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Southwest Airlines LUV Q4 2025 Annual earnings

Reported January 28, 2026 · After market close

Revenue$7.4BMiss by $59.4M
EPS$0.58Beat by $0.01
Revenue estimate$7.5B
EPS estimate$0.57

Next report

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

Financials

Q4 2025

Income statement

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Revenue$7.4B+7.4%
Operating income$391.0M+40.6%
Net income$323.0M+23.8%
EPS (diluted)$0.58+38.1%

Balance sheet

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Cash & equivalents$3.2B-57.0%
Total debt$6.4B-34.6%
Total equity$8.0B-22.9%
Total assets$29.1B-13.9%

Cash flow

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Operating cash flow$295.0M-38.0%
CapEx$859.0M+86.7%
Free cash flow-$564.0M—

Valuation & ratios

Valuation

as of 12/31/25
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Market cap$21.37B+6.0%
Enterprise value$24.54B+9.4%
P/E48.5×+5.0×
P/S0.8×0.0×

Profitability

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Operating margin1.5%+0.4pp
Net margin1.6%-0.1pp
FCF margin-3.1%-1.0pp

Returns & leverage

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Return on equity4.8%+0.4pp
Debt / equity0.8×-0.1×
Current ratio0.5×-0.4×

Segments

By product

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Passenger non-loyalty$5.3B+3.5%
Passenger loyalty - air transportation$784.0M-12.4%
Passenger ancillary sold separately$669.0M+156%

By geography

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

FAQ

When did Southwest Airlines report Q4 2025 earnings?
Southwest Airlines (LUV) reported Q4 2025 earnings on January 28, 2026 after market close.
What were Southwest Airlines's Q4 2025 revenue and EPS?
Southwest Airlines reported revenue of $7.4B and eps of $0.58 for Q4 2025.
Did Southwest Airlines beat estimates in Q4 2025?
Revenue missed the consensus estimate of $7.5B by $59.4M. EPS beat the consensus estimate of $0.57 by $0.01.
How did Southwest Airlines's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 7.4% from $6.9B a year earlier and eps grew 3.6% from $0.56.
Where can I find Southwest Airlines's Q4 2025 SEC filings?
You can read the 8-K earnings release (0000092380-26-000002) and the 10-K periodic report (0000092380-26-000004) directly on SEC EDGAR. The filing index links above go to sec.gov.