Southwest Airlines income statement

In fiscal 2025, Southwest Airlines reported revenue of $28.06bn, up 2.1% on the year before, operating income of $428m (a 1.5% margin) and net income of $441m, or $0.79 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Southwest Airlines: income statement, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Revenue	10.4	12.1	15.7	17.1	17.7	18.6	19.8	20.4	21.2	22.0	22.4	9.0	15.8	23.8	26.1	27.5	28.1	31.5
Operating income	0.3	1.0	0.7	0.6	1.3	2.2	4.1	3.5	3.4	3.2	3.0	−3.8	1.7	1.0	0.2	0.3	0.4	1.4
Interest expense	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	—	—	0.3	0.3	0.2	0.2	0.2
Income before tax	0.2	0.7	0.3	0.7	1.2	1.8	3.5	3.5	3.3	3.2	3.0	−4.3	1.3	0.7	0.6	0.6	0.6	1.4
Income tax	0.1	0.3	0.1	0.3	0.5	0.7	1.3	1.3	−0.1	0.7	0.7	−1.2	0.3	0.2	0.2	0.1	0.1	0.3
Net income	0.1	0.5	0.2	0.4	0.8	1.1	2.2	2.2	3.4	2.5	2.3	−3.1	1.0	0.5	0.5	0.5	0.4	1.1
Diluted EPS	$0.13	$0.61	$0.23	$0.56	$1.05	$1.64	$3.27	$3.45	$5.57	$4.29	$4.27	−$5.44	$1.61	$0.87	$0.76	$0.76	$0.79	$2.03
Diluted shares (average)	741m	747m	775m	757m	718m	696m	669m	633m	603m	574m	539m	565m	609m	642m	640m	643m	558m	518m
EBITDA	0.9	1.6	1.4	1.5	2.1	3.2	5.1	4.7	4.6	4.4	4.2	−2.6	3.0	2.4	1.7	2.0	2.0	3.0

US$ millions unless shown otherwise. Fiscal quarters.

Southwest Airlines: income statement, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Revenue	6,930	6,428	7,244	6,949	7,442	7,249	8,432	8,422
Operating income	278	−223	225	35	391	330	285	379
Interest expense	58	46	39	35	47	54	64	70
Income before tax	329	−192	280	68	408	285	306	355
Income tax	68	−43	67	14	85	58	73	85
Net income	261	−149	213	54	323	227	233	270
Diluted EPS	$0.42	−$0.26	$0.39	$0.10	$0.58	$0.45	$0.47	$0.55
EBITDA	685	173	625	429	762	728	687	777

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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Figures from Southwest Airlines's SEC filings (10-K and 10-Q), retrieved October 23, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Southwest Airlines.