Southwest Airlines Co. Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	28,884	28,063	27,483	26,091	23,814	15,790
Revenue Growth (YoY)	4.72%	2.11%	5.33%	9.56%	50.82%	74.51%
Cost of Revenue	8,768	8,645	9,127	9,194	8,335	5,620
Gross Profit	20,116	19,418	18,356	16,897	15,479	10,170
Selling, General & Admin	13,158	12,963	12,240	11,152	9,376	4,783
Depreciation & Amortization Expenses	1,563	1,560	1,657	1,522	1,351	1,272
Other Operating Expenses	4,414	4,467	4,138	3,999	3,735	2,394
Total Operating Expenses	19,135	18,990	18,035	16,673	14,462	8,449
Operating Income	981	428	321	224	1,017	1,721
Interest Income	144	205	497	583	217	13
Interest Expense	-121	-113	-214	-236	-301	-431
Other Non-Operating Income (Expense)	37	43	-6	62	-205	22
Total Non-Operating Income (Expense)	60	135	277	409	-289	-396
Pretax Income	1,041	563	598	633	728	1,325
Provision for Income Taxes	224	122	133	168	189	348
Net Income	817	441	465	465	539	977
Net Income to Common	817	441	465	465	539	977
Net Income Growth	49.63%	-5.16%	-	-13.73%	-44.83%	-
Shares Outstanding (Basic)	519	540	598	595	593	592
Shares Outstanding (Diluted)	523	558	643	640	642	609
Shares Change (YoY)	-15.31%	-13.22%	0.47%	-0.31%	5.42%	7.79%
EPS (Basic)	1.58	0.82	0.78	0.78	0.91	1.65
EPS (Diluted)	1.55	0.79	0.76	0.76	0.87	1.61
EPS Growth	82.35%	3.95%	-	-12.64%	-45.96%	-
Shares Outstanding	491.32	515.58	593.31	596.51	594	592.12
Free Cash Flow	-401	-831	-1,592	-356	-134	1,817
Free Cash Flow Per Share	-0.77	-1.49	-2.48	-0.56	-0.21	2.98
Dividends Per Share	0.720	0.720	0.720	0.720	0.180	-
Dividend Growth	-	-	-	300.00%	-	-
Gross Margin	69.64%	69.19%	66.79%	64.76%	65.00%	64.41%
Operating Margin	3.40%	1.53%	1.17%	0.86%	4.27%	10.90%
Profit Margin	2.83%	1.57%	1.69%	1.78%	2.26%	6.19%
FCF Margin	-1.39%	-2.96%	-5.79%	-1.36%	-0.56%	11.51%
EBITDA	2,544	1,988	1,978	1,746	2,368	2,993
EBITDA Margin	8.81%	7.08%	7.20%	6.69%	9.94%	18.95%
EBIT	981	428	321	224	1,017	1,721
EBIT Margin	3.40%	1.53%	1.17%	0.86%	4.27%	10.90%
Effective Tax Rate	21.52%	21.67%	22.24%	26.54%	25.96%	26.26%

Updated Apr 23, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q