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Southwest Airlines (LUV) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 24, 2025
Southwest Airlines (LUV) reported revenue of $7.2B for the second quarter 2025 (Q2 2025), -1% from a year earlier and +13% from the quarter before. Operating margin was 3.1%, net earnings $213M (2.9% of revenue).
Southwest Airlines, Q2 2025: revenue $7.2B (-2% year over year), operating margin 3.1%, net earnings $213M, operating cash flow $401M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.2B | +13% | -1% |
| Operating profit | $225M | — | -43% |
| Net earnings | $213M | — | -42% |
| Operating cash flow | $401M | -53% | — |
What changed
Revenue was $7.2B in Q2 2025, down 1% year over year and up 13% from the previous quarter. Passenger non-loyalty was the largest line at 75% of revenue. Passenger non-loyalty lost $0.10B year over year (down 2%), 87% of the total change.
Operating profit was $0.23B, a 3.1% margin (down 2.3 points year over year). Total costs grew 1% against a revenue fall of 1%. Net earnings were $0.21B, down 42% year over year. The effective tax rate was 23.9%.
Operating cash flow was $0.40B, 188% of net earnings. Non-cash charges added back $0.40B of depreciation and amortization. Working capital and other items used $0.21B. Capital expenditures of $0.66B exceeded it, leaving free cash flow of −$0.26B.
Questions
What was Southwest Airlines' revenue in the second quarter 2025?
Southwest Airlines (LUV) reported revenue of $7.2B for the second quarter 2025 (Q2 2025), -1% from a year earlier and +13% from the quarter before.
Was Southwest Airlines profitable in the second quarter 2025?
Operating profit was $225M (3.1% of revenue) and net earnings $213M.
Source: Southwest Airlines 10-Q on SEC EDGAR.