Southwest Airlines financials
$42.08−0.47%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 | FY21 Dec 31 | FY20 Dec 31 | FY19 Dec 31 | FY18 Dec 31 | FY17 Dec 31 | FY16 Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $28.06B | $27.48B | $26.09B | $23.81B | $15.79B | $9.05B | $22.43B | $21.96B | $21.15B | $20.29B |
| Gross profit | $28.06B | $27.48B | $26.09B | $23.81B | $15.79B | $9.05B | $22.43B | $21.96B | $21.15B | $20.29B |
| Gross margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating income | $428.0M | $321.0M | $224.0M | $1.02B | $1.72B | -$3.82B | $2.96B | $3.21B | $3.41B | $3.52B |
| Net income | $441.0M | $465.0M | $465.0M | $561.0M | $977.0M | -$3.07B | $2.30B | $2.46B | $3.36B | $2.18B |
| Net margin | 1.6% | 1.7% | 1.8% | 2.4% | 6.2% | −34.0% | 10.3% | 11.2% | 15.9% | 10.8% |
| Diluted EPS | $0.79 | $0.76 | $0.76 | $0.87 | $1.61 | $-5.44 | $4.27 | $4.29 | $5.57 | $3.45 |
| EBITDA | $1.99B | $1.98B | $1.75B | $2.37B | $2.99B | -$2.56B | $4.18B | $4.41B | $4.63B | $4.74B |
| Operating cash flow | $1.84B | $462.0M | $3.16B | $3.79B | $2.32B | -$1.13B | $3.99B | $4.89B | $3.93B | $4.29B |
| Free cash flow | -$831.0M | -$1.59B | -$356.0M | -$156.0M | $1.81B | -$1.64B | $2.96B | $2.92B | $1.68B | $2.15B |
| Diluted shares | 558.0M | 643.0M | 640.0M | 642.0M | 609.0M | 565.0M | 539.0M | 574.0M | 603.0M | 633.0M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Jan 1 | Dec 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $3.23B | $7.51B | $9.29B | $9.49B | $12.48B | $11.06B |
| Short-term investments | $0.00 | $1.22B | $2.19B | $2.80B | $3.02B | $2.27B |
| Total debt | $4.90B | $6.70B | $8.01B | $8.09B | $10.73B | $10.64B |
| Total assets | $29.06B | $33.75B | $36.49B | $35.37B | $36.32B | $34.59B |
| Total liabilities | $21.08B | $23.40B | $25.97B | $24.68B | $25.91B | $25.71B |
| Shareholders' equity | $7.98B | $10.35B | $10.52B | $10.69B | $10.41B | $8.88B |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology