Filing Flows › Southwest Airlines (LUV) › Q4 2025
Southwest Airlines (LUV) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 5, 2026
Southwest Airlines (LUV) reported revenue of $7.4B for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and +7% from the quarter before. Operating margin was 5.3%, net earnings $323M (4.3% of revenue).
Southwest Airlines, Q4 2025: revenue $7.4B (+7% year over year), operating margin 5.3%, net earnings $323M, operating cash flow $295M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.4B | +7% | +7% |
| Operating profit | $391M | 11× | +41% |
| Net earnings | $323M | +498% | +24% |
| Operating cash flow | $295M | +3% | -38% |
What changed
Revenue was $7.4B in Q4 2025, up 7% year over year and up 7% from the previous quarter. Passenger non-loyalty was the largest line at 72% of revenue.
Operating profit was $0.39B, a 5.3% margin (up 1.2 points year over year). Of the extra revenue versus a year earlier, 22% reached operating profit, above the 4% margin then. Total costs grew 6% against revenue growth of 7%. Net earnings were $0.32B, up 24% year over year. The effective tax rate was 20.8%.
Operating cash flow was $0.29B (down 38% year over year), 91% of net earnings. Non-cash charges added back $0.37B of depreciation and amortization. Working capital and other items used $0.40B. Capital expenditures of $0.86B exceeded it, leaving free cash flow of −$0.56B.
Questions
What was Southwest Airlines' revenue in the fourth quarter 2025?
Southwest Airlines (LUV) reported revenue of $7.4B for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and +7% from the quarter before.
Was Southwest Airlines profitable in the fourth quarter 2025?
Operating profit was $391M (5.3% of revenue) and net earnings $323M.
Source: Southwest Airlines 10-K on SEC EDGAR.