Southwest Airlines (LUV) financials
Southwest Airlines revenue and earnings by year
Southwest Airlines's revenue was $28.1 billion in the fiscal year to December 31, 2025, up 2.1% from the year before. Net income was $441 million, 1.6% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 3.7% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 28.1 | 27.5 | 26.1 | 23.8 | 15.8 | 9.0 | 22.4 | 22.0 | 21.1 | 20.3 |
| Revenue growth | 2.1% | 5.3% | 9.6% | 50.8% | 74.5% | -59.7% | 2.1% | 3.9% | 4.2% | — |
| Gross profit | 19.4 | 18.4 | 16.9 | 15.5 | 10.2 | 5.2 | 15.5 | 14.9 | 14.8 | 14.2 |
| Gross margin | 69.2% | 66.8% | 64.8% | 65.0% | 64.4% | 57.6% | 69.1% | 67.9% | 69.9% | 70.1% |
| Operating income | 0.4 | 0.3 | 0.2 | 1.0 | 1.7 | -3.8 | 3.0 | 3.2 | 3.4 | 3.5 |
| Operating margin | 1.5% | 1.2% | 0.9% | 4.3% | 10.9% | -42.2% | 13.2% | 14.6% | 16.1% | 17.4% |
| Net income | 0.4 | 0.5 | 0.5 | 0.5 | 1.0 | -3.1 | 2.3 | 2.5 | 3.4 | 2.2 |
| Net margin | 1.6% | 1.7% | 1.8% | 2.3% | 6.2% | -34.0% | 10.3% | 11.2% | 15.9% | 10.8% |
| Diluted EPS | $0.79 | $0.76 | $0.76 | $0.87 | $1.61 | -$5.31 | $4.28 | $4.31 | $5.60 | $3.53 |
| Free cash flow | -0.8 | -1.6 | -0.4 | -0.1 | 1.8 | -1.6 | 3.0 | 3.0 | 1.8 | 2.3 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open LUV in Markets.
How Southwest Airlines makes money
Revenue by segment in the quarter to September 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Passenger Revenue Non Loyalty | $6.12B | 72.7% |
| Passenger Ancillary Sold Separately | $898M | 10.7% |
| Passenger Loyalty Air Transportation | $734M | 8.7% |
| Product & Service Other Loyalty Program | $563M | 6.7% |
| Product & Service Other Other Miscellaneous | $58.0M | 0.7% |
| Cargo & Freight | $48.0M | 0.6% |
See also: LUV valuation and P/E history · LUV returns
No forecast, no recommendation. This page describes Southwest Airlines from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.