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Southwest Airlines Company (LUV) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

INDUSTRIALS · Passenger Airlines · DATA UPDATED 2026-09-19

Southwest Airlines Company (LUV) operates in the Passenger Airlines industry and is headquartered in Dallas, United States with about 73,456 employees. Its market capitalization is roughly $20 billion. In the fiscal year ended 2025-12-31, LUV reported $28.1B in revenue and $441M in net income.

Southwest Airlines Co. operates as a passenger airline company that provides scheduled air transportation services in the United States and internationally.

Interactive charts & full statements → Open the LUV valuation workbench →

LUV Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$30.1B	$28.1B	$27.5B	$26.1B	$23.8B	$15.8B	$9.0B	$22.4B	$22.0B	$21.2B	$20.4B	$19.8B	$18.6B	$17.7B	$17.1B	$15.7B	$12.1B	$10.3B	$11.0B	$9.9B	$9.1B
Gross Profit	—	$4.9B	$4.5B	$4.2B	$4.8B	$4.1B	($1.9B)	$6.0B	$6.1B	$6.3B	$6.2B	$6.4B	$4.6B	$3.5B	$2.8B	$2.7B	$2.4B	$5.7B	$7.4B	$7.3B	$3.8B
Gross Margin %	—	17.4%	16.2%	16.2%	20.0%	26.1%	-20.9%	26.7%	27.6%	29.5%	30.5%	32.3%	24.5%	19.7%	16.7%	17.3%	19.9%	54.9%	67.2%	73.7%	42.4%
Operating Income (EBIT)	$1.0B	$428M	$321M	$224M	$1.0B	$1.7B	($3.8B)	$3.0B	$3.2B	$3.4B	$3.5B	$4.1B	$2.2B	$1.3B	$623M	$693M	$988M	$262M	$449M	$791M	$934M
Operating Margin %	3.5%	1.5%	1.2%	0.9%	4.3%	10.9%	-42.2%	13.2%	14.6%	16.1%	17.2%	20.8%	12.0%	7.2%	3.6%	4.4%	8.2%	2.5%	4.1%	8.0%	10.3%
Net Income	$837M	$441M	$465M	$465M	$539M	$977M	($3.1B)	$2.3B	$2.5B	$3.5B	$2.2B	$2.2B	$1.1B	$754M	$421M	$178M	$459M	$99M	$178M	$645M	$499M
Net Margin %	2.8%	1.6%	1.7%	1.8%	2.3%	6.2%	-34.0%	10.3%	11.2%	16.5%	11.0%	11.0%	6.1%	4.3%	2.5%	1.1%	3.8%	1.0%	1.6%	6.5%	5.5%
EBITDA	—	$2.2B	$2.5B	$2.4B	$2.4B	$3.0B	($2.7B)	$4.3B	$4.5B	$4.5B	$4.7B	$4.6B	$2.9B	$2.2B	$1.7B	$1.2B	$1.5B	$945M	$982M	$1.7B	$1.4B
Earnings Per Share (EPS)	$1.64	$0.79	$0.72	$0.73	$0.84	$1.60	$-5.44	$4.27	$4.29	$5.78	$3.55	$3.26	$1.63	$1.05	$0.56	$0.23	$0.61	$0.13	$0.24	$0.84	$0.61
Shares Outstanding (M)	—	558M	643M	640M	642M	609M	565M	539M	574M	603M	633M	669M	696M	718M	757M	775M	747M	741M	739M	768M	818M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

LUV Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$8.4B	$7.2B	$7.4B	$6.9B	$7.2B	$6.4B	$6.9B	$6.9B	$7.4B
Gross Profit	—	$728M	$1.5B	$1.2B	$1.4B	$867M	$1.2B	$1.1B	$1.5B
Gross Margin %	—	10.0%	20.3%	16.7%	18.8%	13.5%	17.7%	16.3%	20.3%
Operating Income (EBIT)	$285M	$330M	$391M	$35M	$225M	($223M)	$278M	$38M	$398M
Operating Margin %	3.4%	4.5%	5.2%	0.5%	3.1%	-3.5%	4.0%	0.5%	5.4%
Net Income	$233M	$227M	$323M	$54M	$213M	($149M)	$261M	$67M	$367M
Net Margin %	2.8%	3.1%	4.3%	0.8%	2.9%	-2.3%	3.8%	1.0%	5.0%
EBITDA	—	$725M	$809M	$484M	$706M	$239M	$783M	$581M	$937M
Earnings Per Share (EPS)	$0.47	$0.45	$0.62	$0.10	$0.39	$-0.26	$0.41	$0.11	$0.57
Shares Outstanding (M)	—	503M	521M	526M	541M	584M	641M	601M	643M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

LUV Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$2.5B	$1.8B	$462M	$3.2B	$3.8B	$2.3B	($1.1B)	$4.0B	$4.9B	$3.9B	$4.3B	$3.2B	$2.9B	$2.5B	$2.1B	$1.4B	$1.6B	$985M	($1.5B)	$2.8B	$1.4B
Capital Expenditures (CapEx)	$3.0B	$2.7B	$2.1B	$3.5B	$3.9B	$511M	$515M	$1.0B	$2.0B	$2.2B	$2.1B	$2.1B	$1.8B	$1.4B	$1.3B	$968M	$493M	$585M	$923M	$1.3B	$1.4B
Free Cash Flow (FCF)	($455M)	($831M)	($1.6B)	($356M)	($156M)	$1.8B	($1.6B)	$3.0B	$2.9B	$1.7B	$2.1B	$1.1B	$1.1B	$1.0B	$716M	$417M	$1.1B	$400M	($2.4B)	$1.5B	$7M
FCF Margin %	-1.5%	-3.0%	-5.9%	-1.4%	-0.7%	11.5%	-18.1%	13.2%	13.3%	7.9%	10.5%	5.5%	5.8%	5.9%	4.2%	2.7%	8.8%	3.9%	-22.2%	15.3%	0.1%
Dividends Paid	—	$399M	$430M	$428M	$214M	$0M	$188M	$372M	$332M	$274M	$222M	$180M	$139M	$71M	$22M	$14M	$13M	$13M	$13M	$14M	$14M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

LUV Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$530M	$1.4B	$295M	$287M	$401M	$860M	$476M	$113M	($23M)
Capital Expenditures (CapEx)	$818M	$630M	$859M	$678M	$635M	$501M	$460M	$527M	$500M
Free Cash Flow (FCF)	($288M)	$788M	($564M)	($391M)	($234M)	$359M	$16M	($414M)	($523M)
FCF Margin %	-3.4%	10.9%	-7.6%	-5.6%	-3.2%	5.6%	0.2%	-6.0%	-7.1%
Dividends Paid	—	$93M	$399M	$189M	$103M	$107M	$1M	$216M	$0M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

LUV Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$30.1B	$29.1B	$33.8B	$36.5B	$35.4B	$36.3B	$34.6B	$25.9B	$26.2B	$25.1B	$23.3B	$21.3B	$19.7B	$19.3B	$18.6B	$18.1B	$15.5B	$14.3B	$14.1B	$16.8B	$13.5B
Cash & Cash Equivalents	$3.8B	$2.8B	$7.5B	$9.3B	$9.5B	$12.5B	$11.1B	$2.5B	$1.9B	$1.5B	$1.7B	$1.6B	$1.3B	$1.4B	$1.1B	$829M	$1.3B	$1.1B	$1.4B	$2.2B	$1.4B
Total Liabilities	$23.0B	$21.1B	$23.4B	$26.0B	$24.7B	$25.9B	$25.7B	$16.1B	$16.4B	$14.7B	$14.8B	$14.0B	$13.3B	$12.0B	$11.6B	$11.2B	$9.2B	$8.8B	$9.4B	$9.8B	$7.0B
Total Debt (Short + Long-Term)	$6.9B	$5.2B	$7.0B	$8.2B	$8.4B	$11.0B	$10.6B	$3.0B	$3.4B	$3.7B	$3.4B	$3.2B	$2.7B	$2.8B	$3.2B	$3.8B	$3.4B	$3.5B	$3.7B	$2.1B	$1.7B
Total Shareholders' Equity	$7.1B	$8.0B	$10.3B	$10.5B	$10.7B	$10.4B	$8.9B	$9.8B	$9.9B	$10.4B	$8.4B	$7.4B	$6.8B	$7.3B	$7.0B	$6.9B	$6.2B	$5.5B	$5.0B	$6.9B	$6.4B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive LUV viewer.

LUV Metric Deep Dives

Other Companies in Passenger Airlines

DAL · Delta Air Lines — $52 billion
UAL · United Airlines Holdings — $35 billion

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