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Southwest Airlines (LUV) Operating Expenses (2016 - 2026)

Southwest Airlines has reported Operating Expenses over the past 18 years, most recently at $6.9 billion for Q1 2026.

  • Quarterly Operating Expenses rose 4.03% to $6.9 billion in Q1 2026 from the year-ago period, while the trailing twelve-month figure was $27.9 billion through Mar 2026, up 3.0% year-over-year, with the annual reading at $27.6 billion for FY2025, 1.74% up from the prior year.
  • Operating Expenses was $6.9 billion for Q1 2026 at Southwest Airlines, down from $7.1 billion in the prior quarter.
  • Over five years, Operating Expenses peaked at $7.2 billion in Q4 2023 and troughed at $4.8 billion in Q1 2022.
  • The 5-year median for Operating Expenses is $6.7 billion (2024), against an average of $6.5 billion.
  • Biggest five-year swings in Operating Expenses: soared 161.47% in 2022 and later dropped 7.96% in 2024.
  • Tracing LUV's Operating Expenses over 5 years: stood at $6.6 billion in 2022, then rose by 10.22% to $7.2 billion in 2023, then decreased by 7.96% to $6.7 billion in 2024, then increased by 6.0% to $7.1 billion in 2025, then dropped by 1.87% to $6.9 billion in 2026.
  • According to Business Quant data, Operating Expenses over the past three periods came in at $6.9 billion, $7.1 billion, and $6.9 billion for Q1 2026, Q4 2025, and Q3 2025 respectively.