Southwest Airlines Co. (NYSE: LUV) reported its second quarter 2025 earnings results today.

Total operating revenues dipped 1.5% year-over-year to $7.2 billion.

Net income decreased 42% to $213 million and earnings per share fell 32.8% to $0.39 compared to last year. Adjusted EPS was $0.43.

Unit revenue decreased 3.1% while capacity was up 1.6% YoY.

The company expects unit revenue to be down 2% to up 2% in the third quarter of 2025 versus the previous year. Capacity is expected to remain flat YoY.

Prior performance