Loading…
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 |
| 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 |
| Operating Income | - | 1,017 | 224 | 321 | 428 |
| EBITDA | - | 2,380 | 2,391 | 2,469 | 2,236 |
| EBIT | - | 1,029 | 869 | 812 | 676 |
| Pretax Income | - | 728 | 633 | 598 | 563 |
| Tax Provision | - | 189 | 168 | 133 | 122 |
| Net Income | - | 539 | 465 | 465 | 441 |
| Net Income Common Stockholders | - | 561 | 484 | 485 | 442 |
| Total Expenses | - | 22,797 | 25,867 | 27,162 | 27,635 |
| Interest Expense | - | 301 | 236 | 214 | 113 |
| Interest Income | - | 217 | 583 | 497 | 205 |
| Normalized EBITDA | - | 2,380 | 2,391 | 2,476 | 2,195 |
| Normalized Income | - | 539 | 465 | 470.45 | 408.90 |
| Market Cap | 19,282.12 | 19,282.12 | 19,282.12 | 19,282.12 | 19,282.12 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Southwest Airlines Co.this co. | LUV | $21.2B | 43.72↑ premium | 2.42 | 5.5% | 9.85 |
| Verisk Analytics, Inc. | VRSK | $24.8B | 25.61 | 75.29 | 293.9% | 15.57 |
| J.B. Hunt Transport Services, Inc. | JBHT | $23.5B | 39.31 | 6.60 | 16.8% | 15.76 |
| C.H. Robinson Worldwide, Inc. | CHRW | $22.0B | 36.98 | 11.76 | 31.8% | 25.56 |
| Veralto Corporation | VLTO |
| - |
| - |
| - |
| - |
| - |
| $22.0B |
| 23.15 |
| 7.01 |
| 30.3% |
| 16.79 |
| Equifax Inc. | EFX | $21.2B | 31.51 | 4.52 | 14.3% | 14.02 |
| Expeditors International of Washington, Inc. | EXPD | $20.0B | 24.22 | 8.33 | 34.4% | 17.02 |
| Snap-on Incorporated | SNA | $19.7B | 19.28 | 3.30 | 17.1% | 12.98 |
| Lennox International Inc. | LII | $17.3B | 21.21 | 14.70 | 69.3% | 16.29 |
| Peer Median | - | 24.91 | 7.67 | 31.0% | 16.03 | |