SOUTHWEST AIRLINES CO (LUV) Financial Statements

Income statement

Metric	TTM	2025	2024	2023	2022
Revenue
Total Revenue	31.5B	28.1B	27.5B	26.1B	23.8B
Cost of Revenue	14.0B	23.2B	23.0B	21.9B	19.1B
Gross Profit	17.6B	4.9B	4.5B	4.2B	4.8B
Operating Expenses
R&D Expense	—	—	—	—	—
SG&A Expense	1.1B	4.5B	346.0M	266.0M	224.0M
General & Admin Expense	—	—	—	—	—
Selling & Marketing Expense	—	—	346.0M	266.0M	224.0M
Other Expenses	15.1B	—	3.8B	3.7B	3.5B
Total Operating Expenses	16.2B	4.5B	4.1B	4.0B	3.7B
Cost and Expenses	30.2B	27.6B	27.2B	25.9B	22.8B
Operating Income (EBIT)	1.4B	428.0M	321.0M	224.0M	1.0B
Non-Operating
Interest Income	9.0M	205.0M	497.0M	583.0M	217.0M
Interest Expense	206.0M	113.0M	214.0M	236.0M	301.0M
Net Interest Income	(197.0M)	92.0M	283.0M	347.0M	(84.0M)
Other Non-Op Income/Expense	(31.0M)	135.0M	277.0M	409.0M	(289.0M)
Non-Operating Income (excl Interest)	(80.0M)	(248.0M)	(491.0M)	(645.0M)	(12.0M)
EBT (Pre-Tax Income)	1.4B	563.0M	598.0M	633.0M	728.0M
Income Tax Expense	301.0M	122.0M	133.0M	168.0M	189.0M
Bottom Line
Net Income	1.1B	441.0M	465.0M	465.0M	539.0M
Earnings from Cont. Ops	1.1B	441.0M	465.0M	465.0M	539.0M
Earnings from Discont. Ops	—	—	—	—	—
Bottom Line Net Income	1.1B	441.0M	485.0M	484.0M	561.0M
Per Share
Basic EPS	$2.11	$0.82	$0.81	$0.81	$0.91
Diluted EPS	$2.08	$0.79	$0.75	$0.76	$0.87
Revenue Per Share	$64.51	$51.97	$45.96	$43.85	$40.16
Shares
Basic Shares Outstanding	489.0M	540.0M	598.0M	595.0M	593.0M
Diluted Shares Outstanding	494.0M	558.0M	643.0M	640.0M	642.0M
Profitability Metrics
EBITDA	3.0B	2.2B	2.5B	2.4B	2.4B
D&A	1.6B	1.6B	1.7B	1.5B	1.4B
EBIT	1.5B	676.0M	812.0M	869.0M	1.0B

As reported, in the filing currency · TTM sums the four latest quarters; MRQ is the latest quarter · Negatives in parentheses; a dash is a line the filing does not carry · Data as of Sep 1, 2026