Direct Answer
Southwest Airlines reports revenue across 6 product and service lines in its fiscal 2025 Form 10-K. Passenger Revenue Non Loyalty is the largest, with $20.4 billion of revenue (73% of the total), followed by Passenger Loyalty Air Transportation at $3.3 billion (12%).
How Does Southwest Airlines Make Money?
Passenger Revenue Non Loyalty supplies 73% of revenue, so Southwest Airlines's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Passenger Ancillary Sold Separately grew fastest (+78.3%) and Passenger Loyalty Air Transportation slowest (-6.5%), so the revenue mix tilts toward Passenger Ancillary Sold Separately while that gap lasts.
| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| Passenger Revenue Non Loyalty | $20.4 billion | $20.5 billion | 72.8% | -0.1% |
| Passenger Loyalty Air Transportation | $3.3 billion | $3.5 billion | 11.6% | -6.5% |
| Other Revenue | $2.6 billion | $2.2 billion | 9.3% | 18.2% |
| Product and Service Other | $2.4 billion | $2.3 billion | 8.4% | 1.2% |
| Passenger Ancillary Sold Separately | $1.8 billion | $1.0 billion | 6.5% | 78.3% |
| Cargo and Freight | $171 million | $175 million | 0.6% | -2.3% |
Where Does Southwest Airlines's Revenue Come From?
Regions follow the definitions in the filing; most companies assign revenue by customer location.
| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| North America | $27.3 billion | $26.7 billion | 97.3% | 2.2% |
| Latin America | $756 million | $798 million | 2.7% | -5.3% |
What the Segment Figures Do Not Show
The rows above add up to 109% of Southwest Airlines's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.
Where These Numbers Come From
Every figure on this page is a value Southwest Airlines reported in the segment note and revenue disclosures of its Form 10-K filed February 5, 2026 (accession 0000092380-26-000004), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.
Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.
Frequently Asked Questions
What are Southwest Airlines's main products and services?
In its fiscal 2025 Form 10-K, Southwest Airlines reports revenue for Passenger Revenue Non Loyalty, Passenger Loyalty Air Transportation, Other Revenue, Product and Service Other, Passenger Ancillary Sold Separately and Cargo and Freight.
Which part of Southwest Airlines brings in the most revenue?
Passenger Revenue Non Loyalty, with $20.4 billion of revenue in fiscal 2025, or 73% of the total.
Where does Southwest Airlines report its segment results?
In the segment note to the financial statements in its Form 10-K, most recently filed February 5, 2026, alongside management's discussion of each segment's results.