Southwest Airlines (LUV) Debt to Equity (2009 - 2026)
Southwest Airlines (LUV) reported Debt to Equity of $0.78 for Q1 2026, up 9.62% on a YoY basis from $0.71 in Q1 2025, and up 27.6% quarter-over-quarter from $0.61 in Q4 2025.
Southwest Airlines (LUV) Debt to Equity (2009 - 2026) Analysis & Trends
Southwest Airlines has reported Debt to Equity for 18 years, with the latest figure 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.
- The five-year high for Debt to Equity was $1.03 in Q1 2022, with the low at $0.51 in Q2 2025.
- Historically, Debt to Equity has averaged $0.74 across 5 years, with a median of $0.76 in 2023.
- Annual changes were most pronounced in 2025 — Debt to Equity slumped 32.88% — and 2026, when it rose 9.62%.
- Southwest Airlines' Debt to Equity stood at $0.76 in 2022, then gained by 0.62% to $0.76 in 2023, then fell by 15.0% to $0.65 in 2024, then decreased by 5.12% to $0.61 in 2025, then advanced 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.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Debt/Equity (Qtr) |
|---|---|---|---|---|---|
| 1 | Ryanair Holdings | 453.97 Bn | 448.50 Bn | 1.55 Bn | 0.13 |
| 2 | Delta Air Lines | 54.89 Bn | 49.84 Bn | 15.19 Bn | 0.70 |
| 3 | Grupo Aeromexico, S.A.B. de C.V | 47.52 Bn | 46.49 Bn | -239.00 Mn | - |
| 4 | Southwest Airlines | 23.88 Bn | 20.55 Bn | 6.21 Bn | 0.78 |
| 5 | Copa Holdings | 6.22 Bn | 4.88 Bn | 713.71 Mn | 0.71 |
| 6 | Alaska Air | 5.64 Bn | 3.87 Bn | 3.20 Bn | 1.43 |
| 7 | Skywest | 3.71 Bn | 3.08 Bn | 924.11 Mn | 0.88 |
| 8 | Controladora Vuela Compania de Aviacion, S.A.B. de C.V | 2.23 Bn | 2.23 Bn | - | - |
| 9 | Jetblue Airways | 2.11 Bn | -62.86 Mn | 1.87 Bn | 4.66 |
| 10 | Allegiant Travel | 1.82 Bn | 921.81 Mn | 651.87 Mn | 1.63 |
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 |