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 | FY2025 ended December 31, 2025 | FY2024 ended December 31, 2024 | FY2023 ended December 31, 2023 | FY2022 ended 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.
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.