The company said its full-year 2023 operating revenues of $26.1 billion were a record, citing healthy leisure demand, yield strength, and record ancillary revenue, loyalty program revenue, and passengers carried.

1. 01

   The company said its full-year 2023 operating revenues of $26.1 billion were a record, citing healthy leisure demand, yield strength, and record ancillary revenue, loyalty program revenue, and passengers carried.

2. 02

   Southwest said its 2023 GAAP results included an incremental $180 million expense for changes in estimate related to the Flight Attendant contract ratification bonus and an incremental $354 million expense for the Pilot contract ratification bonus, both of which it excluded from non-GAAP results as special items.

3. 03

   Southwest said the financial impact of the December 2022 operational disruption was approximately $380 million pre-tax in Q1 2023, and it recorded a $107 million expense related to the DOT settlement in Q4 2023.

4. 04

   Southwest said its CASM-X rose 5 to 6% year over year in Q1 2024 and expects full-year CASM-X to increase approximately 5.5 to 7% year over year. It said about 4 to 5 points of the annual increase relate to higher labor costs.

Key figures

Fiscal year ended December 31, 2023

Revenue

$26.1B

Operating income

$224M

Net income

$465M

EPS

$0.76

Operating cash flow

$3.2B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.