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Southwest Airlines Co.

LUV Industrials Airlines

Southwest Airlines Co.’s revenue for fiscal 2025 (year ended December 2025) was $28.1 billion, up 2.11% from fiscal 2024.

Revenue
+21.2%
EPS
+450.0%
Free cash flow
+46.9%
Total debt
+43.5%

Quarter to September 2026, against a year earlier

44.45 0.01 +0.02%
Market cap
$21.8B
P/E
21.1×
Fwd P/E
17.1×
Dividend yield
1.62%
F-score
7/9
Altman Z
2.22
Beneish M
−2.66
Dividend safety
24/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Southwest Airlines Co. 10-Q filed Oct 23, 2025

Fiscal Q3 2025 · Period ended Sep 30, 2025 · Filed · accepted 4:19 PM ET · Document on sec.gov · Filing index

What changed

Part I, Item 2, Management’s Discussion and Analysis Part II, Item 1A, Risk Factors

Part I, Item 2, Management’s Discussion and Analysis, against the 10-Q filed Jul 24, 2025: 18 added · 17 removed · 51 modified; 22 with only figures updated; 1 moved without change

  1. Removed · Financial Highlights

    The Company's operating income and net income for the three months ended June 30, 2025, on a GAAP and non-GAAP basis, decreased compared to the same prior year period. Operating revenues decreased by 1.5 percent as a result of a decline in travel demand versus the same prior year period, particularly in domestic leisure travel, where the Company is more heavily weighted than larger industry peers. Operating expenses remained relatively flat, driven by higher Salaries, wages, and benefits expense, partially offset by lower Fuel and oil expense. On a GAAP basis, the Company's Operating expenses increased 0.9 percent year-over-year. Operating expenses for the three months ended June 30, 2025, on a non-GAAP basis, excluded pre-tax charges of $20 million.