Southwest Airlines Co. (NYSE: LUV) has announced robust financial results for the fourth quarter and full year of 2024, showing record-breaking revenues and solid profitability.
These achievements highlight the effectiveness of the airline’s strategic initiatives and position it for continued growth and shareholder value creation.
Q4 and Full Year 2024 Performance
The airline reported a net income of $261 million for the fourth quarter and $465 million for the full year.
When excluding special items, net income reached $356 million and $597 million, respectively, demonstrating the underlying strength of Southwest’s core operations.
Impressively, Southwest achieved record operating revenues of $6.9 billion for the fourth quarter and $27.5 billion for the full year. Again, excluding special items, these figures rose to $7.0 billion and $27.6 billion, respectively.
This revenue surge reflects the airline’s ability to capitalize on market demand and effectively implement revenue-generating strategies. A key driver of this success was the 8.0 percent year-over-year increase in fourth-quarter revenues per available seat mile (RASM), excluding special items.
This improvement in RASM highlights the positive impact of Southwest’s tactical initiatives, such as optimized pricing and capacity management.
Furthermore, Southwest boasts a healthy liquidity position of $9.7 billion, significantly exceeding its outstanding debt of $6.7 billion.
This financial strength provides the airline with flexibility to invest in future growth opportunities and weather potential economic headwinds.

Fleet Status
Southwest Airlines fleet also saw strategic developments in 2024. The airline took delivery of three 737 MAX 8 aircraft during the fourth quarter, bringing the total MAX 8 deliveries for the year to 22, surpassing previous guidance.
This expansion of the MAX 8 fleet allows Southwest to enhance its operational efficiency and offer improved passenger experiences.
At the close of 2024, Southwest’s fleet comprised 803 aircraft, following the retirement of 36 aircraft (34 Boeing 737-700s and two Boeing 737-800s). A minor adjustment was made to the retirement schedule, shifting a small number of planned retirements to 2025.
Bob Jordan, President, CEO, & Vice Chairman of the Board, expressed confidence in the company’s 2024 performance. He highlighted the positive momentum generated by revenue initiatives and strong operational execution.
Jordan emphasized Southwest’s dedication to accelerating its 2027 cost reduction target of $500 million and achieving a low-single-digit cost per available seat mile excluding fuel and special items (CASM-X) exit rate in 2025.
These cost-saving measures are crucial for maintaining competitiveness and driving profitability.
Jordan also proudly acknowledged the airline’s consistent operational excellence, citing its recognition in the Wall Street Journal’s 2024 airline rankings.

Looking Ahead
Looking forward to 2025, Southwest Airlines is focused on executing its “Southwest. Even Better.” transformational plan, the most ambitious undertaking in the company’s 53-year history.
This comprehensive plan aims to modernize the customer experience, enhance operational efficiency, and drive long-term value creation.
A key component of this strategy is the recently amended co-brand agreement with Chase, which offers enhanced benefits to card members, particularly related to the airline’s assigned and premium seating initiative.
This partnership is expected to contribute significantly to Southwest’s multi-year financial targets. Southwest’s leadership team remains committed to driving financial performance while maintaining its core values of safe and reliable operations, exceptional customer service, and enhanced shareholder returns.
The airline’s 2024 results now provide a solid foundation for continued success in 2025 and beyond.

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