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Southwest Airlines LUV Debt-to-equity

Debt-to-equity at other companies

Delta Air Lines logo
Delta Air LinesDAL
-0.4×
United Airlines Holdings logo
United Airlines HoldingsUAL
-0.4×
Alaska Air Group logo
Alaska Air GroupALK
1.7×+0.1×
JetBlue Airways logo
JetBlue AirwaysJBLU
6.2×+2.2×
ALG
Allegiant TravelALGT
0.5×-0.2×
Frontier Group Holdings, Inc. logo
Frontier Group Holdings, Inc.ULCC
38.5×+28.9×

Other financials

Income statement

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Revenue$8.4B+16.4%
Operating income$285.0M+26.7%
Net income$233.0M+9.4%
EPS (diluted)$0.47+20.5%

Balance sheet

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Cash & equivalents$3.8B+9.1%
Total debt$6.9B+29.0%
Total equity$7.1B-11.5%
Total assets$30.1B+4.9%

Cash flow

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Operating cash flow$530.0M+32.2%
CapEx$818.0M+23.9%
Free cash flow-$288.0M-11.2%

Valuation

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Market cap$22B+40.8%
Enterprise value$25.1B+43.5%
P/E26.3×-13.6×
P/S0.7×+0.2×

Profitability

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Operating margin3.5%+2.3pp
Net margin2.8%+1.4pp
FCF margin-1.5%+0.5pp

Returns & leverage

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Return on equity11.1%+6.9pp
Current ratio0.5×-0.1×

Where this comes from

Calculated from Southwest Airlines’s reported figures.

Based on the most recent quarter.

The source filing: Southwest Airlines’s 10-Q, filed July 23, 2026. Open the filing →

Filed
Jul 23, 2026, 4:11 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0000092380-26-000077

FAQ

What is Southwest Airlines's debt-to-equity?
Southwest Airlines (LUV) reported debt-to-equity of 1× in Q2 2026.
How has Southwest Airlines's debt-to-equity changed year-over-year?
Southwest Airlines's debt-to-equity increased by 45.7% year-over-year, from 0.7× to 1×.
What is the long-term trend for Southwest Airlines's debt-to-equity?
Over 5 years (2020 to 2025), Southwest Airlines's debt-to-equity has grown at a -11.4% compound annual growth rate (CAGR), from 1.5× to 0.8×.
What does debt-to-equity mean?
Total debt (including capitalized leases and financing obligations) divided by shareholders' equity at the quarter end. Measures how much the company is financed by debt relative to equity.

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