Southwest Airlines (LUV) Operating Expenses (2009 - 2026)

Southwest Airlines has reported Operating Expenses for 18 years, with the latest figure at $6.9 billion in Q1 2026.

• For the quarter ending Q1 2026, Operating Expenses rose 4.03% year-over-year to $6.9 billion; the trailing twelve-month figure through Mar 2026 stood at $27.9 billion (up 3.0% YoY), and the FY2025 full-year result was $27.6 billion, up 1.74% from the prior year.
• Operating Expenses for Q1 2026 stood at $6.9 billion, down from $7.1 billion in the prior quarter.
• The five-year high for Operating Expenses was $7.2 billion in Q4 2023, with the low at $4.8 billion in Q1 2022.
• Historically, Operating Expenses has averaged $6.5 billion across 5 years, with a median of $6.7 billion in 2024.
• Annual changes were most pronounced in 2022 — Operating Expenses surged 161.47% — and 2024, when it slipped 7.96%.
• Southwest Airlines' Operating Expenses stood at $6.6 billion in 2022, then increased by 10.22% to $7.2 billion in 2023, then dropped by 7.96% to $6.7 billion in 2024, then gained by 6.0% to $7.1 billion in 2025, then slipped by 1.87% to $6.9 billion in 2026.
• The last three Operating Expenses figures came in at $6.9 billion (Q1 2026), $7.1 billion (Q4 2025), and $6.9 billion (Q3 2025), per Business Quant data.