LUV on NYSE

Southwest Airlines

Logo: Lippincott Studio, NY, Public domain, via Wikimedia Commons5

Airline of the United States

Southwest Airlines is a low-cost airline in the United States. It is headquartered in the Love Field neighborhood of Dallas, Texas.3 From Wikipedia, CC BY-SA 4.0

$40.84 up 1.50 (3.80%)Price as of Oct 15, 2026 at 19:45 UTC

Last updated Oct 16, 2026.

Overview

Mar 15, 1967Founded1

Compare with American Airlines Group, LATAM AIRLINES GROUP S.A. or Alaska Air Group, or pick any stock.

  • TickerLUV on NYSE1
  • Industryair transport1
  • HeadquartersDallas1
  • Founded inDallas1
  • Websitewww.southwest.com
  • Legal formFor-Profit Corporation1
  • Slogan“Low fares. Nothing to hide”1
  • Incorporated inTX6
  • Business address2702 Love Field Dr, P O Box 36611, Dallas, Tx 752356
  • Filer categoryLarge accelerated filer6
Southwest Airlines plane
Photo: Luiz Eduardo, CC BY 2.0, via Wikimedia Commons8

Southwest Airlines is a low-cost airline in the United States. It is headquartered in the Love Field neighborhood of Dallas, Texas. It is the fourth-largest airline in North America when measured by passengers carried, as of 2024. With its all-Boeing 737 fleet, Southwest serves over 100 destinations in 42 states, Washington, D.C., Puerto Rico, and ten other countries and territories near the southern United States in the Gulf of Mexico and Caribbean Sea regions: Aruba, the Bahamas, Belize, the Cayman Islands, Costa Rica, Cuba, the Dominican Republic, Mexico, Jamaica, and Turks and Caicos Islands.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

1.5%Operating margin9
1.6%Net margin9
2.1%Revenue growth, 20259
5.5%Return on equity9
0.62×Debt to equity9

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Passenger Revenue, Non-Loyalty brought in 67% of the revenue Southwest Airlines broke down this way in fiscal 2025.

  1. Passenger Revenue, Non-Loyalty$20.4B967%down 0% from 2024
  2. Passenger Loyalty, Air Transportation$3.3B911%down 6% from 2024
  3. Other Revenue$2.6B98%up 18% from 2024
  4. Product and Service, Other$2.4B98%up 1% from 2024
  5. Passenger Ancillary Sold Separately$1.8B96%up 78% from 2024
  6. Cargo and Freight$171.0M91%down 2% from 2024
Products and services by year
Products and services202320242025
Passenger Revenue, Non-Loyalty$19.1B$20.5B$20.4B
Passenger Loyalty, Air Transportation$3.6B$3.5B$3.3B
Other Revenue$2.1B$2.2B$2.6B
Product and Service, Other$2.3B$2.3B$2.4B
Passenger Ancillary Sold Separately$925.0M$1.0B$1.8B
Cargo and Freight$175.0M$175.0M$171.0M

Regions

North America brought in 97% of the revenue Southwest Airlines broke down this way in fiscal 2025.

  1. North America$27.3B997%up 2% from 2024
  2. Latin America$756.0M93%down 5% from 2024
Regions by year
Regions202320242025
North America$25.0B$26.7B$27.3B
Latin America$828.0M$798.0M$756.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs98¢$27.5B
  • Income tax0¢$122.0M
  • Profit2¢$441.0M

Out of $28.1B in revenue.9

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid14¢$399.0M
  • Share buybacks86¢$2.5B

Out of $1.8B of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.9

Financial statements

Revenue101112139$28.1B in 2025+25% since 2019
0$10.0B$20.0B$30.0B2019: $22.4B$22.4B20192020: $9.0B$9.0B2020−60%2021: $15.8B$15.8B2021+75%2022: $23.8B$23.8B2022+51%2023: $26.1B$26.1B2023+10%2024: $27.5B$27.5B2024+5%2025: $28.1B$28.1B2025+2%
Operating income101112139$428.0M in 2025−86% since 2019
-$4.0B-$2.0B0$2.0B$4.0B2019: $3.0B$3.0B20192020: -$3.8B-$3.8B20202021: $1.7B$1.7B20212022: $1.0B$1.0B2022−41%2023: $224.0M$224.0M2023−78%2024: $321.0M$321.0M2024+43%2025: $428.0M$428.0M2025+33%
Net income101112139$441.0M in 2025−81% since 2019
-$4.0B-$2.0B0$2.0B$4.0B2019: $2.3B$2.3B20192020: -$3.1B-$3.1B20202021: $977.0M$977.0M20212022: $539.0M$539.0M2022−45%2023: $465.0M$465.0M2023−14%2024: $465.0M$465.0M2024+0%2025: $441.0M$441.0M2025−5%
Fiscal year2019202020212022202320242025
Revenue$22.4B10$9.0B11$15.8B12$23.8B13$26.1B9$27.5B9$28.1B9
Operating income$3.0B10-$3.8B11$1.7B12$1.0B13$224.0M9$321.0M9$428.0M9
Interest$118.0M16
Income tax$657.0M10-$1.2B11$348.0M12$189.0M13$168.0M9$133.0M9$122.0M9
Net income$2.3B10-$3.1B11$977.0M12$539.0M13$465.0M9$465.0M9$441.0M9
Earnings per share$4.2810-$5.4411$1.6512$0.9113$0.789$0.789$0.829
Earnings per share (diluted)$4.2710-$5.4411$1.6112$0.8713$0.769$0.769$0.799

Compare Southwest Airlines with another company

The story

Founded by Herb Kelleher on Mar 15, 1967, in Dallas.1

Leadership

Who has led Southwest Airlines, and when. Pick a name to see everywhere that person has worked.

197019801990200020102020

Products and brands

Southwest uses a point-to-point system combined with a rolling-hub model in its base cities, in contrast to the hub-and-spoke system of other major airlines. As of June 2026, Southwest Airlines flew to over 100 destinations in 43 states, Puerto Rico, Mexico, Central America, and the Caribbean. This system means that the airline has no real hubs, but rather some airports with more destinations than others.

Interline agreements

Southwest currently has interline agreements with the following airlines:

Air Premia

All Nippon Airways

Read the full text

China Airlines

Condor

EVA Air

Icelandair

Polish Airlines LOT

Philippine Airlines

Singapore Airlines

Turkish Airlines

From Wikipedia’s article on Southwest Airlines, shared under CC BY-SA 4.0.7

Subsidiaries and ownership

Subsidiaries

  • ATA Airlines
  • AirTran Airways
  • Morris Air

From Wikidata.1

Employees over time

  • 201959,7931
  • 201857,6741

Timeline

  1. Feb 1, 2022New chief executive Bob Jordan becomes CEO1
  2. Jul 2004New chief executive Gary C. Kelly becomes CEO1
  3. Mar 15, 1967Founded Founded in Dallas1

Recent filings

  1. Oct 7, 2026SCHEDULE 13G/A
  2. Oct 5, 2026SCHEDULE 13G/A
  3. Sep 17, 20264
  4. Aug 25, 20264
  5. Aug 12, 20268-K
  6. Aug 11, 20263
  7. Aug 11, 20264
  8. Aug 11, 20263
  9. Aug 11, 20264
  10. Aug 10, 20268-K
  11. Aug 7, 20268-K
  12. Aug 7, 20264
  13. Aug 7, 20264
  14. Aug 7, 20264
  15. Aug 7, 20264

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2