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Southwest Airlines LUV Total costs & expenses

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Other financials

Income statement

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Revenue$8.4B+16.4%
Operating income$285.0M+26.7%
Net income$233.0M+9.4%
EPS (diluted)$0.47+20.5%

Balance sheet

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Cash & equivalents$3.8B+9.1%
Total debt$6.9B+29.0%
Total equity$7.1B-11.5%
Total assets$30.1B+4.9%

Cash flow

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Operating cash flow$530.0M+32.2%
CapEx$818.0M+23.9%
Free cash flow-$288.0M-11.2%

Valuation

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Market cap$22B+47.4%
Enterprise value$25.1B+49.4%
P/E26.3×-11.8×
P/S0.7×+0.2×

Profitability

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Operating margin3.5%+2.3pp
Net margin2.8%+1.4pp
FCF margin-1.5%+0.5pp

Returns & leverage

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Return on equity11.1%+6.9pp
Debt / equity+0.3×
Current ratio0.5×-0.1×

Where this comes from

Reported directly by Southwest Airlines in its filing.

Tagged under the XBRL concept us-gaap:OperatingCostsAndExpenses.

The source filing: Southwest Airlines’s 10-Q, filed July 23, 2026.

Filed
Jul 23, 2026, 4:11 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0000092380-26-000077
Line itemThree months ended June 30, 2026Three months ended June 30, 2025Six months ended June 30, 2026Six months ended June 30, 2025
Landing fees and airport rentals6365671,2081,090
Depreciation and amortization402400800795
Other operating expenses1,1011,1332,1392,223
Total operating expenses8,1477,01915,06713,670
OPERATING INCOME2852256152
NON-OPERATING EXPENSES (INCOME):
Interest expense643911885
Capitalized interest(12)(13)(25)(24)

Item 1. Financial Statements

FAQ

What is Southwest Airlines's total costs & expenses?
Southwest Airlines (LUV) reported total costs & expenses of $8.15B in Q2 2026.
How has Southwest Airlines's total costs & expenses changed year-over-year?
Southwest Airlines's total costs & expenses increased by 16.1% year-over-year, from $7.02B to $8.15B.
What is the long-term trend for Southwest Airlines's total costs & expenses?
Over 4 years (2021 to 2025), Southwest Airlines's total costs & expenses has grown at a 18.4% compound annual growth rate (CAGR), from $14.07B to $27.64B.
What does total costs & expenses mean?
This metric represents the aggregate sum of all operating expenditures incurred by the airline to support its flight operations, maintenance, and administrative functions. It encompasses essential outlays such as labor, fuel, airport fees, and depreciation, providing a comprehensive view of the cost structure required to generate revenue. Monitoring this figure is critical for evaluating the company's operational efficiency and its ability to manage inflationary pressures within the capital-intensive aviation industry.

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