Southwest Airlines posted record second-quarter operating revenue of $8.4 billion, a 16.4% increase over the same period last year, as strong passenger demand, higher fares, and continued success in its commercial initiatives helped offset significantly higher fuel costs.
The airline reported net income of $233 million, or $0.47 per diluted share, while adjusted earnings, which exclude special items, totaled $465 million, or $0.94 per diluted share. This easily surpassed the consensus earnings expectations of $0.51 per diluted share. Operating margin improved to 3.4%, while adjusted operating margin reached 6.7%, despite an $889 million year-over-year increase in fuel expense.
Revenue performance exceeded Southwest's earlier expectations. Unit revenue (RASM) increased 16.2%, with adjusted unit revenue climbing 20.1%, reflecting continued strength in both leisure and business travel. Managed business revenue reached an all-time quarterly high, increasing 30% from a year ago.
The Rapid Rewards program also continued to show impressive growth. New member enrollments increased 35% year over year, bringing total membership to nearly 100 million. Chase co-branded credit card acquisitions rose 28%, highlighting the continued value of Southwest's loyalty program and its growing contribution to the airline's overall financial performance.
During the quarter, Southwest expanded its network by launching service to St. Maarten; Santa Rosa, California; and Anchorage, Alaska, completing the rollout of all previously announced new destinations. The carrier also welcomed Air Premia as its ninth airline partner and began operating its first Starlink-equipped aircraft, marking the start of a fleetwide enhancement to inflight connectivity.
While revenue was strong, Southwest continued its focus on costs. Excluding fuel, profit sharing, and special items, unit costs increased 3.4%, coming in below Company guidance. Capacity remained essentially flat, increasing just 0.2%, as the airline maintained a disciplined approach to growth while modernizing its fleet. During the quarter, Southwest accepted 13 MAX-8 aircraft, retired 10 aircraft, and ended the period with a fleet of 803 airplanes.
The airline also maintained a healthy balance sheet, finishing the quarter with $5.3 billion in liquidity while returning $88 million to shareholders through dividends. Approximately $450 million remains available under Southwest's existing share repurchase authorization.
Looking ahead, management expects the favorable revenue environment to continue, forecasting third-quarter unit revenue growth of 17.5% to 19.5% compared with last year. However, earnings guidance reflects continued uncertainty surrounding fuel prices and operating costs. Southwest projects adjusted earnings per share of $0.50 to $0.75 for the third quarter and $3.25 to $4.25 for the full year, revising its previous outlook of at least $4.00 per share.
Southwest also expects to limit full-year capacity growth to approximately 1.5%, slightly below earlier projections, while continuing investments in aircraft, technology, facilities, and onboard product improvements. Although higher fuel prices remain a significant headwind, the Company's second-quarter results demonstrate that strong revenue generation and disciplined cost management continue to position Southwest well as it navigates an evolving competitive landscape.
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