Southwest Airlines (LUV) FCF Margin (2009 - 2026)
Southwest Airlines' (LUV) quarterly FCF Margin came in at 3.42% in Q2 2026, up 16.0% on a YoY basis from 2.94% in Q2 2025, and down 131.42% quarter-over-quarter from 10.87% in Q1 2026.
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Southwest Airlines (LUV) FCF Margin (2009 - 2026) Analysis & Trends
Southwest Airlines (LUV) has reported FCF Margin for 18 consecutive years, with 3.42% the latest figure, recorded in Q2 2026.
- For the quarter ending Q2 2026, FCF Margin rose 16.0% year-over-year to 3.42%; the trailing twelve-month figure through Jun 2026 stood at 1.51% (down 37.0% YoY), and the FY2025 full-year result was 2.96%, up 283.0% from the prior year.
- FCF Margin eased to 3.42% in Q2 2026 per LUV's latest filing, from 10.87% in the prior quarter.
- Across five years, FCF Margin topped out at 13.66% in Q2 2022 and bottomed at 13.47% in Q3 2022.
- Historically, FCF Margin has averaged 0.5% across 5 years, with a median of 3.44% in 2026.
- The sharpest annual moves came in 2022 and 2025: FCF Margin slumped 3400 bps in 2022, then jumped 1604 bps in 2025.
- Over 5 years, FCF Margin stood at 3.47% in 2022, then surged by 61 bps to 5.58% in 2023, then slumped by 96 bps to 0.23% in 2024, then sank by 3382 bps to 7.58% in 2025, then surged by 55 bps to 3.42% in 2026.
- According to Business Quant data, FCF Margin over the past three periods registered 3.42%, 10.87%, and 7.58% for Q2 2026, Q1 2026, and Q4 2025 respectively.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Delta Air Lines | 51.66 Bn | 46.99 Bn | 19.07 Bn | 12.05% |
| 2 | Ryanair Holdings | 28.60 Bn | 24.67 Bn | - | 38.28% |
| 3 | Southwest Airlines | 18.92 Bn | 15.13 Bn | 7.33 Bn | -3.42% |
| 4 | Copa Holdings | 5.36 Bn | 4.10 Bn | 1.03 Bn | - |
| 5 | Alaska Air | 4.49 Bn | 1.83 Bn | 3.76 Bn | 2.63% |
| 6 | Skywest | 3.79 Bn | 3.19 Bn | 1.01 Bn | 25.74% |
| 7 | Grupo Aeromexico, S.A.B. de C.V | 2.29 Bn | 1.25 Bn | - | 5.61% |
| 8 | Allegiant Travel | 1.75 Bn | 699.04 Mn | 902.77 Mn | -7.91% |
| 9 | Jetblue Airways | 1.64 Bn | -375.44 Mn | 2.32 Bn | -13.98% |
| 10 | Frontier Group Holdings | 1.30 Bn | 347.83 Mn | - | 9.30% |
Historic Data
Download Data
Historic 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 | -5.96% |
| 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% |