Southwest Airlines (LUV) Net Margin (2009 - 2026)
Southwest Airlines (LUV) reported Net Margin of 3.13% for Q1 2026, up 545.0% on a YoY basis from 0.49% in Q1 2025, and down 27.85% quarter-over-quarter from 4.34% in Q4 2025.
Southwest Airlines (LUV) Net Margin (2009 - 2026) Analysis & Trends
Southwest Airlines has reported Net Margin for 18 years, with the latest figure 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.
- The five-year high for Net Margin was 11.3% in Q2 2022, with the low at 5.92% in Q1 2022.
- Historically, Net Margin has averaged 1.61% across 5 years, with a median of 2.94% in 2025.
- Annual changes were most pronounced in 2022 — Net Margin sank 1158 bps — and 2024, when it jumped 746 bps.
- Southwest Airlines' Net Margin 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 decreased 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.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Ryanair Holdings | 453.97 Bn | 448.50 Bn | 1.55 Bn | -19.61% |
| 2 | Delta Air Lines | 54.89 Bn | 49.84 Bn | 15.19 Bn | -1.82% |
| 3 | Grupo Aeromexico, S.A.B. de C.V | 47.52 Bn | 46.49 Bn | -239.00 Mn | 17.11% |
| 4 | Southwest Airlines | 23.88 Bn | 20.55 Bn | 6.21 Bn | 3.13% |
| 5 | Copa Holdings | 6.22 Bn | 4.88 Bn | 713.71 Mn | 19.94% |
| 6 | Alaska Air | 5.64 Bn | 3.87 Bn | 3.20 Bn | -5.85% |
| 7 | Skywest | 3.71 Bn | 3.08 Bn | 924.11 Mn | 10.04% |
| 8 | Controladora Vuela Compania de Aviacion, S.A.B. de C.V | 2.23 Bn | 2.23 Bn | - | -13.90% |
| 9 | Jetblue Airways | 2.11 Bn | -62.86 Mn | 1.87 Bn | -14.24% |
| 10 | Allegiant Travel | 1.82 Bn | 921.81 Mn | 651.87 Mn | 6.32% |
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% |