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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$21.6B
P/E Ratio26.50
ROE10.06%

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
Depreciation and amortization$407M$396M$400M$394M$371M$398M
Aircraft maintenance materials and outside repairs$307M$292M$331M$299M$306M$259M
Landing fees and other rents$494M$522M$567M$548M$540M$572M
Other operating expenses$950M$1.1B$1.1B$1.1B$1.1B$1B
Total operating expenses$6.7B$6.7B$7B$6.9B$7.1B$6.9B

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
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
Weighted-average shares, basic—584M538M523M—498M
Weighted-average shares, diluted—584M541M526M—503M

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$329M-$192M$280M$68M$408M$285M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income tax expense$68M-$43M$67M$14M$85M$58M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest expense$58M$46M$39M$35M$47M$54M
Interest income$105M$84M$54M$34M$33M$23M
Other income (expense), net$51M$31M$55M$33M$17M-$45M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income$261M-$149M$213M$54M$323M$227M

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Operating income$278M-$223M$225M$35M$391M$330M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Share-based compensation expense related to employee stock plans—$21M$25M$26M—$17M
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation—$625M-$4.7B-$573M—$97M
Dividends declared (in dollars per share)—$0.18$0.18$0.18—$0.18
Comprehensive Income (Loss), Net of Tax, Attributable to Parent—-$148M$202M$83M—$250M
Current period sales—$6.5B$6B$6B—$7.5B
Amounts deferred associated with points awarded—$817M$748M$649M—$662M
Contract With Customer, Liability, Revenue Recognized, Current Period—$3.2B$5.4B$5.4B—$3.9B
Revenue recognized that was included in deferred income at the beginning of the period—$2.6B$1.2B$779M—$2.5B
Dividends Cash—$103M$94M$95M—$89M
Fuel$1.3B$1.2B$1.3B$1.3B$1.3B$1.4B
Collateral received—-$22M$0$0—$0
Increase (Decrease) in Accounts and Other Receivables-$99M-$57M-$90M$83M—$93M
Accounts payable and other current liabilities—-$126M-$95M$11M$427M-$79M
Increase (decrease) in contract liabilities and current deferred income-$458M$660M-$606M-$172M-$961M$1.1B
Increase (Decrease) in Deferred Income Taxes—$43M-$66M-$14M—-$57M
Increase (Decrease) in Other Operating Assets$12M-$145M-$212M-$3M-$48M$61M
Other liabilities-$61M-$63M$28M$16M—-$77M
Add - Incremental shares under stock-based compensation plans (in shares)—$0$3M$3M—$5M
Interest Costs Capitalized Adjustment$11M$11M$13M$13M$16M$12M
Interest Paid, Excluding Capitalized Interest, Operating Activity$96M$11M$53M$3M$41M$1M
Number of aircraft retirements———$16—$13
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation-$1.5B-$858M-$4.2B-$432M—-$876M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation—$623M-$882M-$428M-$742M-$445M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$476M$860M$401M$287M$295M$1.4B
Net gains (losses) deferred—$0-$12M$28M—$22M
Tax on unrealized gain on derivative hedge agreements—$0-$4M$8M—$7M
Other comprehensive income/(loss)—$1M-$11M$29M—$23M
Other Comprehensive Income Other Net Of Tax—$1M$1M$1M—$1M
Other deferred taxes—$0$1M$1M—$0
Other income, net (Note 6)-$7M-$18M$27M$21M$15M-$26M
All other operating activities-$26M$8M$85M$50M$15M-$40M
Payments for Repurchase of Common Stock$250M$750M$1.5B$250M$50M$1.3B
Payments of Dividends$0$107M$103M$189M$0$93M
Payments to Acquire Productive Assets$460M$527M$635M$678M$859M$630M
Payments to Acquire Short-Term Investments$1.2B$51M$319M$100M$0$0
Issuance of debt$0$0———$500M
Financing — other—-$13M$2M-$1M-$15M-$43M
Other, net—-$3M$0$0—-$7M
Dispositions of property, plant, and equipment—$26M———$192M
Short-term investments sold$835M$1.2B$72M$350M$116M$0
Proceeds from issuance of common stock relating to employee stock plans$14M$17M$15M$14M$13M$16M
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent—-$30M-$29M-$29M—-$23M
Tax effect——$9M$9M—$7M
Repayments Of Other Long-Term Debt And Finance Lease Obligations—$5M$2.6B$6M—$6M
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$92M$3M$0$0$0$0
Proceeds from sale-leaseback transactions—$24M$0$0—$0
Issuance of common and treasury stock pursuant to Employee stock plans—$3M$17M$14M—-$14M
Treasury stock, value, acquired—$758M$1.5B$252M—$1.3B

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total revenue$6.9B$6.4B$7.2B$6.9B$7.4B$7.2B