Filing Flows › Southwest Airlines (LUV) › Q1 2025
Southwest Airlines (LUV) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 25, 2025
Southwest Airlines (LUV) reported revenue of $6.4B for the first quarter 2025 (Q1 2025), +2% from a year earlier and -7% from the quarter before. Operating margin was -3.5%, net loss $149M (2.3% of revenue).
Southwest Airlines, Q1 2025: revenue $6.4B (+2% year over year), operating margin -3.5%, net loss $149M, operating cash flow $860M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.4B | -7% | +2% |
| Operating profit | −$223M | — | — |
| Net earnings | −$149M | — | — |
| Operating cash flow | $860M | +81% | — |
| Free cash flow | $333M | 21× | — |
What changed
Revenue was $6.4B in Q1 2025, up 2% year over year and down 7% from the previous quarter. Passenger non-loyalty was the largest line at 74% of revenue. Passenger non-loyalty added $0.09B year over year (up 2%), 87% of the total change. Freight declined 2%.
Operating costs exceeded revenue by $0.22B, an operating margin of -3.5%. Total costs fell 1% while revenue rose 2%. The quarter ended with a net loss of $0.15B, after a profit of $0.26B the previous quarter.
Operating cash flow was $0.86B. Non-cash charges added back $0.40B of depreciation and amortization. Working capital and other items added $0.61B. Capital expenditures of $0.53B left free cash flow of $0.33B.
Questions
What was Southwest Airlines' revenue in the first quarter 2025?
Southwest Airlines (LUV) reported revenue of $6.4B for the first quarter 2025 (Q1 2025), +2% from a year earlier and -7% from the quarter before.
Was Southwest Airlines profitable in the first quarter 2025?
Operating loss was $223M (-3.5% of revenue) and net loss $149M.
Source: Southwest Airlines 10-Q on SEC EDGAR.