Southwest Airlines annual debt-to-equity ratio
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Southwest Airlines Debt-to-Equity Ratio Growth & History (LUV)
Southwest Airlines's debt-to-equity ratio was 0.75 for fiscal 2025.
View full Southwest Airlines company overviewSouthwest Airlines annual debt-to-equity ratio history
| Fiscal year | Period ended | Debt-to-equity ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 0.75 | −0.03 | −3.51% |
| 2024 | 2024-12-31 | 0.78 | −0.10 | −11.12% |
| 2023 | 2023-12-31 | 0.88 | −0.01 | −0.92% |
| 2022 | 2022-12-31 | 0.88 | −0.30 | −25.16% |
| 2021 | 2021-12-31 | 1.18 | −0.20 | −14.34% |
| 2020 | 2020-12-31 | 1.38 | 0.97 | +238.45% |
| 2019 | 2019-12-31 | 0.41 | 0.06 | +18.30% |
| 2018 | 2018-12-31 | 0.34 | −0.04 | −10.02% |
| 2017 | 2017-12-31 | 0.38 | −0.06 | −12.56% |
| 2016 | 2016-12-31 | 0.44 | −0.03 | −7.37% |
| 2015 | 2015-12-31 | 0.47 | 0.07 | +18.10% |
| 2014 | 2014-12-31 | 0.40 | 0.01 | +3.37% |
| 2013 | 2013-12-31 | 0.39 | −0.07 | −14.69% |
| 2012 | 2012-12-31 | 0.45 | −0.10 | −17.67% |
| 2011 | 2011-12-31 | 0.55 | 0.01 | +1.78% |
| 2010 | 2010-12-31 | 0.54 | −0.10 | −15.91% |
| 2009 | 2009-12-31 | 0.64 | −0.10 | −13.02% |
| 2008 | 2008-12-31 | 0.74 | — | — |
Southwest Airlines quarterly debt-to-equity ratio
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| Fiscal quarter | Period ended | Debt-to-equity ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | 0.67 | 0.00 | +0.52% |
| Q1 2026 | 2026-03-31 | 0.81 | 0.23 | +40.21% |
| Q4 2025 | 2025-12-31 | 0.75 | −0.03 | −3.51% |
| Q3 2025 | 2025-09-30 | 0.67 | 0.08 | +13.69% |
| Q2 2025 | 2025-06-30 | 0.66 | 0.07 | +12.62% |
| Q1 2025 | 2025-03-31 | 0.58 | −0.32 | −35.78% |
| Q4 2024 | 2024-12-31 | 0.78 | −0.10 | −11.12% |
| Q3 2024 | 2024-09-30 | 0.59 | −0.24 | −29.18% |
| Q2 2024 | 2024-06-30 | 0.59 | −0.27 | −31.49% |
| Q1 2024 | 2024-03-31 | 0.90 | −0.01 | −1.24% |
| Q4 2023 | 2023-12-31 | 0.88 | −0.01 | −0.92% |
| Q3 2023 | 2023-09-30 | 0.84 | −0.05 | −6.13% |
| Q2 2023 | 2023-06-30 | 0.86 | −0.07 | −7.32% |
| Q1 2023 | 2023-03-31 | 0.91 | −0.23 | −20.11% |
| Q4 2022 | 2022-12-31 | 0.88 | −0.30 | −25.16% |
| Q3 2022 | 2022-09-30 | 0.89 | −0.34 | −27.48% |
| Q2 2022 | 2022-06-30 | 0.93 | −0.22 | −19.10% |
| Q1 2022 | 2022-03-31 | 1.14 | −0.25 | −17.81% |
| Q4 2021 | 2021-12-31 | 1.18 | −0.20 | −14.34% |
| Q3 2021 | 2021-09-30 | 1.23 | 0.01 | +1.05% |
| Q2 2021 | 2021-06-30 | 1.15 | 0.16 | +16.54% |
| Q1 2021 | 2021-03-31 | 1.38 | 0.99 | +252.71% |
| Q4 2020 | 2020-12-31 | 1.38 | 0.97 | +238.45% |
| Q3 2020 | 2020-09-30 | 1.22 | 0.84 | +222.43% |
| Q2 2020 | 2020-06-30 | 0.99 | 0.60 | +153.22% |
| Q1 2020 | 2020-03-31 | 0.39 | −0.03 | −6.77% |
| Q4 2019 | 2019-12-31 | 0.41 | 0.06 | +18.30% |
| Q3 2019 | 2019-09-30 | 0.38 | 0.07 | +23.47% |
| Q2 2019 | 2019-06-30 | 0.39 | 0.07 | +23.40% |
| Q1 2019 | 2019-03-31 | 0.42 | 0.08 | +25.22% |
| Q4 2018 | 2018-12-31 | 0.34 | −0.04 | −10.02% |
| Q3 2018 | 2018-09-30 | 0.31 | −0.01 | −2.75% |
| Q2 2018 | 2018-06-30 | 0.32 | −0.01 | −3.44% |
| Q1 2018 | 2018-03-31 | 0.34 | −0.00 | −1.03% |
| Q4 2017 | 2017-12-31 | 0.38 | −0.06 | −12.56% |
| Q3 2017 | 2017-09-30 | 0.31 | 0.03 | +8.76% |
| Q2 2017 | 2017-06-30 | 0.33 | 0.02 | +6.91% |
| Q1 2017 | 2017-03-31 | 0.34 | 0.02 | +7.90% |
| Q4 2016 | 2016-12-31 | 0.44 | −0.03 | −7.37% |
| Q3 2016 | 2016-09-30 | 0.29 | −0.05 | −15.52% |
| Q2 2016 | 2016-06-30 | 0.31 | −0.03 | −9.24% |
| Q1 2016 | 2016-03-31 | 0.31 | −0.04 | −10.25% |
| Q4 2015 | 2015-12-31 | 0.47 | 0.07 | +18.10% |
| Q3 2015 | 2015-09-30 | 0.34 | 0.06 | +19.46% |
| Q2 2015 | 2015-06-30 | 0.34 | 0.05 | +17.58% |
| Q1 2015 | 2015-03-31 | 0.35 | 0.05 | +15.88% |
| Q4 2014 | 2014-12-31 | 0.40 | 0.01 | +3.37% |
| Q3 2014 | 2014-09-30 | 0.29 | −0.12 | −30.23% |
| Q2 2014 | 2014-06-30 | 0.29 | −0.15 | −33.79% |
| Q1 2014 | 2014-03-31 | 0.30 | −0.13 | −29.62% |
| Q4 2013 | 2013-12-31 | 0.39 | −0.07 | −14.69% |
| Q3 2013 | 2013-09-30 | 0.41 | −0.05 | −11.02% |
| Q2 2013 | 2013-06-30 | 0.43 | −0.05 | −9.66% |
| Q1 2013 | 2013-03-31 | 0.43 | −0.04 | −7.88% |
| Q4 2012 | 2012-12-31 | 0.45 | −0.10 | −17.67% |
| Q3 2012 | 2012-09-30 | 0.46 | −0.19 | −28.96% |
| Q2 2012 | 2012-06-30 | 0.48 | −0.11 | −18.49% |
| Q1 2012 | 2012-03-31 | 0.47 | −0.04 | −7.91% |
| Q4 2011 | 2011-12-31 | 0.55 | 0.01 | +1.78% |
| Q3 2011 | 2011-09-30 | 0.65 | 0.07 | +11.44% |
| Q2 2011 | 2011-06-30 | 0.59 | −0.03 | −5.42% |
| Q1 2011 | 2011-03-31 | 0.51 | −0.12 | −19.39% |
| Q4 2010 | 2010-12-31 | 0.54 | −0.10 | −15.91% |
| Q3 2010 | 2010-09-30 | 0.58 | −0.10 | −15.09% |
| Q2 2010 | 2010-06-30 | 0.62 | −0.04 | −5.45% |
| Q1 2010 | 2010-03-31 | 0.63 | −0.10 | −14.31% |
| Q4 2009 | 2009-12-31 | 0.64 | −0.09 | −12.81% |
| Q3 2009 | 2009-09-30 | 0.69 | — | — |
| Q2 2009 | 2009-06-30 | 0.66 | — | — |
| Q1 2009 | 2009-03-31 | 0.73 | — | — |
| Q4 2008 | 2008-12-31 | 0.74 | — | — |
Southwest Airlines debt-to-equity ratio trends
Over the last five fiscal years, Southwest Airlines's debt-to-equity ratio decreased from 1.38 to 0.75, a change of −0.63. The latest reported quarter, Q2 2026, shows 0.67.
About the metric
What the debt-to-equity ratio means
The debt-to-equity ratio compares interest-bearing debt with shareholders’ equity. It helps show how much debt financing a company uses relative to its accounting equity, but useful comparison levels vary by industry.
Calculation and source
How debt-to-equity is calculated
TickerStat calculates debt-to-equity as total interest-bearing debt divided by SEC-reported shareholders’ equity for the same balance-sheet date. Total liabilities are not treated as debt, and periods with non-positive equity are omitted. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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