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Southwest Airlines Just Held An Earnings Call From An Alternate Reality — Everything’s Fine, Except What They Lit On Fire

Oct 23 2025

Southwest spent its earnings call congratulating itself on “record” results — but the numbers tell a very different story. Revenue is flat, profits are down, and the airline’s transformation into a fee-heavy clone of its competitors looks increasingly self-inflicted. Everything’s fine, apparently, except what they lit on fire.

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