Southwest Airlines Co. (LUV) Income Statement
LUV 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsLUV revenue and net income
Where LUV's revenue goes
2025Each bar shows an amount and its share of revenue. LUV kept 1.6% of revenue as net income.
LUV profit margins
LUV growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +2.1% | +5.6% | +25.4% | +3.5% |
| Gross profit | +9.8% | +1.0% | — | −2.6% |
| Operating income | +33.3% | −25.1% | — | −20.3% |
| Net income | −5.2% | −6.5% | — | −14.8% |
| EPS (diluted) | +6.5% | −3.5% | — | −11.9% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
LUV quarterly EPS vs estimates
Southwest Airlines beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: October 21, 2026 (estimate $0.61).
LUV income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $28.06B | $27.48B | $26.09B | $23.81B | $15.79B | $9.05B | $22.43B | $21.96B | $21.17B | $20.43B |
| Cost of revenue | $23.17B | $23.02B | $21.87B | $19.06B | $11.68B | $10.94B | $16.45B | $15.91B | $14.89B | $14.06B |
| Gross profit | $4.89B | $4.46B | $4.22B | $4.75B | $4.12B | −$1.89B | $5.98B | $6.06B | $6.25B | $6.22B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $14.19B | $14.12B | $3.99B | $3.73B | $2.39B | $1.93B | $3.03B | $2.85B | $2.85B | $2.70B |
| Total operating expenses | $4.47B | $4.14B | $4.00B | $3.73B | $2.39B | $1.93B | $3.03B | $2.85B | $2.85B | $2.70B |
| Operating income | $428.0M | $321.0M | $224.0M | $1.02B | $1.72B | −$3.82B | $2.96B | $3.21B | $3.41B | $3.52B |
| Interest income | $92.0M | $497.0M | $541.0M | $88.0M | $418.0M | $32.0M | $90.0M | $69.0M | $35.0M | $24.0M |
| Interest expense | $113.0M | $214.0M | $236.0M | $301.0M | $431.0M | $314.0M | $82.0M | $93.0M | $65.0M | $75.0M |
| Income before taxes | $563.0M | $598.0M | $633.0M | $728.0M | $1.32B | −$4.26B | $2.96B | $3.16B | $3.27B | $3.45B |
| Income taxes | $122.0M | $133.0M | $168.0M | $189.0M | $348.0M | −$1.18B | $657.0M | $699.0M | −$92.0M | $1.27B |
| Net income | $441.0M | $465.0M | $465.0M | $539.0M | $977.0M | −$3.07B | $2.30B | $2.46B | $3.49B | $2.24B |
| EBITDA | $2.24B | $2.47B | $2.39B | $2.38B | $3.03B | −$2.69B | $4.26B | $4.46B | $4.55B | $4.75B |
| EPS (diluted) | $0.99 | $0.93 | $1.57 | $1.10 | −$2.16 | −$6.10 | $4.28 | $4.26 | $3.50 | $3.75 |
| Gross margin | 17.4% | 16.2% | 16.2% | 20.0% | 26.1% | −20.9% | 26.7% | 27.6% | 29.5% | 30.5% |
| Operating margin | 1.5% | 1.2% | 0.9% | 4.3% | 10.9% | −42.2% | 13.2% | 14.6% | 16.1% | 17.2% |
| Net margin | 1.6% | 1.7% | 1.8% | 2.3% | 6.2% | −34.0% | 10.3% | 11.2% | 16.5% | 11.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.43B | $7.25B | $7.44B | $6.95B | $7.24B | $6.43B | $6.93B | $6.87B | $7.35B | $6.33B | $6.82B | $6.53B |
| Cost of revenue | −$6.52B | $6.52B | $5.93B | $5.79B | $5.89B | $5.56B | $5.70B | $5.75B | $5.86B | $5.70B | $6.10B | $5.45B |
| Gross profit | $14.95B | $728.0M | $1.51B | $1.16B | $1.36B | $867.0M | $1.23B | $1.12B | $1.49B | $625.0M | $727.0M | $1.07B |
| Sales, general & admin | — | — | $3.69B | $3.52B | $3.59B | $3.39B | $3.54B | $3.40B | — | — | $1.13B | $3.05B |
| Total operating expenses | $14.67B | $398.0M | $1.12B | $1.12B | $1.13B | $1.09B | $950.0M | $1.08B | $1.09B | $1.02B | $1.13B | $958.0M |
| Operating income | $285.0M | $330.0M | $391.0M | $35.0M | $225.0M | −$223.0M | $278.0M | $38.0M | $398.0M | −$393.0M | −$404.0M | $117.0M |
| Interest income | $33.0M | $23.0M | $2.0M | $34.0M | $28.0M | $84.0M | $105.0M | $121.0M | $130.0M | $141.0M | $158.0M | $156.0M |
| Interest expense | $76.0M | $42.0M | $31.0M | $22.0M | $26.0M | $35.0M | $47.0M | $54.0M | $55.0M | $58.0M | $58.0M | $59.0M |
| Income before taxes | $307.0M | $285.0M | $407.0M | $68.0M | $280.0M | −$192.0M | $329.0M | $89.0M | $478.0M | −$298.0M | −$286.0M | $237.0M |
| Income taxes | $74.0M | $58.0M | $84.0M | $14.0M | $67.0M | −$43.0M | $68.0M | $22.0M | $111.0M | −$67.0M | −$34.0M | $44.0M |
| Net income | $233.0M | $227.0M | $323.0M | $54.0M | $213.0M | −$149.0M | $261.0M | $67.0M | $367.0M | −$231.0M | −$252.0M | $193.0M |
| EBITDA | $690.0M | $725.0M | $809.0M | $484.0M | $706.0M | $239.0M | $783.0M | $581.0M | $937.0M | $168.0M | $187.0M | $671.0M |
| EPS (diluted) | $0.94 | $0.45 | $0.58 | $0.11 | $0.43 | −$0.13 | $0.56 | $0.15 | $0.58 | −$0.36 | $0.37 | $0.38 |
| Gross margin | 177.3% | 10.0% | 20.3% | 16.7% | 18.7% | 13.5% | 17.7% | 16.3% | 20.3% | 9.9% | 10.7% | 16.5% |
| Operating margin | 3.4% | 4.6% | 5.3% | 0.5% | 3.1% | −3.5% | 4.0% | 0.6% | 5.4% | −6.2% | −5.9% | 1.8% |
| Net margin | 2.8% | 3.1% | 4.3% | 0.8% | 2.9% | −2.3% | 3.8% | 1.0% | 5.0% | −3.6% | −3.7% | 3.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in LUV's financial statements (latest annual report filed February 5, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
LUV financial results
In fiscal year 2025 (ended December 31, 2025), Southwest Airlines reported revenue of $28.1 billion, up 2.1% from the year before. It had net income of $441.0 million (down 5.2%), a net profit margin of 1.6%. Diluted earnings per share came to $0.99. Over five years revenue grew at an average rate of 25.4% a year.
See the LUV stock overview for the latest quote and news, or the LUV chart for price history and technical indicators.
LUV income statement FAQ
What is Southwest Airlines's annual revenue?
Southwest Airlines reported total revenue of $28.1 billion for fiscal year 2025, which ended on December 31, 2025. That was up 2.1% from $27.5 billion the previous year.
Is Southwest Airlines profitable?
Yes. Southwest Airlines reported net income of $441.0 million in fiscal 2025, a net profit margin of 1.6%; its operating margin was 1.5%.
What is Southwest Airlines's gross margin?
Southwest Airlines's gross margin was 17.4% in fiscal 2025: for every $100 of revenue, Southwest Airlines kept $17 after the direct cost of its products and services.
How fast is Southwest Airlines growing?
Revenue grew 25.4% a year on average over the last five fiscal years, from $9.0 billion to $28.1 billion.
What are Southwest Airlines's earnings per share?
Southwest Airlines earned $0.99 per diluted share in fiscal 2025, compared with $0.93 a year earlier.
When will Southwest Airlines report its next earnings?
Southwest Airlines is expected to report results for the quarter ending September 30, 2026 on October 21, 2026 after the market closes.
When does Southwest Airlines's fiscal year end?
Southwest Airlines's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 5, 2026.