Southwest Airlines Co. Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Revenue	25,706	25,155	23,812	21,585	14,253
Other Revenue	2,357	2,328	2,279	2,229	1,537
Revenue	28,063	27,483	26,091	23,814	15,790
Revenue Growth (YoY)	2.11%	5.33%	9.56%	50.82%	74.51%
Cost of Revenue	21,878	21,623	20,534	17,906	13,457
Gross Profit	6,185	5,860	5,557	5,908	2,333
Selling, General & Admin	332	346	266	224	185
Other Operating Expenses	3,815	3,572	3,547	3,323	2,005
Operating Expenses	5,707	5,575	5,335	4,898	3,462
Operating Income	478	285	222	1,010	-1,129
Interest Expense	-113	-214	-236	-301	-431
Interest & Investment Income	205	497	583	217	13
Other Non Operating Income (Expenses)	43	44	64	-5	60
EBT Excluding Unusual Items	613	612	633	921	-1,487
Merger & Restructuring Charges	-62	-5	-	-	140
Other Unusual Items	12	-9	-	-193	2,672
Pretax Income	563	598	633	728	1,325
Income Tax Expense	122	133	168	189	348
Net Income	441	465	465	539	977
Net Income to Common	441	465	465	539	977
Net Income Growth	-5.16%	-	-13.73%	-44.83%	-
Shares Outstanding (Basic)	540	598	595	593	592
Shares Outstanding (Diluted)	558	643	640	642	609
Shares Change (YoY)	-13.22%	0.47%	-0.31%	5.42%	7.79%
EPS (Basic)	0.82	0.78	0.78	0.91	1.65
EPS (Diluted)	0.79	0.75	0.76	0.87	1.61
EPS Growth	5.02%	-0.26%	-13.46%	-45.73%	-
Free Cash Flow	-831	-1,592	-356	-156	1,811
Free Cash Flow Per Share	-1.49	-2.48	-0.56	-0.24	2.97
Dividend Per Share	0.720	0.720	0.720	0.180	-
Dividend Growth	-	-	300.00%	-	-
Gross Margin	22.04%	21.32%	21.30%	24.81%	14.77%
Operating Margin	1.70%	1.04%	0.85%	4.24%	-7.15%
Profit Margin	1.57%	1.69%	1.78%	2.26%	6.19%
Free Cash Flow Margin	-2.96%	-5.79%	-1.36%	-0.66%	11.47%
EBITDA	1,720	1,671	1,498	2,129	-70
EBITDA Margin	6.13%	6.08%	5.74%	8.94%	-0.44%
D&A For EBITDA	1,242	1,386	1,276	1,119	1,059
EBIT	478	285	222	1,010	-1,129
EBIT Margin	1.70%	1.04%	0.85%	4.24%	-7.15%
Effective Tax Rate	21.67%	22.24%	26.54%	25.96%	26.26%
Revenue as Reported	28,063	27,483	26,091	23,814	15,790
Advertising Expenses	332	346	266	224	185

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.