SOUTHWEST AIRLINES CO
For the period ended Dec 31, 2025. Filed Feb 5, 2026.
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FY2025 · Filed Feb 5, 2026
LUV$46.32+0.0%Stored close · as of Nov 10, 2026
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Southwest Airlines Co. Consolidated Statement of Income
(in millions, except per share amounts)
| Year ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| OPERATING REVENUES: | |||
| Passenger | $25,535 | $24,980 | $23,637 |
| Freight | 171 | 175 | 175 |
| Other | 2,357 | 2,328 | 2,279 |
| Total operating revenues | 28,063 | 27,483 | 26,091 |
| OPERATING EXPENSES: | |||
| Salaries, wages, and benefits | 12,963 | 12,240 | 11,152 |
| Fuel and oil | 5,240 | 5,812 | 6,217 |
| Maintenance materials and repairs | 1,227 | 1,353 | 1,188 |
| Landing fees and airport rentals | 2,178 | 1,962 | 1,789 |
| Depreciation and amortization | 1,560 | 1,657 | 1,522 |
| Other operating expenses | 4,467 | 4,138 | 3,999 |
| Total operating expenses | 27,635 | 27,162 | 25,867 |
| OPERATING INCOME | 428 | 321 | 224 |
| NON-OPERATING EXPENSES (INCOME): | |||
| Interest expense | 167 | 249 | 259 |
| Capitalized interest | (54) | (35) | (23) |
| Interest income | (205) | (497) | (583) |
| Other (gains) losses, net | (43) | 6 | (62) |
| Total non-operating expenses (income) | (135) | (277) | (409) |
| INCOME BEFORE INCOME TAXES | 563 | 598 | 633 |
| PROVISION FOR INCOME TAXES | 122 | 133 | 168 |
| NET INCOME | $441 | $465 | $465 |
| NET INCOME PER SHARE, BASIC | $0.82 | $0.78 | $0.78 |
| NET INCOME PER SHARE, DILUTED | $0.79 | $0.76 | $0.76 |
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