Southwest Airlines (LUV) EBT Margin (2009 - 2026)
Southwest Airlines' (LUV) quarterly EBT Margin came in at 3.63% in Q2 2026, down 24.0% on a YoY basis from 4.78% in Q2 2025, and down 7.7% quarter-over-quarter from 3.93% in Q1 2026.
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Southwest Airlines (LUV) EBT Margin (2009 - 2026) Analysis & Trends
Southwest Airlines (LUV) has reported EBT Margin for 18 consecutive years, with 3.63% the latest figure, recorded in Q2 2026.
- For the quarter ending Q2 2026, EBT Margin fell 24.0% year-over-year to 3.63%; the trailing twelve-month figure through Jun 2026 stood at 3.55% (up 171.0% YoY), and the FY2025 full-year result was 2.01%, down 17.0% from the prior year.
- EBT Margin eased to 3.63% in Q2 2026 per LUV's latest filing, from 3.93% in the prior quarter.
- Across five years, EBT Margin topped out at 15.4% in Q2 2022 and bottomed at 8.01% in Q1 2022.
- Historically, EBT Margin has averaged 2.2% across 5 years, with a median of 3.63% in 2023.
- The sharpest annual moves came in 2022 and 2024: EBT Margin slumped 1513 bps in 2022, then surged 894 bps in 2024.
- Over 5 years, EBT Margin stood at 4.62% in 2022, then advanced by 9 bps to 4.19% in 2023, then soared by 213 bps to 4.75% in 2024, then gained by 15 bps to 5.48% in 2025, then plunged by 34 bps to 3.63% in 2026.
- According to Business Quant data, EBT Margin over the past three periods registered 3.63%, 3.93%, and 5.48% for Q2 2026, Q1 2026, and Q4 2025 respectively.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBT Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Delta Air Lines | 51.14 Bn | 46.47 Bn | 19.07 Bn | 10.17% |
| 2 | Ryanair Holdings | 27.96 Bn | 24.03 Bn | - | 13.52% |
| 3 | Southwest Airlines | 18.91 Bn | 15.12 Bn | 7.33 Bn | 3.63% |
| 4 | Copa Holdings | 5.30 Bn | 4.04 Bn | 1.03 Bn | 7.30% |
| 5 | Alaska Air | 4.45 Bn | 1.79 Bn | 3.76 Bn | -5.26% |
| 6 | Skywest | 3.77 Bn | 3.17 Bn | 1.01 Bn | 12.59% |
| 7 | Grupo Aeromexico, S.A.B. de C.V | 2.20 Bn | 1.17 Bn | - | -4.60% |
| 8 | Allegiant Travel | 1.74 Bn | 681.68 Mn | 902.77 Mn | -0.55% |
| 9 | Jetblue Airways | 1.65 Bn | -373.56 Mn | 2.32 Bn | -10.05% |
| 10 | Frontier Group Holdings | 1.27 Bn | 311.03 Mn | - | -7.35% |
Historic Data
Download Data
Historic 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% |