Southwest Airlines (LUV) Operating Leases (2019 - 2026)
Southwest Airlines (LUV) recorded Operating Leases of $706 million in Q3 2026, down 16.5% from $846 million a year earlier but up 7.0% from the prior quarter.
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Analysis
Southwest Airlines (LUV) Operating Leases (2019 - 2026) Analysis & Trends
At the end of FY2025, Southwest Airlines reported Operating Leases of $768 million, down 25.5% from FY2024.
- Annual Operating Leases has a five-year compound annual growth rate of -13.2% (FY2020 to FY2025).
- Across earlier years, Operating Leases came in at $1.03 billion in FY2024 (+4.7%), $985 million in FY2023 (-11.9%), $1.12 billion in FY2022 (-15.0%) and $1.32 billion in FY2021 (-15.8%).
- Quarterly Operating Leases has ranged from $660 million in Q2 2026 to $1.32 billion in Q4 2021 over the past five years.
- On a year-over-year basis, Operating Leases has declined for five consecutive quarters, with an average decline of 11.9% over the last eight quarters.
- Peak year-over-year performance for Operating Leases in the last five years was growth of 4.7% in Q4 2024, against a decline of 27.9% in Q2 2026 at the low end.
- Per Business Quant, the preceding three quarters came in at $660 million (Q2 2026), $709 million (Q1 2026) and $768 million (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Union Pacific | 172.47 Bn | 164.72 Bn | - |
| 2 | United Parcel Service | 92.24 Bn | 69.07 Bn | - |
| 3 | Csx | 90.81 Bn | 86.03 Bn | - |
| 4 | Canadian Pacific Kansas City | 81.61 Bn | 80.64 Bn | - |
| 5 | Fedex | 72.98 Bn | 39.17 Bn | - |
| 6 | Norfolk Southern | 71.87 Bn | 66.34 Bn | - |
| 7 | Delta Air Lines | 57.23 Bn | 39.41 Bn | - |
| 8 | United Airlines Holdings | 36.65 Bn | -21.05 Bn | - |
| 9 | Old Dominion Freight Line | 34.12 Bn | 32.96 Bn | - |
| 10 | Southwest Airlines | 21.75 Bn | 7.77 Bn | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 706.00 Mn |
| Jun 30, 2026 | 660.00 Mn |
| Mar 31, 2026 | 709.00 Mn |
| Dec 31, 2025 | 768.00 Mn |
| Sep 30, 2025 | 846.00 Mn |
| Jun 30, 2025 | 915.00 Mn |
| Mar 31, 2025 | 970.00 Mn |
| Dec 31, 2024 | 1.03 Bn |
| Sep 30, 2024 | 888.00 Mn |
| Jun 30, 2024 | 915.00 Mn |
| Mar 31, 2024 | 953.00 Mn |
| Dec 31, 2023 | 985.00 Mn |
| Sep 30, 2023 | 1.04 Bn |
| Jun 30, 2023 | 1.08 Bn |
| Mar 31, 2023 | 1.11 Bn |
| Dec 31, 2022 | 1.12 Bn |
| Sep 30, 2022 | 1.18 Bn |
| Jun 30, 2022 | 1.22 Bn |
| Mar 31, 2022 | 1.28 Bn |
| Dec 31, 2021 | 1.32 Bn |
API Access
Southwest Airlines Operating Leases API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-leases&ticker=LUV&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-leases", "ticker": "LUV", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-leases&ticker=LUV&period=max&api_key=YOUR_API_KEY");
const data = await res.json();