---|---|---|---|---|
| DAL | $29.90B | $50.58B | $58.05B | $61.64B | $63.36B |
| LUV | $15.79B | $23.81B | $26.09B | $27.48B | $28.06B |
Peer standing
Where each company ranks among the 668 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 | DAL | LUV |
|---|---|---|
| Operating margin | 9.2%64th percentile of 598 | 1.5%35th percentile of 598 |
| Net margin | 7.9%69th percentile of 630 | 1.6%40th percentile of 630 |
| FCF margin | 6.1%54th percentile of 546 | -3.0%21st percentile of 546 |
| Revenue growth (YoY) | +2.8%42nd percentile of 652 | +2.1%39th percentile of 652 |
| ROE | 24.0%87th percentile of 590 | 5.5%45th percentile of 590 |
| P/E | 15.0×24th percentile of 406 | 24.7×54th percentile of 406 |
| Long-term debt / equity | 0.57×55th percentile of 403 | 0.57×56th percentile of 403 |
| Short interest (days to cover) | 2.94d44th percentile of 661 | 3.49d53rd percentile of 661 |
Short interest
| FINRA settlement data | DAL | LUV |
|---|---|---|
| Shares sold short | 25.6M | 24.5M |
| Change vs prior settlement | -2.5% | +11.2% |
| Days to cover | 2.94 | 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) | DAL | LUV |
|---|---|---|
| Buys | 0 | — |
| Sells | 6 ($33.1M) | — |
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
9 tracked 13F managers hold both Delta Air Lines and Southwest Airlines as of their latest quarterly filings: AQR Capital Management, Bridgewater Associates, Citadel Advisors, D. E. Shaw, First Eagle Investment Management, Gotham Asset Management, Millennium Management, Point72 Asset 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.