Friday 30 October 2026 Export LUV’s income statement to Excel — free account

Southwest Airlines Co.

Southwest Airlines Co.’s revenue for fiscal 2025 (year ended December 2025) was $28.1 billion, up 2.11% from fiscal 2024. In the quarter to June 2026, revenue grew 16.4%, EPS grew 20.0%, free cash flow grew 86.8% and total debt rose 44.9%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for three consecutive years, revenue growth for five.

42.75 0.93 −2.13%

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Market cap: $21.4B
P/E: 26.2×
Fwd P/E: 16.9×
Dividend yield: 1.65%
F-score: 7/9
Altman Z: 2.22
Beneish M: −2.66
Dividend safety: 24/100

Overview Business Profile Financial Analysis Segments Filings

Southwest Airlines Co. (LUV) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by products and services, and margins
Passenger	25,535	90.99%
Other	2,357	8.40%
Freight	171	0.61%
Gross margin		23.00%
Operating margin		1.53%
Pre-tax margin		2.01%

Revenue by product or service $m

Line	FY2025	FY2019	FY2018	FY2017	FY2016
Other	2,357 8.40%	1,480 6.60%	1,335 6.08%	1,210 5.72%	1,050 5.18%
Freight	171 0.61%	172 0.77%	175 0.80%	173 0.82%	171 0.84%
Also reported: a second breakdown of the same revenue
Passenger non-loyalty	20,441 72.84%	17,578 78.38%	17,506 79.70%	16,934 80.08%	16,534 81.49%
Passenger loyalty - air transportation	3,259 11.61%	2,487 11.09%	2,307 10.50%	2,263 10.70%	1,997 9.84%
Other Revenue	2,600 9.26%	—	—	—	—
Passenger ancillary sold separately	1,835 6.54%	711 3.17%	642 2.92%	566 2.68%	537 2.65%
Passenger	—	20,776	20,455	19,763	19,068
Revenue	28,063	22,428	21,965	21,146	20,289

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
North America	27,300 97.28%	26,700 97.15%	25,000 95.82%	23,000 96.58%	15,300 96.90%	8,900 98.36%	21,800 97.20%	21,400 97.43%	20,700 97.89%	20,000 98.58%
Latin America	756 2.69%	798 2.90%	828 3.17%	811 3.41%	475 3.01%	184 2.03%	615 2.74%	566 2.58%	489 2.31%	383 1.89%
Other, not broken out	—	—	263 1.01%	—	—	—	—	—	—	—
Revenue	28,063	27,483	26,091	23,814	15,790	9,048	22,428	21,965	21,146	20,289

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Available seat miles	Q3 FY2026	45.4B	—	—
Average aircraft stage length	Q3 FY2026	776.00	—	—
Average length of passenger haul	Q3 FY2026	1.1K	—	—
CASM	Q1 FY2026	16.46	16.05	+2.55%
CASM, excluding Fuel and oil expense	Q1 FY2026	13.23	13.04	+1.46%
CASM, excluding Fuel and oil expense and special items	Q1 FY2026	13.23	12.81	+3.28%
CASM, excluding Fuel and oil expense, special items, and profitsharing expense	Q1 FY2026	13.11	12.81	+2.34%
CASM, excluding special items	Q1 FY2026	16.46	15.82	+4.05%
Enplaned passengers	Q3 FY2026	43.3M	—	—
Passenger revenue yield per RPM	Q1 FY2026	21.16	18.97	+11.54%
PRASM	Q1 FY2026	15.68	14.02	+11.84%
RASM	Q1 FY2026	17.24	15.51	+11.15%
Revenue passenger miles	Q3 FY2026	36.2B	—	—
Revenue passengers carried	Q3 FY2026	33.5M	—	—
Seats flown	Q3 FY2026	57.6M	—	—
Seats per trip	Q3 FY2026	161×	—	—
Trips flown	Q3 FY2026	357.4K	—	—

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q1 FY2024	Q4 FY2023
Available seat miles	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average aircraft stage length	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average length of passenger haul	‡	‡	‡	‡	‡	‡	‡	‡	‡
CASM	‡	‡	‡	‡	‡	‡	‡	‡	‡
CASM, excluding Fuel and oil expense	‡	‡	‡	‡	‡	‡	‡	‡	‡
CASM, excluding Fuel and oil expense and special items	‡	‡	‡	‡	‡	‡	‡	‡	‡
CASM, excluding Fuel and oil expense, special items, and profitsharing expense	‡	‡	‡	‡	‡	‡	‡	‡	‡
CASM, excluding special items	‡	‡	‡	‡	‡	‡	‡	‡	‡
Enplaned passengers	‡	‡	‡	‡	‡	‡	‡	‡	‡
Passenger revenue yield per RPM	‡	‡	‡	‡	‡	‡	‡	‡	‡
PRASM	‡	‡	‡	‡	‡	‡	‡	‡	‡
RASM	‡	‡	‡	‡	‡	‡	‡	‡	‡
Revenue passenger miles	‡	‡	‡	‡	‡	‡	‡	‡	‡
Revenue passengers carried	‡	‡	‡	‡	‡	‡	‡	‡	‡
Seats flown	‡	‡	‡	‡	‡	‡	‡	‡	‡
Seats per trip	‡	‡	‡	‡	‡	‡	‡	‡	‡
Trips flown	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.