SOUTHWEST AIRLINES CO. FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $28.1B |
| Gross margin | — not reported |
| Operating income | $428.0M |
| Net income | $441.0M |
| Diluted EPS | $0.79 |
| Cash & equivalents | $3.2B |
| Total assets | $29.1B |
| Long-term debt | $4.9B |
Key takeaway
Southwest achieved record 2025 revenue of $28.1 billion, driven largely by new bag fees, a revamped fare structure, and expanded co-brand credit card economics.
🔒 4 more takeaways in the full analysis
Beneath the surface
Despite record revenue, over 90% of GAAP operating income was earned in Q4 2025 alone, indicating extreme seasonality and reliance on late-year initiatives ramping up rather than steady full-year performance.
🔒 4 more insights a headline reader would miss
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