Southwest Airlines Co (LUV) stock
LUVNYSEAir Transportation, ScheduledFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Oct 22, 2026Score 12/3013% below fair value
$45.23−1.25 (-2.69%)
Close on Nov 12, 2026Market cap $22.14BP/E 22.3Yield 1.59%
Southwest Airlines operating margin
Operating margin is operating income as a percentage of revenue.
Southwest Airlines's operating margin for the twelve months ending Sep 30, 2026 was 4.4%. For fiscal 2025 it was 1.5%, against 1.2% the year before. The highest annual figure on record is 20.8% in fiscal 2015.
Annual operating margin
| Period | Period end | Value | Change (pts) |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 1.5% | +0.4 |
| FY2024 | Dec 31, 2024 | 1.2% | +0.3 |
| FY2023 | Dec 31, 2023 | 0.9% | −3.4 |
| FY2022 | Dec 31, 2022 | 4.3% | −6.6 |
| FY2021 | Dec 31, 2021 | 10.9% | +53.1 |
| FY2020 | Dec 31, 2020 | -42.2% | −55.4 |
| FY2019 | Dec 31, 2019 | 13.2% | −1.4 |
| FY2018 | Dec 31, 2018 | 14.6% | −1.5 |
| FY2017 | Dec 31, 2017 | 16.1% | −1.2 |
| FY2016 | Dec 31, 2016 | 17.4% | −3.4 |
| FY2015 | Dec 31, 2015 | 20.8% | +8.8 |
| FY2014 | Dec 31, 2014 | 12.0% | +4.7 |
| FY2013 | Dec 31, 2013 | 7.2% | +3.6 |
| FY2012 | Dec 31, 2012 | 3.6% | −0.8 |
| FY2011 | Dec 31, 2011 | 4.4% | −3.7 |
| FY2010 | Dec 31, 2010 | 8.2% | +5.6 |
| FY2009 | Dec 31, 2009 | 2.5% | −1.5 |
| FY2008 | Dec 31, 2008 | 4.1% | −3.9 |
| FY2007 | Dec 31, 2007 | 8.0% | – |
Quarterly operating margin
Change is against the same quarter a year earlier.
| Period | Period end | Value | Change (pts) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | 4.5% | +4.0 |
| Q2 FY2026 | Jun 30, 2026 | 3.4% | +0.3 |
| Q1 FY2026 | Mar 31, 2026 | 4.6% | +8.0 |
| Q4 FY2025 | Dec 31, 2025 | 5.3% | +1.2 |
| Q3 FY2025 | Sep 30, 2025 | 0.5% | −0.0 |
| Q2 FY2025 | Jun 30, 2025 | 3.1% | −2.3 |
| Q1 FY2025 | Mar 31, 2025 | -3.5% | +2.7 |
| Q4 FY2024 | Dec 31, 2024 | 4.0% | +9.9 |
| Q3 FY2024 | Sep 30, 2024 | 0.6% | −1.2 |
| Q2 FY2024 | Jun 30, 2024 | 5.4% | −5.9 |
| Q1 FY2024 | Mar 31, 2024 | -6.2% | −1.2 |
| Q4 FY2023 | Dec 31, 2023 | -5.9% | +0.3 |
| Q3 FY2023 | Sep 30, 2023 | 1.8% | −4.6 |
| Q2 FY2023 | Jun 30, 2023 | 11.3% | −5.9 |
| Q1 FY2023 | Mar 31, 2023 | -5.0% | −1.8 |
| Q4 FY2022 | Dec 31, 2022 | -6.2% | −10.1 |
| Q3 FY2022 | Sep 30, 2022 | 6.4% | −9.3 |
| Q2 FY2022 | Jun 30, 2022 | 17.2% | +2.4 |
| Q1 FY2022 | Mar 31, 2022 | -3.2% | −12.9 |
| Q4 FY2021 | Dec 31, 2021 | 3.9% | +61.9 |
| Q3 FY2021 | Sep 30, 2021 | 15.7% | +94.4 |
| Q2 FY2021 | Jun 30, 2021 | 14.8% | +126.6 |
| Q1 FY2021 | Mar 31, 2021 | 9.7% | +12.3 |
| Q4 FY2020 | Dec 31, 2020 | -58.1% | −69.7 |
| Q3 FY2020 | Sep 30, 2020 | -78.7% | −93.2 |
| Q2 FY2020 | Jun 30, 2020 | -111.8% | −128.2 |
| Q1 FY2020 | Mar 31, 2020 | -2.6% | −12.4 |
| Q4 FY2019 | Dec 31, 2019 | 11.6% | −2.8 |
| Q3 FY2019 | Sep 30, 2019 | 14.5% | +0.2 |
| Q2 FY2019 | Jun 30, 2019 | 16.4% | −0.5 |
| Q1 FY2019 | Mar 31, 2019 | 9.8% | −2.7 |
| Q4 FY2018 | Dec 31, 2018 | 14.4% | +0.3 |
| Q3 FY2018 | Sep 30, 2018 | 14.3% | −1.6 |
| Q2 FY2018 | Jun 30, 2018 | 16.9% | −4.3 |
| Q1 FY2018 | Mar 31, 2018 | 12.5% | −0.0 |
| Q4 FY2017 | Dec 31, 2017 | 14.1% | −2.6 |
| Q3 FY2017 | Sep 30, 2017 | 15.9% | – |
| Q2 FY2017 | Jun 30, 2017 | 21.2% | – |
| Q1 FY2017 | Mar 31, 2017 | 12.5% | – |
| Q4 FY2016 | Dec 31, 2016 | 16.7% | – |
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