Southwest Airlines Co. (LUV) — Financial statements
Income statement, balance sheet, and cash flow for Southwest Airlines Co. — annual and quarterly history with growth and margin analysis.
| Metric (USD Millions) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
| Revenue & Gross Profit | ||||||
| Revenue | 28,063↑2.1% | 27,483↑5.3% | 26,091↑9.6% | 23,814↑50.8% | 15,790 | |
| Cost of Revenue | 23,168↑0.6% | 23,024↑5.3% | 21,868↑14.7% | 19,062↑63.3% | 11,675 | |
| Gross Profit | 4,895↑9.8% | 4,459↑5.6% | 4,223↓11.1% | 4,752↑15.5% | 4,115 | |
| Operating Expenses | ||||||
| R&D Expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| General & Administrative Expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Selling & Marketing Expenses | 0.00↓100.0% | 346↑30.1% | 266↑18.8% | 224↑21.1% | 185 | |
| SG&A Expenses | 4,467↑1191.0% | 346↑30.1% | 266↑18.8% | 224↑21.1% | 185 | |
| Other Expenses | 0.00↓100.0% | 3,792↑1.6% | 3,733↑6.3% | 3,511↑58.9% | 2,209 | |
| Operating Expenses | 4,467↑8.0% | 4,138↑3.5% | 3,999↑7.1% | 3,735↑56.0% | 2,394 | |
| Total Costs & Expenses | 27,635↑1.7% | 27,162↑5.0% | 25,867↑13.5% | 22,797↑62.0% | 14,069 | |
| Operating Results | ||||||
| Operating Income | 428↑33.3% | 321↑43.3% | 224↓78.0% | 1,017↓40.9% | 1,721 | |
| Depreciation & Amortization | 1,560↓5.9% | 1,657↑8.9% | 1,522↑12.7% | 1,351↑6.2% | 1,272 | |
| EBITDA | 2,236↓9.4% | 2,469↑3.3% | 2,391↑0.5% | 2,380↓21.4% | 3,028 | |
| EBIT | 676↓16.7% | 812↓6.6% | 869↓15.5% | 1,029↓41.4% | 1,756 | |
| Interest & Other Income | ||||||
| Net Interest Income | 92↓67.5% | 283↓18.4% | 347↑513.1% | -84↑79.9% | -418 | |
| Interest Income | 205↓58.8% | 497↓14.8% | 583↑168.7% | 217↑1569.2% | 13 | |
| Interest Expense | 113↓47.2% | 214↓9.3% | 236↓21.6% | 301↓30.2% | 431 | |
| Non-Operating Income | -248↑49.5% | -491↑23.9% | -645↓5275.0% | -12↑65.7% | -35 | |
| Other Income / Expenses | 135↓51.3% | 277↓32.3% | 409↑241.5% | -289↑27.0% | -396 | |
| Income Before Tax | 563↓5.9% | 598↓5.5% | 633↓13.0% | 728↓45.1% | 1,325 | |
| Income Tax Expense | 122↓8.3% | 133↓20.8% | 168↓11.1% | 189↓45.7% | 348 | |
| Net Income & EPS | ||||||
| Net Income from Continuing Operations | 441↓5.2% | 465↑0.0% | 465↓13.7% | 539↓44.8% | 977 | |
| Net Income from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net Income | 441↓5.2% | 465↑0.0% | 465↓13.7% | 539↓44.8% | 977 | |
| Bottom-Line Net Income | 441↓9.1% | 485↑0.2% | 484↓13.7% | 561↓42.6% | 977 | |
| EPS (Basic) | 0.82↑1.2% | 0.81↑0.0% | 0.81↓11.0% | 0.91↓44.8% | 1.65 | |
| EPS (Diluted) | 0.79↑5.3% | 0.75↓1.3% | 0.76↓12.6% | 0.87↓46.0% | 1.61 | |
| Weighted Average Shares | 540↓9.7% | 598↑0.5% | 595↑0.3% | 593↑0.2% | 592 | |
| Weighted Average Diluted Shares | 558↓13.2% | 643↑0.5% | 640↓0.3% | 642↑5.4% | 609 | |
* All figures in Millions of USD, except per share data. Growth rates calculated Year-over-Year (YoY). Data source: SEC Filings.