Southwest Airlines annual return on equity
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2025
Southwest Airlines Return on Equity (ROE) Growth & History (LUV)
Southwest Airlines's return on equity was 4.81% for fiscal 2025.
View full Southwest Airlines company overviewSouthwest Airlines annual return on equity history
| Fiscal year | Period ended | Return on equity | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 4.81% | +0.35 pp |
| 2024 | 2024-12-31 | 4.46% | +0.07 pp |
| 2023 | 2023-12-31 | 4.39% | −0.72 pp |
| 2022 | 2022-12-31 | 5.11% | −5.02 pp |
| 2021 | 2021-12-31 | 10.13% | +42.99 pp |
| 2020 | 2020-12-31 | −32.86% | −56.23 pp |
| 2019 | 2019-12-31 | 23.37% | −1.92 pp |
| 2018 | 2018-12-31 | 25.29% | −13.24 pp |
| 2017 | 2017-12-31 | 38.53% | +8.52 pp |
| 2016 | 2016-12-31 | 30.02% | −2.21 pp |
| 2015 | 2015-12-31 | 32.22% | +16.12 pp |
| 2014 | 2014-12-31 | 16.10% | +5.58 pp |
| 2013 | 2013-12-31 | 10.52% | +4.45 pp |
| 2012 | 2012-12-31 | 6.07% | +3.36 pp |
| 2011 | 2011-12-31 | 2.71% | −5.14 pp |
| 2010 | 2010-12-31 | 7.85% | +5.95 pp |
| 2009 | 2009-12-31 | 1.90% | −1.09 pp |
| 2008 | 2008-12-31 | 3.00% | — |
Southwest Airlines quarterly return on equity
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| Fiscal quarter | Period ended | Return on equity | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 3.34% | +0.89 pp |
| Q1 2026 | 2026-03-31 | 3.06% | +4.57 pp |
| Q4 2025 | 2025-12-31 | 4.10% | +1.58 pp |
| Q3 2025 | 2025-09-30 | 0.68% | +0.04 pp |
| Q2 2025 | 2025-06-30 | 2.45% | −1.10 pp |
| Q1 2025 | 2025-03-31 | −1.51% | +0.72 pp |
| Q4 2024 | 2024-12-31 | 2.52% | +4.86 pp |
| Q3 2024 | 2024-09-30 | 0.64% | −1.13 pp |
| Q2 2024 | 2024-06-30 | 3.55% | −2.92 pp |
| Q1 2024 | 2024-03-31 | −2.23% | −0.72 pp |
| Q4 2023 | 2023-12-31 | −2.34% | −0.30 pp |
| Q3 2023 | 2023-09-30 | 1.77% | −0.75 pp |
| Q2 2023 | 2023-06-30 | 6.48% | −0.58 pp |
| Q1 2023 | 2023-03-31 | −1.52% | +1.15 pp |
| Q4 2022 | 2022-12-31 | −2.04% | −2.68 pp |
| Q3 2022 | 2022-09-30 | 2.51% | −1.96 pp |
| Q2 2022 | 2022-06-30 | 7.06% | +3.35 pp |
| Q1 2022 | 2022-03-31 | −2.67% | −3.96 pp |
| Q4 2021 | 2021-12-31 | 0.65% | +10.39 pp |
| Q3 2021 | 2021-09-30 | 4.47% | +15.68 pp |
| Q2 2021 | 2021-06-30 | 3.71% | +12.88 pp |
| Q1 2021 | 2021-03-31 | 1.29% | +2.29 pp |
| Q4 2020 | 2020-12-31 | −9.74% | −14.94 pp |
| Q3 2020 | 2020-09-30 | −11.21% | −17.84 pp |
| Q2 2020 | 2020-06-30 | −9.17% | −16.68 pp |
| Q1 2020 | 2020-03-31 | −0.99% | −4.93 pp |
| Q4 2019 | 2019-12-31 | 5.20% | −1.34 pp |
| Q3 2019 | 2019-09-30 | 6.63% | +0.53 pp |
| Q2 2019 | 2019-06-30 | 7.51% | +0.04 pp |
| Q1 2019 | 2019-03-31 | 3.94% | −0.87 pp |
| Q4 2018 | 2018-12-31 | 6.54% | −12.41 pp |
| Q3 2018 | 2018-09-30 | 6.10% | +0.01 pp |
| Q2 2018 | 2018-06-30 | 7.47% | −1.41 pp |
| Q1 2018 | 2018-03-31 | 4.81% | +0.57 pp |
| Q4 2017 | 2017-12-31 | 18.95% | +12.35 pp |
| Q3 2017 | 2017-09-30 | 6.09% | +1.20 pp |
| Q2 2017 | 2017-06-30 | 8.88% | −1.83 pp |
| Q1 2017 | 2017-03-31 | 4.24% | −2.96 pp |
| Q4 2016 | 2016-12-31 | 6.59% | −1.21 pp |
| Q3 2016 | 2016-09-30 | 4.89% | −3.38 pp |
| Q2 2016 | 2016-06-30 | 10.71% | +2.06 pp |
| Q1 2016 | 2016-03-31 | 7.20% | +0.57 pp |
| Q4 2015 | 2015-12-31 | 7.81% | +5.13 pp |
| Q3 2015 | 2015-09-30 | 8.27% | +3.87 pp |
| Q2 2015 | 2015-06-30 | 8.65% | +2.32 pp |
| Q1 2015 | 2015-03-31 | 6.62% | +4.53 pp |
| Q4 2014 | 2014-12-31 | 2.68% | −0.28 pp |
| Q3 2014 | 2014-09-30 | 4.40% | +0.65 pp |
| Q2 2014 | 2014-06-30 | 6.32% | +3.06 pp |
| Q1 2014 | 2014-03-31 | 2.09% | +1.25 pp |
| Q4 2013 | 2013-12-31 | 2.95% | +1.84 pp |
| Q3 2013 | 2013-09-30 | 3.76% | +3.52 pp |
| Q2 2013 | 2013-06-30 | 3.26% | −0.01 pp |
| Q1 2013 | 2013-03-31 | 0.85% | −0.56 pp |
| Q4 2012 | 2012-12-31 | 1.11% | −1.16 pp |
| Q3 2012 | 2012-09-30 | 0.23% | +2.28 pp |
| Q2 2012 | 2012-06-30 | 3.27% | +0.94 pp |
| Q1 2012 | 2012-03-31 | 1.40% | +1.32 pp |
| Q4 2011 | 2011-12-31 | 2.28% | +0.13 pp |
| Q3 2011 | 2011-09-30 | −2.05% | −5.61 pp |
| Q2 2011 | 2011-06-30 | 2.34% | +0.31 pp |
| Q1 2011 | 2011-03-31 | 0.08% | −0.12 pp |
| Q4 2010 | 2010-12-31 | 2.15% | −0.02 pp |
| Q3 2010 | 2010-09-30 | 3.57% | +3.87 pp |
| Q2 2010 | 2010-06-30 | 2.02% | +0.21 pp |
| Q1 2010 | 2010-03-31 | 0.20% | +2.04 pp |
| Q4 2009 | 2009-12-31 | 2.17% | — |
| Q3 2009 | 2009-09-30 | −0.31% | — |
| Q2 2009 | 2009-06-30 | 1.81% | — |
| Q1 2009 | 2009-03-31 | −1.84% | — |
Southwest Airlines return on equity trends
Over the last five fiscal years, Southwest Airlines's return on equity increased from −32.86% to 4.81%, a change of +37.67 percentage points. The latest reported quarter, Q2 2026, shows 3.34%.
About the metric
What return on equity (ROE) means
Return on equity (ROE) measures how much net income a company generates relative to shareholders’ equity. It can help evaluate how efficiently equity capital is used, but unusually high or negative values may reflect leverage, losses, or a small equity base.
Calculation and source
How return on equity is calculated
TickerStat calculates ROE as SEC-reported net income divided by average stockholders’ equity at the beginning and end of the fiscal period. Periods with missing or non-positive average equity are omitted. Quarterly ROE uses quarterly net income and is not annualized. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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