Southwest Airlines (LUV) Net Margin (2009 - 2026)
Southwest Airlines' (LUV) quarterly Net Margin came in at 2.76% in Q2 2026, down 18.0% YoY from 3.37% in Q2 2025, and down 11.76% on a QoQ basis from 3.13% in Q1 2026.
Southwest Airlines (LUV) Net Margin (2009 - 2026) Analysis & Trends
Southwest Airlines (LUV) has 18 years of Net Margin data on file, last reported at 2.76% in Q2 2026.
- Quarterly Net Margin fell 18.0% year-over-year to 2.76% in Q2 2026, while the trailing twelve-month figure through Jun 2026 was 2.78% (up 136.0% YoY) and the FY2025 annual result came in at 1.57%, down 12.0% from the prior year.
- Net Margin eased to 2.76% in Q2 2026, from 3.13% in the prior quarter.
- In the past five years, Net Margin ranged from a high of 11.3% in Q2 2022 to a low of 5.92% in Q1 2022.
- A 5-year average of 1.68% and a median of 2.85% in 2025 frame the typical range for Net Margin.
- Annual changes were most pronounced in 2022 — Net Margin sank 1158 bps — and 2024, when it jumped 746 bps.
- Tracing LUV's Net Margin over 5 years: stood at 3.56% in 2022, then decreased by 4 bps to 3.69% in 2023, then soared by 202 bps to 3.77% in 2024, then advanced by 15 bps to 4.34% in 2025, then slumped by 36 bps to 2.76% in 2026.
- The last three Net Margin figures came in at 2.76% (Q2 2026), 3.13% (Q1 2026), and 4.34% (Q4 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Delta Air Lines | 53.01 Bn | 48.34 Bn | 19.07 Bn | 8.12% |
| 2 | Ryanair Holdings | 28.78 Bn | 25.56 Bn | - | 14.23% |
| 3 | Southwest Airlines | 19.50 Bn | 15.71 Bn | 7.33 Bn | 2.76% |
| 4 | Copa Holdings | 5.30 Bn | 4.04 Bn | 1.03 Bn | 8.16% |
| 5 | Alaska Air | 4.46 Bn | 1.80 Bn | 3.76 Bn | -1.87% |
| 6 | Skywest | 3.98 Bn | 3.38 Bn | 1.01 Bn | 9.13% |
| 7 | Jetblue Airways | 1.79 Bn | -232.60 Mn | 2.32 Bn | -9.16% |
| 8 | Allegiant Travel | 1.75 Bn | 695.62 Mn | 902.77 Mn | -0.51% |
| 9 | Frontier Group Holdings | 1.33 Bn | 373.12 Mn | - | -7.04% |
| 10 | Republic Airways Holdings | 843.32 Mn | 565.72 Mn | 487.40 Mn | 5.46% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 2.76% |
| 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% |