Southwest Airlines (LUV) Cost of Revenue (2009 - 2026)

Southwest Airlines has reported Cost of Revenue for 18 years, with the latest figure at $1.0 billion in Q1 2026.

• For the quarter ending Q1 2026, Cost of Revenue fell 4.86% year-over-year to $1.0 billion; the trailing twelve-month figure through Mar 2026 stood at $4.8 billion (down 24.61% YoY), and the FY2025 full-year result was $5.2 billion, down 9.84% from the prior year.
• Cost of Revenue for Q1 2026 stood at $1.0 billion, down from $1.3 billion in the prior quarter.
• The five-year high for Cost of Revenue was $2.6 billion in Q4 2024, with the low at $731.0 million in Q1 2022.
• Historically, Cost of Revenue has averaged $1.3 billion across 5 years, with a median of $1.3 billion in 2025.
• Annual changes were most pronounced in 2022 — Cost of Revenue soared 179.18% — and 2025, when it sank 49.2%.
• Southwest Airlines' Cost of Revenue stood at $1.4 billion in 2022, then increased by 22.34% to $1.7 billion in 2023, then surged by 54.08% to $2.6 billion in 2024, then slumped by 49.2% to $1.3 billion in 2025, then fell by 22.21% to $1.0 billion in 2026.
• The last three Cost of Revenue figures came in at $1.0 billion (Q1 2026), $1.3 billion (Q4 2025), and $1.1 billion (Q3 2025), per Business Quant data.