Southwest Airlines Co (LUV) Financial Statements
Industry: Air Transportation, Scheduled
In fiscal 2025, Southwest Airlines reported revenue of $28.06B, up 2.1% from $27.48B the year before. Net income was $441.0M (a 1.6% net margin), or $0.79 per diluted share. Operating margin was 1.5%. Operating activities generated $1.84B of cash, leaving -$831.0M of free cash flow. At fiscal year end, Southwest Airlines held $29.06B in total assets against $21.08B in total liabilities, including $3.23B of cash and equivalents.
Open the full interactive Southwest Airlines financials → Quarterly statements, key ratios, valuation history and price charts.
Southwest Airlines Key Stats
| Share Price | $40.65 |
|---|---|
| Market Cap | $20.04B |
| P/E Ratio | 51.5 |
| Dividend Yield | 1.85% |
| Revenue YoY Growth | +2.1% |
| 52-Week Range | $29.15 – $54.07 |
| Shares Outstanding | 489.0 million (basic, 2026 Q2) |
Southwest Airlines Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $9.05B | $15.79B | $23.81B | $26.09B | $27.48B | $28.06B |
| Operating Income | -$3.82B | $1.72B | $1.02B | $224.0M | $321.0M | $428.0M |
| Pre-Tax Income | -$4.26B | $1.32B | $728.0M | $633.0M | $598.0M | $563.0M |
| Income Tax | -$1.18B | $348.0M | $189.0M | $168.0M | $133.0M | $122.0M |
| Net Income | -$3.07B | $977.0M | $539.0M | $465.0M | $465.0M | $441.0M |
| Diluted EPS | -$5.44 | $1.61 | $0.87 | $0.76 | $0.76 | $0.79 |
Southwest Airlines Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $6.95B | $7.44B | $7.25B | $8.43B |
| Net Income | $54.0M | $323.0M | $227.0M | $233.0M |
| Diluted EPS | $0.10 | $0.58 | $0.45 | $0.47 |
Southwest Airlines Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $11.06B | $12.48B | $9.49B | $9.29B | $7.51B | $3.23B |
| Current Assets | $15.17B | $18.04B | $14.81B | $13.96B | $11.27B | $5.64B |
| Total Assets | $34.59B | $36.32B | $35.37B | $36.49B | $33.75B | $29.06B |
| Current Liabilities | $7.51B | $9.16B | $10.38B | $12.26B | $12.28B | $10.92B |
| Total Long-Term Debt | $10.33B | $10.73B | $8.09B | $8.01B | $6.70B | $4.90B |
| Total Liabilities | $25.71B | $25.91B | $24.68B | $25.97B | $23.40B | $21.08B |
| Shareholders' Equity | $8.88B | $10.41B | $10.69B | $10.52B | $10.35B | $7.98B |
Southwest Airlines Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$1.13B | $2.32B | $3.79B | $3.16B | $462.0M | $1.84B |
| Cash From Investing | -$16.0M | -$1.26B | -$3.75B | -$2.93B | -$261.0M | -$1.43B |
| Cash From Financing | $9.66B | $359.0M | -$3.03B | -$436.0M | -$1.98B | -$4.69B |
| Free Cash Flow | -$1.64B | $1.82B | -$134.0M | -$356.0M | -$1.59B | -$831.0M |
| Dividends Paid | $188.0M | $0 | $0 | $428.0M | $430.0M | $399.0M |
Figures from Southwest Airlines' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Southwest Airlines financials page for every line item.
Southwest Airlines Company Profile
| Ticker | LUV |
|---|---|
| Exchange | NYSE |
| Industry | Air Transportation, Scheduled |
| Headquarters | Dallas, Texas |
| Incorporated in | Texas |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000092380 |
Frequently Asked Questions
What was Southwest Airlines' revenue in fiscal 2025?
Southwest Airlines (LUV) reported revenue of $28.06B for fiscal 2025.
What is Southwest Airlines' annual revenue history?
Southwest Airlines' annual revenue by fiscal year: 2020: $9.05B; 2021: $15.79B; 2022: $23.81B; 2023: $26.09B; 2024: $27.48B; 2025: $28.06B.
What was Southwest Airlines' net income in fiscal 2025?
Southwest Airlines reported net income of $441.0M for fiscal 2025.
What was Southwest Airlines' earnings per share (EPS) in fiscal 2025?
Southwest Airlines' diluted EPS was $0.79 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Southwest Airlines generate in fiscal 2025?
Southwest Airlines generated -$831.0M of free cash flow in fiscal 2025.
What was Southwest Airlines' revenue last quarter?
In its most recent reported quarter (2026 Q2), Southwest Airlines reported revenue of $8.43B.
How much debt does Southwest Airlines have?
Southwest Airlines reported $4.90B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Southwest Airlines are outstanding?
Southwest Airlines reported a weighted average of 489.0 million basic shares outstanding in 2026 Q2.
What is Southwest Airlines' market cap?
Based on its latest closing price, Southwest Airlines (LUV) has a market capitalization of about $20.04B.
When does Southwest Airlines' fiscal year end?
Southwest Airlines' fiscal year end, as registered with the SEC, is December 31.
Where is Southwest Airlines headquartered?
Southwest Airlines lists its business address in Dallas, Texas in its SEC filings.