Southwest Airlines (LUV) FCF Margin (2009 - 2026)
Southwest Airlines (LUV) reported FCF Margin of 10.87% for Q1 2026, up 569.0% on a YoY basis from 1.62% in Q1 2025, and up 243.44% quarter-over-quarter from 7.58% in Q4 2025.
Southwest Airlines (LUV) FCF Margin (2009 - 2026) Analysis & Trends
Southwest Airlines has reported FCF Margin for 18 years, with the latest figure 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.
- The five-year high for FCF Margin was 28.28% in Q2 2022, with the low at 22.4% in Q4 2024.
- Historically, FCF Margin has averaged 2.56% across 5 years, with a median of 3.47% in 2022.
- Annual changes were most pronounced in 2024 — FCF Margin slumped 2798 bps — and 2025, when it soared 1604 bps.
- Southwest Airlines' FCF Margin stood at 3.47% in 2022, then soared by 61 bps to 5.58% in 2023, then plunged by 501 bps to 22.4% in 2024, then soared by 66 bps to 7.58% in 2025, then soared 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.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Ryanair Holdings | 453.97 Bn | 448.50 Bn | 1.55 Bn | - |
| 2 | Delta Air Lines | 54.89 Bn | 49.84 Bn | 15.19 Bn | 9.03% |
| 3 | Grupo Aeromexico, S.A.B. de C.V | 47.52 Bn | 46.49 Bn | -239.00 Mn | 264.47% |
| 4 | Southwest Airlines | 23.88 Bn | 20.55 Bn | 6.21 Bn | 10.87% |
| 5 | Copa Holdings | 6.22 Bn | 4.88 Bn | 713.71 Mn | -98.66% |
| 6 | Alaska Air | 5.64 Bn | 3.87 Bn | 3.20 Bn | 11.85% |
| 7 | Skywest | 3.71 Bn | 3.08 Bn | 924.11 Mn | 12.87% |
| 8 | Controladora Vuela Compania de Aviacion, S.A.B. de C.V | 2.23 Bn | 2.23 Bn | - | 32.60% |
| 9 | Jetblue Airways | 2.11 Bn | -62.86 Mn | 1.87 Bn | -0.27% |
| 10 | Allegiant Travel | 1.82 Bn | 921.81 Mn | 651.87 Mn | 33.14% |
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% |