Southwest Airlines (LUV) Debt Ratio (2009 - 2026)

Southwest Airlines has reported Debt Ratio for 18 years, with the latest figure at 0.18 in Q1 2026.

• For the quarter ending Q1 2026, Debt Ratio fell 8.95% year-over-year to 0.18; the trailing twelve-month figure through Mar 2026 stood at 0.18 (down 8.95% YoY), and the FY2025 full-year result was 0.17, down 15.04% from the prior year.
• Debt Ratio for Q1 2026 stood at 0.18, up from 0.17 in the prior quarter.
• The five-year high for Debt Ratio was 0.29 in Q1 2022, with the low at 0.14 in Q2 2025.
• Historically, Debt Ratio has averaged 0.21 across 5 years, with a median of 0.22 in 2023.
• Annual changes were most pronounced in 2024 — Debt Ratio gained 6.0% — and 2025, when it slumped 36.93%.
• Southwest Airlines' Debt Ratio stood at 0.23 in 2022, then slipped by 4.03% to 0.22 in 2023, then dropped by 9.55% to 0.2 in 2024, then dropped by 15.04% to 0.17 in 2025, then advanced by 8.82% to 0.18 in 2026.
• The last three Debt Ratio figures came in at 0.18 (Q1 2026), 0.17 (Q4 2025), and 0.14 (Q3 2025), per Business Quant data.