Southwest Airlines (LUV) EBT Margin (2009 - 2026)
Southwest Airlines' EBT Margin came in at 3.63% for Q2 2026, down 0.24 percentage points from 3.87% a year earlier and down 0.30 percentage points from the prior quarter.
Powered by 
Analysis
Southwest Airlines (LUV) EBT Margin (2009 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Southwest Airlines reported EBT Margin of 3.55%, up 1.71 percentage points year-over-year; for FY2025, it was 2.01%, down 0.17 percentage points from FY2024.
- EBT Margin has declined in each of the last four years, though with a five-year change of +49.04 percentage points (FY2020 to FY2025).
- Going back by year, EBT Margin was 2.18% in FY2024 (-0.25 pp), 2.43% in FY2023 (-0.63 pp), 3.06% in FY2022 (-5.33 pp) and 8.39% in FY2021 (+55.43 pp).
- The five-year range for quarterly EBT Margin is -8.01% (Q1 2022) to 15.40% (Q2 2022).
- Year-over-year, EBT Margin increased in four of the last eight quarters, with an average year-over-year change of +1.60 percentage points.
- The fastest year-over-year change in EBT Margin over five years came in Q3 2021 (a gain of 98.82 percentage points), and the weakest in Q1 2022 (a drop of 15.13 percentage points).
- Business Quant data shows LUV's EBT Margin at 3.93% (Q1 2026), 5.48% (Q4 2025) and 0.98% (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBT Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 170.50 Bn | 165.03 Bn | - | 37.22% |
| 2 | Csx | 88.86 Bn | 85.07 Bn | - | 33.55% |
| 3 | United Parcel Service | 82.91 Bn | 59.81 Bn | - | 3.33% |
| 4 | Canadian Pacific Kansas City | 76.79 Bn | 75.81 Bn | - | 32.64% |
| 5 | Norfolk Southern | 72.78 Bn | 67.42 Bn | - | 27.68% |
| 6 | Fedex | 69.54 Bn | 35.48 Bn | - | 8.43% |
| 7 | Delta Air Lines | 48.82 Bn | 31.01 Bn | - | 5.32% |
| 8 | Old Dominion Freight Line | 38.83 Bn | 38.10 Bn | - | 30.08% |
| 9 | United Airlines Holdings | 31.02 Bn | -25.36 Bn | - | 5.81% |
| 10 | Southwest Airlines | 18.96 Bn | 5.59 Bn | - | 3.63% |
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% |
API Access
Southwest Airlines EBT 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=ebt-margin&ticker=LUV&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ebt-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=ebt-margin&ticker=LUV&period=max&api_key=YOUR_API_KEY");
const data = await res.json();