Southwest Airlines (LUV) Cost of Revenue (2009 - 2026)
Southwest Airlines' (LUV) quarterly Cost of Revenue came in at $1.1 billion in Q2 2026, down 2.82% YoY from $1.1 billion in Q2 2025, and up 6.17% on a QoQ basis from $1.0 billion in Q1 2026.
Southwest Airlines (LUV) Cost of Revenue (2009 - 2026) Analysis & Trends
Southwest Airlines (LUV) has 18 years of Cost of Revenue data on file, last reported at $1.1 billion in Q2 2026.
- Quarterly Cost of Revenue fell 2.82% year-over-year to $1.1 billion in Q2 2026, while the trailing twelve-month figure through Jun 2026 was $4.4 billion (up 3.06% YoY) and the FY2025 annual result came in at $4.5 billion, up 7.95% from the prior year.
- Cost of Revenue grew to $1.1 billion in Q2 2026, from $1.0 billion in the prior quarter.
- In the past five years, Cost of Revenue ranged from a high of $1.4 billion in Q4 2022 to a low of $731.0 million in Q1 2022.
- A 5-year average of $1.0 billion and a median of $1.1 billion in 2024 frame the typical range for Cost of Revenue.
- Annual changes were most pronounced in 2022 — Cost of Revenue surged 103.51% — and 2023, when it slipped 18.75%.
- Tracing LUV's Cost of Revenue over 5 years: stood at $1.4 billion in 2022, then fell by 18.75% to $1.1 billion in 2023, then retreated by 16.0% to $950.0 million in 2024, then advanced by 18.0% to $1.1 billion in 2025, then decreased by 1.78% to $1.1 billion in 2026.
- The last three Cost of Revenue figures came in at $1.1 billion (Q2 2026), $1.0 billion (Q1 2026), and $1.1 billion (Q4 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Delta Air Lines | 53.01 Bn | 48.34 Bn | 19.07 Bn | 688.00 Mn |
| 2 | Ryanair Holdings | 28.78 Bn | 25.56 Bn | - | - |
| 3 | Southwest Airlines | 19.50 Bn | 15.71 Bn | 7.33 Bn | 1.10 Bn |
| 4 | Copa Holdings | 5.30 Bn | 4.04 Bn | 1.03 Bn | 30.59 Mn |
| 5 | Alaska Air | 4.46 Bn | 1.80 Bn | 3.76 Bn | 302.00 Mn |
| 6 | Skywest | 3.98 Bn | 3.38 Bn | 1.01 Bn | 91.51 Mn |
| 7 | Jetblue Airways | 1.79 Bn | -232.60 Mn | 2.32 Bn | 379.00 Mn |
| 8 | Allegiant Travel | 1.75 Bn | 695.62 Mn | 902.77 Mn | 40.72 Mn |
| 9 | Frontier Group Holdings | 1.33 Bn | 373.12 Mn | - | - |
| 10 | Republic Airways Holdings | 843.32 Mn | 565.72 Mn | 487.40 Mn | 83.70 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 1.10 Bn |
| Jun 30, 2026 | 1.10 Bn |
| Mar 31, 2026 | 1.04 Bn |
| Mar 31, 2026 | 1.04 Bn |
| Dec 31, 2025 | 1.12 Bn |
| Dec 31, 2025 | 1.12 Bn |
| Sep 30, 2025 | 1.12 Bn |
| Sep 30, 2025 | 1.12 Bn |
| Jun 30, 2025 | 1.13 Bn |
| Jun 30, 2025 | 1.13 Bn |
| Mar 31, 2025 | 1.09 Bn |
| Mar 31, 2025 | 1.09 Bn |
| Dec 31, 2024 | 950.00 Mn |
| Dec 31, 2024 | 950.00 Mn |
| Sep 30, 2024 | 1.08 Bn |
| Sep 30, 2024 | 1.08 Bn |
| Jun 30, 2024 | 1.09 Bn |
| Jun 30, 2024 | 1.09 Bn |
| Mar 31, 2024 | 1.02 Bn |
| Mar 31, 2024 | 1.02 Bn |