Southwest Airlines (LUV) Debt to Equity (2009 - 2026)
Southwest Airlines posted quarterly Debt to Equity of $0.78 for Q1 2026, up 9.62% year-on-year from $0.71 in Q1 2025, and up 27.6% on a QoQ basis from $0.61 in Q4 2025.
Southwest Airlines (LUV) has 18 years of Debt to Equity data on file, last reported at $0.78 in Q1 2026.
- For the quarter ending Q1 2026, Debt to Equity rose 9.62% year-over-year to $0.78; the trailing twelve-month figure through Mar 2026 stood at $0.78 (up 9.62% YoY), and the FY2025 full-year result was $0.61, down 5.12% from the prior year.
- Debt to Equity for Q1 2026 stood at $0.78, up from $0.61 in the prior quarter.
- Across five years, Debt to Equity topped out at $1.03 in Q1 2022 and bottomed at $0.51 in Q2 2025.
- The 5-year median for Debt to Equity is $0.76 (2023), against an average of $0.74.
- The widest annual swing landed in 2025, when Debt to Equity plunged 32.88%; it then rose 9.62% in 2026.
- A 5-year view of Debt to Equity shows it stood at $0.76 in 2022, then advanced by 0.62% to $0.76 in 2023, then retreated by 15.0% to $0.65 in 2024, then slipped by 5.12% to $0.61 in 2025, then climbed by 27.6% to $0.78 in 2026.
- The last three Debt to Equity figures came in at $0.78 (Q1 2026), $0.61 (Q4 2025), and $0.53 (Q3 2025), per Business Quant data.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Debt/Equity (Qtr) |
|---|---|---|---|---|---|
| 1 | Delta Air Lines | 53.78 Bn | 48.72 Bn | 15.19 Bn | 0.70 |
| 2 | Southwest Airlines | 21.39 Bn | 18.06 Bn | 6.21 Bn | 0.78 |
| 3 | Grupo Aeromexico, S.A.B. de C.V | 18.50 Bn | 17.47 Bn | -239.00 Mn | - |
| 4 | Controladora Vuela Compania de Aviacion, S.A.B. de C.V | 8.98 Bn | 8.98 Bn | - | - |
| 5 | Alaska Air | 5.26 Bn | 3.49 Bn | 3.20 Bn | 1.43 |
| 6 | Skywest | 3.43 Bn | 2.80 Bn | 924.11 Mn | 0.88 |
| 7 | Copa Holdings | 3.33 Bn | 1.99 Bn | 713.71 Mn | 0.71 |
| 8 | Jetblue Airways | 2.03 Bn | -140.72 Mn | 1.87 Bn | 4.66 |
| 9 | Allegiant Travel | 1.67 Bn | 765.78 Mn | 651.87 Mn | 1.63 |
| 10 | Frontier Group Holdings | 1.39 Bn | 618.26 Mn | 724.00 Mn | 2.63 |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 0.78 |
| Dec 31, 2025 | 0.61 |
| Sep 30, 2025 | 0.53 |
| Jun 30, 2025 | 0.51 |
| Mar 31, 2025 | 0.71 |
| Dec 31, 2024 | 0.65 |
| Sep 30, 2024 | 0.77 |
| Jun 30, 2024 | 0.76 |
| Mar 31, 2024 | 0.78 |
| Dec 31, 2023 | 0.76 |
| Sep 30, 2023 | 0.72 |
| Jun 30, 2023 | 0.74 |
| Mar 31, 2023 | 0.78 |
| Dec 31, 2022 | 0.76 |
| Sep 30, 2022 | 0.80 |
| Jun 30, 2022 | 0.95 |
| Mar 31, 2022 | 1.03 |
| Dec 31, 2021 | 1.03 |
| Sep 30, 2021 | 1.10 |
| Jun 30, 2021 | 1.17 |
| Mar 31, 2021 | 1.18 |
| Dec 31, 2020 | 1.16 |
| Sep 30, 2020 | 1.11 |
| Jun 30, 2020 | 0.88 |
| Mar 31, 2020 | 0.56 |
| Dec 31, 2019 | 0.27 |
| Sep 30, 2019 | 0.31 |
| Jun 30, 2019 | 0.31 |
| Mar 31, 2019 | 0.32 |
| Dec 31, 2018 | 0.34 |
| Sep 30, 2018 | 0.34 |
| Jun 30, 2018 | 0.35 |
| Mar 31, 2018 | 0.37 |
| Dec 31, 2017 | 0.38 |
| Sep 30, 2017 | 0.35 |
| Jun 30, 2017 | 0.36 |
| Mar 31, 2017 | 0.37 |
| Dec 31, 2016 | 0.44 |
| Sep 30, 2016 | 0.41 |
| Jun 30, 2016 | 0.43 |
| Mar 31, 2016 | 0.44 |
| Dec 31, 2015 | 0.47 |
| Sep 30, 2015 | 0.38 |
| Jun 30, 2015 | 0.38 |
| Mar 31, 2015 | 0.39 |
| Dec 31, 2014 | 0.40 |
| Sep 30, 2014 | 0.37 |
| Jun 30, 2014 | 0.37 |
| Mar 31, 2014 | 0.39 |
| Dec 31, 2013 | 0.38 |
| Sep 30, 2013 | 0.41 |
| Jun 30, 2013 | 0.43 |
| Mar 31, 2013 | 0.43 |
| Dec 31, 2012 | 0.45 |
| Sep 30, 2012 | 0.46 |
| Jun 30, 2012 | 0.48 |
| Mar 31, 2012 | 0.44 |
| Dec 31, 2011 | 0.46 |
| Sep 30, 2011 | 0.51 |
| Jun 30, 2011 | 0.45 |
| Mar 31, 2011 | 0.51 |
| Dec 31, 2010 | 0.47 |
| Sep 30, 2010 | 0.58 |
| Jun 30, 2010 | 0.62 |
| Mar 31, 2010 | 0.63 |
| Dec 31, 2009 | 0.64 |
| Sep 30, 2009 | 0.69 |
| Jun 30, 2009 | 0.66 |
| Mar 31, 2009 | 0.73 |