Operating Income for Southwest Airlines (LUV)
According to Southwest Airlines's latest reported financial statements, the company's current operating income (TTM) is $981.00M USD. Operating income is profit from core operations: revenue minus cost of goods sold and operating expenses (SG&A, R&D). It excludes interest, taxes, and non-operating items, so it isolates how profitable the business itself is before financing and tax decisions. Compare with EBITDA and net income.
Headline TTM above sums the four reported quarters through (reported ). Chart and table below cover the full reported history back to .
Currently viewingOperating IncomeSwitch metric
TTM (last 4 quarters)
$981.00M
YoY change
+33.3%
5Y CAGR
N/A
Peak year (2015)
$4.12B
Cumulative operating income
$32.94B
Operating Income history chart for Southwest Airlines (LUV) from 1985 to 2025
Operating Income history table for Southwest Airlines (LUV) from 1985 to 2025
| Fiscal year | Period ended | Reported | Operating Income | YoY |
|---|---|---|---|---|
| 2025 | $428.00M | +33.3% | ||
| 2024 | $321.00M | +43.3% | ||
| 2023 | $224.00M | -78.0% | ||
| 2022 | $1.02B | -40.9% | ||
| 2021 | $1.72B | -145.1% | ||
| 2020 | -$3.82B | -229.0% | ||
| 2019 | $2.96B | -7.8% | ||
| 2018 | $3.21B | -5.9% | ||
| 2017 | $3.41B | -3.3% | ||
| 2016 | $3.52B | -14.4% | ||
| 2015 | $4.12B | +85.0% | ||
| 2014 | $2.23B | +74.1% | ||
| 2013 | $1.28B | +105.1% | ||
| 2012 | $623.00M | -10.1% | ||
| 2011 | $693.00M | -29.9% | ||
| 2010 | $988.00M | +277.1% | ||
| 2009 | $262.00M | -41.6% | ||
| 2008 | $449.00M | -43.2% | ||
| 2007 | $791.00M | -15.3% | ||
| 2006 | $934.00M | +28.8% | ||
| 2005 | $725.00M | +30.9% | ||
| 2004 | $554.00M | +46.2% | ||
| 2003 | $379.00M | +11.1% | ||
| 2002 | $341.00M | -46.0% | ||
| 2001 | $631.12M | -38.2% | ||
| 2000 | $1.02B | +30.7% | ||
| 1999 | $782.00M | +14.4% | ||
| 1998 | $683.61M | +30.4% | ||
| 1997 | $524.24M | +49.4% | ||
| 1996 | $350.83M | +11.9% | ||
| 1995 | $313.53M | -1.0% | ||
| 1994 | $316.71M | +8.5% | ||
| 1993 | $292.00M | +59.8% | ||
| 1992 | $182.70M | +190.5% | ||
| 1991 | $62.90M | -23.3% | ||
| 1990 | $82.00M | -16.1% | ||
| 1989 | $97.70M | +13.7% | ||
| 1988 | $85.90M | +399.4% | ||
| 1987 | $17.20M | -77.4% | ||
| 1986 | $76.10M | -3.2% | ||
| 1985 | $78.60M | — |
Operating Income values are taken from Southwest Airlines's reported income statements (10-Q quarterly and 10-K annual filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the date the filing was reported; YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
Analysis
2025's annual operating income for Southwest Airlines (LUV) came in at $428.00M – surged 33.3% year-over-year.
Over 2015–2025 (10 years), Southwest Airlines operating income expanded at a -20.3% compound annual rate, sustaining 2 straight years of year-over-year growth.
Southwest Airlines operating income peaked at $4.12B in 2015; the latest annual figure is $428.00M in 2025 (89.6% below peak).
The highest annual operating income of $4.12B was reported in 2015. The lowest in the available history was -$3.82B in 2020.
Within Industrials, Southwest Airlines (LUV) ranks 8th among 8 peers we track. The peer median for operating income is $8.59B.
Southwest Airlines Operating Income by Year
Southwest Airlines Operating Income 2025: $428.00M
Southwest Airlines operating income in 2025 was $428.00M, surged 33.3% from 2024.
Southwest Airlines Operating Income 2024: $321.00M
Southwest Airlines operating income in 2024 was $321.00M, surged 43.3% from 2023.
Southwest Airlines Operating Income 2023: $224.00M
Southwest Airlines operating income in 2023 was $224.00M, plunged 78.0% below 2022.
Southwest Airlines Operating Income 2022: $1.02B
Southwest Airlines operating income in 2022 was $1.02B, plunged 40.9% below 2021.
Southwest Airlines Operating Income 2021: $1.72B
Southwest Airlines operating income in 2021 was $1.72B.
See more financial history for Southwest Airlines (LUV).
Sector peers — Operating Income
Companies in the same sector as Southwest Airlines, ranked by their latest operating income.
| Company | Operating Income | Sector |
|---|---|---|
| Caterpillar Inc. (CAT) | $11.21B | Industrials |
| Union Pacific Corporation (UNP) | $9.84B | Industrials |
| RTX Corporation (RTX) | $8.89B | Industrials |
| GE Aerospace (GE) | $8.77B | Industrials |
| Deere & Company (DE) | $8.42B | Industrials |
| Honeywell International Inc. (HON) | $6.57B | Industrials |
| Eaton Corporation plc (ETN) | $5.23B | Industrials |
| The Boeing Company (BA) | -$5.42B | Industrials |
Frequently asked questions
What is Southwest Airlines's operating income?
- Latest reported operating income for Southwest Airlines (LUV) is $981.00M (period ending March 31, 2026).
How has Southwest Airlines operating income changed year-over-year?
- Southwest Airlines (LUV) operating income changed +33.3% year-over-year on the latest annual filing.
What is the long-term growth rate of Southwest Airlines operating income?
- Southwest Airlines (LUV) operating income compound annual growth rate is -20.3% over the most recent 10 years available.
When did Southwest Airlines operating income hit its highest annual value?
- Southwest Airlines operating income reached its highest annual value of $4.12B in 2015.
What was Southwest Airlines operating income in 2024?
- Southwest Airlines (LUV) operating income in 2024 was $321.00M.
What was Southwest Airlines operating income in 2025?
- Southwest Airlines (LUV) operating income in 2025 was $428.00M.
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