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Saturday 17 October 2026 Export LUV’s income statement to Excel — free account

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.

39.49 1.34 −3.28%
Market cap
$20.0B
P/E
23.8×
Fwd P/E
15.0×
Dividend yield
1.82%
F-score
7/9
Altman Z
2.22
Beneish M
−2.66
Dividend safety
24/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Southwest Airlines Co. (LUV) Gross margin

Alert me on Gross margin

Southwest Airlines Co.'s gross margin over the twelve months to 30 June 2026 was 23.2%, up 0.2 percentage points from fiscal 2025 (23.0%). Over the past ten years it has ranged from −7.02% (fiscal 2020) to 37.4% (fiscal 2015); the current reading is higher than 36% of that period. That is below the Airlines industry median of 40.7% and below the Industrials sector median of 30.5%.

Gross margin, annual

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Annual newest first

Period Gross margin Change (points)
FY2025 23.0% 0.75
FY2024 22.3% 0.23
FY2023 22.0% (3.61)
FY2022 25.6% (8.49)
FY2021 34.1% 41.14
FY2020 −7.02% (39.13)
FY2019 32.1% (0.94)
FY2018 33.1% (2.29)
FY2017 35.3% (1.36)
FY2016 36.7% (0.70)

Quarterly newest first

Period Gross margin Change (points)
Jun 2026 21.2% (3.15)
Mar 2026 24.4% (0.94)
Dec 2025 25.3% 2.96
Sep 2025 22.3% (1.94)
42 more quarters

Against its own ten years

Low −7.02% High 37.4%
Ten-year median 32.1%
Current reading's percentile 33

Gross margin against peers

Company Gross margin
ALK Alaska Air Group, Inc. compare 100.0%
UAL United Airlines Holdings Inc compare 67.7%
CPA Copa Holdings, S.A. compare 62.4%
RYAAY Ryanair Holdings PLC compare 52.3%
DAL Delta Air Lines, Inc. compare 29.1%
LTM LATAM Airlines Group S.A. compare 27.0%
LUV Southwest Airlines Co. 23.2%
AAL American Airlines Group Inc. compare 21.1%
ZNH China Southern Airlines Company Limited compare −0.11%
Airlines industry median 40.7%
Industrials sector median 30.5%
Market median 46.2%

What Gross margin is

Gross Margin tells an investor how much of each sale a company keeps after paying the direct costs of making or buying what it sells.

Gross Profit ÷ Revenue

The full definition of Gross margin →

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