Southwest Airlines (LUV) FCF Margin (2009 - 2026)
Southwest Airlines (LUV) recorded FCF Margin of -5.85% in Q3 2026, up 0.59 percentage points from -6.45% a year earlier but down 2.44 percentage points from the prior quarter.
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Analysis
Southwest Airlines (LUV) FCF Margin (2009 - 2026) Analysis & Trends
On a TTM basis, Southwest Airlines' FCF Margin came in at -1.42% as of Sep 30, 2026, down 0.22 percentage points year-over-year; for FY2025, it was -2.96%, up 2.83 percentage points from FY2024.
- Annual FCF Margin has a five-year change of +15.19 percentage points (FY2020 to FY2025).
- Across earlier years, FCF Margin came in at -5.79% in FY2024 (-4.43 pp), -1.36% in FY2023 (-0.71 pp), -0.66% in FY2022 (-12.12 pp) and 11.47% in FY2021 (+29.62 pp).
- Quarterly FCF Margin has ranged from -13.59% in Q3 2022 to 13.61% in Q2 2022 over the past five years.
- On a year-over-year basis, FCF Margin has increased for three consecutive quarters, with an average year-over-year change of +2.93 percentage points over the last eight quarters.
- Peak year-over-year performance for FCF Margin in the last five years was a gain of 35.35 percentage points in Q4 2021, against a drop of 34.04 percentage points in Q2 2022 at the low end.
- Per Business Quant, the preceding three quarters came in at -3.42% (Q2 2026), 10.87% (Q1 2026) and -6.13% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 172.47 Bn | 164.72 Bn | - | 24.48% |
| 2 | United Parcel Service | 92.24 Bn | 69.07 Bn | - | 10.53% |
| 3 | Csx | 90.81 Bn | 86.03 Bn | - | 25.49% |
| 4 | Canadian Pacific Kansas City | 81.61 Bn | 80.64 Bn | - | 22.21% |
| 5 | Fedex | 72.98 Bn | 39.17 Bn | - | 7.16% |
| 6 | Norfolk Southern | 71.87 Bn | 66.34 Bn | - | 20.87% |
| 7 | Delta Air Lines | 57.23 Bn | 39.41 Bn | - | 1.49% |
| 8 | United Airlines Holdings | 36.65 Bn | -21.05 Bn | - | -9.37% |
| 9 | Old Dominion Freight Line | 34.12 Bn | 32.96 Bn | - | 25.30% |
| 10 | Southwest Airlines | 21.75 Bn | 7.77 Bn | - | -5.85% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | -5.85% |
| Jun 30, 2026 | -3.42% |
| Mar 31, 2026 | 10.87% |
| Dec 31, 2025 | -6.13% |
| Sep 30, 2025 | -6.45% |
| Jun 30, 2025 | -3.58% |
| Mar 31, 2025 | 5.18% |
| Dec 31, 2024 | 0.61% |
| Sep 30, 2024 | -6.03% |
| Jun 30, 2024 | -7.11% |
| Mar 31, 2024 | -11.00% |
| Dec 31, 2023 | -3.81% |
| Sep 30, 2023 | -3.59% |
| Jun 30, 2023 | 6.86% |
| Mar 31, 2023 | -6.06% |
| Dec 31, 2022 | -12.72% |
| Sep 30, 2022 | -13.59% |
| Jun 30, 2022 | 13.61% |
| Mar 31, 2022 | 11.87% |
| Dec 31, 2021 | 1.27% |
API Access
Southwest Airlines FCF 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=fcf-margin&ticker=LUV&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "fcf-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=fcf-margin&ticker=LUV&period=max&api_key=YOUR_API_KEY");
const data = await res.json();