FY2025 · ended Dec 31, 2025 · Revenue $28.06B, +2.1% YoY · Filed Feb 5, 2026
Southwest Airlines Co (LUV) files with the SEC under industry code 4512, Air Transportation, Scheduled. In fiscal 2025, which ended Dec 31, 2025, it reported revenue of $28.1 billion and net income of $441.0 million. Free cash flow was -$831.0 million. As of Sep 30, 2026 it held $3.6 billion in cash and investments and $4.7 billion in total debt.
Revenue (TTM)
$31.55B
+14.5% vs year-ago TTM
Net income (TTM)
$1.05B
+177.8% vs year-ago TTM
Operating cash flow (TTM)
$2.75B
+36.2% vs year-ago TTM
Free cash flow (TTM)
$-450.00M
-25.3% vs year-ago TTM
EPS (TTM)
$2.04
+204.5% vs year-ago TTM
Dividend per share
$0.72
+0.0% vs prior year
Shares outstanding
491.32M
-17.1% vs prior year
Net cash
$-1.09B
as of Sep 30, 2026
Operating margin
4.4%
FY 2026
Company profile
- Industry
- Air Transportation, Scheduled (SIC 4512)
- Listed as
- LUV (NYSE)
- Fiscal year ends
- December 31
- Incorporated in
- TX
- Headquarters
- Dallas, TX
- SEC filer status
- Large accelerated filer
- SEC CIK
- 92380
Other Air Transportation, Scheduled companies
Key figures
Fiscal-year totals from the annual reports. Balance sheet lines are as of each year end.
| Line | FY 2025 Dec 31, 2025 |
FY 2024 Dec 31, 2024 |
FY 2023 Dec 31, 2023 |
FY 2022 Dec 31, 2022 |
FY 2021 Dec 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $28.1B | $27.5B | $26.1B | $23.8B | $15.8B |
| Operating income | $428.0M | $321.0M | $224.0M | $1.0B | $1.7B |
| Net income | $441.0M | $465.0M | $465.0M | $539.0M | $977.0M |
| Diluted EPS | $0.79 | $0.76 | $0.76 | $0.87 | $1.61 |
| Operating cash flow | $1.8B | $462.0M | $3.2B | $3.8B | $2.3B |
| Free cash flow | -$831.0M | -$1.6B | -$356.0M | -$134.0M | $1.8B |
| Total assets | $29.1B | $33.8B | $36.5B | $35.4B | $36.3B |
| Stockholders' equity | $8.0B | $10.3B | $10.5B | $10.7B | $10.4B |
| Cash and investments | $3.2B | $8.7B | $11.5B | $12.3B | $15.5B |
| Total debt | $6.1B | $8.1B | $9.3B | $9.6B | $11.8B |
Recent SEC filings
| Form | Description | Filed | Period |
|---|---|---|---|
| 8-K |
Current report
Material agreement, New debt, Other events
|
Nov 2, 2026 | Nov 2, 2026 |
| 10-Q | Quarterly report | Oct 22, 2026 | Sep 30, 2026 |
| 8-K |
Current report
Results of operations
|
Oct 21, 2026 | Oct 21, 2026 |
| 8-K |
Current report
Material agreement, Agreement ended, New debt
|
Aug 12, 2026 | Aug 10, 2026 |
| 8-K |
Current report
Officer or director change
|
Aug 10, 2026 | Aug 10, 2026 |
| 8-K |
Current report
Officer or director change
|
Aug 7, 2026 | Aug 5, 2026 |
All 1004 Southwest Airlines Co SEC filings
Source: SEC EDGAR filings. This is company-reported data, not investment advice.