Who are Southwest’s competitors?
Southwest names 4 companies as competitors in its latest annual report. 1 companies name Southwest back.
Skip to the field, head to head ↓Southwest company profile
Southwest is grouped with the biggest airlines, but its revenue is under half of Delta's
Southwest sits in a club by description: "the majority of domestic airline service has been provided by Southwest and the other largest major U.S. airlines". The club is real. But a shared label can hide very different businesses, and this one does.
Southwest brought in $28.1 billion, with 2% growth and a 2% net margin. Delta brought in $63.4 billion, grew 3% and kept 8%. United reached $59.1 billion, grew 4% and kept 6%. American, at $54.6 billion, grew 1% and kept 0%. Southwest is the smallest of the four by revenue, and it sits in the middle on margin.
Outsiders use the same shorthand. Latam lists Southwest among competitors that received government support during the pandemic, next to American, Delta and United. Yet Latam, at $14.3 billion, grew 11% with a 10% net margin. The idea to repeat: Southwest shares a name with the giants, not their scale, and being grouped with them is not the same as being matched to them.
Where Southwest says it competes
“the majority of domestic airline service has been provided by Southwest and the other largest major U.S. airlines”
Who names Southwest as a competitor
“Additionally, during the COVID-19 pandemic, some competitors on long-haul routes (such as American Airlines, Delta Airlines, Southwest, United and Airfrance-KLM) received government support.”
20-F for 2025The field, from the filings
| Company | Fiscal year | Revenue | Growth | Net margin | Employees |
|---|---|---|---|---|---|
| Southwest | 2025 | $28.1B | +2% | 2% | 72,790 |
| Delta Air Lines | 2025 | $63.4B | +3% | 8% | 103,000 |
| United Airlines | 2025 | $59.1B | +4% | 6% | 113,200 |
| American Airlines | 2025 | $54.6B | +1% | 0% | 139,100 |
| Latam Airlines Group | 2025 | $14.3B | +11% | 10% | 41,125 |
Each company’s latest fiscal year as reported to the SEC, in US dollars; fiscal years end in different months. Rivals that report outside the US or in other currencies are not shown.
What the rivals have done lately
Decisions that shaped the field
| United Borrowed $6.8 Billion Against MileagePlus and Showed Where the Profit Really Lives | 2020 | Never undone |
Asked about Southwest’s competitors
Who are Southwest's competitors?
In its annual report for fiscal 2025, Southwest names 4 competitors. 10-K for fiscal 2025
Which companies name Southwest as a competitor?
1 companies in our coverage name it in their own annual reports: Latam Airlines Group.
How does Southwest compare with its rivals?
Southwest reported $28.1B in revenue in its latest fiscal year, +2% on a year, with a 2% net margin. Delta Air Lines: $63.4B, 8% net margin; United Airlines: $59.1B, 6% net margin.
What are the alternatives to Southwest?
The companies Southwest itself names as competitors are listed above, front by front, each in its own report’s words. Which matters for a given buyer depends on the job, not the list.
What would it actually cost a challenger to take your customer?
Sources: Southwest’s annual report for fiscal 2025; the annual reports of the companies that name it; each company’s financial data as reported to the SEC; Stratrix Decision Records. Analysis and data, not advice.
Tools to try
- Ansoff move finderFramework: Ansoff Matrix
- Business model canvas builderFramework: Business Model Canvas
- Change readiness checkFramework: Kotter's 8-Step Change Model
- Five Forces scorerFramework: Porter's Five Forces
- SMART goal builderFramework: SMART Goals
- SWOT builderFramework: SWOT Analysis
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