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Southwest Airlines LUV Net debt / EBITDA

Net debt / EBITDA at other companies

Delta Air Lines logo
Delta Air LinesDAL
1.7×-0.4×
United Airlines Holdings logo
United Airlines HoldingsUAL
2.8×+0.1×
Alaska Air Group logo
Alaska Air GroupALK
5.8×+1.4×
JetBlue Airways logo
JetBlue AirwaysJBLU
55.9×+39.8×
ALG
Allegiant TravelALGT
-6.1×
Frontier Group Holdings, Inc. logo
Frontier Group Holdings, Inc.ULCC
195.8×

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
Debt / equity+0.3×
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 net debt / EBITDA?
Southwest Airlines (LUV) reported net debt / EBITDA of 1.2× in Q2 2026.
How has Southwest Airlines's net debt / EBITDA changed year-over-year?
Southwest Airlines's net debt / EBITDA increased by 24.8% year-over-year, from 1× to 1.2×.
What is the long-term trend for Southwest Airlines's net debt / EBITDA?
Over 2 years (2021 to 2025), Southwest Airlines's net debt / EBITDA has grown at a 153.6% compound annual growth rate (CAGR), from 0.2× to 1.6×.
What does net debt / EBITDA mean?
Net debt (total debt minus cash) divided by trailing-twelve-month EBITDA. Expresses leverage in years — roughly how long it would take to repay net debt out of operating cash earnings.

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