Income Statement

Revenue

+18%

+210%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Revenue
Interest Expense	61	72	86	89	86	80	71	58	48	44	42	49	58	66	79	83	87	87	83	77	71	67	62	69	74	84	98	105	122	138	152	165	163	158	153	149	152	164	173	182	176	159	142	126	116	109	110	107	109	112	106	107	107	101	98	90	84	83	80	75	74	67	61	65	68	77	88	93	92	91	87	82	84	151	231	314	394	413	419	431	413	387	356	301	277	255	239	236	235	230	225	214	191	0	0	0
Revenue	5 384 N/A	5 303 -2%	5 359 +1%	5 522 +3%	5 616 +2%	5 659 +1%	5 821 +3%	5 937 +2%	6 070 +2%	6 270 +3%	6 391 +2%	6 530 +2%	6 710 +3%	6 938 +3%	7 253 +5%	7 584 +5%	7 940 +5%	8 445 +6%	8 798 +4%	9 086 +3%	9 264 +2%	9 398 +1%	9 644 +3%	9 861 +2%	10 193 +3%	10 479 +3%	10 782 +3%	11 023 +2%	10 851 -2%	10 598 -2%	10 373 -2%	10 350 0%	10 623 +3%	11 175 +5%	11 701 +5%	12 104 +3%	12 577 +4%	13 545 +8%	14 664 +8%	15 658 +7%	16 545 +6%	17 025 +3%	17 023 0%	17 088 +0%	17 182 +1%	17 208 +0%	17 444 +1%	17 699 +1%	17 782 +0%	18 151 +2%	18 406 +1%	18 605 +1%	18 853 +1%	18 953 +1%	19 471 +3%	19 820 +2%	20 232 +2%	20 505 +1%	20 326 -1%	20 289 0%	20 452 +1%	20 799 +2%	20 963 +1%	21 146 +1%	21 236 +0%	21 247 +0%	21 519 +1%	21 965 +2%	22 170 +1%	22 337 +1%	22 401 +0%	22 428 +0%	21 512 -4%	16 611 -23%	12 765 -23%	9 048 -29%	6 866 -24%	9 866 +44%	12 752 +29%	15 790 +24%	18 432 +17%	21 152 +15%	22 693 +7%	23 814 +5%	24 826 +4%	25 135 +1%	25 440 +1%	26 091 +3%	26 714 +2%	27 031 +1%	27 376 +1%	27 483 +0%	27 582 +0%	27 472 0%	27 551 +0%	28 063 +2%
Gross Profit
Cost of Revenue	(1 334)	(1 308)	(1 314)	(1 348)	(1 388)	(1 395)	(1 412)	(1 433)	(1 458)	(1 503)	(1 533)	(1 587)	(1 643)	(1 740)	(1 834)	(1 958)	(2 184)	(2 381)	(2 621)	(2 791)	(2 868)	(2 972)	(3 085)	(3 406)	(3 522)	(3 877)	(4 290)	(4 529)	(4 429)	(4 239)	(4 048)	(3 948)	(4 097)	(4 329)	(4 443)	(4 607)	(4 834)	(5 503)	(6 257)	(6 911)	(7 477)	(7 551)	(7 516)	(7 518)	(7 483)	(7 429)	(7 363)	(7 227)	(7 071)	(6 993)	(6 907)	(6 699)	(6 261)	(5 829)	(5 382)	(5 020)	(5 011)	(4 919)	(4 924)	(5 012)	(5 197)	(5 335)	(5 443)	(5 368)	(5 592)	(5 769)	(5 940)	(6 111)	(6 071)	(5 978)	(5 830)	(5 710)	(5 569)	(4 608)	(3 860)	(3 089)	(2 661)	(3 335)	(4 014)	(4 766)	(5 335)	(6 153)	(6 932)	(7 483)	(8 089)	(7 927)	(7 803)	(8 006)	(8 046)	(8 294)	(8 183)	(7 774)	(7 549)	(7 332)	(7 301)	(7 418)
Gross Profit	4 050 N/A	3 995 -1%	4 045 +1%	4 173 +3%	4 227 +1%	4 264 +1%	4 409 +3%	4 504 +2%	4 612 +2%	4 767 +3%	4 858 +2%	4 943 +2%	5 067 +3%	5 198 +3%	5 419 +4%	5 626 +4%	5 756 +2%	6 064 +5%	6 177 +2%	6 295 +2%	6 396 +2%	6 426 +0%	6 559 +2%	6 455 -2%	6 671 +3%	6 602 -1%	6 492 -2%	6 494 +0%	6 422 -1%	6 359 -1%	6 325 -1%	6 402 +1%	6 526 +2%	6 846 +5%	7 258 +6%	7 497 +3%	7 743 +3%	8 042 +4%	8 407 +5%	8 747 +4%	9 068 +4%	9 474 +4%	9 507 +0%	9 570 +1%	9 699 +1%	9 779 +1%	10 081 +3%	10 472 +4%	10 711 +2%	11 158 +4%	11 499 +3%	11 906 +4%	12 592 +6%	13 124 +4%	14 089 +7%	14 800 +5%	15 221 +3%	15 586 +2%	15 402 -1%	15 277 -1%	15 255 0%	15 464 +1%	15 520 +0%	15 778 +2%	15 644 -1%	15 478 -1%	15 579 +1%	15 854 +2%	16 099 +2%	16 359 +2%	16 571 +1%	16 718 +1%	15 943 -5%	12 003 -25%	8 905 -26%	5 959 -33%	4 205 -29%	6 531 +55%	8 738 +34%	11 024 +26%	13 097 +19%	14 999 +15%	15 761 +5%	16 331 +4%	16 737 +2%	17 208 +3%	17 637 +2%	18 085 +3%	18 668 +3%	18 737 +0%	19 193 +2%	19 709 +3%	20 033 +2%	20 140 +1%	20 250 +1%	20 645 +2%
Operating Income
Operating Expenses	(3 580)	(3 626)	(3 679)	(3 756)	(3 813)	(3 898)	(3 949)	(4 021)	(4 129)	(4 228)	(4 313)	(4 539)	(4 628)	(4 700)	(4 864)	(4 901)	(5 014)	(5 176)	(5 276)	(5 361)	(5 476)	(5 579)	(5 722)	(5 664)	(5 875)	(5 930)	(5 985)	(6 045)	(6 111)	(6 130)	(6 160)	(6 140)	(6 160)	(6 240)	(6 318)	(6 501)	(6 670)	(7 067)	(7 541)	(7 920)	(8 338)	(8 539)	(8 623)	(8 764)	(8 844)	(8 936)	(9 016)	(9 108)	(9 196)	(9 288)	(9 410)	(9 555)	(9 671)	(9 928)	(10 299)	(10 645)	(10 925)	(11 102)	(11 454)	(11 755)	(11 833)	(12 103)	(12 009)	(12 371)	(12 253)	(12 330)	(12 478)	(12 673)	(13 004)	(13 268)	(13 459)	(13 761)	(13 601)	(12 762)	(12 043)	(10 964)	(10 349)	(10 688)	(11 378)	(12 251)	(13 211)	(13 794)	(14 114)	(15 286)	(15 841)	(16 690)	(17 401)	(17 754)	(18 553)	(19 019)	(19 554)	(19 388)	(19 544)	(19 824)	(19 937)	(20 217)
Selling, General & Administrative	(2 266)	(2 293)	(2 335)	(2 383)	(2 446)	(2 535)	(2 591)	(2 654)	(2 734)	(2 789)	(2 849)	(3 050)	(3 114)	(3 163)	(3 267)	(3 228)	(3 282)	(3 392)	(3 451)	(3 520)	(3 602)	(3 665)	(3 769)	(3 829)	(3 869)	(3 931)	(3 985)	(4 061)	(4 140)	(4 163)	(4 210)	(4 187)	(4 197)	(4 284)	(4 325)	(4 455)	(4 577)	(4 808)	(5 092)	(5 326)	(5 585)	(5 727)	(5 798)	(5 881)	(5 943)	(6 007)	(6 060)	(6 115)	(6 165)	(6 230)	(6 299)	(6 412)	(6 535)	(6 740)	(7 087)	(7 388)	(7 540)	(7 612)	(7 821)	(7 831)	(8 012)	(8 207)	(8 094)	(8 306)	(8 409)	(8 496)	(8 637)	(8 756)	(8 949)	(9 171)	(9 336)	(9 914)	(9 514)	(8 945)	(8 448)	(7 856)	(7 180)	(7 373)	(7 882)	(8 986)	(9 292)	(9 675)	(9 829)	(10 640)	(10 507)	(11 134)	(11 662)	(12 792)	(12 925)	(13 217)	(13 568)	(14 125)	(13 685)	(13 929)	(14 042)	(14 813)
Depreciation & Amortization	(325)	(333)	(343)	(356)	(365)	(373)	(378)	(384)	(394)	(406)	(417)	(431)	(439)	(448)	(461)	(469)	(481)	(492)	(502)	(515)	(527)	(536)	(545)	(555)	(564)	(576)	(588)	(599)	(604)	(606)	(616)	(616)	(620)	(624)	(623)	(628)	(630)	(652)	(682)	(715)	(761)	(787)	(813)	(844)	(853)	(863)	(867)	(867)	(878)	(894)	(911)	(938)	(961)	(983)	(1 003)	(1 015)	(1 062)	(1 111)	(1 168)	(1 221)	(1 250)	(1 270)	(1 257)	(1 218)	(1 177)	(1 150)	(1 149)	(1 201)	(1 221)	(1 231)	(1 238)	(1 219)	(1 234)	(1 245)	(1 252)	(1 255)	(1 255)	(1 257)	(1 264)	(1 272)	(1 284)	(1 294)	(1 307)	(1 351)	(1 392)	(1 434)	(1 474)	(1 522)	(1 565)	(1 602)	(1 665)	(1 657)	(1 645)	(1 641)	(1 597)	(1 560)
Other Operating Expenses	(989)	(1 000)	(1 001)	(1 017)	(1 002)	(990)	(980)	(983)	(1 001)	(1 033)	(1 047)	(1 058)	(1 075)	(1 089)	(1 136)	(1 204)	(1 251)	(1 292)	(1 323)	(1 326)	(1 347)	(1 378)	(1 408)	(1 280)	(1 442)	(1 423)	(1 412)	(1 385)	(1 367)	(1 361)	(1 334)	(1 337)	(1 343)	(1 332)	(1 370)	(1 418)	(1 463)	(1 607)	(1 767)	(1 879)	(1 992)	(2 025)	(2 012)	(2 039)	(2 048)	(2 066)	(2 089)	(2 126)	(2 153)	(2 164)	(2 200)	(2 205)	(2 175)	(2 205)	(2 209)	(2 242)	(2 323)	(2 379)	(2 465)	(2 703)	(2 571)	(2 626)	(2 658)	(2 847)	(2 667)	(2 684)	(2 692)	(2 716)	(2 834)	(2 866)	(2 885)	(2 628)	(2 853)	(2 572)	(2 343)	(1 853)	(1 914)	(2 058)	(2 232)	(1 993)	(2 635)	(2 825)	(2 978)	(3 295)	(3 942)	(4 122)	(4 265)	(3 440)	(4 063)	(4 200)	(4 321)	(3 606)	(4 212)	(4 252)	(4 296)	(3 844)
Operating Income	470 N/A	369 -22%	367 -1%	417 +14%	414 -1%	366 -12%	460 +26%	483 +5%	483 N/A	539 +12%	545 +1%	404 -26%	439 +9%	498 +13%	555 +11%	725 +31%	742 +2%	888 +20%	901 +1%	934 +4%	920 -1%	847 -8%	837 -1%	791 -5%	796 +1%	672 -16%	507 -25%	449 -11%	311 -31%	229 -26%	165 -28%	262 +59%	366 +40%	606 +66%	940 +55%	996 +6%	1 073 +8%	975 -9%	866 -11%	827 -5%	730 -12%	935 +28%	884 -5%	806 -9%	855 +6%	843 -1%	1 065 +26%	1 364 +28%	1 515 +11%	1 870 +23%	2 089 +12%	2 351 +13%	2 921 +24%	3 196 +9%	3 790 +19%	4 155 +10%	4 296 +3%	4 484 +4%	3 948 -12%	3 522 -11%	3 422 -3%	3 361 -2%	3 511 +4%	3 407 -3%	3 391 0%	3 148 -7%	3 101 -1%	3 181 +3%	3 095 -3%	3 091 0%	3 112 +1%	2 957 -5%	2 342 -21%	(759) N/A	(3 138) -313%	(5 005) -59%	(6 144) -23%	(4 157) +32%	(2 640) +36%	(1 227) +54%	(114) +91%	1 205 N/A	1 647 +37%	1 045 -37%	896 -14%	518 -42%	236 -54%	331 +40%	115 -65%	(282) N/A	(361) -28%	321 N/A	489 +52%	316 -35%	313 -1%	428 +37%
Pre-Tax Income
Interest Income Expense	196	180	60	(25)	(18)	258	211	225	227	(47)	(43)	(65)	(52)	(55)	49	54	44	178	(99)	(144)	(77)	(71)	138	267	151	356	39	(171)	(177)	(517)	(268)	(98)	(78)	(241)	(222)	(243)	(301)	(54)	(482)	(370)	(136)	(296)	137	62	(52)	(30)	17	(69)	(94)	(53)	(171)	(409)	8	(71)	(274)	(637)	(707)	(571)	(356)	(72)	(161)	(236)	(167)	(142)	(70)	(31)	(27)	(24)	(12)	(2)	5	8	0	(82)	(181)	(282)	(377)	(403)	(411)	(418)	(404)	(356)	(257)	(88)	65	207	309	368	364	355	291	240	208	189	191	133
Non-Reccuring Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(1)	(8)	(25)	(83)	(104)	(134)	(130)	(82)	(205)	(183)	(183)	(198)	(81)	(86)	(91)	(104)	(99)	(126)	(132)	(97)	(80)	(39)	(16)	(13)	(7)	0	0	0	0	0	25	25	25	25	0	0	0	0	0	1 006	1 155	1 189	2 637	2 371	2 986	2 920	1 385	587	(257)	(221)	(132)	(74)	6	(107)	0	0	0	(2)	0	0	0	0
Total Other Income	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	29	29	29	0	(502)	(502)	(502)	0	0	0	0	0	2	(1)	(6)	0	(12)	(13)	(16)	(18)	(16)	(14)	(9)	(8)	(33)	(63)	(95)	(158)	(82)	(36)	(18)	50	(64)	(99)	(43)	(8)	70	98	82	41	60	58	53	39	7	1	(19)	2
Pre-Tax Income	666 N/A	548 -18%	427 -22%	393 -8%	396 +1%	624 +57%	671 +7%	708 +6%	710 +0%	492 -31%	502 +2%	339 -32%	387 +14%	443 +14%	604 +36%	779 +29%	786 +1%	1 066 +36%	802 -25%	790 -1%	843 +7%	776 -8%	975 +26%	1 058 +9%	947 -10%	1 028 +9%	546 -47%	278 -49%	134 -52%	(288) N/A	(103) +64%	164 N/A	288 +76%	365 +27%	717 +96%	745 +4%	747 +0%	838 +12%	280 -67%	323 +15%	464 +44%	557 +20%	816 +46%	685 -16%	620 -9%	615 -1%	1 001 +63%	1 209 +21%	1 359 +12%	1 742 +28%	1 848 +6%	1 816 -2%	2 295 +26%	2 526 +10%	2 934 +16%	3 479 +19%	3 573 +3%	3 900 +9%	3 585 -8%	3 450 -4%	3 263 -5%	3 124 -4%	3 338 +7%	3 265 -2%	3 334 +2%	3 129 -6%	3 083 -1%	3 164 +3%	3 067 -3%	3 075 +0%	3 108 +1%	2 957 -5%	2 309 -22%	102 -96%	(2 259) N/A	(4 256) -88%	(3 966) +7%	(2 225) +44%	(83) +96%	1 325 N/A	803 -39%	1 337 +67%	1 090 -18%	728 -33%	899 +23%	749 -17%	633 -15%	633 N/A	539 -15%	131 -76%	(17) N/A	598 N/A	704 +18%	506 -28%	485 -4%	563 +16%
Net Income
Tax Provision	(255)	(210)	(164)	(152)	(153)	(237)	(253)	(266)	(266)	(181)	(178)	(124)	(138)	(163)	(233)	(295)	(301)	(392)	(290)	(291)	(312)	(300)	(385)	(413)	(361)	(399)	(199)	(100)	(80)	112	31	(65)	(87)	(143)	(274)	(286)	(294)	(336)	(123)	(145)	(192)	(218)	(321)	(264)	(239)	(238)	(381)	(455)	(512)	(654)	(690)	(680)	(858)	(946)	(1 099)	(1 298)	(1 334)	(1 449)	(1 330)	(1 267)	(1 194)	(1 132)	(1 206)	(1 178)	(1 123)	(928)	(795)	(699)	(678)	(678)	(667)	(688)	(521)	30	575	1 182	1 102	624	85	(348)	(219)	(341)	(263)	(189)	(241)	(168)	(136)	(168)	(146)	(54)	(32)	(133)	(158)	(114)	(106)	(122)
Income from Continuing Operations	412	338	262	241	244	387	418	442	444	311	324	215	249	280	371	484	485	674	512	499	531	476	590	645	586	629	347	178	54	(176)	(72)	99	201	222	443	459	453	502	157	178	272	339	495	421	381	377	620	754	847	1 088	1 158	1 136	1 437	1 580	1 835	2 181	2 239	2 451	2 255	2 183	2 069	1 992	2 132	2 087	2 211	2 201	2 288	2 465	2 389	2 397	2 441	2 269	1 788	132	(1 684)	(3 074)	(2 864)	(1 601)	2	977	584	996	827	539	658	581	497	465	393	77	(49)	465	546	392	379	441
Net Income (Common)	412 N/A	338 -18%	262 -23%	241 -8%	244 +1%	387 +59%	418 +8%	442 +6%	444 +0%	311 -30%	324 +4%	215 -34%	249 +16%	280 +12%	371 +33%	484 +30%	485 +0%	674 +39%	512 -24%	499 -3%	531 +6%	476 -10%	590 +24%	645 +9%	586 -9%	629 +7%	347 -45%	178 -49%	54 -70%	(176) N/A	(72) +59%	99 N/A	201 +103%	222 +10%	443 +100%	459 +4%	453 -1%	503 +11%	158 -69%	178 +13%	272 +53%	340 +25%	496 +46%	424 -15%	384 -9%	379 -1%	623 +64%	757 +22%	850 +12%	1 090 +28%	1 160 +6%	1 140 -2%	1 439 +26%	1 582 +10%	1 836 +16%	2 185 +19%	2 243 +3%	2 455 +9%	2 259 -8%	2 183 -3%	2 071 -5%	1 994 -4%	2 134 +7%	3 357 +57%	3 481 +4%	3 471 0%	3 558 +3%	2 465 -31%	2 389 -3%	2 397 +0%	2 441 +2%	2 300 -6%	1 819 -21%	163 -91%	(1 653) N/A	(3 074) -86%	(2 864) +7%	(1 601) +44%	2 N/A	977 +48 750%	584 -40%	996 +71%	827 -17%	539 -35%	658 +22%	581 -12%	497 -14%	465 -6%	393 -15%	77 -80%	(49) N/A	465 N/A	546 +17%	392 -28%	379 -3%	441 +16%
EPS (Diluted)	0.52 N/A	0.43 -17%	0.33 -23%	0.3 -9%	0.3 N/A	0.47 +57%	0.51 +9%	0.54 +6%	0.54 N/A	0.38 -30%	0.4 +5%	0.27 -33%	0.31 +15%	0.35 +13%	0.47 +34%	0.6 +28%	0.58 -3%	0.83 +43%	0.62 -25%	0.61 -2%	0.65 +7%	0.6 -8%	0.78 +30%	0.84 +8%	0.79 -6%	0.86 +9%	0.48 -44%	0.24 -50%	0.08 -67%	-0.24 N/A	-0.1 +58%	0.13 N/A	0.26 +100%	0.29 +12%	0.58 +100%	0.61 +5%	0.6 -2%	0.63 +5%	0.21 -67%	0.23 +10%	0.35 +52%	0.45 +29%	0.67 +49%	0.56 -16%	0.52 -7%	0.53 +2%	0.88 +66%	1.05 +19%	1.21 +15%	1.55 +28%	1.66 +7%	1.64 -1%	2.1 +28%	2.35 +12%	2.76 +17%	3.27 +18%	3.46 +6%	3.84 +11%	3.61 -6%	3.45 -4%	3.37 -2%	3.29 -2%	3.56 +8%	5.56 +56%	5.92 +6%	5.99 +1%	6.25 +4%	4.29 -31%	4.32 +1%	4.42 +2%	4.57 +3%	4.26 -7%	3.53 -17%	0.28 -92%	-2.8 N/A	-5.44 -94%	-4.7 +14%	-2.6 +45%	0 N/A	1.6 N/A	0.98 -39%	1.57 +60%	1.29 -18%	0.84 -35%	1.1 +31%	0.9 -18%	0.77 -14%	0.73 -5%	0.65 -11%	0.11 -83%	-0.08 N/A	0.72 N/A	0.93 +29%	0.72 -23%	0.72 N/A	0.79 +10%

Income Statement Balance Sheet Cash Flow Statement

Southwest Airlines Co
F:SWN

Income Statement

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Southwest Airlines Co

Income Statement
Southwest Airlines Co

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Southwest Airlines Co F:SWN

Income Statement

Earnings Waterfall Southwest Airlines Co

Income Statement Southwest Airlines Co

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Southwest Airlines Co
F:SWN

Earnings Waterfall
Southwest Airlines Co

Income Statement
Southwest Airlines Co