Southwest Airlines (LUV) Shares Outstanding (Diluted) (2009 - 2026)
Southwest Airlines' Shares Outstanding (Diluted) was 493 million in Q2 2026, down 8.9% from 541 million a year earlier and down 2.0% from the prior quarter.
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Analysis
Southwest Airlines (LUV) Shares Outstanding (Diluted) (2009 - 2026) Analysis & Trends
For FY2025, Shares Outstanding (Diluted) at Southwest Airlines came in at 558 million, down 13.2% from FY2024.
- Shares Outstanding (Diluted) shows a five-year compound annual growth rate of -0.2% (FY2020 to FY2025).
- In earlier years, Shares Outstanding (Diluted) was 643 million in FY2024 (+0.5%), 640 million in FY2023 (-0.3%), 642 million in FY2022 (+5.4%) and 609 million in FY2021 (+7.8%).
- The Q2 2026 figure marks the lowest quarterly Shares Outstanding (Diluted) in data going back to Q1 2009.
- Compared with a year earlier, Shares Outstanding (Diluted) has declined for six straight quarters, with an average decline of 9.0% over the last eight quarters.
- The best year-over-year quarter for Shares Outstanding (Diluted) over five years was Q4 2021 (growth of 7.8%); the worst was Q2 2025 (a decline of 15.9%).
- Per Business Quant data, LUV's Shares Outstanding (Diluted) in the three quarters before Q2 2026 was 503 million (Q1 2026), 558 million (Q4 2025) and 526 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Shares Outstanding (Dil.) (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 170.65 Bn | 165.18 Bn | - | 594.00 Mn |
| 2 | Csx | 89.70 Bn | 85.91 Bn | - | 1.86 Bn |
| 3 | United Parcel Service | 84.71 Bn | 61.60 Bn | - | 851.00 Mn |
| 4 | Canadian Pacific Kansas City | 78.00 Bn | 77.02 Bn | - | 887.10 Mn |
| 5 | Norfolk Southern | 73.24 Bn | 67.88 Bn | - | 225.00 Mn |
| 6 | Fedex | 70.67 Bn | 36.62 Bn | - | 239.00 Mn |
| 7 | Delta Air Lines | 50.97 Bn | 33.15 Bn | - | 659.00 Mn |
| 8 | Old Dominion Freight Line | 39.24 Bn | 38.51 Bn | - | 208.72 Mn |
| 9 | United Airlines Holdings | 32.98 Bn | -23.39 Bn | - | 326.60 Mn |
| 10 | Southwest Airlines | 19.54 Bn | 6.17 Bn | - | 493.00 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 493.00 Mn |
| Mar 31, 2026 | 503.00 Mn |
| Dec 31, 2025 | 558.00 Mn |
| Sep 30, 2025 | 526.00 Mn |
| Jun 30, 2025 | 541.00 Mn |
| Mar 31, 2025 | 584.00 Mn |
| Dec 31, 2024 | 643.00 Mn |
| Sep 30, 2024 | 601.00 Mn |
| Jun 30, 2024 | 643.00 Mn |
| Mar 31, 2024 | 597.00 Mn |
| Dec 31, 2023 | 640.00 Mn |
| Sep 30, 2023 | 640.00 Mn |
| Jun 30, 2023 | 639.00 Mn |
| Mar 31, 2023 | 594.00 Mn |
| Dec 31, 2022 | 642.00 Mn |
| Sep 30, 2022 | 639.00 Mn |
| Jun 30, 2022 | 635.00 Mn |
| Mar 31, 2022 | 592.00 Mn |
| Dec 31, 2021 | 609.00 Mn |
| Sep 30, 2021 | 607.00 Mn |
API Access
Southwest Airlines Shares Outstanding (Diluted) 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=shares-outstanding-diluted&ticker=LUV&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "shares-outstanding-diluted", "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=shares-outstanding-diluted&ticker=LUV&period=max&api_key=YOUR_API_KEY");
const data = await res.json();