Southwest Airlines (LUV) Gross Margin (2009 - 2026)
Southwest Airlines' (LUV) quarterly Gross Margin came in at 86.94% in Q2 2026, up 258.0% YoY from 24.29% in Q2 2025, and up 1.46% on a QoQ basis from 85.69% in Q1 2026.
Southwest Airlines (LUV) Gross Margin (2009 - 2026) Analysis & Trends
Southwest Airlines (LUV) has 18 years of Gross Margin data on file, last reported at 86.94% in Q2 2026.
- Quarterly Gross Margin rose 258.0% year-over-year to 86.94% in Q2 2026, while the trailing twelve-month figure through Jun 2026 was 85.43% (up 91.0% YoY) and the FY2025 annual result came in at 84.08%, down 86.0% from the prior year.
- Gross Margin improved to 86.94% in Q2 2026, from 85.69% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 88.24% in Q2 2022 to a low of 77.45% in Q4 2022.
- A 5-year average of 84.66% and a median of 84.68% in 2022 frame the typical range for Gross Margin.
- The widest YoY moves for Gross Margin: up 699 bps in 2022, down 901 bps in 2022.
- Tracing LUV's Gross Margin over 5 years: stood at 77.45% in 2022, then advanced by 8 bps to 83.42% in 2023, then rose by 3 bps to 86.29% in 2024, then slipped by 2 bps to 84.94% in 2025, then rose by 2 bps to 86.94% in 2026.
- The last three Gross Margin figures came in at 86.94% (Q2 2026), 85.69% (Q1 2026), and 84.94% (Q4 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Delta Air Lines | 53.01 Bn | 48.34 Bn | 19.07 Bn | 96.52% |
| 2 | Ryanair Holdings | 28.78 Bn | 25.56 Bn | - | - |
| 3 | Southwest Airlines | 19.50 Bn | 15.71 Bn | 7.33 Bn | 86.94% |
| 4 | Copa Holdings | 5.30 Bn | 4.04 Bn | 1.03 Bn | 97.11% |
| 5 | Alaska Air | 4.46 Bn | 1.80 Bn | 3.76 Bn | 92.57% |
| 6 | Skywest | 3.98 Bn | 3.38 Bn | 1.01 Bn | 91.70% |
| 7 | Jetblue Airways | 1.79 Bn | -232.60 Mn | 2.32 Bn | 85.95% |
| 8 | Allegiant Travel | 1.75 Bn | 695.62 Mn | 902.77 Mn | 95.68% |
| 9 | Frontier Group Holdings | 1.33 Bn | 373.12 Mn | - | - |
| 10 | Republic Airways Holdings | 843.32 Mn | 565.72 Mn | 487.40 Mn | 85.34% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 86.94% |
| Mar 31, 2026 | 85.69% |
| Dec 31, 2025 | 84.94% |
| Sep 30, 2025 | 83.84% |
| Jun 30, 2025 | 84.36% |
| Mar 31, 2025 | 83.04% |
| Dec 31, 2024 | 86.29% |
| Sep 30, 2024 | 84.29% |
| Jun 30, 2024 | 85.14% |
| Mar 31, 2024 | 83.92% |
| Dec 31, 2023 | 83.42% |
| Sep 30, 2023 | 85.32% |
| Jun 30, 2023 | 86.41% |
| Mar 31, 2023 | 83.32% |
| Dec 31, 2022 | 77.45% |
| Sep 30, 2022 | 86.83% |
| Jun 30, 2022 | 88.24% |
| Mar 31, 2022 | 84.43% |
| Dec 31, 2021 | 86.46% |
| Sep 30, 2021 | 85.85% |