Delta Air Lines, Inc. (DAL)
Delta Air Lines operates a major passenger and cargo airline with domestic and international routes.
DAL vs LUV: how the two businesses compare
- Bigger business: DAL, with $63.4B of yearly revenue, about 2.3× LUV's $28.1B.
- More profitable: DAL keeps 8 cents of each sales dollar as profit, against 2 cents at LUV.
- More cash from each sale: DAL turns 13 cents of each sales dollar into operating cash flow, against 7 cents at LUV.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Delta Air Lines (DAL) is the larger business by reported revenue: $63.4B in its fiscal year ended Dec 2025, about 2.3× LUV's $28.1B (fiscal year ended Dec 2025). DAL's net margin was 7.9% and LUV's 1.6%. Both file with the SEC under the same industry code, SIC 4512 (Air Transportation, Scheduled).
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Industrials
- Air Transportation, Scheduled
- Same classification
- December 31
- Same calendar
- Feb 11, 2026
DAL vs LUV: quick comparison
| Company fact | DAL | LUV |
|---|---|---|
| Company | Delta Air Lines, Inc. | Southwest Airlines Co. |
| Exchange | NYSE | NYSE |
| SEC industry | Air Transportation, Scheduled | Air Transportation, Scheduled |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-11 | 10-K/A · 2026-02-06 |
DAL vs LUV: audited financials
- Scale: DAL's $63.4B of revenue is about 2.3× LUV's $28.1B.
- Net margin: DAL kept 7.9% of revenue as net income versus 1.6% at LUV.
- Cash conversion: operating cash flow equalled DAL 13.2% of revenue, or 1.67× net income; LUV 6.6% of revenue, or 4.18× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: both fiscal years end on 2025-12-31, so these annual figures cover the same months.
| Metric | DAL | LUV |
|---|---|---|
| Revenue | $63.4B2025-01-01 to 2025-12-31 · SEC filing | $28.1B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $5.0B2025-01-01 to 2025-12-31 · SEC filing | $441M2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $8.3B2025-01-01 to 2025-12-31 · SEC filing | $1.8B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $7.662025-01-01 to 2025-12-31 · SEC filing | $0.792025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 7.9%2025-01-01 to 2025-12-31 · SEC filing | 1.6%2025-01-01 to 2025-12-31 · SEC filing |
DAL: FY ending 2025-12-31 · LUV: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where DAL and LUV overlap, and where they don't
Overlap
- Same SEC industry: both report under SIC 4512, Air Transportation, Scheduled.
- Shared research theme: Economic trends.
- Same fiscal calendar: both fiscal years end December 31.
Differences
- Scale: DAL reported about 2.3× the annual revenue of LUV.
- Profitability: net margin of 7.9% for DAL versus 1.6% for LUV.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Southwest Airlines Co. (LUV)
Southwest Airlines operates a low-cost domestic passenger airline across the United States.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves DAL
We have not yet published a company-specific driver list for DAL. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-11.
What moves LUV
- Domestic leisure and business travel demand trends
- Fuel costs and the airline's fuel-hedging program
- Labor costs following recent contract negotiations with employee groups
- The shift away from open seating toward assigned and premium seating as a new revenue source
The investment question
You now know DAL reports about 2.3× LUV's revenue, and DAL keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to economic trends, including “Domestic leisure and business travel demand trends” at LUV, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. Both fiscal years end December 31, so annual reports line up, but check segment definitions before comparing growth or margins.
The current verified House and Senate snapshot contains 8 matched transaction rows for DAL and 7 matched transaction rows for LUV. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
DAL primary filings
LUV primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving DAL or LUV
DAL vs LUV FAQs
Are DAL and LUV direct competitors?
Delta Air Lines and Southwest Airlines share the SEC industry classification “Air Transportation, Scheduled.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Is DAL or LUV the bigger company by revenue?
Delta Air Lines (DAL) is the larger business by reported revenue: $63.4B in its fiscal year ended Dec 2025, about 2.3× LUV's $28.1B (fiscal year ended Dec 2025). DAL's net margin was 7.9% and LUV's 1.6%. Both file with the SEC under the same industry code, SIC 4512 (Air Transportation, Scheduled). Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, DAL or LUV?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this DAL vs LUV comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Delta Air Lines, Inc. and Southwest Airlines Co. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-10-13. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-10-13. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
DAL vs LUV compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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