Southwest Airlines annual debt-to-ebitda ratio
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Southwest Airlines Debt-to-EBITDA Ratio Growth & History (LUV)
Southwest Airlines's debt-to-ebitda ratio was 3.02 for fiscal 2025.
View full Southwest Airlines company overviewSouthwest Airlines annual debt-to-ebitda ratio history
| Fiscal year | Period ended | Debt-to-EBITDA ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 3.02 | −1.06 | −25.97% |
| 2024 | 2024-12-31 | 4.08 | −1.20 | −22.77% |
| 2023 | 2023-12-31 | 5.28 | 1.29 | +32.21% |
| 2022 | 2022-12-31 | 3.99 | −0.12 | −2.93% |
| 2021 | 2021-12-31 | 4.11 | — | — |
| 2019 | 2019-12-31 | 0.96 | 0.19 | +24.58% |
| 2018 | 2018-12-31 | 0.77 | −0.03 | −3.49% |
| 2017 | 2017-12-31 | 0.80 | 0.08 | +11.06% |
| 2016 | 2016-12-31 | 0.72 | 0.10 | +15.35% |
| 2015 | 2015-12-31 | 0.62 | −0.23 | −27.33% |
| 2014 | 2014-12-31 | 0.86 | −0.47 | −35.26% |
| 2013 | 2013-12-31 | 1.32 | −0.84 | −38.78% |
| 2012 | 2012-12-31 | 2.16 | −0.53 | −19.66% |
| 2011 | 2011-12-31 | 2.69 | 0.60 | +28.80% |
| 2010 | 2010-12-31 | 2.09 | −1.91 | −47.76% |
| 2009 | 2009-12-31 | 4.00 | 0.51 | +14.60% |
| 2008 | 2008-12-31 | 3.49 | — | — |
Southwest Airlines quarterly debt-to-ebitda ratio
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| Fiscal quarter | Period ended | Debt-to-EBITDA ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | 1.82 | −0.90 | −33.08% |
| Q1 2026 | 2026-03-31 | 2.18 | −0.34 | −13.54% |
| Q4 2025 | 2025-12-31 | 3.02 | −1.06 | −25.97% |
| Q3 2025 | 2025-09-30 | 2.74 | −1.99 | −42.09% |
| Q2 2025 | 2025-06-30 | 2.72 | −1.97 | −41.99% |
| Q1 2025 | 2025-03-31 | 2.52 | −2.91 | −53.61% |
| Q4 2024 | 2024-12-31 | 4.08 | −1.20 | −22.77% |
| Q3 2024 | 2024-09-30 | 4.73 | −0.66 | −12.18% |
| Q2 2024 | 2024-06-30 | 4.68 | −0.08 | −1.58% |
| Q1 2024 | 2024-03-31 | 5.44 | 1.33 | +32.42% |
| Q4 2023 | 2023-12-31 | 5.28 | 1.29 | +32.21% |
| Q3 2023 | 2023-09-30 | 5.38 | 2.03 | +60.65% |
| Q2 2023 | 2023-06-30 | 4.76 | 1.55 | +48.52% |
| Q1 2023 | 2023-03-31 | 4.11 | −0.35 | −7.83% |
| Q4 2022 | 2022-12-31 | 3.99 | −0.12 | −2.93% |
| Q3 2022 | 2022-09-30 | 3.35 | −4.41 | −56.80% |
| Q2 2022 | 2022-06-30 | 3.20 | — | — |
| Q1 2022 | 2022-03-31 | 4.45 | — | — |
| Q4 2021 | 2021-12-31 | 4.11 | — | — |
| Q3 2021 | 2021-09-30 | 7.76 | — | — |
| Q2 2020 | 2020-06-30 | 7.19 | 6.30 | +703.27% |
| Q1 2020 | 2020-03-31 | 0.99 | 0.04 | +4.32% |
| Q4 2019 | 2019-12-31 | 0.96 | 0.19 | +24.58% |
| Q3 2019 | 2019-09-30 | 0.86 | 0.14 | +18.72% |
| Q2 2019 | 2019-06-30 | 0.90 | 0.17 | +22.75% |
| Q1 2019 | 2019-03-31 | 0.95 | 0.25 | +35.67% |
| Q4 2018 | 2018-12-31 | 0.77 | −0.03 | −3.49% |
| Q3 2018 | 2018-09-30 | 0.72 | 0.11 | +18.84% |
| Q2 2018 | 2018-06-30 | 0.73 | 0.09 | +14.94% |
| Q1 2018 | 2018-03-31 | 0.70 | 0.08 | +11.97% |
| Q4 2017 | 2017-12-31 | 0.80 | 0.08 | +11.06% |
| Q3 2017 | 2017-09-30 | 0.61 | 0.16 | +34.15% |
| Q2 2017 | 2017-06-30 | 0.63 | 0.21 | +48.17% |
| Q1 2017 | 2017-03-31 | 0.63 | 0.19 | +42.28% |
| Q4 2016 | 2016-12-31 | 0.72 | 0.10 | +15.35% |
| Q3 2016 | 2016-09-30 | 0.45 | −0.05 | −9.96% |
| Q2 2016 | 2016-06-30 | 0.43 | −0.16 | −27.45% |
| Q1 2016 | 2016-03-31 | 0.44 | −0.20 | −31.54% |
| Q4 2015 | 2015-12-31 | 0.62 | −0.23 | −27.33% |
| Q3 2015 | 2015-09-30 | 0.51 | −0.23 | −31.09% |
| Q2 2015 | 2015-06-30 | 0.59 | −0.22 | −27.10% |
| Q1 2015 | 2015-03-31 | 0.64 | −0.30 | −31.77% |
| Q4 2014 | 2014-12-31 | 0.86 | −0.47 | −35.26% |
| Q3 2014 | 2014-09-30 | 0.73 | −0.82 | −52.81% |
| Q2 2014 | 2014-06-30 | 0.81 | −1.14 | −58.37% |
| Q1 2014 | 2014-03-31 | 0.94 | −1.02 | −51.86% |
| Q4 2013 | 2013-12-31 | 1.32 | −0.84 | −38.78% |
| Q3 2013 | 2013-09-30 | 1.55 | −0.61 | −28.12% |
| Q2 2013 | 2013-06-30 | 1.95 | −0.05 | −2.54% |
| Q1 2013 | 2013-03-31 | 1.96 | −0.47 | −19.25% |
| Q4 2012 | 2012-12-31 | 2.16 | −0.53 | −19.66% |
| Q3 2012 | 2012-09-30 | 2.16 | −0.75 | −25.87% |
| Q2 2012 | 2012-06-30 | 2.00 | −0.75 | −27.21% |
| Q1 2012 | 2012-03-31 | 2.43 | 0.44 | +22.17% |
| Q4 2011 | 2011-12-31 | 2.69 | 0.60 | +28.80% |
| Q3 2011 | 2011-09-30 | 2.91 | 0.70 | +31.47% |
| Q2 2011 | 2011-06-30 | 2.74 | −0.06 | −2.13% |
| Q1 2011 | 2011-03-31 | 1.99 | −1.54 | −43.61% |
| Q4 2010 | 2010-12-31 | 2.09 | −1.91 | −47.76% |
| Q3 2010 | 2010-09-30 | 2.22 | −2.36 | −51.58% |
| Q2 2010 | 2010-06-30 | 2.80 | −1.25 | −30.83% |
| Q1 2010 | 2010-03-31 | 3.52 | −0.42 | −10.67% |
| Q4 2009 | 2009-12-31 | 4.00 | 0.51 | +14.60% |
| Q3 2009 | 2009-09-30 | 4.58 | — | — |
| Q2 2009 | 2009-06-30 | 4.05 | — | — |
| Q1 2009 | 2009-03-31 | 3.95 | — | — |
| Q4 2008 | 2008-12-31 | 3.49 | — | — |
Southwest Airlines debt-to-ebitda ratio trends
Between the periods ended 2008-12-31 and 2025-12-31, Southwest Airlines's debt-to-ebitda ratio decreased from 3.49 to 3.02, a change of −0.48. The latest reported quarter, Q2 2026, shows 1.82.
About the metric
What the debt-to-EBITDA ratio means
Debt-to-EBITDA compares interest-bearing debt with operating earnings before interest, taxes, depreciation, and amortization. It is commonly used to assess leverage, but it is generally unsuitable for banks and other financial companies.
Calculation and source
How debt-to-EBITDA is calculated
TickerStat divides period-end total debt by annual EBITDA. Quarterly observations use trailing-12-month EBITDA. Periods with zero or negative EBITDA are excluded because the leverage multiple would not be meaningful. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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