Southwest Airlines (LUV) Gross Margin (2009 - 2026)
Southwest Airlines' (LUV) quarterly Gross Margin came in at 86.94% in Q2 2026, up 258.0% on a YoY basis from 24.29% in Q2 2025, and up 1.46% quarter-over-quarter from 85.69% in Q1 2026.
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Southwest Airlines (LUV) Gross Margin (2009 - 2026) Analysis & Trends
Southwest Airlines (LUV) has reported Gross Margin for 18 consecutive years, with 86.94% the latest figure, recorded in Q2 2026.
- For the quarter ending Q2 2026, Gross Margin rose 258.0% year-over-year to 86.94%; the trailing twelve-month figure through Jun 2026 stood at 85.43% (up 91.0% YoY), and the FY2025 full-year result was 84.08%, down 86.0% from the prior year.
- Gross Margin advanced to 86.94% in Q2 2026 per LUV's latest filing, from 85.69% in the prior quarter.
- Across five years, Gross Margin topped out at 88.24% in Q2 2022 and bottomed at 77.45% in Q4 2022.
- Historically, Gross Margin has averaged 84.66% across 5 years, with a median of 84.68% in 2022.
- The widest YoY moves for Gross Margin: up 699 bps in 2022, down 901 bps in 2022.
- Over 5 years, Gross Margin stood at 77.45% in 2022, then grew by 8 bps to 83.42% in 2023, then advanced by 3 bps to 86.29% in 2024, then declined by 2 bps to 84.94% in 2025, then advanced by 2 bps to 86.94% in 2026.
- According to Business Quant data, Gross Margin over the past three periods registered 86.94%, 85.69%, and 84.94% for Q2 2026, Q1 2026, and Q4 2025 respectively.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Delta Air Lines | 51.66 Bn | 46.99 Bn | 19.07 Bn | 96.52% |
| 2 | Ryanair Holdings | 28.60 Bn | 24.67 Bn | - | - |
| 3 | Southwest Airlines | 18.92 Bn | 15.13 Bn | 7.33 Bn | 86.94% |
| 4 | Copa Holdings | 5.36 Bn | 4.10 Bn | 1.03 Bn | 97.11% |
| 5 | Alaska Air | 4.49 Bn | 1.83 Bn | 3.76 Bn | 92.57% |
| 6 | Skywest | 3.79 Bn | 3.19 Bn | 1.01 Bn | 91.70% |
| 7 | Grupo Aeromexico, S.A.B. de C.V | 2.29 Bn | 1.25 Bn | - | - |
| 8 | Allegiant Travel | 1.75 Bn | 699.04 Mn | 902.77 Mn | 95.68% |
| 9 | Jetblue Airways | 1.64 Bn | -375.44 Mn | 2.32 Bn | 85.95% |
| 10 | Frontier Group Holdings | 1.30 Bn | 347.83 Mn | - | - |
Historic Data
Download Data
Historic 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% |