Southwest Airlines (LUV) FCF Margin (2009 - 2026)
Southwest Airlines posted quarterly FCF Margin of 10.87% for Q1 2026, up 569.0% year-on-year from 1.62% in Q1 2025, and up 243.44% on a QoQ basis from 7.58% in Q4 2025.
Southwest Airlines (LUV) has 18 years of FCF Margin data on file, last reported at 10.87% in Q1 2026.
- For the quarter ending Q1 2026, FCF Margin rose 569.0% year-over-year to 10.87%; the trailing twelve-month figure through Mar 2026 stood at 0.81% (up 673.0% YoY), and the FY2025 full-year result was 2.96%, up 283.0% from the prior year.
- FCF Margin for Q1 2026 stood at 10.87%, up from 7.58% in the prior quarter.
- Across five years, FCF Margin topped out at 28.28% in Q2 2022 and bottomed at 22.4% in Q4 2024.
- The 5-year median for FCF Margin is 3.47% (2022), against an average of 2.56%.
- The widest annual swing landed in 2024, when FCF Margin plunged 2798 bps; it then soared 1604 bps in 2025.
- A 5-year view of FCF Margin shows it stood at 3.47% in 2022, then jumped by 61 bps to 5.58% in 2023, then tumbled by 501 bps to 22.4% in 2024, then jumped by 66 bps to 7.58% in 2025, then jumped by 243 bps to 10.87% in 2026.
- The last three FCF Margin figures came in at 10.87% (Q1 2026), 7.58% (Q4 2025), and 5.63% (Q3 2025), per Business Quant data.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Delta Air Lines | 53.78 Bn | 48.72 Bn | 15.19 Bn | 9.03% |
| 2 | Southwest Airlines | 21.39 Bn | 18.06 Bn | 6.21 Bn | 10.87% |
| 3 | Grupo Aeromexico, S.A.B. de C.V | 18.50 Bn | 17.47 Bn | -239.00 Mn | 264.47% |
| 4 | Controladora Vuela Compania de Aviacion, S.A.B. de C.V | 8.98 Bn | 8.98 Bn | - | 32.60% |
| 5 | Alaska Air | 5.26 Bn | 3.49 Bn | 3.20 Bn | 11.85% |
| 6 | Skywest | 3.43 Bn | 2.80 Bn | 924.11 Mn | 12.87% |
| 7 | Copa Holdings | 3.33 Bn | 1.99 Bn | 713.71 Mn | -98.66% |
| 8 | Jetblue Airways | 2.03 Bn | -140.72 Mn | 1.87 Bn | -0.27% |
| 9 | Allegiant Travel | 1.67 Bn | 765.78 Mn | 651.87 Mn | 33.14% |
| 10 | Frontier Group Holdings | 1.39 Bn | 618.26 Mn | 724.00 Mn | 2.82% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 10.87% |
| Dec 31, 2025 | -7.58% |
| Sep 30, 2025 | -5.63% |
| Jun 30, 2025 | 5.54% |
| Mar 31, 2025 | 5.18% |
| Dec 31, 2024 | -22.40% |
| Sep 30, 2024 | 1.50% |
| Jun 30, 2024 | -7.03% |
| Mar 31, 2024 | -10.85% |
| Dec 31, 2023 | 5.58% |
| Sep 30, 2023 | -3.46% |
| Jun 30, 2023 | 20.01% |
| Mar 31, 2023 | 10.83% |
| Dec 31, 2022 | 3.47% |
| Sep 30, 2022 | -13.47% |
| Jun 30, 2022 | 28.28% |
| Mar 31, 2022 | 22.73% |
| Dec 31, 2021 | 1.33% |
| Sep 30, 2021 | -12.35% |
| Jun 30, 2021 | 50.02% |
| Mar 31, 2021 | 31.43% |
| Dec 31, 2020 | -34.08% |
| Sep 30, 2020 | -63.52% |
| Jun 30, 2020 | 77.78% |
| Mar 31, 2020 | -14.19% |
| Dec 31, 2019 | 9.83% |
| Sep 30, 2019 | 12.70% |
| Jun 30, 2019 | 12.46% |
| Mar 31, 2019 | 18.35% |
| Dec 31, 2018 | 17.25% |
| Sep 30, 2018 | 22.65% |
| Jun 30, 2018 | 28.11% |
| Mar 31, 2018 | 19.78% |
| Dec 31, 2017 | 38.80% |
| Sep 30, 2017 | 6.75% |
| Jun 30, 2017 | 12.20% |
| Mar 31, 2017 | 24.95% |
| Dec 31, 2016 | 38.69% |
| Sep 30, 2016 | 7.63% |
| Jun 30, 2016 | 20.17% |
| Mar 31, 2016 | 33.26% |
| Dec 31, 2015 | -32.97% |
| Sep 30, 2015 | 15.12% |
| Jun 30, 2015 | 11.84% |
| Mar 31, 2015 | 19.91% |
| Dec 31, 2014 | 3.93% |
| Sep 30, 2014 | 4.44% |
| Jun 30, 2014 | 26.32% |
| Mar 31, 2014 | 17.38% |
| Dec 31, 2013 | -3.36% |
| Sep 30, 2013 | 3.52% |
| Jun 30, 2013 | 12.60% |
| Mar 31, 2013 | 10.99% |
| Dec 31, 2012 | -4.03% |
| Sep 30, 2012 | 1.35% |
| Jun 30, 2012 | -5.87% |
| Mar 31, 2012 | 27.51% |
| Dec 31, 2011 | -1.19% |
| Sep 30, 2011 | -11.46% |
| Jun 30, 2011 | 0.53% |
| Mar 31, 2011 | 29.26% |
| Dec 31, 2010 | 5.59% |
| Sep 30, 2010 | 8.93% |
| Jun 30, 2010 | 0.00% |
| Mar 31, 2010 | 19.47% |
| Dec 31, 2009 | -20.80% |
| Sep 30, 2009 | 10.13% |
| Jun 30, 2009 | 12.31% |
| Mar 31, 2009 | 8.53% |