Southwest Airlines (LUV) EBITDA Margin (2009 - 2026)
Southwest Airlines (LUV) posted EBITDA Margin of 9.23% for Q3 2026, up 3.05 percentage points from 6.17% a year earlier and up 1.08 percentage points from the prior quarter.
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Analysis
Southwest Airlines (LUV) EBITDA Margin (2009 - 2026) Analysis & Trends
For the trailing twelve months through Sep 30, 2026, EBITDA Margin at Southwest Airlines was 9.36%, up 2.42 percentage points year-over-year; for FY2025, it was 7.08%, down 0.11 percentage points from FY2024.
- Annual EBITDA Margin shows a five-year change of +35.39 percentage points (FY2020 to FY2025).
- In prior years, Southwest Airlines' EBITDA Margin was 7.20% in FY2024 (+0.51 pp), 6.69% in FY2023 (-3.25 pp), 9.94% in FY2022 (-9.01 pp) and 18.96% in FY2021 (+47.26 pp).
- Quarterly EBITDA Margin has run from a low of -0.29% in Q4 2022 to a high of 22.04% in Q2 2022 over five years.
- On a year-over-year basis, EBITDA Margin increased in five of the last eight quarters, with an average year-over-year change of +2.43 percentage points.
- The strongest year-over-year quarter for EBITDA Margin in the past five years was Q4 2021, with a gain of 52.68 percentage points; the weakest was Q1 2022, with a drop of 21.22 percentage points.
- According to Business Quant data, EBITDA Margin for the three prior quarters was 8.15% (Q2 2026), 10.04% (Q1 2026) and 10.24% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 172.47 Bn | 164.72 Bn | - | 49.83% |
| 2 | United Parcel Service | 92.24 Bn | 69.07 Bn | - | 11.85% |
| 3 | Csx | 90.81 Bn | 86.03 Bn | - | 49.37% |
| 4 | Canadian Pacific Kansas City | 81.61 Bn | 80.64 Bn | - | 47.78% |
| 5 | Fedex | 72.98 Bn | 39.17 Bn | - | 10.71% |
| 6 | Norfolk Southern | 71.87 Bn | 66.34 Bn | - | 42.91% |
| 7 | Delta Air Lines | 57.23 Bn | 39.41 Bn | - | 10.54% |
| 8 | United Airlines Holdings | 36.65 Bn | -21.05 Bn | - | 12.44% |
| 9 | Old Dominion Freight Line | 34.12 Bn | 32.96 Bn | - | 34.14% |
| 10 | Southwest Airlines | 21.75 Bn | 7.77 Bn | - | 9.23% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 9.23% |
| Jun 30, 2026 | 8.15% |
| Mar 31, 2026 | 10.04% |
| Dec 31, 2025 | 10.24% |
| Sep 30, 2025 | 6.17% |
| Jun 30, 2025 | 8.63% |
| Mar 31, 2025 | 2.69% |
| Dec 31, 2024 | 9.88% |
| Sep 30, 2024 | 6.93% |
| Jun 30, 2024 | 10.91% |
| Mar 31, 2024 | 0.24% |
| Dec 31, 2023 | 0.16% |
| Sep 30, 2023 | 7.54% |
| Jun 30, 2023 | 16.51% |
| Mar 31, 2023 | 1.42% |
| Dec 31, 2022 | -0.29% |
| Sep 30, 2022 | 11.74% |
| Jun 30, 2022 | 22.04% |
| Mar 31, 2022 | 3.69% |
| Dec 31, 2021 | 10.26% |
API Access
Southwest Airlines EBITDA Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=ebitda-margin&ticker=LUV&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ebitda-margin", "ticker": "LUV", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=ebitda-margin&ticker=LUV&period=max&api_key=YOUR_API_KEY");
const data = await res.json();