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Southwest Airlines LUV Q2 2025 earnings

Reported July 23, 2025 · After market close

Revenue$7.2BMiss by $52.1M
EPS$0.43Miss by $0.08
Revenue estimate$7.3B
EPS estimate$0.51

Next report

Oct 21, 2026 (in a month)
Revenue estimate$8.2B
EPS estimate$0.62

Financials

Q2 2025

Income statement

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Revenue$7.2B-1.5%
Operating income$225.0M-43.5%
Net income$213.0M-42.0%
EPS (diluted)$0.39-32.8%

Balance sheet

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Cash & equivalents$3.5B-57.3%
Total debt$5.3B-41.4%
Total equity$8.0B-23.6%
Total assets$28.7B-19.3%

Cash flow

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Operating cash flow$401.0M+1,843%
CapEx$660.0M+33.6%
Free cash flow-$259.0M+49.9%

Valuation & ratios

Valuation

as of 06/30/25
See full
Market cap$18.16B+5.9%
Enterprise value$20.02B+10.6%
P/E46.3×—
P/S0.7×0.0×

Profitability

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Operating margin1.2%—
Net margin1.4%—
FCF margin-1.2%-0.5pp

Returns & leverage

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Return on equity4.2%—
Debt / equity0.7×-0.2×
Current ratio0.6×-0.3×

Segments

By product

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Passenger non-loyalty$5.4B-1.7%
Passenger loyalty - air transportation$870.0M-2.8%
Passenger ancillary sold separately$309.0M+13.2%

By geography

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

FAQ

When did Southwest Airlines report Q2 2025 earnings?
Southwest Airlines (LUV) reported Q2 2025 earnings on July 23, 2025 after market close.
What were Southwest Airlines's Q2 2025 revenue and EPS?
Southwest Airlines reported revenue of $7.2B and eps of $0.43 for Q2 2025.
Did Southwest Airlines beat estimates in Q2 2025?
Revenue missed the consensus estimate of $7.3B by $52.1M. EPS missed the consensus estimate of $0.51 by $0.08.
How did Southwest Airlines's Q2 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 1.5% from $7.4B a year earlier and eps declined 25.9% from $0.58.
Where can I find Southwest Airlines's Q2 2025 SEC filings?
You can read the 8-K earnings release (0000092380-25-000131) and the 10-Q periodic report (0000092380-25-000134) directly on SEC EDGAR. The filing index links above go to sec.gov.