Income StatementBalance SheetCash FlowSegments
Southwest Airlines logo

Southwest Airlines Business Segments

Business, geographic, and product segment breakdowns

Southwest Airlines generates $28.9B in annual revenue across 3 key segments: Passenger ancillary sold separately ($2.3B), Passenger loyalty - air transportation ($3.1B), and Passenger non-loyalty ($20.9B). The company-wide operating margin is 3.4%. Based on the Q1 2026 filing.

Passenger ancillary sold separately (TTM)$2.3BPassenger loyalty - air transportation (TTM)$3.1BPassenger non-loyalty (TTM)$20.9B
Latest FilingQ1 2026
Report Date2026-04-23
Market Cap$21.2B
P/E Ratio25.91
ROE10.06%

Products & Services

Total operating revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Passenger non-loyalty$5.2B$4.8B$5.4B$4.9B$5.3B$5.2B
Passenger ancillary sold separately$261.0M$245.0M$309.0M$612.0M$669.0M$715.0M
Passenger loyalty - air transportation$895.0M$800.0M$870.0M$805.0M$784.0M$688.0M

Geographic

Total operating revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Latin America$199.5M$189.0M$189.0M$189.0M$189.0M—
North America$6.7B$6.8B$6.8B$6.8B$6.8B—