Southwest Airlines (LUV) Operating Leases (2019 - 2026)
Southwest Airlines (LUV) recorded Operating Leases of $660 million in Q2 2026, down 27.9% from $915 million a year earlier and down 6.9% 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%).
- The Q2 2026 figure is the lowest quarterly Operating Leases in data going back to Q1 2019.
- On a year-over-year basis, Operating Leases has declined for four consecutive quarters, with an average decline of 11.6% 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 $709 million (Q1 2026), $768 million (Q4 2025) and $846 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Union Pacific | 170.50 Bn | 165.03 Bn | - |
| 2 | Csx | 88.86 Bn | 85.07 Bn | - |
| 3 | United Parcel Service | 82.91 Bn | 59.81 Bn | - |
| 4 | Canadian Pacific Kansas City | 76.79 Bn | 75.81 Bn | - |
| 5 | Norfolk Southern | 72.78 Bn | 67.42 Bn | - |
| 6 | Fedex | 69.54 Bn | 35.48 Bn | - |
| 7 | Delta Air Lines | 48.82 Bn | 31.01 Bn | - |
| 8 | Old Dominion Freight Line | 38.83 Bn | 38.10 Bn | - |
| 9 | United Airlines Holdings | 31.02 Bn | -25.36 Bn | - |
| 10 | Southwest Airlines | 18.96 Bn | 5.59 Bn | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| 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 |
| Sep 30, 2021 | 1.33 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();