Income StatementBalance SheetCash FlowSegments
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Southwest Airlines Income Statement

Revenue, expenses, and profitability over time

Southwest Airlines generated $28.9B in trailing twelve-month revenue, up 0.0% year-over-year. Net income was $817.0M with a 2.83% net margin. Diluted EPS is $1.52, which grew 0.8% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$28.9BOperating Income (TTM)$981.0MNet Income (TTM)$817.0MEps Diluted (TTM)$1.52
Latest FilingQ1 2026
Report Date2026-04-23
Market Cap$21.2B
P/E Ratio25.91
ROE10.06%

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Common Stock Dividends Per Share Declared—$0.2$0.2$0.2—$0.2
Other Comprehensive Income (Loss), Other Gains and Losses, Net of Tax—$1.0M$1.0M$1.0M—$1.0M
Change in Deferred Revenue-$458.0M$660.0M-$606.0M-$172.0M-$961.0M$1.1B
Change in Other Liabilities-$61.0M-$63.0M$28.0M$16.0M—-$77.0M
Common Stock Dividends Per Share—$0.2$0.2$0.2—$0.2
Other Comprehensive Income (Loss), Net of Tax—$1.0M-$11.0M$29.0M—$23.0M
Dividends per share declared—$0.2$0.2$0.2—$0.2
Reclassifications Net of Tax—-$149.0M$213.0M$54.0M—$227.0M
Change in Accounts Payable and Accrued Liabilities—-$126.0M-$95.0M$11.0M—-$79.0M
Net Change in Cash and Restricted Cash—$625.0M-$4.7B-$573.0M—$97.0M
Payments to Acquire Marketable Securities—$51.0M$319.0M$100.0M—$0.0
Payments to Acquire Other Productive Assets—$527.0M$635.0M$678.0M—$630.0M
ROU Asset Obtained - Operating Lease—$14.0M$20.0M$4.0M—$5.0M
OCI Attributable to Parent—$1.0M-$11.0M$29.0M—$23.0M
Dividends per share declared—$0.2$0.2$0.2—$0.2
Common Stock Dividends Per Share Declared—$0.2$0.2$0.2—$0.2
Interest Paid, Net$96.0M$11.0M$53.0M$3.0M$41.0M$1.0M
Share-based compensation expense related to employee stock plans—$21.0M$25.0M$26.0M—$17.0M
Dividends declared (in dollars per share)—$0.2$0.2$0.2—$0.2
Comprehensive Income (Loss), Net of Tax, Attributable to Parent—-$148.0M$202.0M$83.0M—$250.0M
Current period sales—$6.5B$6.0B$6.0B—$7.5B
Amounts deferred associated with points awarded—$817.0M$748.0M$649.0M—$662.0M
Contract With Customer, Liability, Revenue Recognized, Current Period—$3.2B$5.4B$5.4B—$3.9B
Dividends Cash—$103.0M$94.0M$95.0M—$89.0M
Fuel$1.3B$1.2B$1.3B$1.3B$1.3B$1.4B
Collateral received—-$22.0M$0.0$0.0—$0.0
Increase (Decrease) in Accounts and Other Receivables-$99.0M-$57.0M-$90.0M$83.0M—$93.0M
Accounts payable and other current liabilities—-$126.0M-$95.0M$11.0M$427.0M-$79.0M
Increase (decrease) in contract liabilities and current deferred income-$458.0M$660.0M-$606.0M-$172.0M-$961.0M$1.1B
Increase (Decrease) in Other Operating Assets$12.0M-$145.0M-$212.0M-$3.0M-$48.0M$61.0M
Other liabilities-$61.0M-$63.0M$28.0M$16.0M—-$77.0M
Add - Incremental shares under stock-based compensation plans (in shares)—$0.0$3.0M$3.0M—$5.0M
Interest Costs Capitalized Adjustment$11.0M$11.0M$13.0M$13.0M$16.0M$12.0M
Interest Paid, Excluding Capitalized Interest, Operating Activity$96.0M$11.0M$53.0M$3.0M$41.0M$1.0M
Number of aircraft retirements———16.00—13.00
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation-$1.5B-$858.0M-$4.2B-$432.0M—-$876.0M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation—$623.0M-$882.0M-$428.0M-$742.0M-$445.0M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$476.0M$860.0M$401.0M$287.0M$295.0M$1.4B
Net gains (losses) deferred—$0.0-$12.0M$28.0M—$22.0M
Other comprehensive income/(loss)—$1.0M-$11.0M$29.0M—$23.0M
Other deferred taxes—$0.0$1.0M$1.0M—$0.0
Other income, net (Note 6)-$7.0M-$18.0M$27.0M$21.0M$15.0M-$26.0M
All other operating activities-$26.0M$8.0M$85.0M$50.0M$15.0M-$40.0M
Payments for Repurchase of Common Stock$250.0M$750.0M$1.5B$250.0M$50.0M$1.3B
Payments of Dividends$0.0$107.0M$103.0M$189.0M$0.0$93.0M
Payments to Acquire Productive Assets$460.0M$527.0M$635.0M$678.0M$859.0M$630.0M
Payments to Acquire Short-Term Investments$1.2B$51.0M$319.0M$100.0M$0.0$0.0
Issuance of debt$0.0$0.0———$500.0M
Financing — other—-$13.0M$2.0M-$1.0M-$15.0M-$43.0M
Other, net—-$3.0M$0.0$0.0—-$7.0M
Dispositions of property, plant, and equipment—$26.0M———$192.0M
Short-term investments sold$835.0M$1.2B$72.0M$350.0M$116.0M$0.0
Proceeds from issuance of common stock relating to employee stock plans$14.0M$17.0M$15.0M$14.0M$13.0M$16.0M
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent—-$30.0M-$29.0M-$29.0M—-$23.0M
Tax effect——$9.0M$9.0M—$7.0M
Repayments Of Other Long-Term Debt And Finance Lease Obligations—$5.0M$2.6B$6.0M—$6.0M
Revenue From Contract With Customer Excluding Assessed Tax$6.9B$6.4B$7.2B$6.9B$7.4B$7.2B
Gains on sale and leaseback transactions, net$92.0M$3.0M$0.0$0.0$0.0$0.0
Proceeds from sale-leaseback transactions—$24.0M$0.0$0.0—$0.0
Issuance of common and treasury stock pursuant to Employee stock plans—$3.0M$17.0M$14.0M—-$14.0M
Treasury stock, value, acquired—$758.0M$1.5B$252.0M—$1.3B
Unrealized Gain (Loss) on Derivatives, Net—$0.0-$4.0M$8.0M—$7.0M
Reclassification from AOCI, Net of Tax—-$30.0M-$29.0M-$29.0M—-$23.0M
Other Comprehensive Income (Loss)—-$148.0M$202.0M$83.0M—$250.0M
Common Stock Dividends Per Share Declared—$0.2$0.2$0.2—$0.2
Other Comprehensive Income (Loss), Net of Tax, Attributable to Parent—$1.0M-$11.0M$29.0M—$23.0M
Common Stock Dividends Per Share Declared—$0.2$0.2$0.2—$0.2
OCI Net of Tax, Parent—$1.0M-$11.0M$29.0M—$23.0M
Cash Dividends Paid—$103.0M$94.0M$95.0M—$89.0M
OCI Attributable to Parent—$1.0M-$11.0M$29.0M—$23.0M
Stock Repurchased During Period, Value—$750.0M$1.5B$250.0M—$1.3B

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Common Stock Dividends Per Share Declared—$0.2$0.2$0.2—$0.2
Common Stock Dividends Per Share (Declared)—$0.2$0.2$0.2—$0.2
Common Stock Dividends Per Share Declared—$0.2$0.2$0.2—$0.2
Basic earnings per share$0.44$-0.26$0.40$0.10$0.61$0.45
Diluted earnings per share$0.42$-0.26$0.39$0.10$0.58$0.45
Common Stock Dividends Per Share Declared—$0.2$0.2$0.2—$0.2
Dividends Per Share Declared—$0.2$0.2$0.2—$0.2
Common Stock Dividends Per Share Declared—$0.2$0.2$0.2—$0.2
Common Stock Dividends Per Share Declared—$0.2$0.2$0.2—$0.2
Common stock dividends per share declared—$0.2$0.2$0.2—$0.2
Dividends Per Share Declared—$0.2$0.2$0.2—$0.2
Dividends per share declared—$0.2$0.2$0.2—$0.2
Common Stock Dividends Per Share Declared—$0.2$0.2$0.2—$0.2
Dividends per share declared—$0.2$0.2$0.2—$0.2
Dividends per share declared—$0.2$0.2$0.2—$0.2
Dividends per Share Declared—$0.2$0.2$0.2—$0.2
Dividends per share declared—$0.18$0.18$0.18—$0.18
Common Stock Dividends Per Share Declared—$0.2$0.2$0.2—$0.2
Common Stock Dividends Per Share Declared—$0.2$0.2$0.2—$0.2
Common stock dividends per share declared—$0.2$0.2$0.2—$0.2
Common Stock Dividends Per Share Declared—$0.2$0.2$0.2—$0.2
Common Stock Dividends Per Share Declared—$0.2$0.2$0.2—$0.2
Common stock dividends per share declared—$0.2$0.2$0.2—$0.2
Weighted-average shares, basic—584M538M523M—498M
Weighted-average shares, diluted—584M541M526M—503M

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aircraft fuel$1.3B$1.2B$1.3B$1.3B$1.3B$1.4B
Compensation and benefits$3.2B$3.1B$3.3B$3.2B$3.4B$3.3B
Shipping and Handling Costs$6.7B$6.7B$7.0B$6.9B$7.1B$6.9B
Depreciation and amortization$407.0M$396.0M$400.0M$394.0M$371.0M$398.0M
Other Costs and Expenses$950.0M$1.1B$1.1B$1.1B$1.1B$1.0B
Other operating charges$950.0M$1.1B$1.1B$1.1B$1.1B$1.0B
Aircraft maintenance materials and outside repairs$307.0M$292.0M$331.0M$299.0M$306.0M$259.0M
Landing fees and other rents$494.0M$522.0M$567.0M$548.0M$540.0M$572.0M
Other operating expenses$950.0M$1.1B$1.1B$1.1B$1.1B$1.0B
Total operating expenses$6.7B$6.7B$7.0B$6.9B$7.1B$6.9B

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Revenue Recognized from Contract Liability—$2.6B$1.2B$779.0M—$2.5B
Revenue Recognized from Contract Liabilities—$2.6B$1.2B$779.0M—$2.5B
Gift Card Revenue Recognized—$2.6B$1.2B$779.0M—$2.5B
Revenue Recognized from Contract Liability—$2.6B$1.2B$779.0M—$2.5B
Total revenue$6.9B$6.4B$7.2B$6.9B$7.4B$7.2B

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income applicable to common shareholders—-$149.0M$213.0M$54.0M—$227.0M
Common Dividends Declared (Per Share)—$0.2$0.2$0.2—$0.2
Net Income Allocated to Common (Diluted)—-$149.0M$213.0M$54.0M—$227.0M
Net earnings to common—-$149.0M$213.0M$54.0M—$227.0M
Net Income Available to Common Stockholders (Diluted)—-$149.0M$213.0M$54.0M—$227.0M
Net Income Available to Common Shareholders—-$149.0M$213.0M$54.0M—$227.0M
OCI Attributable to Parent—$1.0M-$11.0M$29.0M—$23.0M
Net income$261.0M-$149.0M$213.0M$54.0M$323.0M$227.0M
Net income attributable to common stock—-$149.0M$213.0M$54.0M—$227.0M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Cash Paid for Interest$96.0M$11.0M$53.0M$3.0M$41.0M$1.0M
Other Charges-$7.0M-$18.0M$27.0M$21.0M$15.0M-$26.0M
Interest expense$58.0M$46.0M$39.0M$35.0M$47.0M$54.0M
Interest income$105.0M$84.0M$54.0M$34.0M$33.0M$23.0M
Other income (expense), net$51.0M$31.0M$55.0M$33.0M$17.0M-$45.0M
Interest costs capitalized adjustment$11.0M$11.0M$13.0M$13.0M$16.0M$12.0M
Gain (Loss) on Sale of Assets and Asset Impairment Charges$0.0-$2.0M-$2.0M-$2.0M-$2.0M—

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$329.0M-$192.0M$280.0M$68.0M$408.0M$285.0M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income tax expense$68.0M-$43.0M$67.0M$14.0M$85.0M$58.0M
Deferred Income Tax Expense (Benefit)—$43.0M-$66.0M-$14.0M—-$57.0M

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Operating income$278.0M-$223.0M$225.0M$35.0M$391.0M$330.0M