Southwest Airlines Co. (LUV) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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LUV Revenue Growth
Revenue Breakdown (FY 2025)
LUV's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
LUV Revenue Analysis (2014–2025)
As of May 7, 2026, Southwest Airlines Co. (LUV) generated trailing twelve-month (TTM) revenue of $28.88 billion, reflecting strong growth of +12.8% year-over-year. The most recent quarter (Q1 2026) recorded $7.25 billion in revenue, down 2.6% sequentially.
Looking at the longer-term picture, LUV's 5-year compound annual growth rate (CAGR) stands at +25.4%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $28.06 billion in 2025, representing a new all-time high.
Revenue diversification analysis shows LUV's business is primarily driven by Passenger (91%), Product and Service, Other (8%), and Cargo and Freight (1%). With over half of revenue concentrated in Passenger, the company maintains significant focus in this area while developing other growth vectors.
When compared to Industrials sector peers including DAL (+2.8% YoY), UAL (+4.7% YoY), and AAL (+3.3% YoY), LUV has outperformed the peer group in terms of revenue growth. Compare LUV vs DAL →
LUV Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| LUVCurrent | $28.9B | +12.8% | +25.4% | 1.5% | |
 DAL | $63.4B | +2.8% | +30.0% | 9.2% | |
 UAL | $59.1B | +4.7% | +30.9% | 8.0% | |
 AAL | $54.6B | +3.3% | +25.8% | 2.7% | |
 ULCC | $3.7B | -0.5% | +24.4% | -4.0% | |
 ALGT | $2.6B | +3.7% | +21.4% | 6.7% |
LUV Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $28.06B | +2.1% | $4.89B | 17.4% | $428.0M | 1.5% |
| 2024 | $27.48B | +5.3% | $4.46B | 16.2% | $321.0M | 1.2% |
| 2023 | $26.09B | +9.6% | $4.22B | 16.2% | $224.0M | 0.9% |
| 2022 | $23.81B | +50.8% | $4.75B | 20.0% | $1.02B | 4.3% |
| 2021 | $15.79B | +74.5% | $4.12B | 26.1% | $1.72B | 10.9% |
| 2020 | $9.05B | -59.7% | $-1,890,000,000 | -20.9% | $-3,816,000,000 | -42.2% |
| 2019 | $22.43B | +2.1% | $5.98B | 26.7% | $2.96B | 13.2% |
| 2018 | $21.96B | +3.8% | $6.06B | 27.6% | $3.21B | 14.6% |
| 2017 | $21.17B | +3.7% | $6.25B | 29.5% | $3.41B | 16.1% |
| 2016 | $20.43B | +3.1% | $6.22B | 30.5% | $3.52B | 17.2% |
Full LUV Stock Analysis
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Start ComparisonLUV — Frequently Asked Questions
Quick answers to the most common questions about buying LUV stock.
Is LUV's revenue growth accelerating or slowing?
LUV maintains +12.8% revenue growth, in line with its 5-year CAGR of +25.4%. TTM revenue stands at $28.9B. Growth rate remains consistent with historical average.
What is LUV's long-term revenue growth rate?
Southwest Airlines Co.'s 5-year revenue CAGR of +25.4% reflects the sustained expansion pattern. Current YoY growth of +12.8% is near this long-term average.
How is LUV's revenue distributed by segment?
LUV reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.