Revenue flow

Margins

Stage	LUV	% of rev	DAL	% of rev	Gap · A − B
Revenue	$8.4B	100.00%	$20.2B	100.00%	DAL ×2.40
Gross profit	$2.4B	28.79%	$5.6B	27.86%	LUV +0.9pp
Operating income	$379M	4.50%	$1.5B	7.20%	DAL +2.7pp
Pre-tax income	$355M	4.22%	$1.1B	5.32%	DAL +1.1pp
Net income	$270M	3.21%	$756M	3.75%	DAL +0.5pp

Stage	LUV	DAL	Gap · A − B
Revenue	$8.4B100.00%	$20.2B100.00%	DAL ×2.40
Gross profit	28.79%$2.4B	27.86%$5.6B	LUV +0.9pp
Operating income	4.50%$379M	7.20%$1.5B	DAL +2.7pp
Pre-tax income	4.22%$355M	5.32%$1.1B	DAL +1.1pp
Net income