Southwest Airlines (LUV) Net Margin (2009 - 2026)
Southwest Airlines (LUV) posted quarterly Net Margin of 2.76% for Q2 2026, down 18.0% year-on-year 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 reported Net Margin for 18 consecutive years, with 2.76% the latest figure, recorded 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 retreated to 2.76% in Q2 2026 per LUV's latest filing, from 3.13% in the prior quarter.
- Over the last five years, Net Margin for LUV reached as high as 11.3% in Q2 2022 and fell as low as 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 plunged 1158 bps — and 2024, when it surged 746 bps.
- Year by year, Net Margin stood at 3.56% in 2022, then declined by 4 bps to 3.69% in 2023, then soared by 202 bps to 3.77% in 2024, then increased by 15 bps to 4.34% in 2025, then tumbled 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.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Latam Airlines | 29,341.35 Bn | 29,338.67 Bn | 1.28 Mn | 0.01% |
| 2 | Ryanair Holdings | 183.33 Bn | 180.79 Bn | - | - |
| 3 | Delta Air Lines | 53.61 Bn | 48.95 Bn | 19.07 Bn | 8.12% |
| 4 | Southwest Airlines | 21.85 Bn | 18.53 Bn | 7.33 Bn | 2.76% |
| 5 | Controladora Vuela Compania de Aviacion, S.A.B. de C.V | 8.69 Bn | 7.93 Bn | - | -14.78% |
| 6 | Copa Holdings | 5.59 Bn | 4.26 Bn | 713.71 Mn | 21.94% |
| 7 | Alaska Air | 5.12 Bn | 3.35 Bn | 3.20 Bn | -5.85% |
| 8 | Skywest | 3.85 Bn | 3.22 Bn | 1.01 Bn | 9.13% |
| 9 | Jetblue Airways | 1.85 Bn | 1.44 Bn | 1.87 Bn | -14.24% |
| 10 | Allegiant Travel | 1.72 Bn | 818.03 Mn | 651.87 Mn | 6.32% |
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% |