top of page

The content on Breitflyte Airline News Network will always be free and won’t require a subscription. is a participant in several affiliate advertising programs designed to provide a means for us to earn fees by linking to affiliated sites.  We may earn a commission if you click on or make a purchase through one of our links.  Thank you for supporting our affiliate advertisers. 

Southwest Airlines Reports Record Second Quarter Net Profit of $760 Million or $1.20 per Share

Southwest airlines has reported a record second quarter net profit of $760 million or $1.20 per diluted share on a year-over-year increase in revenue of 13.9 percent to $6.7 billion. At June 30, 2022, the carrier had total liquidity of $17.4 billion.

Southwest Airlines Reports Second Quarter 2022 Financial Results - Courtesy Southwest Airlines

On Thursday (July 28, 2022), Southwest Airlines reported their second quarter 2022 financial results for the period ending June 30, 2022. The carrier reported a record second quarter net profit of $760 million or $1.20 per diluted share on a year-over-year increase in revenue of 13.9 percent to $6.7 billion. For the second quarter, Southwest’s revenue per available seat mile (RASM) was 18.03 cents, while the company’s cost per available seat mile (CASM) was 14.92 cents. At June 30, 2022, Southwest had $17.4 billion in total liquidity including $16.4 billion in cash and short-term investments, and a fully available $1.0 billion revolving credit line, well in excess of total outstanding debt of $10.5 billion.

In Thursday’s announcment, Southwest Airlines’ Chief Executive Officer, Bob Jordan, said,

“We are very pleased to report all-time record quarterly revenues and net income, excluding special items, representing a significant milestone in our pandemic recovery. Travel demand surged in second quarter, and thus far, strong demand trends continue in third quarter 2022. As anticipated, we experienced inflationary pressures and headwinds from operating at suboptimal productivity levels in second quarter, which we expect will continue in second half 2022; however, our fuel hedge continues to provide significant protection against higher jet fuel prices. Barring significant unforeseen events and based on current trends, we expect to be solidly profitable for the remaining two quarters of this year, and for full year 2022.

“We are making meaningful progress against our 2022 priorities, and I am very proud of our People and their heroic efforts to fight against the pandemic. Since April, we have been delivering a more reliable product for our Customers with cancellations representing less than one percent of scheduled flights in May and June 2022, which is a completion factor of more than 99 percent. We have added flights in second half 2022—especially in short-haul business markets—to better support our operation and the restoration of our route network. We reached another milestone, returning to overall pre-pandemic staffing levels in May 2022. We plan to continue our hiring and training efforts in specific areas—in particular, Pilots—to support further network restoration and future growth with plans to add over 10,000 Employees, net of attrition, this year. However, we plan to begin moderating overall hiring in second half 2022 as our focus shifts to 2023 planning and executing on our goals to better optimize staffing to flight schedules, reduce cost inefficiencies, and return to historic efficiency levels.

“We are experiencing delays in our aircraft deliveries from The Boeing Company (Boeing), and we now estimate 2022 deliveries to be 66 versus the previously expected 114, ending the year with 765 aircraft. Despite those delays, we are confident about our ability to fly our flight schedules as planned, which are currently published through March 8, 2023. We continue to invest in technologies, airports, and facilities to further modernize our operation and allow us to scale for future growth.

“We are also investing in the Southwest Customer Experience, and I am thrilled about today’s announcement introducing yet another exciting Customer benefit that sets Southwest even further apart from the competition: Flight credits don't expire. We are famous for offering industry-leading flexibility for Customers, and it is a key differentiator of our brand. Based on research and feedback, we believe flexibility has become even more important to Customers over the past few years. This further extension of flexibility for our Customers reinforces Southwest as industry-leading and builds on our low-fare brand with no fees to change or cancel plans; two bags fly free®; Rapid Rewards® points that don't expire; and transferable flight credits. With flight credits that don't expire and the addition of our new Wanna Get Away Plus fare product—along with recently announced investments to enhance Wi-Fi, install latest-technology onboard power ports, offer larger overhead bins, and enable new self-service capabilities—we are making travel even easier. We believe we have the strongest route network and value proposition for Customers in the domestic U.S., and also believe this policy change will both win new Customers and increase Customer loyalty.”

Southwest Airlines Second Quarter 2022 Financial results - Courtesy Southwest Airlines

For H1 2022, Southwest expected to receive 28 Boeing 737-8 MAX aircraft, of which only 12 were delivered, all in the second quarter. The company ended the quarter with a fleet of 730 aircraft, including four owned 737-700 retirements. Southwest also had four 700s in storage at June 30th, all of which were retired in July 2022. While Southwest was supposed to receive 114 MAX deliveries in 2022, a portion will shift unto 2023 due to Boeing’s supply chain challenges and the status of the Boeing 737-7 MAX’s certification. The company expects to receive a total of 66 Boeing 737-8 MAX airplanes this year, and no 737-7s. Based on expected deliveries of new MAX 8s, Southwest plans on retiring 12 and 7 Boeing 737-700s in the third and fourth quarters, respectively.

Southwest's Contractual Orderbook With Boeing As of July 20, 2022 - Courtesy Southwest Airlines

Founded in 1971, Dallas-based Southwest Airlines (NYSE: LUV) has distinguished itself by offering exemplary customer service delivered by nearly 59,000 team members at 121 airports across 11 countries. Southwest offers a robust point-to-point network with a strong presence across leisure and business markets, and carrier 130 million passengers in 2019. During peak travel seasons, the airline operates more than 4,000 daily departures to over 100 destinations across the U.S. and 10 additional countries. According to the U.S. Department of Transportation, based on the number of originating passengers boarded, Southwest has been the largest U.S. domestic carrier since 2003.

Source: Southwest Airlines

bottom of page