Southwest Airlines Co.
LUV Industrials Airlines
Southwest Airlines Co.’s revenue for fiscal 2025 (year ended December 2025) was $28.1 billion, up 2.11% from fiscal 2024. In the quarter to June 2026, revenue grew 16.4%, EPS grew 20.0%, free cash flow grew 86.8% and total debt rose 44.9%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for three consecutive years, revenue growth for five.
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Southwest Airlines Co. (LUV) Free cash flow margin
Southwest Airlines Co.'s free cash flow margin over the twelve months to 30 June 2026 was −0.02%, up 2.9 percentage points from fiscal 2025 (−2.96%). Over the past ten years it has ranged from −13.4% (fiscal 2020) to 15.0% (fiscal 2019); the current reading is higher than 27% of that period. That is below the Airlines industry median of 4.20% and below the Industrials sector median of 2.43%.
Free cash flow margin, annual
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Annual newest first
| Period | Free cash flow margin | Change (points) |
|---|---|---|
| FY2025 | −2.96% | 2.83 |
| FY2024 | −5.79% | (4.43) |
| FY2023 | −1.36% | (0.80) |
| FY2022 | −0.56% | (12.07) |
| FY2021 | 11.5% | 24.93 |
| FY2020 | −13.4% | (28.40) |
| FY2019 | 15.0% | 1.45 |
| FY2018 | 13.5% | 4.99 |
| FY2017 | 8.54% | (2.57) |
| FY2016 | 11.1% | 5.07 |
Against its own ten years
Free cash flow margin against peers
| Company | Free cash flow margin |
|---|---|
| LTM LATAM Airlines Group S.A. compare | 13.7% |
| RYAAY Ryanair Holdings PLC compare | 10.9% |
| CPA Copa Holdings, S.A. compare | 4.44% |
| DAL Delta Air Lines, Inc. compare | 4.21% |
| UAL United Airlines Holdings Inc compare | 4.18% |
| AAL American Airlines Group Inc. compare | 0.49% |
| ZNH China Southern Airlines Company Limited compare | 0.00% |
| LUV Southwest Airlines Co. | −0.02% |
| ALK Alaska Air Group, Inc. compare | −3.71% |
| Airlines industry median | 4.20% |
| Industrials sector median | 2.43% |
| Market median | 0.00% |
What Free cash flow margin is
Free Cash Flow Margin tells an investor how much of each sale turns into cash the company keeps after paying for investment in its assets.
(Operating Cash Flow + Property, Plant, Equipment Change (Net) + Intangible Assets Change (Net)) ÷ Revenue
More on LUV
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
- The full statement