Southwest Airlines (LUV) EBITDA Margin (2009 - 2026)
Southwest Airlines (LUV) reported EBITDA Margin of 3.45% for Q1 2026, up 575.0% on a YoY basis from 0.51% in Q1 2025, and down 34.36% quarter-over-quarter from 5.25% in Q4 2025.
Southwest Airlines (LUV) EBITDA Margin (2009 - 2026) Analysis & Trends
Southwest Airlines has reported EBITDA Margin for 18 years, with the latest figure 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.
- The five-year high for EBITDA Margin was 10.02% in Q2 2022, with the low at 6.24% in Q4 2022.
- Historically, EBITDA Margin has averaged 1.34% across 5 years, with a median of 2.79% in 2025.
- Annual changes were most pronounced in 2022 — EBITDA Margin tumbled 1592 bps — and 2024, when it jumped 993 bps.
- Southwest Airlines' EBITDA Margin stood at 6.24% in 2022, then grew by 5 bps to 5.92% in 2023, then soared by 168 bps to 4.01% in 2024, then surged by 31 bps to 5.25% in 2025, then tumbled 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.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Ryanair Holdings | 453.97 Bn | 448.50 Bn | 1.55 Bn | -20.08% |
| 2 | Delta Air Lines | 54.89 Bn | 49.84 Bn | 15.19 Bn | -1.64% |
| 3 | Grupo Aeromexico, S.A.B. de C.V | 47.52 Bn | 46.49 Bn | -239.00 Mn | 186.84% |
| 4 | Southwest Airlines | 23.88 Bn | 20.55 Bn | 6.21 Bn | 3.45% |
| 5 | Copa Holdings | 6.22 Bn | 4.88 Bn | 713.71 Mn | 21.77% |
| 6 | Alaska Air | 5.64 Bn | 3.87 Bn | 3.20 Bn | -8.45% |
| 7 | Skywest | 3.71 Bn | 3.08 Bn | 924.11 Mn | 9.97% |
| 8 | Controladora Vuela Compania de Aviacion, S.A.B. de C.V | 2.23 Bn | 2.23 Bn | - | -2.73% |
| 9 | Jetblue Airways | 2.11 Bn | -62.86 Mn | 1.87 Bn | -10.00% |
| 10 | Allegiant Travel | 1.82 Bn | 921.81 Mn | 651.87 Mn | 12.07% |
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% |