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Southwest Airlines Company (LUV) has submitted its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The filing details Southwest's operations, including its fleet of 803 Boeing 737 aircraft and its service to 117 destinations across the United States and ten near-international countries.
The company reported a net income of $465 million for 2024, consistent with the previous year. Operating revenues increased to $27.5 billion, driven by strong demand and strategic initiatives.
Southwest has announced several initiatives to enhance customer experience, such as introducing assigned seating and premium seating options, evolving its boarding process, and launching 24-hour operations with redeye flights.
The company is also pursuing partnerships with international carriers to expand its network, beginning with Icelandair, and plans to launch a new vacation package product, Getaways by Southwest.
Southwest's focus on cost discipline includes the use of a single aircraft type, the Boeing 737, and efforts to improve operational efficiency and asset utilization.
The company continues to invest in technology and infrastructure improvements, including enhanced WiFi, in-seat power, and larger overhead bins on new aircraft.
Southwest's fuel and oil expense decreased by 6.5% in 2024 due to lower jet fuel prices, and the company remains committed to fuel efficiency through fleet modernization and other initiatives.
The company has repurchased $250 million of its common stock in 2024 and paid $430 million in dividends to shareholders.
Southwest's balance sheet remains strong with $8.7 billion in cash and short-term investments as of December 31, 2024, and it maintains investment-grade credit ratings from major agencies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Southwest Airlines Company annual 10-K report dated February 7, 2025. To report an error, please email earnings@qz.com.