Southwest Airlines (LUV) Net Margin (2009 - 2026)
Southwest Airlines posted quarterly Net Margin of 3.13% for Q1 2026, up 545.0% year-on-year from 0.49% in Q1 2025, and down 27.85% on a QoQ basis from 4.34% in Q4 2025.
Southwest Airlines (LUV) has 18 years of Net Margin data on file, last reported at 3.13% in Q1 2026.
- For the quarter ending Q1 2026, Net Margin rose 545.0% year-over-year to 3.13%; the trailing twelve-month figure through Mar 2026 stood at 2.83% (up 85.0% YoY), and the FY2025 full-year result was 1.57%, down 12.0% from the prior year.
- Net Margin for Q1 2026 stood at 3.13%, down from 4.34% in the prior quarter.
- Across five years, Net Margin topped out at 11.3% in Q2 2022 and bottomed at 5.92% in Q1 2022.
- The 5-year median for Net Margin is 2.94% (2025), against an average of 1.61%.
- The widest annual swing landed in 2022, when Net Margin tumbled 1158 bps; it then jumped 746 bps in 2024.
- A 5-year view of Net Margin shows it stood at 3.56% in 2022, then slipped by 4 bps to 3.69% in 2023, then jumped by 202 bps to 3.77% in 2024, then climbed by 15 bps to 4.34% in 2025, then slipped by 28 bps to 3.13% in 2026.
- The last three Net Margin figures came in at 3.13% (Q1 2026), 4.34% (Q4 2025), and 0.78% (Q3 2025), per Business Quant data.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Delta Air Lines | 53.78 Bn | 48.72 Bn | 15.19 Bn | -1.82% |
| 2 | Southwest Airlines | 21.39 Bn | 18.06 Bn | 6.21 Bn | 3.13% |
| 3 | Grupo Aeromexico, S.A.B. de C.V | 18.50 Bn | 17.47 Bn | -239.00 Mn | 17.11% |
| 4 | Controladora Vuela Compania de Aviacion, S.A.B. de C.V | 8.98 Bn | 8.98 Bn | - | -13.90% |
| 5 | Alaska Air | 5.26 Bn | 3.49 Bn | 3.20 Bn | -5.85% |
| 6 | Skywest | 3.43 Bn | 2.80 Bn | 924.11 Mn | 10.04% |
| 7 | Copa Holdings | 3.33 Bn | 1.99 Bn | 713.71 Mn | 19.94% |
| 8 | Jetblue Airways | 2.03 Bn | -140.72 Mn | 1.87 Bn | -14.24% |
| 9 | Allegiant Travel | 1.67 Bn | 765.78 Mn | 651.87 Mn | 6.32% |
| 10 | Frontier Group Holdings | 1.39 Bn | 618.26 Mn | 724.00 Mn | -27.42% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 3.13% |
| Dec 31, 2025 | 4.34% |
| Sep 30, 2025 | 0.78% |
| Jun 30, 2025 | 2.94% |
| Mar 31, 2025 | -2.32% |
| Dec 31, 2024 | 3.77% |
| Sep 30, 2024 | 0.98% |
| Jun 30, 2024 | 4.99% |
| Mar 31, 2024 | -3.65% |
| Dec 31, 2023 | -3.69% |
| Sep 30, 2023 | 2.96% |
| Jun 30, 2023 | 9.71% |
| Mar 31, 2023 | -2.79% |
| Dec 31, 2022 | -3.56% |
| Sep 30, 2022 | 4.45% |
| Jun 30, 2022 | 11.30% |
| Mar 31, 2022 | -5.92% |
| Dec 31, 2021 | 1.35% |
| Sep 30, 2021 | 9.53% |
| Jun 30, 2021 | 8.68% |
| Mar 31, 2021 | 5.65% |
| Dec 31, 2020 | -45.11% |
| Sep 30, 2020 | -64.53% |
| Jun 30, 2020 | -90.77% |
| Mar 31, 2020 | -2.22% |
| Dec 31, 2019 | 8.95% |
| Sep 30, 2019 | 11.69% |
| Jun 30, 2019 | 12.54% |
| Mar 31, 2019 | 7.52% |
| Dec 31, 2018 | 11.47% |
| Sep 30, 2018 | 11.03% |
| Jun 30, 2018 | 12.77% |
| Mar 31, 2018 | 9.36% |
| Dec 31, 2017 | 33.24% |
| Sep 30, 2017 | 9.96% |
| Jun 30, 2017 | 12.96% |
| Mar 31, 2017 | 6.98% |
| Dec 31, 2016 | 10.99% |
| Sep 30, 2016 | 7.55% |
| Jun 30, 2016 | 15.23% |
| Mar 31, 2016 | 10.63% |
| Dec 31, 2015 | 10.77% |
| Sep 30, 2015 | 10.98% |
| Jun 30, 2015 | 11.90% |
| Mar 31, 2015 | 10.26% |
| Dec 31, 2014 | 4.13% |
| Sep 30, 2014 | 6.85% |
| Jun 30, 2014 | 9.28% |
| Mar 31, 2014 | 3.65% |
| Dec 31, 2013 | 4.81% |
| Sep 30, 2013 | 5.70% |
| Jun 30, 2013 | 4.82% |
| Mar 31, 2013 | 1.44% |
| Dec 31, 2012 | 1.87% |
| Sep 30, 2012 | 0.37% |
| Jun 30, 2012 | 4.94% |
| Mar 31, 2012 | 2.46% |
| Dec 31, 2011 | 3.70% |
| Sep 30, 2011 | -3.25% |
| Jun 30, 2011 | 3.89% |
| Mar 31, 2011 | 0.16% |
| Dec 31, 2010 | 4.21% |
| Sep 30, 2010 | 6.42% |
| Jun 30, 2010 | 5.81% |
| Mar 31, 2010 | 0.42% |
| Dec 31, 2009 | 4.28% |
| Sep 30, 2009 | -0.60% |
| Jun 30, 2009 | 3.48% |
| Mar 31, 2009 | -3.86% |