Southwest Airlines (LUV) Invested Capital (2009 - 2026)
Southwest Airlines' (LUV) quarterly Invested Capital came in at $13.0 billion in Q2 2026, up 7.64% on a YoY basis from $12.1 billion in Q2 2025, and up 6.25% quarter-over-quarter from $12.3 billion in Q1 2026.
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Analysis
Southwest Airlines (LUV) Invested Capital (2009 - 2026) Analysis & Trends
Southwest Airlines (LUV) has reported Invested Capital for 18 consecutive years, with $13.0 billion the latest figure, recorded in Q2 2026.
- For the quarter ending Q2 2026, Invested Capital rose 7.64% year-over-year to $13.0 billion; the trailing twelve-month figure through Jun 2026 stood at $13.0 billion (up 7.64% YoY), and the FY2025 full-year result was $12.9 billion, down 24.44% from the prior year.
- Invested Capital improved to $13.0 billion in Q2 2026 per LUV's latest filing, from $12.3 billion in the prior quarter.
- Across five years, Invested Capital topped out at $21.7 billion in Q2 2022 and bottomed at $11.9 billion in Q3 2025.
- Historically, Invested Capital has averaged $17.0 billion across 5 years, with a median of $18.4 billion in 2023.
- The sharpest annual moves came in 2025 and 2026: Invested Capital slumped 35.5% in 2025, then advanced 7.64% in 2026.
- Over 5 years, Invested Capital stood at $18.8 billion in 2022, then dropped by 1.35% to $18.5 billion in 2023, then retreated by 7.95% to $17.0 billion in 2024, then retreated by 24.44% to $12.9 billion in 2025, then increased by 1.13% to $13.0 billion in 2026.
- According to Business Quant data, Invested Capital over the past three periods registered $13.0 billion, $12.3 billion, and $12.9 billion for Q2 2026, Q1 2026, and Q4 2025 respectively.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Invested Cap. (Qtr) |
|---|---|---|---|---|---|
| 1 | Delta Air Lines | 55.19 Bn | 50.52 Bn | 19.07 Bn | 39.26 Bn |
| 2 | Ryanair Holdings | 29.15 Bn | 25.22 Bn | - | 11.06 Bn |
| 3 | Southwest Airlines | 20.59 Bn | 16.79 Bn | 7.33 Bn | 13.03 Bn |
| 4 | Copa Holdings | 5.56 Bn | 4.30 Bn | 1.03 Bn | 5.14 Bn |
| 5 | Alaska Air | 4.68 Bn | 2.01 Bn | 3.76 Bn | 10.17 Bn |
| 6 | Skywest | 3.93 Bn | 3.33 Bn | 1.01 Bn | 5.07 Bn |
| 7 | Grupo Aeromexico, S.A.B. de C.V | 2.39 Bn | 1.35 Bn | - | -169.00 Mn |
| 8 | Allegiant Travel | 2.23 Bn | 1.18 Bn | 902.77 Mn | 4.88 Bn |
| 9 | Jetblue Airways | 1.72 Bn | -304.65 Mn | 2.32 Bn | 10.54 Bn |
| 10 | Frontier Group Holdings | 1.43 Bn | 472.23 Mn | - | 853.00 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 13.03 Bn |
| Mar 31, 2026 | 12.26 Bn |
| Dec 31, 2025 | 12.88 Bn |
| Sep 30, 2025 | 11.88 Bn |
| Jun 30, 2025 | 12.10 Bn |
| Mar 31, 2025 | 16.06 Bn |
| Dec 31, 2024 | 17.05 Bn |
| Sep 30, 2024 | 18.42 Bn |
| Jun 30, 2024 | 18.46 Bn |
| Mar 31, 2024 | 18.20 Bn |
| Dec 31, 2023 | 18.52 Bn |
| Sep 30, 2023 | 19.07 Bn |
| Jun 30, 2023 | 18.81 Bn |
| Mar 31, 2023 | 18.33 Bn |
| Dec 31, 2022 | 18.78 Bn |
| Sep 30, 2022 | 19.62 Bn |
| Jun 30, 2022 | 21.66 Bn |
| Mar 31, 2022 | 21.14 Bn |
| Dec 31, 2021 | 21.14 Bn |
| Sep 30, 2021 | 21.49 Bn |
API Access
Southwest Airlines Invested Capital 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=invested-capital&ticker=LUV&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "invested-capital", "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=invested-capital&ticker=LUV&period=max&api_key=YOUR_API_KEY");
const data = await res.json();