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Southwest Airlines Co. operates as a passenger airline company that provides scheduled air transportation services in the United States and internationally. It also provides Rapid Rewards loyalty program; SWABIZ, an online booking tool; and inflight entertainment platform that includes movies-on-demand live and on-demand television, flight tracker, and additional curated content, as well as a variety of premium snacks and coffee. In addition, the company offers ancillary services, such as in-flight purchases, baggage fees, EarlyBird Check-In, and upgraded boarding, as well as transportation of pets and unaccompanied minors. As of December 31, 2025, the company operated a total fleet of 803 Boeing 737 aircraft; and served 117 destinations in 42 states, the District of Columbia, and the Commonwealth of Puerto Rico, as well as ten near-international countries, including Mexico, Jamaica, the Bahamas, Aruba, the Dominican Republic, Costa Rica, Belize, Cuba, the Cayman Islands, and Turks and Caicos. Southwest Airlines Co. was incorporated in 1967 and is headquartered in Dallas, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $28.1B | $2.2B | $441M | $-831M | 5.5% | 2.1% | -5.2% |
| 2024 | $27.5B | $2.5B | $465M | $-1.6B | 4.5% | 5.3% | 0.0% |
| 2023 | $26.1B | $2.4B | $465M | $-356M | 4.4% | 9.6% | -13.7% |
| 2022 | $23.8B | $2.4B | $539M | $-156M | 5.0% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 23,814 | 26,091 | 27,483 | 28,063 |
| Operating Revenue | - | 21,585 | 23,812 | 25,155 | 25,706 |
| Cost Of Revenue | - | 19,062 | 21,868 | 23,024 | 23,168 |
| Gross Profit | - | 4,752 | 4,223 | 4,459 | 4,895 |
| Operating Expense | - | 3,735 | 3,999 | 4,138 | 4,467 |
| Total Expenses | - | 22,797 | 25,867 | 27,162 | 27,635 |
| Operating Income | - | 1,017 | 224 | 321 | 428 |
| Total Operating Income As Reported | - | 1,017 | 224 | 321 | 428 |
| EBITDA | - | 2,380 | 2,391 | 2,469 | 2,236 |
| Normalized EBITDA | - | 2,380 | 2,391 | 2,476 | 2,195 |
| EBIT | - | 1,029 | 869 | 812 | 676 |
| Interest Income | - | 217 | 583 | 497 | 205 |
| Interest Expense | - | 301 | 236 | 214 | 113 |
| Net Interest Income | - | -84 | 347 | 283 | 92 |
| Other Non Operating Income Expenses | - | -205 | 62 | 1 | 2 |
| Other Income Expense | - | -205 | 62 | -6 | 43 |
| Interest Income Non Operating | - | 217 | 583 | 497 | 205 |
| Interest Expense Non Operating | - | 301 | 236 | 214 | 113 |
| Net Non Operating Interest Income Expense | - | -84 | 347 | 283 | 92 |
| Pretax Income | - | 728 | 633 | 598 | 563 |
| Tax Provision | - | 189 | 168 | 133 | 122 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | -1.55 | 8.90 |
| Net Income Continuous Operations | - | 539 | 465 | 465 | 441 |
| Net Income From Continuing And Discontinued Operation | - | 539 | 465 | 465 | 441 |
| Net Income From Continuing Operation Net Minority Interest | - | 539 | 465 | 465 | 441 |
| Net Income | - | 539 | 465 | 465 | 441 |
| Net Income Common Stockholders | - | 561 | 484 | 485 | 442 |
| Net Income Including Noncontrolling Interests | - | 539 | 465 | 465 | 441 |
| Normalized Income | - | 539 | 465 | 470.45 | 408.90 |
| Diluted NI Availto Com Stockholders | - | 561 | 484 | 485 | 442 |
| Basic Average Shares | - | 593 | 595 | 598 | 540 |
| Diluted Average Shares | - | 642 | 640 | 643 | 558 |
| Reconciled Depreciation | - | 1,351 | 1,522 | 1,657 | 1,560 |
| Reconciled Cost Of Revenue | - | 19,062 | 21,868 | 23,024 | 23,168 |
| Total Unusual Items | - | -9 | 60 | -7 | 41 |
| Total Unusual Items Excluding Goodwill | - | -9 | 60 | -7 | 41 |
| Special Income Charges | -28 | -193 | 0 | -2 | - |
| Other Special Charges | 28 | 193 | - | 2 | - |
| Gain On Sale Of Security | - | -9 | 60 | -7 | 41 |
| Rent Expense Supplemental | - | 1,508 | 1,789 | 1,962 | 2,178 |
| Other Operating Expenses | - | 3,735 | 3,999 | 4,138 | 4,467 |
| Otherunder Preferred Stock Dividend | - | -22 | -19 | -20 | -1 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Southwest Airlines Co.this co. | LUV | $20.2B | 45.79↑ premium | 2.53 | 5.5% | 10.26 |
| Verisk Analytics, Inc. | VRSK | $23.6B | 25.96 | 76.32 | 293.9% | 15.76 |
| C.H. Robinson Worldwide, Inc. | CHRW | $21.8B | 37.06 | 11.79 | 31.8% | 25.61 |
| Expeditors International of Washington, Inc. | EXPD | $20.9B | 25.85 | 8.89 | 34.4% | 18.21 |
| Veralto Corporation | VLTO |
| - |
| - |
| - |
| - |
| - |
| $20.8B |
| 22.14 |
| 6.70 |
| 30.3% |
| 16.08 |
| Equifax Inc. | EFX | $20.6B | 31.24 | 4.48 | 14.3% | 13.92 |
| Snap-on Incorporated | SNA | $19.6B | 19.30 | 3.31 | 17.1% | 12.99 |
| Global Payments Inc. | GPN | $18.5B | 13.25 | 0.81 | 6.1% | 9.65 |
| Lennox International Inc. | LII | $18.0B | 22.37 | 15.50 | 69.3% | 17.10 |
| Peer Median | - | 24.11 | 7.80 | 31.0% | 15.92 | |