Southwest Airlines Ratios (2009-2026) | LUV

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Ratios	Jun2021	Sep2021	Dec2021	Mar2022	Jun2022	Sep2022	Dec2022	Mar2023	Jun2023	Sep2023	Dec2023	Mar2024	Jun2024	Sep2024	Dec2024	Mar2025	Jun2025	Sep2025	Dec2025	Mar2026
Profitability
Gross Margin (Quarter)	79.97%	78.84%	97.37%	78.61%	88.24%	86.83%	110.61%	72.89%	80.06%	76.03%	83.42%		85.14%	79.37%	81.76%		84.36%	83.84%	92.48%	81.29%
EBT Margin (Quarter)	12.52%	12.82%	1.52%	-8.01%	15.40%	5.68%	-4.62%	-3.59%	12.59%	3.63%	-4.19%		6.50%	1.30%	4.75%		3.87%	0.98%	5.48%	3.93%
EBIT Margin (Quarter)	14.82%	15.67%	3.86%	-3.22%	17.21%	6.35%	-6.24%	-4.98%	11.30%	1.79%	-5.92%		5.41%	0.55%	4.01%		3.11%	0.50%	5.25%	4.55%
EBITDA Margin (Quarter)	13.57%	12.33%	3.86%	4.79%	10.02%	-3.59%	-6.24%	-5.36%	7.73%	5.15%	-5.92%		4.88%	0.28%	4.01%		2.79%	1.19%	5.25%	3.45%
Operating Margin (Quarter)	14.82%	15.67%	3.86%	-3.22%	17.21%	6.35%	-6.24%	-4.98%	11.30%	1.79%	-5.92%		5.41%	0.55%	4.01%		3.11%	0.50%	5.25%	4.55%
Net Margin (Quarter)	8.68%	9.53%	1.35%	-5.92%	11.30%	4.45%	-3.56%	-2.79%	9.71%	2.96%	-3.69%		4.99%	0.98%	3.77%		2.94%	0.78%	4.34%	3.13%
FCF Margin (Quarter)	50.02%	-15.17%	11.21%	11.95%	28.28%	-13.47%	3.47%	10.83%	6.98%	9.32%	5.58%		-0.39%	-5.88%	0.23%		5.54%	-5.63%	-31.95%	10.87%
Efficiency
Inventory Average (Quarter)	0.46B	0.49B	0.52B	0.58B	0.69B	0.76B	0.78B	0.76B	0.72B	0.76B	0.80B	0.81B	0.80B	0.78B	0.79B	0.79B	0.78B	0.78B	0.78B	0.80B
Assets Average (Quarter)	36.85B	37.66B	36.72B	36.79B	37.78B	37.12B	35.66B	35.46B	36.03B	36.75B	36.73B	36.25B	35.79B	35.20B	34.30B	33.48B	30.96B	28.51B	28.69B	29.21B
Equity Average (Quarter)	9.39B	9.97B	10.33B	10.42B	10.77B	11.02B	10.81B	10.49B	10.55B	10.92B	10.78B	10.36B	10.33B	10.44B	10.38B	9.86B	8.68B	7.89B	7.88B	7.43B
Invested Capital (Quarter)	9.79B	11.50B	10.71B	11.39B	11.65B	11.22B	10.86B	10.34B	10.79B	11.05B	10.56B	10.20B	10.46B	10.41B	17.05B	9.89B	8.53B	7.78B	12.91B	7.38B
Asset Utilization Ratio (Quarter)	0.27	0.34	0.43	0.50	0.56	0.61	0.67	0.70	0.70	0.69	0.71	0.56	0.58	0.60	0.62	0.63	0.68	0.74	0.75	0.99
Leverage & Solvency
Interest Coverage Ratio (Quarter)	5.12	6.37	1.57	-1.62	12.45	4.59	-5.66	-4.30	12.23	1.86	-6.12		6.32	0.60	4.79		5.77	1.00	8.32	6.11
Debt to Equity (Quarter)	1.17	1.10	1.03	1.03	0.95	0.80	0.76	0.78	0.74	0.72	0.76	0.78	0.76	0.77	0.65	0.71	0.51	0.53	0.61	0.78
Debt Ratio (Quarter)	0.30	0.30	0.30	0.29	0.28	0.24	0.23	0.23	0.22	0.22	0.22	0.22	0.22	0.23	0.20	0.20	0.14	0.14	0.17	0.18
Equity Ratio (Quarter)	0.25	0.28	0.29	0.28	0.29	0.30	0.30	0.29	0.30	0.30	0.29	0.28	0.29	0.30	0.31	0.28	0.28	0.27	0.27	0.23
Times Interest Earned (Quarter)	5.12	6.37	1.57	-1.62	12.45	4.59	-5.66	-4.30	12.23	1.86	-6.12		6.32	0.60	4.79		5.77	1.00	8.32	6.11
Dividends & Payouts
FCF Payout Ratio (Quarter)								0.35		0.35		-1.90		-0.53	-0.06	0.12	0.26	-0.48		0.12
Valuation
Enterprise Value (Quarter)	-16.88B	-16.00B	-15.50B	-15.74B	-16.43B	-13.67B	-12.29B	-11.67B	-12.18B	-11.73B	-11.47B	-10.51B	-10.00B	-9.38B	-8.72B	-8.25B	-3.84B	-3.02B	-3.23B	-3.33B
Return Ratios
Return on Sales (Quarter)	0.09%	0.10%	0.01%	-0.06%	0.11%	0.04%	-0.04%	-0.03%	0.10%	0.03%	-0.04%	0.03%	0.05%	0.01%	0.04%	0.03%	0.03%	0.01%	0.04%	0.03%
Return on Capital Employed (Quarter)	-0.07%	0.01%	0.06%	0.05%	0.07%	0.06%	0.04%	0.04%	0.02%	0.01%	0.01%		0.04%	0.01%	0.01%		0.05%	0.03%	0.05%	0.06%
Return on Invested Capital (Quarter)	-0.12%	0.00%	0.11%	0.09%	0.13%	0.11%	0.07%	0.06%	0.04%	0.02%	0.02%		0.07%	0.01%	0.02%		0.08%	0.05%	0.07%	0.08%
Return on Assets (Quarter)	-0.04%	0.00%	0.03%	0.02%	0.03%	0.02%	0.02%	0.02%	0.02%	0.01%	0.01%	0.02%	0.01%	0.01%	0.02%	0.02%	0.02%	0.02%	0.02%	0.03%
Return on Equity (Quarter)	-0.17%	0.00%	0.09%	0.06%	0.09%	0.08%	0.05%	0.06%	0.06%	0.05%	0.04%	0.06%	0.03%	0.02%	0.07%	0.07%	0.06%	0.07%	0.07%	0.11%

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Southwest Airlines Ratios (2009-2026) | LUV

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