Southwest Airlines (LUV) EBITDA Margin (2009 - 2026)
Southwest Airlines posted quarterly EBITDA Margin of 3.45% for Q1 2026, up 575.0% year-on-year from 0.51% in Q1 2025, and down 34.36% on a QoQ basis from 5.25% in Q4 2025.
Southwest Airlines (LUV) has 18 years of EBITDA Margin data on file, last reported at 3.45% in Q1 2026.
- For the quarter ending Q1 2026, EBITDA Margin rose 575.0% year-over-year to 3.45%; the trailing twelve-month figure through Mar 2026 stood at 3.21% (up 136.0% YoY), and the FY2025 full-year result was 1.53%, up 36.0% from the prior year.
- EBITDA Margin for Q1 2026 stood at 3.45%, down from 5.25% in the prior quarter.
- Across five years, EBITDA Margin topped out at 10.02% in Q2 2022 and bottomed at 6.24% in Q4 2022.
- The 5-year median for EBITDA Margin is 2.79% (2025), against an average of 1.34%.
- The widest annual swing landed in 2022, when EBITDA Margin sank 1592 bps; it then jumped 993 bps in 2024.
- A 5-year view of EBITDA Margin shows it stood at 6.24% in 2022, then increased by 5 bps to 5.92% in 2023, then jumped by 168 bps to 4.01% in 2024, then soared by 31 bps to 5.25% in 2025, then slumped by 34 bps to 3.45% in 2026.
- The last three EBITDA Margin figures came in at 3.45% (Q1 2026), 5.25% (Q4 2025), and 1.19% (Q3 2025), per Business Quant data.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Delta Air Lines | 53.78 Bn | 48.72 Bn | 15.19 Bn | -1.64% |
| 2 | Southwest Airlines | 21.39 Bn | 18.06 Bn | 6.21 Bn | 3.45% |
| 3 | Grupo Aeromexico, S.A.B. de C.V | 18.50 Bn | 17.47 Bn | -239.00 Mn | 186.84% |
| 4 | Controladora Vuela Compania de Aviacion, S.A.B. de C.V | 8.98 Bn | 8.98 Bn | - | 13.25% |
| 5 | Alaska Air | 5.26 Bn | 3.49 Bn | 3.20 Bn | -8.45% |
| 6 | Skywest | 3.43 Bn | 2.80 Bn | 924.11 Mn | 9.97% |
| 7 | Copa Holdings | 3.33 Bn | 1.99 Bn | 713.71 Mn | 21.77% |
| 8 | Jetblue Airways | 2.03 Bn | -140.72 Mn | 1.87 Bn | -10.00% |
| 9 | Allegiant Travel | 1.67 Bn | 765.78 Mn | 651.87 Mn | 12.07% |
| 10 | Frontier Group Holdings | 1.39 Bn | 618.26 Mn | 724.00 Mn | -28.53% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 3.45% |
| Dec 31, 2025 | 5.25% |
| Sep 30, 2025 | 1.19% |
| Jun 30, 2025 | 2.79% |
| Mar 31, 2025 | -2.30% |
| Dec 31, 2024 | 4.01% |
| Sep 30, 2024 | 0.28% |
| Jun 30, 2024 | 4.88% |
| Mar 31, 2024 | -3.35% |
| Dec 31, 2023 | -5.92% |
| Sep 30, 2023 | 5.15% |
| Jun 30, 2023 | 7.73% |
| Mar 31, 2023 | -5.36% |
| Dec 31, 2022 | -6.24% |
| Sep 30, 2022 | -3.59% |
| Jun 30, 2022 | 10.02% |
| Mar 31, 2022 | 4.79% |
| Dec 31, 2021 | 3.86% |
| Sep 30, 2021 | 12.33% |
| Jun 30, 2021 | 13.57% |
| Mar 31, 2021 | 8.77% |
| Dec 31, 2020 | -58.07% |
| Sep 30, 2020 | -62.97% |
| Jun 30, 2020 | -85.22% |
| Mar 31, 2020 | -5.17% |
| Dec 31, 2019 | 11.61% |
| Sep 30, 2019 | 10.04% |
| Jun 30, 2019 | 11.42% |
| Mar 31, 2019 | 8.99% |
| Dec 31, 2018 | 14.38% |
| Sep 30, 2018 | 13.08% |
| Jun 30, 2018 | 16.60% |
| Mar 31, 2018 | 11.06% |
| Dec 31, 2017 | 14.09% |
| Sep 30, 2017 | 12.35% |
| Jun 30, 2017 | 13.82% |
| Mar 31, 2017 | 7.21% |
| Dec 31, 2016 | 16.67% |
| Sep 30, 2016 | 10.06% |
| Jun 30, 2016 | 20.17% |
| Mar 31, 2016 | 13.88% |
| Dec 31, 2015 | 20.61% |
| Sep 30, 2015 | 6.49% |
| Jun 30, 2015 | 13.42% |
| Mar 31, 2015 | 10.17% |
| Dec 31, 2014 | 13.42% |
| Sep 30, 2014 | 2.63% |
| Jun 30, 2014 | 11.73% |
| Mar 31, 2014 | 3.43% |
| Dec 31, 2013 | 8.72% |
| Sep 30, 2013 | 8.65% |
| Jun 30, 2013 | 1.87% |
| Mar 31, 2013 | 1.64% |
| Dec 31, 2012 | 2.18% |
| Sep 30, 2012 | 4.90% |
| Jun 30, 2012 | -0.76% |
| Mar 31, 2012 | 6.64% |
| Dec 31, 2011 | 3.58% |
| Sep 30, 2011 | 5.22% |
| Jun 30, 2011 | 5.00% |
| Mar 31, 2011 | 11.15% |
| Dec 31, 2010 | 6.94% |
| Sep 30, 2010 | 11.12% |
| Jun 30, 2010 | 11.46% |
| Mar 31, 2010 | 2.05% |
| Dec 31, 2009 | 6.16% |
| Sep 30, 2009 | 0.83% |
| Jun 30, 2009 | 4.70% |
| Mar 31, 2009 | -2.12% |