Southwest Airlines revenue and financials
$42.45Change from previous close: +1.43%Absolute change: +$0.60
In the fiscal year ended December 2025, Southwest Airlines reported revenue of $28.06B (+2.11% year over year). Net income was $441M, a net margin of 1.6%.
Fiscal year ending in December. Sources and method on the page Methodology and sources.
At a glance
- Revenue growth
- +2.11%
- 2025 vs 2024
- Net income growth
- −5.16%
- 2025 vs 2024
- Net margin
- 1.6%
- 2024: 1.7%
Financial data
Amounts in millions of USD; per-share values in USD; shares in millions.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 1,842 | 462 | 3,164 | 3,790 | 2,322 | -1,127 | 3,987 | 4,893 | 3,929 | 4,293 |
| Depreciation and amortization | 1,560 | 1,657 | 1,522 | 1,351 | 1,272 | 1,255 | 1,219 | 1,201 | 1,218 | 1,221 |
| Capital expenditure | -2,673 | -2,054 | -3,520 | -3,924 | -505 | -515 | -1,027 | -1,922 | -2,123 | -2,038 |
| Investing cash flow | -1,429 | -261 | -2,932 | -3,746 | -1,264 | — | — | — | — | — |
| Financing cash flow | -4,691 | -1,980 | -436 | -3,032 | 359 | — | — | — | — | — |
| Dividends paid | -399 | -430 | -428 | 0.0 | 0.0 | -188 | -372 | -332 | -274 | -222 |
| Share repurchases | -2,550 | -250 | 0.0 | 0.0 | 0.0 | -451 | -2,000 | -2,000 | -1,600 | -1,750 |
| Debt issued | 1,500 | 0.0 | 0.0 | 0.0 | 1,136 | — | — | — | — | — |
| Debt repaid | -3,275 | -1,337 | -85.0 | -3,085 | -905 | — | — | — | — | — |
| Net change in cash | -4,278 | -1,779 | -204 | -2,988 | 1,417 | — | — | — | — | — |
| Free cash flow | -831 | -1,592 | -356 | -156 | 1,811 | — | — | — | — | — |
| Levered free cash flow | -684 | -2,077 | 22.3 | -413 | 643 | — | — | — | — | — |