Southwest Airlines (LUV) FCF Margin (2009 - 2026)
Southwest Airlines (LUV) recorded FCF Margin of -3.42% in Q2 2026, up 0.16 percentage points from -3.58% a year earlier but down 14.29 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 -1.51% as of Jun 30, 2026, down 0.37 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 (-0.80 pp), -0.56% in FY2022 (-12.07 pp) and 11.51% in FY2021 (+29.65 pp).
- Quarterly FCF Margin has ranged from -15.17% in Q3 2021 to 13.66% in Q2 2022 over the past five years.
- On a year-over-year basis, FCF Margin rose in six of the last eight quarters, with an average year-over-year change of +2.47 percentage points.
- Peak year-over-year performance for FCF Margin in the last five years was a gain of 48.35 percentage points in Q3 2021, against a drop of 34.00 percentage points in Q2 2022 at the low end.
- Per Business Quant, the preceding three quarters came in at 10.87% (Q1 2026), -7.58% (Q4 2025) and -5.63% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 161.62 Bn | 156.15 Bn | - | 32.09% |
| 2 | Csx | 86.16 Bn | 82.37 Bn | - | 19.09% |
| 3 | Canadian Pacific Kansas City | 74.78 Bn | 74.50 Bn | - | 23.25% |
| 4 | United Parcel Service | 70.01 Bn | 46.94 Bn | - | 0.73% |
| 5 | Norfolk Southern | 69.45 Bn | 64.09 Bn | - | 17.75% |
| 6 | Fedex | 67.46 Bn | 33.40 Bn | - | 7.16% |
| 7 | Delta Air Lines | 54.88 Bn | 37.06 Bn | - | 12.05% |
| 8 | Old Dominion Freight Line | 36.07 Bn | 35.33 Bn | - | 12.59% |
| 9 | Ryanair Holdings | 28.71 Bn | 12.72 Bn | 3.13 Bn | 10.83% |
| 10 | Southwest Airlines | 20.39 Bn | 7.02 Bn | - | -3.42% |
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 | -4.15% |
| Sep 30, 2023 | -3.46% |
| Jun 30, 2023 | 6.98% |
| Mar 31, 2023 | -5.96% |
| Dec 31, 2022 | -12.59% |
| 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% |
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();