SOUTHWEST AIRLINES CO (LUV) closed fiscal year 2025 with a gross margin of 17.4 % and a net margin of 1.6 %.
SOUTHWEST AIRLINES CO (LUV) closed fiscal year 2025 with a gross margin of 17.4 % and a net margin of 1.6 %. The same year shows an EBITDA margin of 7.1 % and an EBIT margin of 1.5 %. The free cash flow margin was -3.0 %. Against the previous year the gross margin moved +1.2 pp and the net margin −0.1 pp. Across the period the gross margin ranges between 16.2 % in 2023 and 20.0 % in 2022. The series covers 19 fiscal years, from 2007 to 2025. Margins are expressed as a percentage of net revenue and are derived from the same figures as the income statement, taken from as-reported SEC EDGAR filings, with no restatements or adjustments of our own.
Fiscal year end: December
| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin (%) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 19.95 % | 16.19 % | 16.22 % | 17.44 % |
| EBITDA margin (%) | 2.39 % | 9.51 % | 8.48 % | 13.35 % | 8.99 % | 8.58 % | 12.12 % | 17.00 % | 25.89 % | 23.22 % | 21.85 % | 20.06 % | 18.62 % | -28.30 % | 18.96 % | 9.94 % | 6.69 % | 7.20 % | 7.08 % |
| EBIT margin (%) | 8.02 % | 4.07 % | 2.53 % | 8.16 % | 4.43 % | 3.65 % | 7.22 % | 11.96 % | 20.77 % | 17.24 % | 16.09 % | 14.60 % | 13.18 % | -42.18 % | 10.90 % | 4.27 % | 0.86 % | 1.17 % | 1.53 % |
| Net margin (%) | 6.54 % | 1.61 % | 0.96 % | 3.79 % | 1.14 % | 2.46 % | 4.26 % | 6.11 % | 11.00 % | 10.69 % | 15.86 % | 11.22 % | 10.26 % | -33.97 % | 6.19 % | 2.26 % | 1.78 % | 1.69 % | 1.57 % |
| FCF margin (%) | 15.35 % | -22.17 % | 3.86 % | 8.82 % | 2.48 % | 4.19 % | 5.82 % | 6.20 % | 6.04 % | 11.04 % | 8.53 % | 13.53 % | 13.20 % | -18.15 % | 11.51 % | -0.56 % | -1.36 % | -5.79 % | -2.96 % |
