Southwest Airlines (LUV) Operating Margin (2009 - 2026)
Southwest Airlines (LUV) posted quarterly Operating Margin of 3.38% for Q2 2026, up 27.0% year-on-year from 2.66% in Q2 2025, and down 25.75% on a QoQ basis from 4.55% in Q1 2026.
Southwest Airlines (LUV) Operating Margin (2009 - 2026) Analysis & Trends
Southwest Airlines (LUV) has reported Operating Margin for 18 consecutive years, with 3.38% the latest figure, recorded in Q2 2026.
- Quarterly Operating Margin rose 27.0% year-over-year to 3.38% in Q2 2026, while the trailing twelve-month figure through Jun 2026 was 3.46% (up 230.0% YoY) and the FY2025 annual result came in at 1.53%, up 36.0% from the prior year.
- Operating Margin fell to 3.38% in Q2 2026 per LUV's latest filing, from 4.55% in the prior quarter.
- Over the last five years, Operating Margin for LUV reached as high as 17.21% in Q2 2022 and fell as low as 6.24% in Q4 2022.
- A 5-year average of 1.86% and a median of 2.45% in 2023 frame the typical range for Operating Margin.
- Annual changes were most pronounced in 2022 — Operating Margin sank 1291 bps — and 2024, when it surged 993 bps.
- Year by year, Operating Margin stood at 6.24% in 2022, then gained by 5 bps to 5.92% in 2023, then soared by 168 bps to 4.01% in 2024, then surged by 31 bps to 5.25% in 2025, then slumped by 36 bps to 3.38% in 2026.
- According to Business Quant data, Operating Margin over the past three periods registered 3.38%, 4.55%, and 5.25% for Q2 2026, Q1 2026, and Q4 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Latam Airlines | 29,341.35 Bn | 29,338.67 Bn | 1.28 Mn | 19.82% |
| 2 | Ryanair Holdings | 183.33 Bn | 180.79 Bn | - | - |
| 3 | Delta Air Lines | 53.61 Bn | 48.95 Bn | 19.07 Bn | 9.43% |
| 4 | Southwest Airlines | 21.85 Bn | 18.53 Bn | 7.33 Bn | 3.38% |
| 5 | Controladora Vuela Compania de Aviacion, S.A.B. de C.V | 8.69 Bn | 7.93 Bn | - | -11.53% |
| 6 | Copa Holdings | 5.59 Bn | 4.26 Bn | 713.71 Mn | 21.77% |
| 7 | Alaska Air | 5.12 Bn | 3.35 Bn | 3.20 Bn | -8.45% |
| 8 | Skywest | 3.85 Bn | 3.22 Bn | 1.01 Bn | 14.13% |
| 9 | Jetblue Airways | 1.85 Bn | 1.44 Bn | 1.87 Bn | -10.00% |
| 10 | Allegiant Travel | 1.72 Bn | 818.03 Mn | 651.87 Mn | 12.07% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 3.38% |
| Mar 31, 2026 | 4.55% |
| Dec 31, 2025 | 5.25% |
| Sep 30, 2025 | 0.50% |
| Jun 30, 2025 | 3.11% |
| Mar 31, 2025 | -3.47% |
| Dec 31, 2024 | 4.01% |
| Sep 30, 2024 | 0.55% |
| Jun 30, 2024 | 5.41% |
| Mar 31, 2024 | -6.21% |
| Dec 31, 2023 | -5.92% |
| Sep 30, 2023 | 1.79% |
| Jun 30, 2023 | 11.30% |
| Mar 31, 2023 | -4.98% |
| Dec 31, 2022 | -6.24% |
| Sep 30, 2022 | 6.35% |
| Jun 30, 2022 | 17.21% |
| Mar 31, 2022 | -3.22% |
| Dec 31, 2021 | 3.86% |
| Sep 30, 2021 | 15.67% |