Southwest Airlines (LUV) Net Margin (2009 - 2026)
Southwest Airlines' (LUV) quarterly Net Margin came in at 2.76% in Q2 2026, down 18.0% on a YoY basis from 3.37% in Q2 2025, and down 11.76% quarter-over-quarter from 3.13% in Q1 2026.
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Southwest Airlines (LUV) Net Margin (2009 - 2026) Analysis & Trends
Southwest Airlines (LUV) has reported Net Margin for 18 consecutive years, with 2.76% the latest figure, recorded in Q2 2026.
- For the quarter ending Q2 2026, Net Margin fell 18.0% year-over-year to 2.76%; the trailing twelve-month figure through Jun 2026 stood at 2.78% (up 136.0% YoY), and the FY2025 full-year result was 1.57%, down 12.0% from the prior year.
- Net Margin retreated to 2.76% in Q2 2026 per LUV's latest filing, from 3.13% 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.
- Historically, Net Margin has averaged 1.68% across 5 years, with a median of 2.85% in 2025.
- The sharpest annual moves came in 2022 and 2024: Net Margin slumped 1158 bps in 2022, then surged 746 bps in 2024.
- Over 5 years, Net Margin stood at 3.56% in 2022, then dropped by 4 bps to 3.69% in 2023, then surged by 202 bps to 3.77% in 2024, then grew by 15 bps to 4.34% in 2025, then plunged by 36 bps to 2.76% in 2026.
- According to Business Quant data, Net Margin over the past three periods registered 2.76%, 3.13%, and 4.34% for Q2 2026, Q1 2026, and Q4 2025 respectively.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Delta Air Lines | 51.14 Bn | 46.47 Bn | 19.07 Bn | 8.12% |
| 2 | Ryanair Holdings | 27.96 Bn | 24.03 Bn | - | 12.26% |
| 3 | Southwest Airlines | 18.91 Bn | 15.12 Bn | 7.33 Bn | 2.76% |
| 4 | Copa Holdings | 5.30 Bn | 4.04 Bn | 1.03 Bn | 8.16% |
| 5 | Alaska Air | 4.45 Bn | 1.79 Bn | 3.76 Bn | -1.87% |
| 6 | Skywest | 3.77 Bn | 3.17 Bn | 1.01 Bn | 9.13% |
| 7 | Grupo Aeromexico, S.A.B. de C.V | 2.20 Bn | 1.17 Bn | - | -3.92% |
| 8 | Allegiant Travel | 1.74 Bn | 681.68 Mn | 902.77 Mn | -0.51% |
| 9 | Jetblue Airways | 1.65 Bn | -373.56 Mn | 2.32 Bn | -9.16% |
| 10 | Frontier Group Holdings | 1.27 Bn | 311.03 Mn | - | -7.04% |
Historic Data
Download Data
Historic 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% |