Southwest Q2 net income $213M ($0.39 EPS); launches $2B buyback; bag fees exceed expectations

SOUTHWEST AIRLINES CO

2025-Q2 EPS reported $0.11 vs consensus $0.51 ▼ miss (-78.5%)

Q2 net income $213M (diluted EPS $0.39); adjusted net income $230M (adjusted EPS $0.43).
Revenue $7.2B down 1.5% YoY; RASM -3.1% on capacity +1.6%; CASM-X +4.7%.
Launched bag fees and basic economy; bag fee revenue exceeding expectations; no operational impact.
Board authorized new $2.0B share repurchase program expected over ~2 years; completed prior $2.5B buyback.
FY2025 EBIT guidance $600M-$800M; initiatives target $1.8B EBIT contribution in 2025.

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