Southwest Airlines
Financial Performance
Southwest Airlines Revenue & Financials
Revenue
$28.1B (FY2025)
Market Cap
$20.9B
Net Income
$441M
Employees
72,790
What is Southwest Airlines's revenue?
Southwest Airlines had $28.1B in revenue for fiscal year 2025, up 2.1% from 2024. Net income was $441M.
- Latest revenue
- $28.1B (FY2025)
- Year-over-year
- +2.1%
- Growth rate (CAGR)
- 3.6% over 9 years
- Peak revenue
- $28.1B (FY2025)
- Years of data
- 10
- Employees
- 72,790
- What is Southwest Airlines's operating income?
- Southwest Airlines reported operating income of $428M for fiscal year 2025. sec.gov
- How much profit does Southwest Airlines make?
- Southwest Airlines reported net income of $441M for fiscal year 2025. sec.gov
- How many employees does Southwest Airlines have?
- Southwest Airlines has about 72,790 employees.
Financial Analysis
Southwest was profitable every year from 1973 through 2019, a 47-year streak that ended with the 2020 pandemic loss. Since then margins have stayed thin: FY2025 revenue reached $28.063B with operating income of $428M. The December 2022 holiday operational meltdown cost the company more than $1B in total and added pressure. 2026 has been better: Q1 operating income of $330M (versus a loss a year earlier) and Q2 net income of $233M on record $8.4B revenue, although nearly $900M in extra fuel expense in Q2 led management to guide full-year adjusted EPS to $3.25-$4.25. Southwest Airlines Co. is a colossal American airline and the world's absolute largest low-cost carrier, sustaining a market valuation typically over $17 billion.
Revenue Trend Analysis
YoY Change
+2.1%
9-Year CAGR
+3.6%
Peak Year
2025
Trend
Consistent Growth
Southwest Airlines has 10 full fiscal year figures on this page, compounding at +3.6% annually over 9 years. The most recent year saw a 2.1% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $28.1B. Of 9 comparable year-over-year steps, 8 showed growth and 1 showed a decline.
Annual revenue history
Click any row to see year details.
Southwest Airlines balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row.
| Fiscal Year | Operating cash flow | Total assets | Shareholders' equity | Source |
|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $1.8B | $29.1B | $8B | Form 10-K |
| FY2024ended Dec 31, 2024 | $462M | $33.8B | $10.3B | Form 10-K |
| FY2023ended Dec 31, 2023 | $3.2B | $36.5B | $10.5B | Form 10-K |
| FY2022ended Dec 31, 2022 | $3.8B | $35.4B | $10.7B | Form 10-K |
| FY2021ended Dec 31, 2021 | $2.3B | $36.3B | $10.4B | Form 10-K |
| FY2020ended Dec 31, 2020 | -$1.1B | $34.6B | $8.9B | Form 10-K |
| FY2019ended Dec 31, 2019 | $4B | $25.9B | $9.8B | Form 10-K |
| FY2018ended Dec 31, 2018 | $4.9B | $26.2B | $9.9B | Form 10-K |
| FY2017ended Dec 31, 2017 | $3.9B | $25.1B | $9.6B | Form 10-K |
| FY2016ended Dec 31, 2016 | $4.3B | $23.3B | $7.8B | Form 10-K |
Keep researching Southwest Airlines
Southwest Airlines Revenue and Financial FAQ
What is Southwest Airlines' typical annual revenue and operating income?
Southwest Airlines typically generates between $25 billion and $27 billion in consolidated annual operating revenues. Operating income and margins have faced post-pandemic pressures due to rising labor union contract costs, Boeing delivery delays, and maintenance expenses, prompting management's strategic margin turnaround initiatives.
What is Southwest's stock ticker symbol and exchange listing?
Southwest Airlines trades on the New York Stock Exchange under the ticker symbol LUV—a deliberate nod to its founding headquarters at Dallas Love Field and its central theme of customer love and care.
What are RASM and CASM-ex and why are they vital to airline financial analysis?
RASM (Revenue per Available Seat Mile) measures unit revenue productivity, while CASM-ex (Cost per Available Seat Mile excluding fuel) measures underlying operating cost efficiency. Airline profitability depends on expanding the spread between RASM and CASM.
What is unique about Southwest Airlines' corporate balance sheet compared to competitors?
Southwest has long maintained the strongest balance sheet in the U.S. airline industry. It is typically the only major U.S. airline with a net cash position (cash and short-term investments exceeding total debt) and holds investment-grade credit ratings from Moody's (Baa2/Baa1) and S&P Global (BBB/BBB-).
How do Boeing 737 MAX delivery delays affect Southwest's financial performance?
As an all-Boeing operator, production slowdowns and FAA-mandated caps on Boeing 737 MAX deliveries have forced Southwest to curb planned capacity growth, retain older, less fuel-efficient 737-700 aircraft, and incur excess pilot and crew staffing costs, dampening short-term operating margins.
How much revenue does Southwest generate from its JPMorgan Chase co-branded credit card agreement?
Southwest's co-branded Chase Rapid Rewards partnership generates over $1.5 billion in annual high-margin cash compensation, derived from cardholder interchange spending, bonus point redemptions, and premium loyalty perks.
What is Southwest's dividend policy and historical capital return to shareholders?
Southwest was the first major U.S. airline to reinstate its quarterly cash dividend following the COVID-19 pandemic federal aid restrictions. Over decades, Southwest has returned billions of dollars to shareholders through quarterly dividends and systematic share repurchase authorizations.
What was the financial cost of the December 2022 operational meltdown?
The holiday meltdown resulted in an estimated negative pre-tax financial impact exceeding $825 million in lost ticket revenue, customer refunds, travel vouchers, and hotel reimbursements, alongside a record $140 million civil penalty from the U.S. Department of Transportation.
What is Southwest's annual capital expenditure (CapEx) budget?
Southwest's annual capital expenditure ranges between $2.0 billion and $2.5 billion, with the vast majority allocated to progress payments and deliveries of new Boeing 737 MAX 8 aircraft, cabin retrofit interior upgrades, and digital infrastructure modernization.
How does jet fuel price volatility impact Southwest's quarterly financial results?
Fuel represents Southwest's second-largest operating expense after labor, accounting for 25% to 32% of total operating costs. While Southwest maintains a systematic fuel hedging portfolio using call options and collar contracts, sharp spikes in refined jet fuel crack spreads directly impact quarterly net margins.
How much cash and liquidity does Southwest maintain on hand?
Southwest maintains a conservative liquidity cushion, typically holding between $9 billion and $11 billion in total available liquidity (combining cash, short-term marketable securities, and an undrawn revolving credit facility) to insulate against macroeconomic shocks.
What financial return targets has Southwest established for its assigned-seating transformation?
Management projects that introducing assigned seating, premium extra-legroom seats, and red-eye flight operations will generate over $1.0 billion to $1.5 billion in incremental annual EBIT, restoring pre-tax profit margins toward double-digit industry-leading levels.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Southwest Airlines Revenue & Financials." CorpDigest, https://corpdigest.com/company/southwest-airlines/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Southwest Airlines reported $28.1B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/southwest-airlines/financials" target="_blank" rel="noopener">CorpDigest — Southwest Airlines financials</a></div>Related Financial Audits
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