Southwest Airlines (LUV) Gross Margin (2009 - 2026)
Southwest Airlines posted quarterly Gross Margin of 85.69% for Q1 2026, up 265.0% year-on-year from 23.48% in Q1 2025, and up 4.39% on a QoQ basis from 82.09% in Q4 2025.
Southwest Airlines (LUV) has 18 years of Gross Margin data on file, last reported at 85.69% in Q1 2026.
- For the quarter ending Q1 2026, Gross Margin rose 265.0% year-over-year to 85.69%; the trailing twelve-month figure through Mar 2026 stood at 83.32% (up 649.0% YoY), and the FY2025 full-year result was 81.33%, up 248.0% from the prior year.
- Gross Margin for Q1 2026 stood at 85.69%, up from 82.09% in the prior quarter.
- Across five years, Gross Margin topped out at 86.83% in Q3 2022 and bottomed at 62.14% in Q4 2024.
- The 5-year median for Gross Margin is 81.7% (2025), against an average of 79.68%.
- The widest annual swing landed in 2024, when Gross Margin sank 1290 bps; it then jumped 1995 bps in 2025.
- A 5-year view of Gross Margin shows it stood at 77.45% in 2022, then dropped by 3 bps to 75.04% in 2023, then dropped by 17 bps to 62.14% in 2024, then surged by 32 bps to 82.09% in 2025, then advanced by 4 bps to 85.69% in 2026.
- The last three Gross Margin figures came in at 85.69% (Q1 2026), 82.09% (Q4 2025), and 83.84% (Q3 2025), per Business Quant data.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Delta Air Lines | 53.78 Bn | 48.72 Bn | 15.19 Bn | 95.80% |
| 2 | Southwest Airlines | 21.39 Bn | 18.06 Bn | 6.21 Bn | 85.69% |
| 3 | Grupo Aeromexico, S.A.B. de C.V | 18.50 Bn | 17.47 Bn | -239.00 Mn | -314.47% |
| 4 | Controladora Vuela Compania de Aviacion, S.A.B. de C.V | 8.98 Bn | 8.98 Bn | - | - |
| 5 | Alaska Air | 5.26 Bn | 3.49 Bn | 3.20 Bn | 97.00% |
| 6 | Skywest | 3.43 Bn | 2.80 Bn | 924.11 Mn | 91.21% |
| 7 | Copa Holdings | 3.33 Bn | 1.99 Bn | 713.71 Mn | 74.12% |
| 8 | Jetblue Airways | 2.03 Bn | -140.72 Mn | 1.87 Bn | 83.66% |
| 9 | Allegiant Travel | 1.67 Bn | 765.78 Mn | 651.87 Mn | 97.03% |
| 10 | Frontier Group Holdings | 1.39 Bn | 618.26 Mn | 724.00 Mn | 72.98% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 85.69% |
| Dec 31, 2025 | 82.09% |
| Sep 30, 2025 | 83.84% |
| Jun 30, 2025 | 81.70% |
| Mar 31, 2025 | 83.04% |
| Dec 31, 2024 | 62.14% |
| Sep 30, 2024 | 84.29% |
| Jun 30, 2024 | 78.26% |
| Mar 31, 2024 | 75.81% |
| Dec 31, 2023 | 75.04% |
| Sep 30, 2023 | 85.32% |
| Jun 30, 2023 | 80.06% |
| Mar 31, 2023 | 72.89% |
| Dec 31, 2022 | 77.45% |
| Sep 30, 2022 | 86.83% |
| Jun 30, 2022 | 75.68% |
| Mar 31, 2022 | 84.43% |
| Dec 31, 2021 | 86.46% |
| Sep 30, 2021 | 85.85% |
| Jun 30, 2021 | 85.38% |
| Mar 31, 2021 | 77.44% |
| Dec 31, 2020 | 74.12% |
| Sep 30, 2020 | 72.78% |
| Jun 30, 2020 | 78.17% |
| Mar 31, 2020 | 79.45% |
| Dec 31, 2019 | 86.63% |
| Sep 30, 2019 | 86.49% |
| Jun 30, 2019 | 87.00% |
| Mar 31, 2019 | 85.82% |
| Dec 31, 2018 | 86.75% |
| Sep 30, 2018 | 86.74% |
| Jun 30, 2018 | 87.27% |
| Mar 31, 2018 | 79.41% |
| Dec 31, 2017 | 79.84% |
| Sep 30, 2017 | 80.45% |
| Jun 30, 2017 | 82.13% |
| Mar 31, 2017 | 80.30% |
| Dec 31, 2016 | 83.27% |
| Sep 30, 2016 | 87.20% |
| Jun 30, 2016 | 88.50% |
| Mar 31, 2016 | 82.35% |
| Dec 31, 2015 | 83.97% |
| Sep 30, 2015 | 82.40% |
| Jun 30, 2015 | 88.98% |
| Mar 31, 2015 | 80.13% |
| Dec 31, 2014 | 87.53% |
| Sep 30, 2014 | 88.17% |
| Jun 30, 2014 | 71.56% |
| Mar 31, 2014 | 68.46% |
| Dec 31, 2013 | 4.97% |
| Sep 30, 2013 | 68.10% |
| Jun 30, 2013 | 88.82% |
| Mar 31, 2013 | 64.32% |
| Dec 31, 2012 | 161.73% |
| Sep 30, 2012 | 64.54% |
| Jun 30, 2012 | 65.84% |
| Mar 31, 2012 | 87.72% |
| Dec 31, 2011 | 155.28% |
| Sep 30, 2011 | 87.89% |
| Jun 30, 2011 | 63.08% |
| Mar 31, 2011 | 87.79% |
| Dec 31, 2010 | 87.28% |
| Sep 30, 2010 | 88.66% |
| Jun 30, 2010 | 100.00% |
| Mar 31, 2010 | 68.78% |
| Dec 31, 2009 | 133.67% |
| Sep 30, 2009 | 87.85% |
| Jun 30, 2009 | 87.08% |
| Mar 31, 2009 | 86.08% |