Southwest Airlines Co. (LUV) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Sales/Revenue | 7.25B | 7.44B | 6.95B | 7.24B | 6.43B | 6.93B | 6.87B | 7.35B | 6.33B | 6.82B | 6.53B | 7.04B | 5.71B | 6.17B | 6.22B | 6.73B | 4.69B | 5.05B | 4.68B | 4.01B |
| Revenue Growth % | 12.77% | 7.39% | 1.15% | -1.5% | 1.56% | 1.57% | 5.29% | 4.5% | 10.92% | 10.55% | 4.9% | 4.59% | 21.56% | 22.19% | 32.93% | 67.86% | 128.75% | 150.92% | 160.96% | 297.62% |
| Cost of Goods Sold | 6.52B | 5.93B | 5.79B | 5.89B | 5.56B | 5.7B | 5.75B | 5.86B | 5.7B | 6.1B | 5.45B | 5.29B | 5.04B | 5.17B | 5.01B | 4.78B | 4.11B | 4.17B | 3.28B | 2.83B |
| COGS % of Revenue | 89.96% | 79.7% | 83.34% | 81.25% | 86.51% | 82.28% | 83.74% | 79.73% | 90.12% | 89.34% | 83.52% | 75.12% | 88.29% | 83.68% | 80.48% | 71.03% | 87.64% | 82.6% | 70.19% | 70.56% |
| Gross Profit | 728M | 1.51B | 1.16B | 1.36B | 867M | 1.23B | 1.12B | 1.49B | 625M | 727M | 1.07B | 1.75B | 668M | 1.01B | 1.21B | 1.95B | 580M | 879M | 1.4B | 1.18B |
| Gross Margin % | 10.04% | 20.3% | 16.66% | 18.75% | 13.49% | 17.72% | 16.26% | 20.27% | 9.88% | 10.66% | 16.48% | 24.88% | 11.71% | 16.32% | 19.52% | 28.97% | 12.36% | 17.4% | 29.81% | 29.44% |
| Gross Profit Growth % | -16.03% | 23.05% | 3.67% | -8.92% | 38.72% | 68.91% | 3.91% | -14.85% | -6.44% | -27.81% | -11.45% | -10.16% | 15.17% | 14.56% | -12.97% | 65.17% | -12.39% | 235.86% | 251.14% | 230.1% |
| Operating Expenses | 398M | 1.12B | 1.12B | 1.13B | 1.09B | 950M | 1.08B | 1.09B | 1.02B | 1.13B | 958M | 956M | 952M | 1.39B | 819M | 791M | 731M | 684M | 662M | 586M |
| OpEx % of Revenue | 5.49% | 15.05% | 16.16% | 15.64% | 16.96% | 13.71% | 15.71% | 14.86% | 16.08% | 16.58% | 14.68% | 13.59% | 16.68% | 22.55% | 13.17% | 11.76% | 15.57% | 13.54% | 14.15% | 14.62% |
| Selling, General & Admin | 0 | 1.12B | 1.12B | 0 | 0 | 346M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | 15.05% | 16.16% | - | - | 4.99% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Operating Income | 330M | 391M | 35M | 225M | -223M | 278M | 38M | 398M | -393M | -404M | 117M | 795M | -284M | -385M | 395M | 1.16B | -151M | 195M | 733M | 594M |
| Operating Margin % | 4.55% | 5.25% | 0.5% | 3.11% | -3.47% | 4.01% | 0.55% | 5.41% | -6.21% | -5.92% | 1.79% | 11.3% | -4.98% | -6.24% | 6.35% | 17.21% | -3.22% | 3.86% | 15.67% | 14.82% |
| Operating Income Growth % | 247.98% | 40.65% | -7.89% | -43.47% | 43.26% | 168.81% | -67.52% | -49.94% | -38.38% | -4.94% | -70.38% | -31.35% | -88.08% | -297.44% | -46.11% | 94.95% | -175.88% | 116.7% | 151.95% | 152.71% |
| EBITDA | 728M | 762M | 429M | 625M | 173M | 685M | 476M | 802M | 15M | 11M | 492M | 1.16B | 81M | -18M | 730M | 1.48B | 173M | 518M | 1.05B | 909M |
| EBITDA Margin % | 10.04% | 10.24% | 6.17% | 8.63% | 2.69% | 9.88% | 6.93% | 10.91% | 0.24% | 0.16% | 7.54% | 16.51% | 1.42% | -0.29% | 11.74% | 22.04% | 3.69% | 10.26% | 22.55% | 22.68% |
| EBITDA Growth % | 320.81% | 11.24% | -9.87% | -22.07% | 1053.33% | 6127.27% | -3.25% | -30.98% | -81.48% | 161.11% | -32.6% | -21.65% | -53.18% | -103.47% | -30.81% | 63.15% | -66.14% | 160.73% | 196.26% | 211.67% |
| D&A (Non-Cash Add-back) | 398M | 371M | 394M | 400M | 396M | 407M | 438M | 404M | 408M | 415M | 375M | 367M | 365M | 367M | 335M | 325M | 324M | 323M | 322M | 315M |
| EBIT | 330M | 438M | 90M | 306M | -157M | 376M | 143M | 533M | -240M | -228M | 296M | 946M | -145M | -225M | 428M | 1.12B | -292M | 192M | 706M | 610M |
| Net Interest Income | -19M | 2M | 12M | 28M | 49M | 58M | 67M | 75M | 83M | 100M | 97M | 84M | 65M | 56M | -5M | -54M | -81M | -108M | -104M | -106M |
| Interest Income | 23M | 33M | 34M | 54M | 84M | 105M | 121M | 130M | 141M | 158M | 156M | 144M | 125M | 116M | 70M | 28M | 3M | 7M | 2M | 2M |
| Interest Expense | 42M | 31M | 22M | 26M | 35M | 47M | 54M | 55M | 58M | 58M | 59M | 60M | 60M | 60M | 75M | 82M | 84M | 115M | 106M | 108M |
| Other Income/Expense | -45M | 16M | 33M | 55M | 31M | 51M | 51M | 80M | 95M | 118M | 120M | 91M | 79M | 100M | -42M | -122M | -225M | -118M | -133M | -92M |
| Pretax Income | 285M | 407M | 68M | 280M | -192M | 329M | 89M | 478M | -298M | -286M | 237M | 886M | -205M | -285M | 353M | 1.04B | -376M | 77M | 600M | 502M |
| Pretax Margin % | 3.93% | 5.47% | 0.98% | 3.87% | -2.99% | 4.75% | 1.3% | 6.5% | -4.71% | -4.19% | 3.63% | 12.59% | -3.59% | -4.62% | 5.68% | 15.4% | -8.01% | 1.52% | 12.82% | 12.53% |
| Income Tax | 58M | 84M | 14M | 67M | -43M | 68M | 22M | 111M | -67M | -34M | 44M | 203M | -46M | -65M | 76M | 276M | -98M | 9M | 154M | 154M |
| Effective Tax Rate % | 20.35% | 20.64% | 20.59% | 23.93% | 22.4% | 20.67% | 24.72% | 23.22% | 22.48% | 11.89% | 18.57% | 22.91% | 22.44% | 22.81% | 21.53% | 26.64% | 26.06% | 11.69% | 25.67% | 30.68% |
| Net Income | 227M | 323M | 54M | 213M | -149M | 261M | 67M | 367M | -231M | -252M | 193M | 683M | -159M | -220M | 277M | 760M | -278M | 68M | 446M | 348M |
| Net Margin % | 3.13% | 4.34% | 0.78% | 2.94% | -2.32% | 3.77% | 0.98% | 4.99% | -3.65% | -3.69% | 2.96% | 9.71% | -2.79% | -3.56% | 4.45% | 11.3% | -5.92% | 1.35% | 9.53% | 8.68% |
| Net Income Growth % | 252.35% | 23.75% | -19.4% | -41.96% | 35.5% | 203.57% | -65.29% | -46.27% | -45.28% | -14.55% | -30.32% | -10.13% | 42.81% | -423.53% | -37.89% | 118.39% | -339.66% | 107.49% | 138.55% | 138.03% |
| Net Income (Continuing) | 227M | 323M | 54M | 213M | -149M | 261M | 67M | 367M | -231M | -252M | 193M | 683M | -159M | -220M | 277M | 760M | -278M | 68M | 446M | 348M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.45 | 0.61 | 0.10 | 0.39 | -0.26 | 0.42 | 0.11 | 0.58 | -0.39 | -0.37 | 0.30 | 1.07 | -0.27 | -0.37 | 0.43 | 1.20 | -0.47 | 0.11 | 0.73 | 0.57 |
| EPS Growth % | 273.08% | 45.24% | -9.09% | -32.76% | 33.33% | 213.51% | -63.33% | -45.79% | -44.44% | 0% | -30.23% | -10.83% | 42.55% | -436.36% | -41.1% | 110.53% | -347.37% | 107.14% | 137.24% | 134.97% |
| EPS (Basic) | 0.45 | 0.63 | 0.10 | 0.40 | -0.26 | 0.45 | 0.11 | 0.62 | -0.39 | -0.37 | 0.32 | 1.15 | -0.27 | -0.37 | 0.44 | 1.20 | -0.47 | 0.11 | 0.75 | 0.59 |
| Diluted Shares Outstanding | 503M | 521M | 526M | 541M | 584M | 641M | 601M | 643M | 597M | 596M | 640M | 639M | 594M | 594M | 639M | 635M | 592M | 603M | 607M | 615M |
| Basic Shares Outstanding | 498M | 516M | 523M | 538M | 584M | 595M | 599M | 599M | 597M | 596M | 596M | 595M | 594M | 594M | 627.67M | 631.68M | 591.49M | 592M | 592M | 591M |
| Dividend Payout Ratio | 40.97% | - | 350% | 48.36% | - | 0.38% | 322.39% | - | - | - | 110.88% | - | - | - | - | - | - | - | - | - |