--- title: "Southwest Airlines: Metrics Guide" description: "Southwest Airlines revenue, margins, cash flow and balance sheet figures by fiscal year, taken from its SEC filings, with the ratios computed and explained." canonical: https://www.getswoopr.com/stocks/companies/southwest-airlines/metrics/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Southwest Airlines: Financial & Operating Metrics Guide ## Direct Answer Southwest Airlines reported revenue of $28.1 billion for the fiscal year ended December 31, 2025, with an operating margin of 1.5% and net income of $441 million, according to its SEC filings. Revenue grew 2.1% from the prior year. ## What Are Southwest Airlines's Key Financial Figures? | Fiscal year | FY2025ended December 31, 2025 | FY2024ended December 31, 2024 | FY2023ended December 31, 2023 | FY2022ended December 31, 2022 | | --- | --- | --- | --- | --- | | Revenue | $28.1 billion | $27.5 billion | $26.1 billion | $23.8 billion | | Operating income | $428 million | $321 million | $224 million | $1.0 billion | | Operating margin | 1.5% | 1.2% | 0.9% | 4.3% | | Net income | $441 million | $465 million | $465 million | $539 million | | Net margin | 1.6% | 1.7% | 1.8% | 2.3% | | Operating cash flow | $1.8 billion | $462 million | $3.2 billion | $3.8 billion | | Capital expenditures | $2.7 billion | $2.1 billion | $3.5 billion | $3.9 billion | | Free cash flow | -$831 million | -$1.6 billion | -$356 million | -$134 million | Operating margin held roughly steady between fiscal 2024 and 2025, which separates pricing and cost discipline from revenue growth alone. Free cash flow (operating cash flow minus capital expenditures) was -$831 million against net income of $441 million; cash generation fell short of reported earnings, which is worth reconciling in the cash flow statement. ![Bar chart of Southwest Airlines revenue, operating income, net income for fiscal 2022 to 2025. In fiscal 2025, revenue was $28.1 billion, operating income $428 million and net income $441 million.](https://www.getswoopr.com/images/charts/southwest-airlines-metrics-revenue-profit.webp) *Southwest Airlines revenue, operating income and net income by fiscal year, from the figures in the table above. Select the chart to open it full size.* ![Line chart of Southwest Airlines operating margin and net margin for fiscal 2022 to 2025. In fiscal 2025, operating margin was 1.5% and net margin was 1.6%.](https://www.getswoopr.com/images/charts/southwest-airlines-metrics-margins.webp) *Southwest Airlines operating margin and net margin by fiscal year: operating income and net income as a share of revenue. Select the chart to open it full size.* ![Bar chart of Southwest Airlines operating cash flow, capital expenditures, free cash flow for fiscal 2022 to 2025. In fiscal 2025, operating cash flow was $1.8 billion, capital expenditures was $2.7 billion, free cash flow was negative $831 million.](https://www.getswoopr.com/images/charts/southwest-airlines-metrics-cash-flow.webp) *Southwest Airlines operating cash flow, capital expenditures and free cash flow by fiscal year. Select the chart to open it full size.* ## What Does Southwest Airlines's Balance Sheet Show? | Cash and cash equivalents | $3.2 billion | | --- | --- | | Long-term debt | $4.9 billion | | Total assets | $29.1 billion | | Total liabilities | Not reported | | Shareholders' equity | $8.0 billion | | Current ratio | 0.5x | Balance sheet values are as of the end of fiscal 2025. Income statement figures describe a whole year; balance sheet figures describe a single day, so the two answer different questions. ## Where These Numbers Come From Every figure on this page is a value Southwest Airlines reported in its own SEC filings, read from the SEC's XBRL data (accession 0000092380-26-000004 for fiscal year 2025). Ratios are computed from those reported values. Figures were retrieved on October 12, 2026; a later amendment or a new annual report can change them, and the filing itself always takes precedence over this summary. Each fiscal year is labeled by the calendar year in which it ended, so a company that names the same period differently in its own filings (many retailers whose year ends in January) may use another label. A year is left out of the table when the SEC data set holds no value for it. A figure shown as "Not reported" means the company did not file a value under the standard tag Swoopr reads, not that the amount was zero. This page is educational and describes reported history only; it is not a forecast or a recommendation. ## Frequently Asked Questions ### What was Southwest Airlines's revenue in fiscal 2025? Southwest Airlines reported revenue of $28.1 billion for the fiscal year ended December 31, 2025, according to its SEC filings. ### What is Southwest Airlines's operating margin? Southwest Airlines's operating margin was 1.5% in fiscal 2025: operating income of $428 million on revenue of $28.1 billion. ### How much free cash flow did Southwest Airlines generate? Operating cash flow of $1.8 billion less capital expenditures of $2.7 billion gives free cash flow of -$831 million for fiscal 2025. ## References - [SEC EDGAR: SOUTHWEST AIRLINES CO Form 10-K filed February 5, 2026](https://www.sec.gov/Archives/edgar/data/92380/000009238026000004/luv-20251231.htm) - [SEC EDGAR: SOUTHWEST AIRLINES CO annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=92380&type=10-K) - [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces) ## Related Pages - [Southwest Airlines company dossier](https://www.getswoopr.com/stocks/companies/southwest-airlines/) - [Southwest Airlines financial metrics](https://www.getswoopr.com/stocks/companies/southwest-airlines/metrics/) - [Southwest Airlines financial risk indicators](https://www.getswoopr.com/stocks/companies/southwest-airlines/risks/) - [Southwest Airlines peer comparison](https://www.getswoopr.com/stocks/companies/southwest-airlines/competitors/) - [Southwest Airlines business model and revenue mix](https://www.getswoopr.com/stocks/companies/southwest-airlines/business-model/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. 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