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April 22 , 2021 Southwest Southwest Reports First Quarter 2021 Results DALLAS , April 22 , 2021 / PRNewswire / -- Southwest Airlines Co. ( NYSE : LUV ) ( the " Company " ) today reported its first quarter 2021 financial results : • First quarter net income of $ 116 million , or $ .19 per diluted share , driven by a $ 1.2 billion offset of salaries , wages , and benefits expenses from the extended Payroll Support Program ( PSP Extension ) proceeds under the Consolidated Appropriations Act , 2021 Excluding special items¹ , first quarter net loss of $ 1.0 billion , or $ 1.72 loss per diluted share • First quarter operating revenues of $ 2.1 billion , down 51.5 percent year - over - year • Ended first quarter with liquidity² of $ 15.3 billion , well in excess of debt outstanding of $ 10.8 billion Gary C. Kelly , Chairman of the Board and Chief Executive Officer , stated , " In first quarter , we benefited from temporary cost relief as a result of PSP Extension proceeds , which offset a portion of salaries , wages , and benefits expenses , resulting in first quarter 2021 net income of $ 116 million , or $ .19 per diluted share . We remain grateful for this much - needed federal payroll support on the heels of substantial losses in 2020 , and ongoing non - GAAP losses in first quarter 2021. The payroll support from the federal government has allowed Southwest to preserve its 50 - year history without involuntary layoffs or furloughs , an achievement unprecedented in the U.S. airline industry . Excluding the benefit of PSP Extension proceeds and other special items , our first quarter 2021 net loss was $ 1.0 billion , or $ 1.72 loss per diluted share . While the pandemic is not over , we believe the worst is behind us , in terms of the severity of the negative impact on travel demand . Vaccinations are on the rise , and COVID - 19 hospitalizations in the United States are down significantly from their peak in January 2021. As a result , we are experiencing steady weekly improvements in domestic leisure bookings , which began in mid - February 2021 . " March 2021 operating revenues decreased 9.7 percent , year - over - year , and decreased 53.5 percent compared with March 2019 , representing a significant improvement from relatively stagnant revenue levels experienced from September 2020 through February 2021. Our current outlook for operating revenues indicates a sequential improvement from March to April 2021 , and again from April to May 2021 , based on improving bookings . We believe there is significant pent - up demand for leisure travel and are optimistic about summer 2021. In response , we are in the process of adding flights in June 2021 , and we currently expect June available seat miles ( ASMs , or capacity ) to be only slightly less than June 2019 pre - pandemic levels . " We had a solid cost performance in first quarter 2021 , despite recently rising jet fuel prices . Spending levels in many cost categories remained muted due to the pandemic . We expect capacity - driven year - over - year cost increases in second quarter 2021 , most notably as we return parked aircraft to revenue service and recall a portion of our Pilots , Flight Attendants , and Ground Operations Employees from extended time - off to support increased flight levels