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
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	8,645	9,127	9,194	8,335	5,620
Gross Profit	19,418	18,356	16,897	15,479	10,170
Selling, General & Admin	12,963	12,240	11,152	9,376	4,783
Depreciation & Amortization Expenses	1,560	1,657	1,522	1,351	1,272
Other Operating Expenses	4,467	4,138	3,999	3,735	2,394
Operating Income	428	321	224	1,017	1,721
Interest Income	205	497	583	217	13
Interest Expense	-113	-214	-236	-301	-431
Other Non-Operating Income (Expense)	43	-6	62	-205	22
Total Non-Operating Income (Expense)	135	277	409	-289	-396
Pretax Income	563	598	633	728	1,325
Provision for Income Taxes	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	0.76	0.76	0.87	1.61
EPS Growth	3.95%	-	-12.64%	-45.96%	-
Free Cash Flow	-831	-1,592	-356	-134	1,817
Free Cash Flow Per Share	-1.49	-2.48	-0.56	-0.21	2.98
Dividends Per Share	0.720	0.720	0.720	0.180	-
Dividend Growth	-	-	300.00%	-	-
Gross Margin	69.19%	66.79%	64.76%	65.00%	64.41%
Operating Margin	1.53%	1.17%	0.86%	4.27%	10.90%
Profit Margin	1.57%	1.69%	1.78%	2.26%	6.19%
FCF Margin	-2.96%	-5.79%	-1.36%	-0.56%	11.51%
EBITDA	1,988	1,978	1,746	2,368	2,993
EBITDA Margin	7.08%	7.20%	6.69%	9.94%	18.96%
EBIT	428	321	224	1,017	1,721
EBIT Margin	1.53%	1.17%	0.86%	4.27%	10.90%
Effective Tax Rate	21.67%	22.24%	26.54%	25.96%	26.26%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.