U.S. COMPANY FILING
SOUTHWEST AIRLINES CO — Form 10-K filed 2026-02-05
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Southwest Airlines reported record 2025 revenue of $28.1B, with GAAP net income of $441M, down 5.2% YoY. Operating income rose 33.3% to $428M, driven by bag fee policy and cost controls. The company repurchased $2.6B in stock and initiated new ASRs. Liquidity fell to $4.7B. Risks include Boeing delivery delays and government shutdowns.
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