Southwest Airlines (LUV) EBT Margin (2009 - 2026)
Southwest Airlines' (LUV) quarterly EBT Margin came in at 3.63% in Q2 2026, down 24.0% YoY from 4.78% in Q2 2025, and down 7.7% on a QoQ basis from 3.93% in Q1 2026.
Southwest Airlines (LUV) EBT Margin (2009 - 2026) Analysis & Trends
Southwest Airlines (LUV) has 18 years of EBT Margin data on file, last reported at 3.63% in Q2 2026.
- Quarterly EBT Margin fell 24.0% year-over-year to 3.63% in Q2 2026, while the trailing twelve-month figure through Jun 2026 was 3.55% (up 171.0% YoY) and the FY2025 annual result came in at 2.01%, down 17.0% from the prior year.
- EBT Margin fell to 3.63% in Q2 2026, from 3.93% in the prior quarter.
- In the past five years, EBT Margin ranged from a high of 15.4% in Q2 2022 to a low of 8.01% in Q1 2022.
- A 5-year average of 2.2% and a median of 3.63% in 2023 frame the typical range for EBT Margin.
- Annual changes were most pronounced in 2022 — EBT Margin sank 1513 bps — and 2024, when it jumped 894 bps.
- Tracing LUV's EBT Margin over 5 years: stood at 4.62% in 2022, then rose by 9 bps to 4.19% in 2023, then jumped by 213 bps to 4.75% in 2024, then increased by 15 bps to 5.48% in 2025, then slumped by 34 bps to 3.63% in 2026.
- The last three EBT Margin figures came in at 3.63% (Q2 2026), 3.93% (Q1 2026), and 5.48% (Q4 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBT Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Delta Air Lines | 53.84 Bn | 49.17 Bn | 19.07 Bn | 10.17% |
| 2 | Ryanair Holdings | 29.15 Bn | 25.94 Bn | - | 13.02% |
| 3 | Southwest Airlines | 19.65 Bn | 15.86 Bn | 7.33 Bn | 3.63% |
| 4 | Copa Holdings | 5.33 Bn | 4.07 Bn | 1.03 Bn | 7.30% |
| 5 | Alaska Air | 4.49 Bn | 1.83 Bn | 3.76 Bn | -5.26% |
| 6 | Skywest | 3.98 Bn | 3.38 Bn | 1.01 Bn | 12.59% |
| 7 | Allegiant Travel | 1.83 Bn | 777.43 Mn | 902.77 Mn | -0.55% |
| 8 | Jetblue Airways | 1.81 Bn | -213.80 Mn | 2.32 Bn | -10.05% |
| 9 | Frontier Group Holdings | 1.35 Bn | 393.82 Mn | - | -7.35% |
| 10 | Republic Airways Holdings | 857.95 Mn | 580.35 Mn | 487.40 Mn | 7.60% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 3.63% |
| Mar 31, 2026 | 3.93% |
| Dec 31, 2025 | 5.48% |
| Sep 30, 2025 | 0.98% |
| Jun 30, 2025 | 3.87% |
| Mar 31, 2025 | -2.99% |
| Dec 31, 2024 | 4.75% |
| Sep 30, 2024 | 1.30% |
| Jun 30, 2024 | 6.50% |
| Mar 31, 2024 | -4.71% |
| Dec 31, 2023 | -4.19% |
| Sep 30, 2023 | 3.63% |
| Jun 30, 2023 | 12.59% |
| Mar 31, 2023 | -3.59% |
| Dec 31, 2022 | -4.62% |
| Sep 30, 2022 | 5.68% |
| Jun 30, 2022 | 15.40% |
| Mar 31, 2022 | -8.01% |
| Dec 31, 2021 | 1.52% |
| Sep 30, 2021 | 12.82% |