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Southwest Airlines LUV Q1 2025 earnings

Reported April 23, 2025 · Before market open

Revenue$6.4BBeat by $36.9MDiluted EPS-$0.13Beat by $0.05
Revenue estimate$6.4B
EPS estimate-$0.18

Next report

Jul 22, 2026 (In 6 days)
Revenue estimate$8.6B
EPS estimate$0.52

Financials

Q1 2025

Income statement

See full
Revenue$6.4B+1.6%
Operating income-$223.0M+43.3%
Net income-$149.0M+35.5%
EPS (diluted)-$0.26+33.3%

Balance sheet

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Cash & equivalents$8.1B-2.8%
Total debt$8.0B-12.7%
Total equity$9.4B-8.2%
Total assets$33.2B-7.8%

Cash flow

See full
Operating cash flow$860.0M+927%
CapEx$527.0M-9.6%
Free cash flow$333.0M+148%

Valuation & ratios

Valuation

as of 03/31/25
See full
Market cap$19.9B+14.2%
Enterprise value$19.76B+8.5%
P/E36.4×—
P/S0.7×+0.1×

Profitability

See full
Operating margin1.8%—
Net margin2%—
FCF margin-2.1%-0.3pp

Returns & leverage

See full
Return on equity5.6%—
Debt / equity0.9×0.0×
Current ratio0.8×-0.3×

Segments

By product

See full
Passenger non-loyalty$4.8B+1.8%
Passenger loyalty - air transportation$800.0M+0.1%
Passenger ancillary sold separately$245.0M+5.2%

By geography

See full
North America$6.8B+2.2%
Latin America$189.0M-5.3%

Versus estimates

Revenue

Q1 2026$7.2BMiss by $22.9MQ4 2025$7.4BMiss by $59.4MQ3 2025$6.9BBeat by $31.7MQ2 2025$7.2BMiss by $52.1M
Q1 2025$6.4BBeat by $36.9M
Q4 2024$6.9BMiss by $29.2M

Diluted EPS

Q1 2026$0.45In lineQ4 2025$0.58Beat by $0.01Q3 2025$0.11Beat by $0.15Q2 2025$0.43Miss by $0.08
Q1 2025-$0.13Beat by $0.05
Q4 2024$0.56Beat by $0.10

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Questions, answered.

When did Southwest Airlines report Q1 2025 earnings?
Southwest Airlines (LUV) reported Q1 2025 earnings on April 23, 2025 before market open.
What were Southwest Airlines's Q1 2025 revenue and EPS?
Southwest Airlines reported revenue of $6.4B and diluted EPS of $-0.13 for Q1 2025.
Did Southwest Airlines beat estimates in Q1 2025?
Revenue beat the consensus estimate of $6.4B by $36.9M. EPS beat the consensus estimate of $-0.18 by $0.05.
How did Southwest Airlines's Q1 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 1.6% from $6.3B a year earlier and diluted EPS grew 63.9% from $-0.36.
Where can I find Southwest Airlines's Q1 2025 SEC filings?
You can read the 10-Q periodic report (0000092380-25-000083) directly on SEC EDGAR. The filing index links above go to sec.gov.