TTM
16.5%
YoY change
+1.22pp
Trough year (2020)
-20.9%
Peak year (2007)
73.7%
Latest annual
17.4%
Gross Margin history chart for Southwest Airlines (LUV) from 1985 to 2025
Latest: 17.4%
Gross Margin change chart for Southwest Airlines (LUV) from 1985 to 2025
Latest: +1.22pp
Gross Margin history table for Southwest Airlines (LUV) from 1985 to 2025
| 2025 | 17.4% | +1.22pp | ||
| 2024 | 16.2% | +0.04pp | ||
| 2023 | 16.2% | -3.77pp | ||
| 2022 | 20.0% | -6.11pp | ||
| 2021 | 26.1% | +46.95pp | ||
| 2020 | -20.9% | -47.57pp | ||
| 2019 | 26.7% | -0.90pp | ||
| 2018 | 27.6% | -1.96pp | ||
| 2017 | 29.5% | -0.94pp | ||
| 2016 | 30.5% | -1.80pp | ||
| 2015 | 32.3% | +7.79pp | ||
| 2014 | 24.5% | +4.77pp | ||
| 2013 | 19.7% | +3.07pp | ||
| 2012 | 16.6% | -0.63pp | ||
| 2011 | 17.3% | -2.66pp | ||
| 2010 | 19.9% | -34.96pp | ||
| 2009 | 54.9% | -12.27pp | ||
| 2008 | 67.2% | -6.56pp | ||
| 2007 | 73.7% | +31.38pp | ||
| 2006 | 42.4% | -2.14pp | ||
| 2005 | 44.5% | +0.95pp | ||
| 2004 | 43.5% | +0.01pp | ||
| 2003 | 43.5% | +2.07pp | ||
| 2002 | 41.5% | -1.84pp | ||
| 2001 | 43.3% | -4.21pp | ||
| 2000 | 47.5% | +0.75pp | ||
| 1999 | 46.8% | +0.10pp | ||
| 1998 | 46.7% | +4.41pp | ||
| 1997 | 42.3% | +4.12pp | ||
| 1996 | 38.1% | -1.02pp | ||
| 1995 | 39.2% | -1.96pp | ||
| 1994 | 41.1% | -11.05pp | ||
| 1993 | 52.2% | -0.78pp | ||
| 1992 | 52.9% | +4.35pp | ||
| 1991 | 48.6% | -1.19pp | ||
| 1990 | 49.8% | -2.67pp | ||
| 1989 | 52.4% | -1.04pp | ||
| 1988 | 53.5% | -0.56pp | ||
| 1987 | 54.0% | -10.61pp | ||
| 1986 | 64.7% | +10.44pp | ||
| 1985 | 54.2% | — |
- 202517.4%+1.22pp
- 202416.2%+0.04pp
- 202316.2%-3.77pp
- 202220.0%-6.11pp
- 202126.1%+46.95pp
- 2020-20.9%-47.57pp
- 201926.7%-0.90pp
- 201827.6%-1.96pp
- 201729.5%-0.94pp
- 201630.5%-1.80pp
- 201532.3%+7.79pp
- 201424.5%+4.77pp
- 201319.7%+3.07pp
- 201216.6%-0.63pp
- 201117.3%-2.66pp
- 201019.9%-34.96pp
- 200954.9%-12.27pp
- 200867.2%-6.56pp
- 200773.7%+31.38pp
- 200642.4%-2.14pp
- 200544.5%+0.95pp
- 200443.5%+0.01pp
- 200343.5%+2.07pp
- 200241.5%-1.84pp
- 200143.3%-4.21pp
- 200047.5%+0.75pp
- 199946.8%+0.10pp
- 199846.7%+4.41pp
- 199742.3%+4.12pp
- 199638.1%-1.02pp
- 199539.2%-1.96pp
- 199441.1%-11.05pp
- 199352.2%-0.78pp
- 199252.9%+4.35pp
- 199148.6%-1.19pp
- 199049.8%-2.67pp
- 198952.4%-1.04pp
- 198853.5%-0.56pp
- 198754.0%-10.61pp
- 198664.7%+10.44pp
- 198554.2%—
Gross 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 Gross Margin at Southwest Airlines (LUV)
According to Southwest Airlines's latest reported financial statements, the company's latest reported gross margin is 16.5%. Gross margin is gross profit divided by revenue, expressed as a percentage. It shows how much of each sales dollar survives the direct cost of goods sold — before operating expenses, interest, and taxes. A higher gross margin generally signals pricing power and production efficiency. Margins are most meaningful compared against sector peers and a company's own history.
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) gross margin totalled 17.44% – expanded 1.2 percentage points year-over-year.
73.73% stands as the all-time-high annual gross margin, posted in 2007, against a low of -20.89% during 2020.
Southwest Airlines Gross Margin by Year
Southwest Airlines Gross Margin 2025: 17.4%
In 2025, Southwest Airlines reported gross margin of 17.44%, expanded 1.2 percentage points from 2024.
Southwest Airlines Gross Margin 2024: 16.2%
Southwest Airlines gross margin in 2024 was 16.22%, expanded 0.0 percentage points from 2023.
Southwest Airlines Gross Margin 2023: 16.2%
2023's gross margin for Southwest Airlines came in at 16.19%, contracted 3.8 percentage points from 2022.
Southwest Airlines Gross Margin 2022: 20.0%
Southwest Airlines posted gross margin of 19.95% in 2022, contracted 6.1 percentage points from 2021.
Southwest Airlines Gross Margin 2021: 26.1%
Southwest Airlines gross margin in 2021 was 26.06%.
See more financial history for Southwest Airlines (LUV).
Sector peers by Gross Margin
Industrials peers of Southwest Airlines (LUV), ranked by their latest gross margin
| 45.7% | |
| 36.9% | |
| 36.9% | |
| 35.1% | |
| 34.8% | |
| 32.5% | |
| 20.2% | |
| 4.8% |
- 45.7%
- 35.1%
- 34.8%
- 32.5%
- 20.2%
- 4.8%
Frequently asked questions
Southwest Airlines (LUV) Key Financials
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