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Investment Highlights Market Valuation Price Chart Business Description Interactive Breakdown Latest Trefis Analyses Better Bets vs. LUV Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

Southwest Airlines (LUV)

Market Price (9/18/2025): $32.22 | Market Cap: $17.3 Bil
Sector: Industrials | Industry: Passenger Airlines

Southwest Airlines (LUV)

Market Price (9/18/2025): $32.22
Market Cap: $17.3 Bil
Sector: Industrials
Industry: Passenger Airlines

Investment Highlights

0 Attractive yield
Dividend Yield is 2.5%		 Weak multi-year price returns
2Y Excs Rtn is -31%, 3Y Excs Rtn is -72%		 Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -1.5%
1 Low stock price volatility
Vol 12M is 41%		  
0 Attractive yield
Dividend Yield is 2.5%
1 Low stock price volatility
Vol 12M is 41%
2 Weak multi-year price returns
2Y Excs Rtn is -31%, 3Y Excs Rtn is -72%
3 Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -1.5%

Market Valuation

 9/18/252024202320222021
Share Price CYE$32.22$33.05$27.74$31.46$40.03
Market Cap CYE ($ Bil)17.319.816.518.723.8
Total Debt ($ Bil)5.38.19.29.412.3
Total Cash ($ Bil)3.88.711.512.315.5
Enterprise Value ($ Bil)18.827.925.728.136.1
Valuation Ratios     
P/S TTM0.60.70.70.81.6
P/EBIT TTM25.924.819.819.414.4
P/E TTM44.243.237.037.026.0
Sector Ratios     
P/S TTM (Sector)1.71.41.41.11.6
P/EBIT TTM (Sector)11.310.210.08.312.1
P/E TTM (Sector)16.613.713.911.215.6
 9/18/2520242023
Share Price CYE$32.22$33.05$27.74
Market Cap CYE ($ Bil)17.319.816.5
Total Debt ($ Bil)5.38.19.2
Total Cash ($ Bil)3.88.711.5
Enterprise Value ($ Bil)18.827.925.7
Valuation Ratios   
P/S TTM0.60.70.7
P/EBIT TTM25.924.819.8
P/E TTM44.243.237.0
Sector Ratios   
P/S TTM (Sector)1.71.41.4
P/EBIT TTM (Sector)11.310.210.0
P/E TTM (Sector)16.613.713.9

Market Cap Chart

Business Description

Southwest Airlines Co. operates as a passenger airline company that provide scheduled air transportation services in the United States and near-international markets. As of December 31, 2021, the company operated a total fleet of 728 Boeing 737 aircrafts; and served 121 destinations in 42 states, the District of Columbia, and the Commonwealth of Puerto Rico, as well as 10 near-international countries, including Mexico, Jamaica, the Bahamas, Aruba, the Dominican Republic, Costa Rica, Belize, Cuba, the Cayman Islands, and Turks and Caicos. Show more

Price Returns Compared

Expand for Detailed View

 202020212022202320242025Total [1]
Returns
LUV Return-13%-8%-21%-12%19%-3%-37%
Peers Return4%5%-19%7%51%-3%38%
S&P 500 Return16%27%-19%24%23%12%104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: VTOL, DAL, UAL, LUV, AAL. See LUV Returns vs. Peers.
[3] 2025 data is for the year up to 9/17/2025 (YTD)

Interactive Breakdown

Southwest Airlines Interactive Breakdown Analysis

Better Bets than Southwest Airlines (LUV)

 LUVBetter Performance than LUV
MetricValueIndustry (Passenger Airlines)
Rev Chg LTM1.6%DAL (3.0%), UAL (4.2%), AL (6.2%), ALK (27.8%), SKYW (20.5%)
Rev Chg 3Y Avg9.3%DAL (14.7%), UAL (18.8%), AAL (10.8%), ALK (18.6%), CPA (16.9%)
Op Mgn LTM1.2%DAL (9.3%), UAL (9.3%), AAL (5.1%), AL (21.2%), ALK (6.0%)
CFO/Rev LTM6.7%DAL (12.0%), UAL (16.6%), AAL (7.5%), AL (61.0%), ALK (10.6%)
FCF/Rev LTM-1.0%DAL (3.8%), UAL (7.0%), AAL (2.9%), ALK (-0.1%), CPA (29.1%)
Total Yield4.7%DAL (12.3%), UAL (9.7%), AAL (6.9%), AL (15.1%), CPA (13.1%)
 LUVBetter Performance than LUV
MetricValueAll Other Sectors
Rev Chg LTM1.6%NVDA (71.6%), MSFT (14.9%), AAPL (6.0%), GOOGL (13.1%), AMZN (10.9%)
Rev Chg 3Y Avg9.3%NVDA (92.0%), MSFT (12.5%), GOOGL (10.2%), AMZN (11.3%), META (13.0%)
Op Mgn LTM1.2%NVDA (58.1%), MSFT (45.6%), AAPL (31.9%), GOOGL (32.7%), AMZN (11.4%)
CFO/Rev LTM6.7%NVDA (46.6%), MSFT (48.3%), AAPL (26.6%), GOOGL (36.0%), AMZN (18.1%)
FCF/Rev LTM-1.0%NVDA (43.6%), MSFT (25.4%), AAPL (23.5%), GOOGL (18.0%), AMZN (2.0%)
Total Yield4.7%BRK-B (5.9%), JPM (6.5%), XOM (9.7%), JNJ (8.1%), HD (5.7%)

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1Southwest Airlines Earnings Notes  
2Southwest Airlines vs GE Aerospace: Which Is A Better Investment?Counter-Intuitive Comparisons 
3Southwest Airlines vs United Airlines: Which Is A Better Investment?Counter-Intuitive Comparisons 
4How Does LUV Stack Up Against Its Peers?Peer Comparison 
5Will You Be Comfortable Buying Southwest Airlines Stock?Return 
6Better Bet Than LUV Stock: Pay Less Than Southwest Airlines To Get More From MU, CDE   
7Is The 21.6% Decline In Southwest Airlines (LUV) Stock A Dip Buying Opportunity?Actionable 
8Is The 21.2% Decline In Southwest Airlines (LUV) Stock A Dip Buying Opportunity?Actionable 
9Is The 21.0% Decline In Southwest Airlines (LUV) Stock A Dip Buying Opportunity?Actionable 
10Day 5 of Loss Streak for Southwest Airlines Stock with -18% Return (vs. -7.6% YTD) [7/30/2025]Notification 
11ARTICLES  
12LUV Lost 19% In A Month. Do You Buy Or Wait? August 13th, 2025
13Is The 21% Drop In LUV Stock, A Buying Opportunity? August 8th, 2025
14After A 21% Slide, Is LUV Stock Worth A Look? August 2nd, 2025
15LUV Stock Down -18% after 5-Day Loss Streak July 31st, 2025
16LUV Lost 12% In A Week. Past Slides Turned Into Crashes. July 29th, 2025
Title
0DASHBOARDS
1LUV Lost 19% In A Month. Do You Buy Or Wait?
2Is The 21% Drop In LUV Stock, A Buying Opportunity?
3After A 21% Slide, Is LUV Stock Worth A Look?
4LUV Stock Down -18% after 5-Day Loss Streak
5LUV Lost 12% In A Week. Past Slides Turned Into Crashes.
6ARTICLES
7Southwest Airlines Earnings Notes
8Southwest Airlines vs GE Aerospace: Which Is A Better Investment?
9Southwest Airlines vs United Airlines: Which Is A Better Investment?
10How Does LUV Stack Up Against Its Peers?
11Will You Be Comfortable Buying Southwest Airlines Stock?
12Better Bet Than LUV Stock: Pay Less Than Southwest Airlines To Get More From MU, CDE 
13Is The 21.6% Decline In Southwest Airlines (LUV) Stock A Dip Buying Opportunity?
14Is The 21.2% Decline In Southwest Airlines (LUV) Stock A Dip Buying Opportunity?
15Is The 21.0% Decline In Southwest Airlines (LUV) Stock A Dip Buying Opportunity?
16Day 5 of Loss Streak for Southwest Airlines Stock with -18% Return (vs. -7.6% YTD) [7/30/2025]

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
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7HSDTHelius Medical Technologies232.1%-95.5%
8CHEKCheck-Cap222.2%134.4%
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10SPRCSciSparc147.0%1141.7%

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#TickerCompany1W RtnYTD Rtn
1CURXCuranex Pharmaceuticals-80.5%148.4%
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3NAKAKindly MD-70.2% 
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6FAASDigiAsia-55.4%-88.0%
7ASSTStrive-54.5%650.3%
8VCIGVCI Global-51.0%-98.9%
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10RBNERobin Energy-42.6% 

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#TickerCompany1M RtnYTD Rtn
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1 Month Top Losers

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9YAASYouxin Technology-83.3%-98.4%
10NEONNeonode-82.5%-51.0%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1ECDAECD Automotive Design3347.2%307.9%
2BDSXBiodesix1090.6%-79.7%
3CLSDClearside Biomedical987.7%-74.7%
4ATHAAthira Pharma892.1%544.3%
5SDOTSadot690.6%-79.9%
6ATCHAtlasClear684.9%-83.1%
7HSDTHelius Medical Technologies232.1%-95.5%
8CHEKCheck-Cap222.2%134.4%
9APLMApollomics197.8%89.1%
10SPRCSciSparc147.0%1141.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1CURXCuranex Pharmaceuticals-80.5%148.4%
2ATYRaTyr Pharma-80.4%-71.7%
3NAKAKindly MD-70.2% 
4BNGOBionano Genomics-64.0%-89.8%
5XAGELongevity Health-57.6%-86.1%
6FAASDigiAsia-55.4%-88.0%
7ASSTStrive-54.5%650.3%
8VCIGVCI Global-51.0%-98.9%
9REXREX American Resources-50.7%44.3%
10RBNERobin Energy-42.6% 

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Southwest Airlines

Financials

LUVVTOLDALUALAALMedian
NameSouthwes.Bristow Delta Ai.United A.American. 
Mkt Price32.1237.6558.82105.5112.4837.65
Mkt Cap17.31.138.234.28.217.3
Rev LTM27,4721,44661,92457,98654,25054,250
Op Inc LTM3181335,7855,4042,7442,744
FCF LTM-273-92,3324,0441,5631,563
FCF 3Y Avg-1,171-421,4141,670904904
CFO LTM1,8502167,4039,6494,0944,094
CFO 3Y Avg1,9001046,9278,0613,4853,485

Growth & Margins

LUVVTOLDALUALAALMedian
NameSouthwes.Bristow Delta Ai.United A.American. 
Rev Chg LTM1.6%5.3%3.0%4.2%1.5%3.0%
Rev Chg 3Y Avg9.3%6.9%14.7%18.8%10.8%10.8%
Rev Chg Q-1.5%4.6%-0.1%1.7%0.4%0.4%
QoQ Delta Rev Chg LTM-0.4%1.2%-0.0%0.4%0.1%0.1%
Op Mgn LTM1.2%9.2%9.3%9.3%5.1%9.2%
Op Mgn 3Y Avg0.7%6.7%9.5%9.5%6.6%6.7%
QoQ Delta Op Mgn LTM-0.6%-0.7%-0.3%-0.4%-0.4%-0.4%
CFO/Rev LTM6.7%14.9%12.0%16.6%7.5%12.0%
CFO/Rev 3Y Avg7.3%7.4%11.7%14.7%6.5%7.4%
FCF/Rev LTM-1.0%-0.6%3.8%7.0%2.9%2.9%
FCF/Rev 3Y Avg-4.5%-3.1%2.3%3.0%1.7%1.7%

Valuation

LUVVTOLDALUALAALMedian
NameSouthwes.Bristow Delta Ai.United A.American. 
Mkt Cap17.31.138.234.28.217.3
P/S0.60.80.60.60.20.6
P/EBIT25.95.96.06.13.26.0
P/E44.19.18.510.414.510.4
P/CFO9.35.05.23.52.05.0
Total Yield4.7%11.0%12.3%9.7%6.9%9.7%
Dividend Yield2.5%0.0%0.5%0.0%0.0%0.0%
FCF Yield 3Y Avg-6.2%-4.6%4.5%6.8%9.0%4.5%
D/E0.30.90.61.04.50.9
Net D/E0.10.70.50.53.50.5

Returns

LUVVTOLDALUALAALMedian
NameSouthwes.Bristow Delta Ai.United A.American. 
1M Rtn3.2%-1.4%-3.7%3.1%-5.2%-1.4%
3M Rtn3.7%11.3%24.1%42.0%18.0%18.0%
6M Rtn-3.3%17.8%24.0%41.8%8.7%17.8%
12M Rtn15.5%5.5%27.5%100.4%11.7%15.5%
3Y Rtn-1.0%42.2%87.7%181.5%-9.2%42.2%
1M Excs Rtn0.8%-3.8%-6.1%0.7%-7.6%-3.8%
3M Excs Rtn-7.0%0.1%14.4%32.9%7.9%7.9%
6M Excs Rtn-17.3%2.6%11.4%30.3%-4.8%2.6%
12M Excs Rtn-2.8%-6.6%14.4%92.8%-0.6%-0.6%
3Y Excs Rtn-71.9%-28.3%21.3%108.4%-74.3%-28.3%

Comparison Analyses

Title
0How Does LUV Stack Up Against Its Peers?
1LUV or DAL - With 21% Return Forecast, DAL Probably Deserves Your Money
2Why AAL With 21% Upside May Beat LUV?
3With 23% Gains On The Table, UAL May Outshine LUV
4Southwest Airlines vs. MSCI: With Return Forecast Of 33%, Southwest Airlines Is A Better Bet
5Southwest Airlines vs. Chipotle Mexican Grill: With Return Forecast Of 31%-33%, Both Seem Like Good Bets
6Southwest Airlines vs. Fidelity National Information Services: With Return Forecast Of 33%-33%, Both Seem Like Good Bets
7Southwest Airlines vs. Hyatt Hotels: With Return Forecast Of 39%, Hyatt Hotels Is A Better Bet
8Southwest Airlines vs. Atlas Air Worldwide: With Return Forecast Of 31%-34%, Both Seem Like Good Bets
9Southwest Airlines vs. Exelon: With Return Forecast Of 41%, Southwest Airlines Is A Better Bet

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date7/24/20254/25/20252/7/202510/28/20247/29/20244/26/20242/6/202410/30/20237/28/20234/28/20232/7/202310/31/2022
Key Financials Quarterly            
Total Revenue7,2446,4286,9306,8707,3546,3296,8236,5257,0375,7066,1726,220
Ebitda7062397835819371681876711,313220142763
Operating Income225-22327838398-393-404117795-284-385395
Net Income213-14926167367-231-252193683-159-220277
EPS0.40-0.260.440.110.61-0.39-0.370.321.15-0.27-0.370.47
Key Financials TTM            
Total Revenue TTM27,47227,58227,48327,37627,03126,71426,09125,44025,13524,82623,81422,693
Ebitda TTM2,3092,5402,4691,8731,9632,3392,3912,3462,4382,5682,3802,753
Operating Income TTM318491321-361-2821152242435218841,0171,597
Net Income TTM392546464-4977393465497581658539827
Growth Rates Quarterly            
Total Revenue Growth-1.5%1.6%1.6%5.3%4.5%10.9%10.5%4.9%4.6%21.6%22.2%32.9%
EBITDA Growth-24.7%42.3%318.7%-13.4%-28.6%-23.6%31.7%-12.1%-9.0%587.5%-72.4%-25.8%
Operating Income Growth-43.5%43.3%168.8%-67.5%-49.9%-38.4%-4.9%-70.4%-31.3%-88.1%-297.4%-46.1%
Net Income Growth-42.0%35.5%203.6%-65.3%-46.3%-45.3%-14.5%-30.3%-10.1%42.8%-423.5%-37.9%
Margins Quarterly            
EBITDA Margin9.7%3.7%11.3%8.5%12.7%2.7%2.7%10.3%18.7%3.9%2.3%12.3%
Operating Income Margin3.1%-3.5%4.0%0.6%5.4%-6.2%-5.9%1.8%11.3%-5.0%-6.2%6.4%
Net Income Margin2.9%-2.3%3.8%1.0%5.0%-3.6%-3.7%3.0%9.7%-2.8%-3.6%4.5%
Cash & Debt            
Total Cash3,8398,2528,7259,38210,00210,51211,47411,73312,17911,67412,29213,673
Total Debt5,3417,9958,0589,0959,1099,1619,2009,2739,3289,3769,43110,112
Net Debt / (Cash)1,502-257-667-287-893-1,351-2,274-2,460-2,851-2,298-2,861-3,561
Cash Flows Quarterly            
FCF from Operations401860476113-23-1044256161,416706579234
Cash Flows TTM            
FCF from Operations TTM1,8501,4264624119142,3533,1633,3172,9353,4253,7903,458
Returns to Shareholders Quarterly            
Dividends103107-121602150214021400
Share Repurchases1,500750-0-0-0-0-0-0-0-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC45.6%-----------
Return on Invested Capital (ROIC) TTM            
ROIC TTM16.4%-----------

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Single Segment26,09123,81415,7909,04822,428
Total26,09123,81415,7909,04822,428


Price Behavior

LUV Betas & Captures as of 8/31/2025

 1M2M3M6M1Y3Y
Beta1.781.901.721.461.231.09
Up Beta2.572.812.641.461.381.07
Down Beta1.911.331.671.791.531.26
Up Capture169%114%93%123%81%75%
Bmk +ve Days10223571142415
Stock +ve Days8193066134386
Down Capture108%203%179%116%89%102%
Bmk -ve Days11192754106334
Stock -ve Days13223259112358

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity35,557,471
Short Interest: % Change Since 8152025-2.1%
Average Daily Volume6,202,854
Days-to-Cover Short Interest5.73
Basic Shares Quantity538,000,000
Short % of Basic Shares6.6%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/23/2025-11.2%-18.0%-17.0%
4/23/20253.7%9.6%22.3%
1/30/2025-1.2%-2.4%-1.9%
10/24/2024-5.6%2.4%3.4%
7/25/20245.5%1.2%1.2%
4/25/2024-7.0%-12.4%-9.0%
1/25/2024-2.3%-3.9%8.6%
10/26/2023-0.9%-5.8%5.4%
...
SUMMARY STATS   
# Positive9913
# Negative151511
Median Positive3.6%5.4%6.3%
Median Negative-3.2%-4.3%-6.3%
Max Positive5.7%9.6%31.7%
Max Negative-11.2%-18.0%-17.0%

SEC Filings

Expand for More

Report DateFiling DateFiling
6302025724202510-Q 6/30/2025
3312025425202510-Q 3/31/2025
12312024207202510-K 12/31/2024
93020241028202410-Q 9/30/2024
6302024729202410-Q 6/30/2024
3312024426202410-Q 3/31/2024
12312023206202410-K 12/31/2023
93020231030202310-Q 9/30/2023
6302023728202310-Q 6/30/2023
3312023428202310-Q 3/31/2023
12312022207202310-K 12/31/2022
93020221031202210-Q 9/30/2022
6302022802202210-Q 6/30/2022
3312022502202210-Q 3/31/2022
12312021207202210-K 12/31/2021
93020211026202110-Q 9/30/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0Feinberg Sarah 8072025Buy30.001,30039,006420,940Form
1SARETSKY GREGG A 8072025Buy30.0260018,015627,492Form
2SARETSKY GREGG A 5012025Buy27.293,670100,169406,162Form
3Breber Pierre R 4302025Buy26.741002,674911,834Form
4Hess David P 4292025Buy26.527,500198,900614,097Form

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