Business model transition
Southwest is moving from its long-standing open-seating model to assigned and premium seating. Track how quickly that shift lifts unit revenue and how customers respond to a break from its traditional brand identity.
Stock research
Southwest Airlines Co. (LUV) Stock Research
Southwest Airlines operates a low-cost domestic passenger airline across the United States.
For the fiscal year ended December 31, 2025, Southwest Airlines Co. reported revenue of $28.1B and net income of $441M, with operating cash flow of $1.8B. Source: SEC filing 0000092380-26-000004
Reviewed · SEC data as of
- Revenue
- $28.1B
- FY ending 2025-12-31
- Net income
- $441M
- FY ending 2025-12-31
- Diluted EPS
- $0.79
- Net margin
- 1.6%
Reported SEC XBRL figures. Each metric’s period and original filing are listed below.
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About Southwest Airlines
- Exchange
- NYSE: LUV
- Sector
- Industrials
- SEC industry
- Air Transportation, Scheduled (SIC 4512)
- Fiscal year end
- December 31
LUV key financials
Reported figures from Southwest Airlines Co.'s filings, pulled directly from SEC XBRL data rather than a third-party terminal. Each row links to the filing it came from.
| Metric | Value | Period | Source |
|---|---|---|---|
| Revenue | $28.1B | 2025-01-01 – 2025-12-31 | SEC filing |
| Net income | $441M | 2025-01-01 – 2025-12-31 | SEC filing |
| Operating cash flow | $1.8B | 2025-01-01 – 2025-12-31 | SEC filing |
| Diluted EPS | $0.79 | 2025-01-01 – 2025-12-31 | SEC filing |
| Net margin | 1.6% | 2025-01-01 – 2025-12-31 | SEC filing |
| Shares outstanding | 491M | As of 2026-02-03 | SEC filing |
Values are as tagged by the issuer in XBRL. Revenue for banks and insurers is net of interest expense where that is the reported line. Fiscal years that do not follow the calendar are shown by their period-end date. No price, market cap, or valuation multiple is shown because Yield Theory does not republish unlicensed market data.
Diluted EPS is the earnings figure behind the price-to-earnings ratio; the P/E multiple compression calculator shows how a change in that multiple moves a share price. Shares outstanding multiplied by the share price gives market capitalization.
What investors should watch in LUV
For Southwest Airlines Co., the most important recurring operating and market variables are:
- ◆Domestic leisure and business travel demand trends
- ◆Fuel costs and the airline's fuel-hedging program
- ◆Labor costs following recent contract negotiations with employee groups
- ◆The shift away from open seating toward assigned and premium seating as a new revenue source
Key questions for the LUV thesis
Each question starts with what the filings show, then why it matters. None of these is a rating or a forecast.
Cost structure
Compare fuel, labor, and maintenance costs against both legacy network carriers and ultra-low-cost peers, since Southwest's cost advantage has narrowed as labor contracts have reset industry-wide.
Network and capacity discipline
Assess how capacity growth is being managed across its network, since overexpansion into underperforming routes has pressured unit revenue in past cycles.
Balance sheet and shareholder returns
Review debt levels taken on during the pandemic recovery against current capital-return plans, including any buyback or dividend resumption.
Does LUV's reported profit turn into cash?
Operating cash flow was $1.8B, 4.18 times net income of $441M, for the fiscal year ended December 31, 2025.
Cash from operations exceeded reported earnings. Non-cash charges such as depreciation, amortization and stock-based compensation usually explain the gap; the cash-flow statement shows which.
How much of LUV's revenue is left as profit?
Net income was 1.6% of revenue for the fiscal year ended December 31, 2025, based on revenue and net income reported for the same period.
Net margin reflects the business model as much as execution, so compare it with companies in the same SEC industry and read the income statement for one-time items before treating it as a run rate.
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Read the full researchLUV primary sources
- Latest annual report: Form 10-K/A filed February 6, 2026
- Latest quarterly report: Form 10-Q filed July 23, 2026
- Southwest Airlines investor relations
- Southwest Airlines filings at the SEC
- All LUV filings on SEC EDGAR
How we source and review company pages: research methodology.
Congressional trading in LUV
| Politician | Trade date | Type | Owner | Amount | Source |
|---|---|---|---|---|---|
| Matt Van Epps | 2026-06-16 | Sale | Self | $1,001 - $15,000 | Filing #20034807 |
| Gilbert Cisneros | 2025-09-05 | Purchase | Self | $1,001 - $15,000 | Filing #20032248 |
| Gilbert Cisneros | 2025-08-05 | Sale | Self | $1,001 - $15,000 | Filing #20031022 |
| Gilbert Cisneros | 2025-07-03 | Purchase | Self | $1,001 - $15,000 | Filing #20030901 |
| Gilbert Cisneros | 2025-02-26 | Sale | Self | $1,001 - $15,000 | Filing #20027891 |
| Gilbert Cisneros | 2025-01-24 | Purchase | Self | $1,001 - $15,000 | Filing #20026726 |
| James Comer | 2024-12-31 | Sale | Self | $1,001 - $15,000 | Filing #20018054 |
All verified LUV congressional disclosures
Congressional disclosures are delayed, range-based records—not real-time signals or proof of motive. See the source-linked tracker for scope and limitations.
Compare LUV with similar companies
Southwest Airlines peers
Delta Air Lines, Inc. (DAL)Air Transportation, ScheduledUnited Airlines Holdings, Inc. (UAL)Air Transportation, ScheduledRTX Corporation (RTX)Aircraft Engines & Engine PartsLockheed Martin Corporation (LMT)Guided Missiles & Space Vehicles & PartsDeere & Company (DE)Farm Machinery & EquipmentNorfolk Southern Corporation (NSC)Railroads, Line-Haul Operating
LUV — frequently asked questions
What does Southwest Airlines Co. do?
Southwest Airlines operates a low-cost domestic passenger airline across the United States.
What were LUV's latest reported annual revenue and net income?
For the fiscal year ended December 31, 2025, Southwest Airlines Co. reported revenue of $28.1B and net income of $441M, with operating cash flow of $1.8B. The figures come from Southwest Airlines Co.'s SEC XBRL filings.
When does Southwest Airlines Co.'s fiscal year end?
The SEC lists Southwest Airlines Co.'s fiscal year end as December 31.
Do members of Congress trade LUV?
The current verified House and Senate snapshot contains 7 transaction rows for LUV, each linked to the original filing.
Is LUV a good investment?
This page does not rate LUV as a buy or sell. It sets out what Southwest Airlines Co. reports, what investors should watch and the questions a thesis has to answer, with links to the SEC filings. It is research, not investment advice.
This page is independent research and educational information, not investment advice or a recommendation to buy or sell any security. Company facts are compiled from public sources. Do your own research.
What do the LUV numbers leave unanswered?
Financials describe the business. The next question is which assumptions an investment thesis depends on. Explore the member reports below for analysis of catalysts, risks, and what would change the view. $39/month or $249/year.
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