TTM
3.4%
YoY change
+0.36pp
Trough year (2020)
-42.2%
Peak year (2015)
20.8%
Latest annual
1.5%
Operating Margin history chart for Southwest Airlines (LUV) from 1985 to 2025
Latest: 1.5%
Operating Margin change chart for Southwest Airlines (LUV) from 1985 to 2025
Latest: +0.36pp
Operating Margin history table for Southwest Airlines (LUV) from 1985 to 2025
| 2025 | 1.5% | +0.36pp | ||
| 2024 | 1.2% | +0.31pp | ||
| 2023 | 0.9% | -3.41pp | ||
| 2022 | 4.3% | -6.63pp | ||
| 2021 | 10.9% | +53.07pp | ||
| 2020 | -42.2% | -55.36pp | ||
| 2019 | 13.2% | -1.41pp | ||
| 2018 | 14.6% | -1.50pp | ||
| 2017 | 16.1% | -1.15pp | ||
| 2016 | 17.2% | -3.52pp | ||
| 2015 | 20.8% | +8.81pp | ||
| 2014 | 12.0% | +4.74pp | ||
| 2013 | 7.2% | +3.57pp | ||
| 2012 | 3.6% | -0.78pp | ||
| 2011 | 4.4% | -3.74pp | ||
| 2010 | 8.2% | +5.63pp | ||
| 2009 | 2.5% | -1.54pp | ||
| 2008 | 4.1% | -3.95pp | ||
| 2007 | 8.0% | -2.26pp | ||
| 2006 | 10.3% | +0.72pp | ||
| 2005 | 9.6% | +1.08pp | ||
| 2004 | 8.5% | +2.10pp | ||
| 2003 | 6.4% | +0.21pp | ||
| 2002 | 6.2% | -5.19pp | ||
| 2001 | 11.4% | -6.73pp | ||
| 2000 | 18.1% | +1.58pp | ||
| 1999 | 16.5% | +0.10pp | ||
| 1998 | 16.4% | +2.68pp | ||
| 1997 | 13.7% | +3.43pp | ||
| 1996 | 10.3% | -0.61pp | ||
| 1995 | 10.9% | -1.31pp | ||
| 1994 | 12.2% | -0.49pp | ||
| 1993 | 12.7% | +1.87pp | ||
| 1992 | 10.8% | +6.05pp | ||
| 1991 | 4.8% | -2.12pp | ||
| 1990 | 6.9% | -2.72pp | ||
| 1989 | 9.6% | -0.36pp | ||
| 1988 | 10.0% | +7.74pp | ||
| 1987 | 2.2% | -7.82pp | ||
| 1986 | 10.1% | -1.50pp | ||
| 1985 | 11.6% | — |
- 20251.5%+0.36pp
- 20241.2%+0.31pp
- 20230.9%-3.41pp
- 20224.3%-6.63pp
- 202110.9%+53.07pp
- 2020-42.2%-55.36pp
- 201913.2%-1.41pp
- 201814.6%-1.50pp
- 201716.1%-1.15pp
- 201617.2%-3.52pp
- 201520.8%+8.81pp
- 201412.0%+4.74pp
- 20137.2%+3.57pp
- 20123.6%-0.78pp
- 20114.4%-3.74pp
- 20108.2%+5.63pp
- 20092.5%-1.54pp
- 20084.1%-3.95pp
- 20078.0%-2.26pp
- 200610.3%+0.72pp
- 20059.6%+1.08pp
- 20048.5%+2.10pp
- 20036.4%+0.21pp
- 20026.2%-5.19pp
- 200111.4%-6.73pp
- 200018.1%+1.58pp
- 199916.5%+0.10pp
- 199816.4%+2.68pp
- 199713.7%+3.43pp
- 199610.3%-0.61pp
- 199510.9%-1.31pp
- 199412.2%-0.49pp
- 199312.7%+1.87pp
- 199210.8%+6.05pp
- 19914.8%-2.12pp
- 19906.9%-2.72pp
- 19899.6%-0.36pp
- 198810.0%+7.74pp
- 19872.2%-7.82pp
- 198610.1%-1.50pp
- 198511.6%—
Operating 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 Operating Margin at Southwest Airlines (LUV)
According to Southwest Airlines's latest reported financial statements, the company's latest reported operating margin is 3.4%. Operating margin is operating income divided by revenue — the share of each sales dollar left after cost of goods sold and operating expenses (SG&A, R&D), but before interest and taxes. It isolates how profitable the core business is before financing and tax decisions, so it is comparable across companies with different capital structures.
Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .
2025's annual operating margin for Southwest Airlines (LUV) came in at 1.53% – expanded 0.4 percentage points year-over-year.
Across the available history, operating margin reached its high of 20.77% in 2015 and its low of -42.18% in 2020.
Southwest Airlines Operating Margin by Year
Southwest Airlines Operating Margin 2025: 1.5%
Southwest Airlines operating margin in 2025 was 1.53%, expanded 0.4 percentage points from 2024.
Southwest Airlines Operating Margin 2024: 1.2%
2024's operating margin for Southwest Airlines came in at 1.17%, expanded 0.3 percentage points from 2023.
Southwest Airlines Operating Margin 2023: 0.9%
Southwest Airlines posted operating margin of 0.86% in 2023, contracted 3.4 percentage points from 2022.
Southwest Airlines Operating Margin 2022: 4.3%
In 2022, Southwest Airlines reported operating margin of 4.27%, contracted 6.6 percentage points from 2021.
Southwest Airlines Operating Margin 2021: 10.9%
Southwest Airlines operating margin in 2021 was 10.90%.
See more financial history for Southwest Airlines (LUV).
Sector peers by Operating Margin
Industrials peers of Southwest Airlines (LUV), ranked by their latest operating margin
| 40.1% | |
| 18.5% | |
| 18.1% | |
| 17.9% | |
| 16.6% | |
| 14.9% | |
| 10.9% | |
| -5.9% |
- 40.1%
- 18.5%
- 17.9%
- 16.6%
- 10.9%
- -5.9%
Frequently asked questions
Southwest Airlines (LUV) Key Financials
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