Southwest Airlines (LUV) FCF Margin (2009 - 2026)
Southwest Airlines' (LUV) quarterly FCF Margin came in at 3.42% in Q2 2026, up 16.0% YoY from 2.94% in Q2 2025, and down 131.42% on a QoQ basis from 10.87% in Q1 2026.
Southwest Airlines (LUV) FCF Margin (2009 - 2026) Analysis & Trends
Southwest Airlines (LUV) has 18 years of FCF Margin data on file, last reported at 3.42% in Q2 2026.
- Quarterly FCF Margin rose 16.0% year-over-year to 3.42% in Q2 2026, while the trailing twelve-month figure through Jun 2026 was 1.51% (down 37.0% YoY) and the FY2025 annual result came in at 2.96%, up 283.0% from the prior year.
- FCF Margin fell to 3.42% in Q2 2026, from 10.87% in the prior quarter.
- In the past five years, FCF Margin ranged from a high of 13.66% in Q2 2022 to a low of 13.47% in Q3 2022.
- A 5-year average of 0.44% and a median of 1.59% in 2024 frame the typical range for FCF Margin.
- Annual changes were most pronounced in 2022 — FCF Margin sank 3400 bps — and 2025, when it soared 1604 bps.
- Tracing LUV's FCF Margin over 5 years: stood at 3.47% in 2022, then soared by 61 bps to 5.58% in 2023, then plunged by 96 bps to 0.23% in 2024, then tumbled by 3382 bps to 7.58% in 2025, then soared by 55 bps to 3.42% in 2026.
- The last three FCF Margin figures came in at 3.42% (Q2 2026), 10.87% (Q1 2026), and 7.58% (Q4 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Delta Air Lines | 53.01 Bn | 48.34 Bn | 19.07 Bn | 12.05% |
| 2 | Ryanair Holdings | 28.78 Bn | 25.56 Bn | - | 10.42% |
| 3 | Southwest Airlines | 19.50 Bn | 15.71 Bn | 7.33 Bn | -3.42% |
| 4 | Copa Holdings | 5.30 Bn | 4.04 Bn | 1.03 Bn | - |
| 5 | Alaska Air | 4.46 Bn | 1.80 Bn | 3.76 Bn | 2.63% |
| 6 | Skywest | 3.98 Bn | 3.38 Bn | 1.01 Bn | 25.74% |
| 7 | Jetblue Airways | 1.79 Bn | -232.60 Mn | 2.32 Bn | -13.98% |
| 8 | Allegiant Travel | 1.75 Bn | 695.62 Mn | 902.77 Mn | -7.91% |
| 9 | Frontier Group Holdings | 1.33 Bn | 373.12 Mn | - | 9.30% |
| 10 | Republic Airways Holdings | 843.32 Mn | 565.72 Mn | 487.40 Mn | 5.04% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | -3.42% |
| Mar 31, 2026 | 10.87% |
| Dec 31, 2025 | -7.58% |
| Sep 30, 2025 | -5.63% |
| Jun 30, 2025 | -3.58% |
| Mar 31, 2025 | 5.18% |
| Dec 31, 2024 | 0.23% |
| Sep 30, 2024 | -5.88% |
| Jun 30, 2024 | -7.03% |
| Mar 31, 2024 | -10.85% |
| Dec 31, 2023 | 5.58% |
| Sep 30, 2023 | -3.46% |
| Jun 30, 2023 | 6.98% |
| Mar 31, 2023 | 10.83% |
| Dec 31, 2022 | 3.47% |
| Sep 30, 2022 | -13.47% |
| Jun 30, 2022 | 13.66% |
| Mar 31, 2022 | 11.95% |
| Dec 31, 2021 | 1.33% |
| Sep 30, 2021 | -15.17% |