LUV

MKT CAP:$19B

Southwest Airlines Co.

Market Cap

$19B

Industrials·Airlines, Airports & Air Services·🇺🇸 United States·NYSE

Industrials·Airlines,·🇺🇸·NYSE

Stock Price

$39.35-$1.95 (-4.72%)

Apr 22, 2026

Company Details

Southwest Airlines Co. operates as a passenger airline company that provide scheduled air transportation services in the United States and near-international markets. As of December 31, 2021, the company operated a total fleet of 728 Boeing...

CEO

Robert E. Jordan

IPO Date

Jan 2, 1980

Website

www.southwest.com

Key Metrics TTM

Revenue

$28.9B

+4.7% YoY

Net Income

$817M

EPS (Diluted)

$1.55

Free Cash Flow

-$401M

Revenue / Share

$57.42

Gross Margin

16.5%

Operating Margin

3.4%

Net Margin

2.8%

FCF Margin

-1.4%

P/S

0.7x

P/E

23.6x

Earnings Reports

Q1 2026

Apr 22, 2026

NEW

$7.2B+12.8%EPS $0.45

FY 2025

Feb 5, 2026

$28.1B+2.1%EPS $0.79

Q4 2025

Feb 5, 2026

$7.4B+7.4%EPS $0.61

Q3 2025

Oct 23, 2025

$6.9B+1.1%EPS $0.10

Q2 2025

Jul 24, 2025

$7.2B-1.5%EPS $0.39

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$6.7B	$1.9B	$1.2B
Q3 22	$6.2B	$1.2B	$395M
Q4 22	$6.2B	$1.0B	-$385M
Q1 23	$5.7B	$668M	-$284M
Q2 23	$7.0B	$1.8B	$795M
Q3 23	$6.5B	$1.1B	$117M
Q4 23	$6.8B	$727M	-$404M
Q1 24	$6.3B	$625M	-$393M
Q2 24	$7.4B	$1.5B	$398M
Q3 24	$6.9B	$1.1B	$38M
Q4 24	$6.9B	$1.2B	$278M
Q1 25	$6.4B	$867M	-$223M
Q2 25	$7.2B	$1.4B	$225M
Q3 25	$6.9B	$1.2B	$35M
Q4 25	$7.4B	$1.5B	$391M
Q1 26	$7.2B	$728M	$330M

Valuation

Quarter	P/S	P/E
Q2 22	0.9x	19.3x
Q3 22	0.8x	23.3x
Q4 22	0.8x	35.7x
Q1 23	0.8x	29.2x
Q2 23	0.8x	33.1x
Q3 23	0.8x	38.7x
Q4 23	0.7x	41.4x
Q1 24	0.7x	49.0x
Q2 24	0.7x	249.9x
Q3 24	0.7x	—
Q4 24	0.7x	41.5x
Q1 25	0.7x	35.2x
Q2 25	0.7x	49.1x
Q3 25	0.7x	50.8x
Q4 25	0.7x	43.6x
Q1 26	0.7x	23.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$1.9B	$916M
Q3 22	$234M	-$845M
Q4 22	$579M	-$785M
Q1 23	$706M	-$346M
Q2 23	$1.4B	$483M
Q3 23	$616M	-$234M
Q4 23	$425M	-$293M
Q1 24	-$104M	-$696M
Q2 24	-$23M	-$523M
Q3 24	$113M	-$414M
Q4 24	$476M	$16M
Q1 25	$860M	$359M
Q2 25	$401M	-$234M
Q3 25	$287M	-$391M
Q4 25	$295M	-$564M
Q1 26	$1.4B	$788M

Capital Expenditures

Quarter	CapEx
Q2 22	$990M
Q3 22	$1.1B
Q4 22	$1.4B
Q1 23	$1.1B
Q2 23	$933M
Q3 23	$850M
Q4 23	$718M
Q1 24	$592M
Q2 24	$500M
Q3 24	$527M
Q4 24	$460M
Q1 25	$501M
Q2 25	$635M
Q3 25	$678M
Q4 25	$859M
Q1 26	$630M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+67.9%	+63.2%
Q3 22	+32.9%	+47.6%
Q4 22	+22.2%	+35.0%
Q1 23	+21.6%	+23.6%
Q2 23	+4.6%	+12.1%
Q3 23	+4.9%	+10.0%
Q4 23	+10.5%	+10.2%
Q1 24	+10.9%	+12.2%
Q2 24	+4.5%	+11.4%
Q3 24	+5.3%	+6.6%
Q4 24	+1.6%	-8.0%
Q1 25	+1.6%	-1.1%
Q2 25	-1.5%	+0.9%
Q3 25	+1.1%	+1.2%
Q4 25	+7.4%	+6.0%
Q1 26	+12.8%	+4.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$84M	1.4%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%
Q1 26	$0	0.0%

OpEx Breakdown

Quarter	S&M	SG&A
Q4 24	$346M	—
Q3 25	—	$1.1B
Q4 25	—	$1.1B

Revenue Segments

Quarter	Cargo and Freight	Passenger	Product and Service, Other
Q2 22	$47M	$6.1B	$562M
Q3 22	$44M	$5.6B	$563M
Q4 22	$44M	$5.5B	$587M
Q1 23	$41M	$5.1B	$560M
Q2 23	$47M	$6.4B	$581M
Q3 23	$44M	$5.9B	$569M
Q4 23	$43M	$6.2B	$569M
Q1 24	$42M	$5.7B	$575M
Q2 24	$45M	$6.7B	$597M
Q3 24	$43M	$6.3B	$577M
Q4 24	$45M	$6.3B	$579M
Q1 25	$41M	$5.8B	$576M
Q2 25	$44M	$6.6B	$573M
Q3 25	$42M	$6.3B	$594M
Q4 25	$44M	$6.8B	$614M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$13.2B	$3.2B	$16.4B
Q3 22	$10.4B	$3.2B	$13.7B
Q4 22	$9.5B	$2.8B	$12.3B
Q1 23	$8.4B	$3.3B	$11.7B
Q2 23	$9.2B	$3.0B	$12.2B
Q3 23	$9.5B	$2.2B	$11.7B
Q4 23	$9.3B	$2.2B	$11.5B
Q1 24	$8.4B	$2.1B	$10.5B
Q2 24	$8.1B	$1.9B	$10.0B
Q3 24	$8.5B	$879M	$9.4B
Q4 24	$7.5B	$1.2B	$8.7B
Q1 25	$8.1B	$118M	$8.3B
Q2 25	$3.5B	$364M	$3.8B
Q3 25	$2.9B	$116M	$3.0B
Q4 25	$3.2B	$0	$3.2B
Q1 26	$3.3B	$0	$3.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	635M	+7.3%	+3.3%
Q3 22	639M	+0.6%	+5.3%
Q4 22	594M	-7.0%	-1.5%
Q1 23	594M	0.0%	+0.3%
Q2 23	639M	+7.6%	+0.6%
Q3 23	640M	+0.2%	+0.2%
Q4 23	596M	-6.9%	+0.3%
Q1 24	597M	+0.2%	+0.5%
Q2 24	643M	+7.7%	+0.6%
Q3 24	601M	-6.5%	-6.1%
Q4 24	641M	+6.7%	+7.6%
Q1 25	584M	-8.9%	-2.2%
Q2 25	541M	-7.4%	-15.9%
Q3 25	526M	-2.8%	-12.5%
Q4 25	521M	-1.0%	-18.7%
Q1 26	503M	-3.5%	-13.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$122.1K	55K
Q3 22	$112.9K	55K
Q4 22	$92.6K	67K
Q1 23	$85.6K	67K
Q2 23	$105.6K	67K
Q3 23	$97.9K	67K
Q4 23	$91.2K	75K
Q1 24	$84.6K	75K
Q2 24	$98.3K	75K
Q3 24	$91.8K	75K
Q4 24	$95.7K	72K
Q1 25	$88.7K	72K
Q2 25	$100.0K	72K
Q3 25	$95.9K	72K
Q4 25	$102.2K	73K
Q1 26	$99.6K	73K

Revenue / Employee