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

Southwest Airlines (LUV) has 18 years of Cost of Revenue data on file, last reported 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.
• Across five years, Cost of Revenue topped out at $2.6 billion in Q4 2024 and bottomed at $731.0 million in Q1 2022.
• The 5-year median for Cost of Revenue is $1.3 billion (2025), against an average of $1.3 billion.
• The widest annual swing landed in 2022, when Cost of Revenue soared 179.18%; it then tumbled 49.2% in 2025.
• A 5-year view of Cost of Revenue shows it stood at $1.4 billion in 2022, then rose by 22.34% to $1.7 billion in 2023, then soared by 54.08% to $2.6 billion in 2024, then sank by 49.2% to $1.3 billion in 2025, then retreated 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.

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