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 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 530 | 1,418 | 295 | 287 | 401 | 860 | 476 | 113 | -23.0 | -104 | 425 | 616 |
| Depreciation and amortization | 402 | 398 | 53.0 | 394 | 400 | 396 | 136 | 438 | 404 | 408 | 169 | 375 |
| Capital expenditure | -818 | -630 | -859 | -678 | -660 | -527 | -434 | -527 | -500 | -592 | -718 | -850 |
| Investing cash flow | -560 | -445 | -742 | -428 | -882 | 623 | 73.0 | 458 | -206 | -585 | -664 | -64.0 |
| Financing cash flow | 493 | -876 | 776 | -432 | -4,178 | -858 | -1,543 | -210 | 4.0 | -232 | 30.0 | -213 |
| Dividends paid | -88.0 | -93.0 | 0.0 | -189 | -103 | -107 | — | -216 | — | -215 | — | -214 |
| Share repurchases | 0.0 | -1,250 | -50.0 | -250 | -1,500 | -750 | -250 | — | — | — | — | — |
| Debt issued | 1,000 | 500 | 1,500 | — | 0.0 | 0.0 | — | — | — | — | — | — |
| Debt repaid | -431 | -6.0 | -672 | -6.0 | -2,592 | -5.0 | -1,310 | -11.0 | -8.0 | -8.0 | -7.0 | -11.0 |
| Net change in cash | 463 | 97.0 | 329 | -573 | -4,659 | 625 | -994 | 361 | -225 | -921 | -209 | 339 |
| Free cash flow | -288 | 788 | -564 | -391 | -259 | 333 | 42.0 | -414 | -523 | -696 | -293 | -234 |
| Levered free cash flow | -824 | 769 | -585 | -286 | -322 | 458 | 112 | -537 | -869 | -782 | 470 | -457 |