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FCF Margin for Southwest Airlines (LUV)

As of · Reported

Metric

TTM

-1.4%

YoY change

+2.93pp

Trough year (2008)

-22.2%

Peak year (2007)

15.4%

FCF Margin history chart for Southwest Airlines (LUV) from 1989 to 2025

Latest: -3.0%

FCF Margin change chart for Southwest Airlines (LUV) from 1989 to 2025

Latest: +2.93pp

FCF Margin history table for Southwest Airlines (LUV) from 1989 to 2025

  • 2025-3.0%+2.93pp
  • 2024-5.9%-4.40pp
  • 2023-1.5%-0.84pp
  • 2022-0.7%-12.12pp
  • 202111.5%+29.62pp
  • 2020-18.1%-31.35pp
  • 201913.2%-0.08pp
  • 201813.3%+5.34pp
  • 20177.9%-2.57pp
  • 201610.5%+4.98pp
  • 20155.5%-0.25pp
  • 20145.8%-0.12pp
  • 20135.9%+1.70pp
  • 20124.2%+1.53pp
  • 20112.7%-6.16pp
  • 20108.8%+4.96pp
  • 20093.9%+26.04pp
  • 2008-22.2%-37.53pp
  • 200715.4%+15.28pp
  • 20060.1%-13.36pp
  • 200513.4%+22.90pp
  • 2004-9.5%-11.11pp
  • 20031.7%+3.15pp
  • 2002-1.5%-10.26pp
  • 20018.8%+5.87pp
  • 20002.9%+6.40pp
  • 1999-3.5%-2.04pp
  • 1998-1.5%+0.59pp
  • 1997-2.1%-0.23pp
  • 1996-1.8%+7.65pp
  • 1995-9.5%+5.03pp
  • 1994-14.5%-8.78pp
  • 1993-5.7%+2.86pp
  • 1992-8.6%+9.52pp
  • 1991-18.1%-0.77pp
  • 1990-17.3%-8.09pp
  • 1989-9.3%—

FCF Margin values are taken from Southwest Airlines's reported income statements (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.

About FCF Margin at Southwest Airlines (LUV)

According to Southwest Airlines's latest reported financial statements, the company's latest reported free cash flow margin is -1.4%. Free cash flow margin is free cash flow divided by revenue — the share of each sales dollar that converts into cash after capital expenditures. Because free cash flow cannot be inflated by non-cash accounting, FCF margin is a clean read on how efficiently a business turns revenue into deployable cash.

Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .

In 2025, Southwest Airlines (LUV) free cash flow margin totalled -2.96% – expanded 2.9 percentage points year-over-year.

15.35% stands as the all-time-high annual free cash flow margin, posted in 2007, against a low of -22.17% during 2008.

Southwest Airlines FCF Margin by Year

Southwest Airlines FCF Margin 2025: -3.0%

Southwest Airlines free cash flow margin in 2025 was -2.96%, expanded 2.9 percentage points from 2024.

Southwest Airlines FCF Margin 2024: -5.9%

2024's free cash flow margin for Southwest Airlines came in at -5.89%, contracted 4.4 percentage points from 2023.

Southwest Airlines FCF Margin 2023: -1.5%

Southwest Airlines posted free cash flow margin of -1.49% in 2023, contracted 0.8 percentage points from 2022.

Southwest Airlines FCF Margin 2022: -0.7%

In 2022, Southwest Airlines reported free cash flow margin of -0.66%, contracted 12.1 percentage points from 2021.

Southwest Airlines FCF Margin 2021: 11.5%

Southwest Airlines free cash flow margin in 2021 was 11.47%.

See more financial history for Southwest Airlines (LUV).

Sector peers by FCF Margin

Industrials peers of Southwest Airlines (LUV), ranked by their latest free cash flow margin

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