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Southwest Airlines Company (LUV) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

INDUSTRIALS · Passenger Airlines · DATA UPDATED 2026-07-17

Southwest Airlines Company (LUV) operates in the Passenger Airlines industry and is headquartered in Dallas, United States with about 73,456 employees. Its market capitalization is roughly $22 billion. In the fiscal year ended 2025-12-31, LUV reported $28.1B in revenue and $441M in net income.

Southwest Airlines Co. operates as a passenger airline company that provides scheduled air transportation services in the United States and internationally.

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LUV Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$28.9B	$28.1B	$27.5B	$26.1B	$23.8B	$15.8B	$9.0B	$22.4B	$22.0B	$21.2B	$20.4B	$19.8B	$18.6B	$17.7B	$17.1B	$15.7B	$12.1B	$10.3B	$11.0B	$9.9B	$9.1B
Gross Profit	$4.8B	$4.9B	$4.5B	$4.2B	$4.8B	$4.1B	($1.9B)	$6.0B	$6.1B	$6.3B	$6.2B	$6.4B	$4.6B	$3.5B	$2.8B	$2.7B	$2.4B	$5.7B	$7.4B	$7.3B	$3.8B
Gross Margin %	16.5%	17.4%	16.2%	16.2%	20.0%	26.1%	-20.9%	26.7%	27.6%	29.5%	30.5%	32.3%	24.5%	19.7%	16.7%	17.3%	19.9%	54.9%	67.2%	73.7%	42.4%
Operating Income (EBIT)	$981M	$428M	$321M	$224M	$1.0B	$1.7B	($3.8B)	$3.0B	$3.2B	$3.4B	$3.5B	$4.1B	$2.2B	$1.3B	$623M	$693M	$988M	$262M	$449M	$791M	$934M
Operating Margin %	3.4%	1.5%	1.2%	0.9%	4.3%	10.9%	-42.2%	13.2%	14.6%	16.1%	17.2%	20.8%	12.0%	7.2%	3.6%	4.4%	8.2%	2.5%	4.1%	8.0%	10.3%
Net Income	$817M	$441M	$465M	$465M	$539M	$977M	($3.1B)	$2.3B	$2.5B	$3.5B	$2.2B	$2.2B	$1.1B	$754M	$421M	$178M	$459M	$99M	$178M	$645M	$499M
Net Margin %	2.8%	1.6%	1.7%	1.8%	2.3%	6.2%	-34.0%	10.3%	11.2%	16.5%	11.0%	11.0%	6.1%	4.3%	2.5%	1.1%	3.8%	1.0%	1.6%	6.5%	5.5%
EBITDA	$2.7B	$2.2B	$2.5B	$2.4B	$2.4B	$3.0B	($2.7B)	$4.3B	$4.5B	$4.5B	$4.7B	$4.6B	$2.9B	$2.2B	$1.7B	$1.2B	$1.5B	$945M	$982M	$1.7B	$1.4B
Earnings Per Share (EPS)	$1.57	$0.79	$0.72	$0.73	$0.84	$1.60	$-5.44	$4.27	$4.29	$5.78	$3.55	$3.26	$1.63	$1.05	$0.56	$0.23	$0.61	$0.13	$0.24	$0.84	$0.61
Shares Outstanding (M)	503M	558M	643M	640M	642M	609M	565M	539M	574M	603M	633M	669M	696M	718M	757M	775M	747M	741M	739M	768M	818M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

LUV Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$7.2B	$7.4B	$6.9B	$7.2B	$6.4B	$6.9B	$6.9B	$7.4B
Gross Profit	$728M	$1.5B	$1.2B	$1.4B	$867M	$1.2B	$1.1B	$1.5B
Gross Margin %	10.0%	20.3%	16.7%	18.8%	13.5%	17.7%	16.3%	20.3%
Operating Income (EBIT)	$330M	$391M	$35M	$225M	($223M)	$278M	$38M	$398M
Operating Margin %	4.5%	5.2%	0.5%	3.1%	-3.5%	4.0%	0.5%	5.4%
Net Income	$227M	$323M	$54M	$213M	($149M)	$261M	$67M	$367M
Net Margin %	3.1%	4.3%	0.8%	2.9%	-2.3%	3.8%	1.0%	5.0%
EBITDA	$725M	$809M	$484M	$706M	$239M	$783M	$581M	$937M
Earnings Per Share (EPS)	$0.45	$0.62	$0.10	$0.39	$-0.26	$0.41	$0.11	$0.57
Shares Outstanding (M)	503M	521M	526M	541M	584M	641M	601M	643M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

LUV Free Cash Flow History

Cash flow	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$2.4B	$1.8B	$462M	$3.2B	$3.8B	$2.3B	($1.1B)	$4.0B	$4.9B	$3.9B	$4.3B	$3.2B	$2.9B	$2.5B	$2.1B	$1.4B	$1.6B	$985M	($1.5B)	$2.8B	$1.4B
Capital Expenditures (CapEx)	$2.8B	$2.7B	$2.1B	$3.5B	$3.9B	$511M	$515M	$1.0B	$2.0B	$2.2B	$2.1B	$2.1B	$1.8B	$1.4B	$1.3B	$968M	$493M	$585M	$923M	$1.3B	$1.4B
Free Cash Flow (FCF)	($401M)	($831M)	($1.6B)	($356M)	($156M)	$1.8B	($1.6B)	$3.0B	$2.9B	$1.7B	$2.1B	$1.1B	$1.1B	$1.0B	$716M	$417M	$1.1B	$400M	($2.4B)	$1.5B	$7M
FCF Margin %	-1.4%	-3.0%	-5.9%	-1.4%	-0.7%	11.5%	-18.1%	13.2%	13.3%	7.9%	10.5%	5.5%	5.8%	5.9%	4.2%	2.7%	8.8%	3.9%	-22.2%	15.3%	0.1%
Dividends Paid	$784M	$399M	$430M	$428M	$214M	$0M	$188M	$372M	$332M	$274M	$222M	$180M	$139M	$71M	$22M	$14M	$13M	$13M	$13M	$14M	$14M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

LUV Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$1.4B	$295M	$287M	$401M	$860M	$476M	$113M	($23M)
Capital Expenditures (CapEx)	$630M	$859M	$678M	$635M	$501M	$460M	$527M	$500M
Free Cash Flow (FCF)	$788M	($564M)	($391M)	($234M)	$359M	$16M	($414M)	($523M)
FCF Margin %	10.9%	-7.6%	-5.6%	-3.2%	5.6%	0.2%	-6.0%	-7.1%
Dividends Paid	$93M	$399M	$189M	$103M	$107M	$1M	$216M	$0M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

LUV Balance Sheet History

Balance sheet	2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$29.4B	$29.1B	$33.8B	$36.5B	$35.4B	$36.3B	$34.6B	$25.9B	$26.2B	$25.1B	$23.3B	$21.3B	$19.7B	$19.3B	$18.6B	$18.1B	$15.5B	$14.3B	$14.1B	$16.8B	$13.5B
Cash & Cash Equivalents	$2.9B	$2.8B	$7.5B	$9.3B	$9.5B	$12.5B	$11.1B	$2.5B	$1.9B	$1.5B	$1.7B	$1.6B	$1.3B	$1.4B	$1.1B	$829M	$1.3B	$1.1B	$1.4B	$2.2B	$1.4B
Total Liabilities	$22.5B	$21.1B	$23.4B	$26.0B	$24.7B	$25.9B	$25.7B	$16.1B	$16.4B	$14.7B	$14.8B	$14.0B	$13.3B	$12.0B	$11.6B	$11.2B	$9.2B	$8.8B	$9.4B	$9.8B	$7.0B
Total Debt (Short + Long-Term)	$5.7B	$5.2B	$7.0B	$8.2B	$8.4B	$11.0B	$10.6B	$3.0B	$3.4B	$3.7B	$3.4B	$3.2B	$2.7B	$2.8B	$3.2B	$3.8B	$3.4B	$3.5B	$3.7B	$2.1B	$1.7B
Total Shareholders' Equity	$6.9B	$8.0B	$10.3B	$10.5B	$10.7B	$10.4B	$8.9B	$9.8B	$9.9B	$10.4B	$8.4B	$7.4B	$6.8B	$7.3B	$7.0B	$6.9B	$6.2B	$5.5B	$5.0B	$6.9B	$6.4B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive LUV viewer.

Other Companies in Passenger Airlines

DAL · Delta Air Lines — $56 billion
UAL · United Airlines Holdings — $38 billion

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