Southwest Airlines annual operating margin
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Southwest Airlines Operating Margin Growth & History (LUV)
Southwest Airlines's operating margin was 1.53% for fiscal 2025.
View full Southwest Airlines company overviewSouthwest Airlines annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 1.53% | +0.36 pp |
| 2024 | 2024-12-31 | 1.17% | +0.31 pp |
| 2023 | 2023-12-31 | 0.86% | −3.41 pp |
| 2022 | 2022-12-31 | 4.27% | −6.63 pp |
| 2021 | 2021-12-31 | 10.90% | +53.07 pp |
| 2020 | 2020-12-31 | −42.18% | −55.36 pp |
| 2019 | 2019-12-31 | 13.18% | −1.41 pp |
| 2018 | 2018-12-31 | 14.60% | −1.52 pp |
| 2017 | 2017-12-31 | 16.11% | −1.25 pp |
| 2016 | 2016-12-31 | 17.36% | −3.41 pp |
| 2015 | 2015-12-31 | 20.77% | +8.81 pp |
| 2014 | 2014-12-31 | 11.96% | +4.74 pp |
| 2013 | 2013-12-31 | 7.22% | +3.57 pp |
| 2012 | 2012-12-31 | 3.65% | −0.78 pp |
| 2011 | 2011-12-31 | 4.43% | −3.74 pp |
| 2010 | 2010-12-31 | 8.16% | +5.63 pp |
| 2009 | 2009-12-31 | 2.53% | −1.54 pp |
| 2008 | 2008-12-31 | 4.07% | −3.95 pp |
| 2007 | 2007-12-31 | 8.02% | — |
Southwest Airlines quarterly operating margin
Q1.08
Q2.08
Q3.08
Q4.08
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Q2.10
Q3.10
Q4.10
Q1.11
Q2.11
Q3.11
Q4.11
Q1.12
Q2.12
Q3.12
Q4.12
Q1.13
Q2.13
Q3.13
Q4.13
Q1.14
Q2.14
Q3.14
Q4.14
Q1.15
Q2.15
Q3.15
Q4.15
Q1.16
Q2.16
Q3.16
Q4.16
Q1.17
Q2.17
Q3.17
Q4.17
Q1.18
Q2.18
Q3.18
Q4.18
Q1.19
Q2.19
Q3.19
Q4.19
Q1.20
Q2.20
Q3.20
Q4.20
Q1.21
Q2.21
Q3.21
Q4.21
Q1.22
Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 3.38% | +0.27 pp |
| Q1 2026 | 2026-03-31 | 4.55% | +8.02 pp |
| Q4 2025 | 2025-12-31 | 5.25% | +1.24 pp |
| Q3 2025 | 2025-09-30 | 0.50% | −0.05 pp |
| Q2 2025 | 2025-06-30 | 3.11% | −2.31 pp |
| Q1 2025 | 2025-03-31 | −3.47% | +2.74 pp |
| Q4 2024 | 2024-12-31 | 4.01% | +9.93 pp |
| Q3 2024 | 2024-09-30 | 0.55% | −1.24 pp |
| Q2 2024 | 2024-06-30 | 5.41% | −5.89 pp |
| Q1 2024 | 2024-03-31 | −6.21% | −1.23 pp |
| Q4 2023 | 2023-12-31 | −5.92% | +0.32 pp |
| Q3 2023 | 2023-09-30 | 1.79% | −4.56 pp |
| Q2 2023 | 2023-06-30 | 11.30% | −5.91 pp |
| Q1 2023 | 2023-03-31 | −4.98% | −1.76 pp |
| Q4 2022 | 2022-12-31 | −6.24% | −10.10 pp |
| Q3 2022 | 2022-09-30 | 6.35% | −9.32 pp |
| Q2 2022 | 2022-06-30 | 17.21% | +2.39 pp |
| Q1 2022 | 2022-03-31 | −3.22% | −12.91 pp |
| Q4 2021 | 2021-12-31 | 3.86% | +61.88 pp |
| Q3 2021 | 2021-09-30 | 15.67% | +94.36 pp |
| Q2 2021 | 2021-06-30 | 14.82% | +126.63 pp |
| Q1 2021 | 2021-03-31 | 9.70% | +12.30 pp |
| Q4 2020 | 2020-12-31 | −58.02% | −69.63 pp |
| Q3 2020 | 2020-09-30 | −78.69% | −93.22 pp |
| Q2 2020 | 2020-06-30 | −111.81% | −128.19 pp |
| Q1 2020 | 2020-03-31 | −2.60% | −12.41 pp |
| Q4 2019 | 2019-12-31 | 11.60% | −2.77 pp |
| Q3 2019 | 2019-09-30 | 14.52% | +0.21 pp |
| Q2 2019 | 2019-06-30 | 16.38% | −0.55 pp |
| Q1 2019 | 2019-03-31 | 9.81% | −2.65 pp |
| Q4 2018 | 2018-12-31 | 14.38% | +0.28 pp |
| Q3 2018 | 2018-09-30 | 14.31% | −1.62 pp |
| Q2 2018 | 2018-06-30 | 16.93% | −4.27 pp |
| Q1 2018 | 2018-03-31 | 12.46% | −0.03 pp |
| Q4 2017 | 2017-12-31 | 14.09% | +1.81 pp |
| Q3 2017 | 2017-09-30 | 15.93% | +2.41 pp |
| Q2 2017 | 2017-06-30 | 21.20% | −2.50 pp |
| Q1 2017 | 2017-03-31 | 12.48% | −7.08 pp |
| Q4 2016 | 2016-12-31 | 12.29% | −8.33 pp |
| Q3 2016 | 2016-09-30 | 13.52% | −9.51 pp |
| Q2 2016 | 2016-06-30 | 23.70% | +2.47 pp |
| Q1 2016 | 2016-03-31 | 19.56% | +1.89 pp |
| Q4 2015 | 2015-12-31 | 20.61% | +7.20 pp |
| Q3 2015 | 2015-09-30 | 23.03% | +10.24 pp |
| Q2 2015 | 2015-06-30 | 21.23% | +5.76 pp |
| Q1 2015 | 2015-03-31 | 17.67% | +12.51 pp |
| Q4 2014 | 2014-12-31 | 13.42% | +4.72 pp |
| Q3 2014 | 2014-09-30 | 12.79% | +4.21 pp |
| Q2 2014 | 2014-06-30 | 15.47% | +6.14 pp |
| Q1 2014 | 2014-03-31 | 5.16% | +3.45 pp |
| Q4 2013 | 2013-12-31 | 8.70% | +6.54 pp |
| Q3 2013 | 2013-09-30 | 8.58% | +7.40 pp |
| Q2 2013 | 2013-06-30 | 9.33% | −0.64 pp |
| Q1 2013 | 2013-03-31 | 1.71% | +1.16 pp |
| Q4 2012 | 2012-12-31 | 2.16% | −1.42 pp |
| Q3 2012 | 2012-09-30 | 1.18% | −4.04 pp |
| Q2 2012 | 2012-06-30 | 9.97% | +4.96 pp |
| Q1 2012 | 2012-03-31 | 0.55% | −3.12 pp |
| Q4 2011 | 2011-12-31 | 3.58% | −5.64 pp |
| Q3 2011 | 2011-09-30 | 5.22% | −5.90 pp |
| Q2 2011 | 2011-06-30 | 5.00% | −6.45 pp |
| Q1 2011 | 2011-03-31 | 3.67% | +1.62 pp |
| Q4 2010 | 2010-12-31 | 9.22% | +3.06 pp |
| Q3 2010 | 2010-09-30 | 11.12% | +10.30 pp |
| Q2 2010 | 2010-06-30 | 11.46% | +6.76 pp |
| Q1 2010 | 2010-03-31 | 2.05% | +4.17 pp |
| Q4 2009 | 2009-12-31 | 6.16% | +3.60 pp |
| Q3 2009 | 2009-09-30 | 0.83% | −2.15 pp |
| Q2 2009 | 2009-06-30 | 4.70% | −2.44 pp |
| Q1 2009 | 2009-03-31 | −2.12% | −5.60 pp |
| Q4 2008 | 2008-12-31 | 2.56% | — |
| Q3 2008 | 2008-09-30 | 2.97% | — |
| Q2 2008 | 2008-06-30 | 7.15% | — |
| Q1 2008 | 2008-03-31 | 3.48% | — |
Southwest Airlines operating margin trends
Over the last five reported fiscal years, Southwest Airlines's operating margin increased from −42.18% to 1.53%, a change of +43.70 percentage points. The latest reported quarter, Q2 2026, shows 3.38%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Southwest Airlines filings at SEC.gov ↗